Related papers: Gruut: A Fully-Decentralized P2P Public Ledger
Distributed Leger Technologies (DLTs), most notably Blockchain technologies, bring decentralised platforms that eliminate a single trusted third party and avoid the notorious single point of failure vulnerability. Since Nakamoto's Bitcoin…
Blockchain technology enables secure, transparent data management in decentralized systems, supporting applications from cryptocurrencies like Bitcoin to tokenizing real-world assets like property. Its scalability and sustainability hinge…
Bitcoin and other cryptocurrencies have surged in popularity over the last decade. Although Bitcoin does not claim to provide anonymity for its users, it enjoys a public perception of being a `privacy-preserving' financial system. In…
Decentralized Ledger Technology, popularized by the Bitcoin network, aims to keep track of a ledger of valid transactions between agents of a virtual economy without a central institution for coordination. In order to keep track of a…
There has recently been a flood of interest in potential new applications of blockchains, as well as proposals for more generic designs called public ledgers. Most of the novel proposals have been in the financial sector. However, the…
Bitcoin is the first of its kind, a truly decentralized and anonymous cryptocurrency. To realize it, it has developed blockchain technology using the concept of `Proof of Work' (PoW). The miners, nodes responsible for writing transaction…
Cryptocurrencies have gained popularity due to their transparency, security, and accessibility compared to traditional financial systems, with Bitcoin, introduced in 2009, leading the market. Bitcoin's security relies on blockchain…
One of the defining features of Bitcoin and the thousands of cryptocurrencies that have been derived from it is a globally visible transaction ledger. While Bitcoin uses pseudonyms as a way to hide the identity of its participants, a long…
We propose a proof-of-work algorithm that rewards blockchain miners for using computational resources to solve NP-complete puzzles. The resulting blockchain will publicly store and improve solutions to problems with real world applications…
The growing number of implementations of blockchain systems stands in stark contrast with still limited research on a systematic comparison of performance characteristics of these solutions. Such research is crucial for evaluating…
Bitcoin is the most popular cryptocurrency used worldwide. It provides pseudonymity to its users by establishing identity using public keys as transaction end-points. These transactions are recorded on an immutable public ledger called…
Bitcoin is a decentralized P2P digital currency in which coins are generated by a distributed set of miners and transaction are broadcasted via a peer-to-peer network. While Bitcoin provides some level of anonymity (or rather pseudonymity)…
To mitigate the scalability problem of decentralized cryptocurrencies such as Bitcoin and Ethereum, the payment channel, which allows two parties to perform secure coin transfers without involving the blockchain, has been proposed. The…
Distributed Ledger Technologies (DLTs), when managed by a few trusted validators, require most but not all of the machinery available in public DLTs. In this work, we explore one possible way to profit from this state of affairs. We devise…
Bitcoin's Proof of Work (PoW) mechanism, while central to achieving decentralized consensus, has long been criticized for excessive energy use and hardware inefficiencies \cite{devries2018bitcoin, truby2018decarbonizing}. This paper…
Since the initial launch of Bitcoin by Satoshi Nakamoto in 2009, decentralized digital currencies have long been of major interest in both the academia and the industry. Till today, there are more than 3000 different cryptocurrencies over…
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…
Proof-of-Work (PoW) is a popular blockchain consensus algorithm that is used in cryptocurrencies like Bitcoin in which hashing operations are repeated until the resulting hash has certain properties. This approach uses lots of computational…
The functionality that distributed ledger technology provides, i.e., an immutable and fraud-resistant registry with validation and verification mechanisms, has traditionally been implemented with a trusted third party. Due to the…
Permissionless blockchains (e.g., Bitcoin, Ethereum, etc) have shown a wide success in implementing global scale peer-to-peer cryptocurrency systems. In such blockchains, new currency units are generated through the mining process and are…