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Cryptocurrencies are distributed systems that allow exchanges of native (and non-) tokens among participants. The complete historical bookkeeping and its wide availability opens up an unprecedented possibility, i.e. that of understanding…
The Bitcoin Lightning Network, launched in 2018, serves as a layer 2 scaling solution for Bitcoin. The Lightning Network allows users to establish channels between each other and subsequently exchange off-chain payments. Together, these…
In this paper, we explore vulnerabilities and countermeasures of the recently proposed blockchain consensus based on proof-of-authority. The proof-of-work blockchains, like Bitcoin and Ethereum, have been shown both theoretically and…
The payment channel, which allows two parties to perform micropayments without involving the blockchain, has become a promising proposal to improve the scalability of decentralized ledgers such as Bitcoin and Ethereum. Payment channels have…
With the ever-increasing popularity of blockchain applications, securing blockchain networks plays a critical role in these cyber systems. In this paper, we first study cyberattacks (e.g., flooding of transactions, brute pass) in blockchain…
Blockchains with smart contracts are distributed ledger systems that achieve block-state consistency among distributed nodes by only allowing deterministic operations of smart contracts. However, the power of smart contracts is enabled by…
Blockchain protocols are inherently limited in transaction throughput and latency. Recent efforts to address performance and scale blockchains have focused on off-chain payment channels. While such channels can achieve low latency and high…
Popular distributed ledger technology (DLT) systems using proof-of-work (PoW) for Sybil attack resistance have extreme energy requirements, drawing stern criticism from academia, businesses, and the media. DLT systems building on…
We present two models of the block chain of Bitcoin in the interactive theorem prover Agda. The first one is based on a simple model of bank accounts, while having transactions with multiple inputs and outputs. The second model models…
Although blockchains have become widely popular for their use in cryptocurrencies, they are now becoming pervasive as more traditional applications adopt blockchain to ensure data security. Despite being a secured network, blockchains have…
Since the creation of Bitcoin, transaction tracking is one of the prominent means for following the movement of Bitcoins involved in illegal activities. Although every Bitcoin transaction is recorded in the blockchain database, which is…
Today's world is organized based on merit and value. A single global currency that's decentralized is needed for a global economy. Bitcoin is a partial solution to this need, however it suffers from scalability problems which prevent it…
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…
Bitcoin has been subject to illicit activities more often than probably any other financial assets, due to the pseudo-anonymous nature of its transacting entities. An ideal detection model is expected to achieve all the three properties of…
Second-price auctions with deposits are frequently used in blockchain environments. An auction takes place on-chain: bidders deposit an amount that fully covers their bid (but possibly exceeds it) in a smart contract. The deposit is used as…
The Lightning Network (LN) is a second-layer protocol for Bitcoin designed to enable fast and cost-efficient off-chain transactions. Channels in the LN can be closed either by mutual agreement or unilaterally through a forced closure, which…
We study long-term equilibria that arise in the token monetary policy, or tokenomics, design of proof-of-stake (PoS) blockchain systems that engage utility maximizing users and validators. Validators are system maintainers who get rewarded…
With the large increase in the adoption of blockchain technologies, their underlying peer-to-peer networks must also scale with the demand. In this context, previous works highlighted the importance of ensuring efficient and resilient…
Blockchain consensus is a state whereby each node in a network agrees on the current state of the blockchain. Existing protocols achieve consensus via a contest or voting procedure to select one node as a dictator to propose new blocks.…
Bitcoin and its decentralized computing paradigm for digital currency trading are one of the most disruptive technology in the 21st century. This paper presents a novel approach to developing a Bitcoin transaction forecast model,…