Related papers: Modeling and Verification of the Bitcoin Protocol
Proof-of-Work (PoW) is a Sybil control mechanism adopted in blockchain-based cryptocurrencies. It prevents the attempt of malicious actors to manipulate distributed ledgers. Bitcoin has successfully suppressed double-spending by accepting…
Cryptocurrencies are poised to revolutionize the modern economy by democratizing commerce. These currencies operate on top of blockchain-based distributed ledgers. Existing permissionless blockchain-based protocols offer unparalleled…
Blockchain (BC), the technology behind the Bitcoin crypto-currency system, is considered to be both alluring and critical for ensuring enhanced security and (in some implementations, non-traceable) privacy for diverse applications in many…
A blockchain is a decentralized ledger where all transactions are recorded. For having a reliable blockchain and double-spending prevention, we need a decentralized consensus and agreement on a blockchain. Bitcoin uses proof-of-work (PoW).…
Proof-of-Work mining is intended to provide blockchains with robustness against double-spend attacks. However, an economic analysis that follows from Budish (2018), which considers free entry conditions together with the ability to rent…
Proponents of blockchains believe that this technology will revolutionize e-commerce. To evaluate this belief, we invite several groups of students to transact on a decentralized peer-to-peer marketplace built on the platform provided by…
Bitcoin uses blockchain technology and proof-of-work (PoW) mechanism where nodes spend computing resources and earn rewards in return for spending these resources. This incentive system has caused power to be significantly biased towards a…
Bitcoin is the most successful cryptocurrency so far. This is mainly due to its novel consensus algorithm, which is based on proof-of-work combined with a cryptographically-protected data structure and a rewarding scheme that incentivizes…
Bitcoin is a cryptocurrency that features a distributed, decentralized and trustworthy mechanism, which has made Bitcoin a popular global transaction platform. The transaction efficiency among nations and the privacy benefiting from address…
Cryptocurrencies such as Bitcoin are realized using distributed systems and hence critically rely on the performance and security of the interconnecting network. The requirements on these networks and their usage, however can differ…
Bitcoin is based on a P2P network that is used to propagate transactions and blocks. While the P2P network design intends to hide the topology of the P2P network, information about the topology is required to understand the network from a…
Payment channel networks are an approach to improve the scalability of blockchain-based cryptocurrencies. Because payment channel networks are used for transfer of financial value, their security in the presence of adversarial participants…
Cryptocurrencies are distributed systems that allow exchanges of native tokens among participants, or the exchange of such tokens for fiat currencies in markets external to these public ledgers. The availability of their complete historical…
A fundamental problem for electronic commerce is the buying and selling of digital goods between individuals that may not know or trust each other. Traditionally, this problem has been addressed by the use of trusted third-parties such as…
We present efficient protocols for amortized secure multiparty computation with penalties and secure cash distribution, of which poker is a prime example. Our protocols have an initial phase where the parties interact with a cryptocurrency…
We study financial transaction confirmation finality in Bitcoin as a function of transaction amount and user risk tolerance. A transaction is recorded in a block on a blockchain. However, a transaction may be revoked due to a fork in the…
Current cryptocurrencies, starting with Bitcoin, build a decentralized blockchain-based transaction ledger, maintained through proofs-of-work that also generate a monetary supply. Such decentralization has benefits, such as independence…
The Bitcoin system is an anonymous, decentralized crypto-currency. There are some deanonymizating techniques to cluster Bitcoin addresses and to map them to users' identifications in the two research directions of Analysis of Transaction…
Sensing-as-a-Service (S2aaS) is an emerging Internet of Things (IOT) business model pattern. To be technically feasible and to effectively allow for broad adoption, S2aaS implementations have to overcome manifold systemic hurdles,…
Public blockchains provide a decentralized method for storing transaction data and have many applications in different sectors. In order for users to track transactions, a simple method is to let them keep a local copy of the entire public…