Related papers: Double spend races
Nakamoto double spend strategy, described in Bitcoin foundational article, leads to total ruin with positive probability and does not make sense from the profitability point of view. The simplest strategy that can be profitable incorporates…
The fundamental attack against blockchain systems is the double-spend attack. In this tutorial, we provide a very detailed explanation of just one section of Satoshi Nakamoto's original paper where the attack's probability of success is…
Theoretical guarantees for double spending probabilities for the Nakamoto consensus under the $k$-deep confirmation rule have been extensively studied for zero/bounded network delays and fixed mining rates. In this paper, we introduce a…
We study the incentives behind double-spend attacks on Nakamoto-style Proof-of-Work cryptocurrencies. In these systems, miners are allowed to choose which transactions to reference with their block, and a common strategy for selecting…
We present and validate a novel mathematical model of the blockchain mining process and use it to conduct an economic evaluation of the double-spend attack, which is fundamental to all blockchain systems. Our analysis focuses on the value…
Simple closed-form upper and lower bounds are developed for the security of the Nakamoto consensus as a function of the confirmation depth, the honest and adversarial block mining rates, and an upper bound on the block propagation delay.…
This paper studies proof-of-work Nakamoto consensus protocols under bounded network delays, settling two long-standing questions in blockchain security: What is the most effective attack on block safety under a given block confirmation…
We revisit the fundamental question of Bitcoin's security against double spending attacks. While previous work has bounded the probability that a transaction is reversed, we show that no such guarantee can be effectively given if the…
We survey recent results on the mathematical stability of Bitcoin protocol. Profitability and probability of a double spend are estimated in closed form with classical special functions. The stability of Bitcoin mining rules is analyzed and…
In 2008, Satoshi Nakamoto proposed an electronic cash system (bitcoin) that is completely realized by peer-to-peer technology. The core value of this scheme is that it proposes a solution based on Proof-of Work, so that the cash system can…
Our aim in this paper is to investigate the profitability of double-spending (DS) attacks that manipulate an a priori mined transaction in a blockchain. It was well understood that a successful DS attack is established when the proportion…
Bitcoin is a popular digital currency for online payments, realized as a decentralized peer-to-peer electronic cash system. Bitcoin keeps a ledger of all transactions; the majority of the participants decides on the correct ledger. Since…
We study security-latency bounds for Nakamoto consensus, i.e., how secure a block is after it becomes $k$-deep in the chain. We improve the state-of-the-art bounds by analyzing the race between adversarial and honest chains in three…
In this paper we revisit some major orthodoxies which lie at the heart of the bitcoin crypto currency and its numerous clones. In particular we look at The Longest Chain Rule, the monetary supply policies and the exact mechanisms which…
We analyze how secure a block is after the block becomes $k$-deep, i.e., security-latency, for Nakamoto consensus under an exponential network delay model. We provide the fault tolerance and extensive bounds on safety violation…
We present Bitcoin Security Tables computing the probability of success p(z,q,t) of a double spend attack by an attacker controlling a share q of the hashrate after z confirmations in time t.
Bitcoin is the world's first decentralized digital currency. Its main technical innovation is the use of a blockchain and hash-based proof of work to synchronize transactions and prevent double-spending the currency. While the qualitative…
We describe and analyze perishing mining, a novel block-withholding mining strategy that lures profit-driven miners away from doing useful work on the public chain by releasing block headers from a privately maintained chain. We then…
Recently, blockchain has been applied in various fields to secure data exchanges and storage in decentralized systems. In a blockchain application where the task of the application which makes use of the data stored in a blockchain has to…
The security of blockchain systems depends on the distribution of mining power across participants. If sufficient mining power is controlled by one entity, they can force their own version of events. This may allow them to double spend…