Related papers: Countering Selfish Mining in Blockchains
Smart contract-enabled blockchains allow building decentralized applications in which mutually-distrusted parties can work together. Recently, oracle services emerged to provide these applications with real-world data feeds. Unfortunately,…
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…
As the core technology behind Bitcoin, Blockchain's decentralized, tamper-proof, and traceable features make it the preferred platform for organizational innovation. In current Bitcoin, block reward is halved every four years, and…
We consider front-running to be a course of action where an entity benefits from prior access to privileged market information about upcoming transactions and trades. Front-running has been an issue in financial instrument markets since the…
Given the parallels between game theory and consensus, it makes sense to intelligently design blockchain or DAG protocols with an incentive-compatible-first mentality. To that end, we propose a new blockchain or DAG protocol enhancement…
Transaction fees represent a major incentive in many blockchain systems as a way to incentivize processing transactions. Unfortunately, they also introduce an enormous amount of incentive asymmetry compared to alternatives like fixed block…
Blockchain is a growing decentralized system built for transparency and immutability. There have been several major attacks on blockchain-based systems, leaving a gap in the trustability of this system. This article presents a comprehensive…
Proof-of-work blockchains reward each miner for one completed block by an amount that is, in expectation, proportional to the number of hashes the miner contributed to the mining of the block. Is this proportional allocation rule optimal?…
The value of proof-of-work cryptocurrencies critically depends on miners having incentives to follow the protocol. However, the Bitcoin mining protocol proposed by Nakamoto (2008) and implemented in practice is well known not to constitute…
Selfish mining is strategic rule-breaking to maximize rewards in proof-of-work protocols. Markov Decision Processes (MDPs) are the preferred tool for finding optimal strategies in Bitcoin and similar linear chain protocols. Protocols…
Censorship resilience is a fundamental assumption underlying the security of blockchain protocols. Additionally, the analysis of blockchain security from an economic and game theoretic perspective has been growing in popularity in recent…
Blockchain is a novel technology that is rising a lot of interest in the industrial and re- search sectors because its properties of decentralisation, immutability and data integrity. Initially, the underlying consensus mechanism has been…
Blockchain is a distributed database which is cryptographically protected against malicious modifications. While promising for a wide range of applications, current blockchain platforms rely on digital signatures, which are vulnerable to…
Blockchain has received a widespread attention because of its decentralized, tamper-proof, and transparent nature. Blockchain works over the principle of distributed, secured, and shared ledger, which is used to record, and track data…
Traditionally, peer-to-peer systems have relied on altruism and reciprocity. Although incentive-based models have gained prominence in new-generation peer-to-peer systems, it is essential to recognize the continued importance of cooperative…
Anomaly detection tools play a role of paramount importance in protecting networks and systems from unforeseen attacks, usually by automatically recognizing and filtering out anomalous activities. Over the years, different approaches have…
With the increasing importance of data sharing for collaboration and innovation, it is becoming more important to ensure that data is managed and shared in a secure and trustworthy manner. Data governance is a common approach to managing…
We give a straightforward proof for the formula giving the long-term apparent hashrate of the Selfish Mining strategy in Bitcoin using only elementary probabilities and combinatorics, and more precisely, Dyck words. There is no need to…
Bitcoin is the first implementation of what has become known as a 'public permissionless' blockchain. Guaranteeing security and protocol conformity through its elegant combination of cryptographic assurances and game theoretic economic…
Traditional blockchains grant the miner of a block full control not only over which transactions but also their order. This constitutes a major flaw discovered with the introduction of decentralized finance and allows miners to perform MEV…