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While Proof-of-Work (PoW) is the most widely used consensus mechanism for blockchain, it received harsh criticism due to its massive waste of energy for meaningless hash calculation. Some studies have introduced Proof-of-Stake to address…
Inspired by Bitcoin, many different kinds of cryptocurrencies based on blockchain technology have turned up on the market. Due to the special structure of the blockchain, it has been deemed impossible to directly trade between traditional…
We study the problem of preventing double spending in electronic payment schemes in a distributed fashion. This problem occurs, for instance, when the spending of electronic coins needs to be controlled by a large collection of nodes (eg.…
Bitcoin is undoubtedly a great alternative to today's existing digital payment systems. Even though Bitcoin's scalability has been debated for a long time, we see that it is no longer a concern thanks to its layer-2 solution Lightning…
We propose Lockcoin, a secure and privacy-preserving mix service for bitcoin anonymity. We introduce mix servers to provide mix service for user to prevent attackers linking the input address with output address by using blind signature…
The growing complexity of Internet of Things (IoT) environments, particularly in cross-domain data sharing, presents significant security challenges. Existing data-sharing schemes often rely on computationally expensive cryptographic…
Digital currencies primarily operate online, but there is growing interest in enabling offline transactions to improve digital inclusion. Existing offline methods struggle with double-spending risks, often limiting transaction amounts. In…
Cryptocurrencies have garnered a lot of attention by governments and internet enthusiasts over the past three years. These currencies are celebrated for their security and speedy transactions in a modern era of digital commerce. Bitcoin was…
Bitcoin is a digital currency designed to rely on a decentralized, trustless network of anonymous agents. Using a pseudonymous-address-linking procedure that achieves >99% sensitivity and >99% specificity, we reveal that between launch…
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…
We argue that the current POW based consensus algorithm of the Bitcoin network suffers from a fundamental economic discrepancy between the real world transaction (txn) costs incurred by miners and the wealth that is being transacted. Put…
Currently, the number of Internet of Thing (IoT) devices making up the IoT is more than 11 billion and this number has been continuously increasing. The prevalence of these devices leads to an emerging IoT business model called…
Resource-constrained devices are unable to maintain a full copy of the Bitcoin Blockchain in memory. This paper proposes a bidirectional payment channel framework for IoT devices. This framework utilizes Bitcoin Lightning-Network-like…
We propose DIPS Difficulty-based Incentives for Problem Solving), a simple modification of the Bitcoin proof-of-work algorithm that rewards blockchain miners for solving optimization problems of scientific interest. The result is a…
Many blockchain systems today, including Bitcoin, rely on Proof of Work (PoW). Proof of work is crucial to the liveness and security of cryptocurrencies. The assumption when using PoW is that a lot of trial and error is required on average…
To address the large amount of energy wasted by blockchains, we propose a decentralized consensus protocol for blockchains in which the computation can be used to search for good approximate solutions to any optimization problem. Our…
The successful amalgamation of cryptocurrency and consumer Internet of Things (IoT) devices can pave the way for novel applications in machine-to-machine economy. However, the lack of scalability and heavy resource requirements of initial…
Bitcoin provides freshness properties by forming a blockchain where each block is associated with its timestamp and the previous block. Due to these properties, the Bitcoin protocol is being used as a decentralized, trusted, and secure…
Bitcoin's success as a cryptocurrency enabled it to penetrate into many daily life transactions. Its problems regarding the transaction fees and long validation times are addressed through an innovative concept called the Lightning Network…
This work proposes a novel proof-of-work blockchain incentive scheme such that, barring exogenous motivations, following the protocol is guaranteed to be the optimal strategy for miners. Our blockchain takes the form of a directed acyclic…