Related papers: Incentive-based integration of useful work into bl…
Resource-based consensus is the backbone of permissionless distributed ledger systems. The security of such protocols relies fundamentally on the level of resources actively engaged in the system. The variety of different resources (and…
This paper introduces BlockReduce, a Proof-of-Work (PoW) based blockchain system which achieves high transaction throughput through a hierarchy of merged mined blockchains, each operating in parallel on a partition the overall application…
Blockchain (BC), the technology behind the Bitcoin cryptocurrency system, is starting to be adopted for ensuring enhanced security and privacy in the Internet of Things (IoT) ecosystem. Fervent research is currently being focused in both…
Current blockchain consensus protocols -- notably, Proof of Work (PoW) and Proof of Stake (PoS) -- deliver global agreement but exhibit structural constraints. PoW anchors security in heavy computation, inflating energy use and imposing…
Mining is a central operation of all proof-of-work (PoW) based cryptocurrencies. The vast majority of miners today participate in "mining pools" instead of "solo mining" in order to lower risk and achieve a more steady income. However, this…
We analyze the economic incentives generated by the proof-of-stake mechanism discussed in the Ethereum Casper upgrade proposal. Compared with proof-of-work, proof-of-stake has a different cost structure for attackers. In Budish (2018),…
Play-to-earn is one of the prospective categories of decentralized applications. The play-to-earn projects combine blockchain technology with entertaining games and finance, attracting various participants. While huge amounts of capital…
This paper presents a novel staking coopetition design aimed at incentivizing decentralization and continuous growth of economic security within a proof-of-stake system. Staking rewards follow a nonlinear mapping relative to stake size.…
With the increasing adoption of decentralized information systems based on a variety of permissionless blockchain networks, the choice of consensus mechanism is at the core of many controversial discussions. Ethereum's recent transition…
Financial fraud cases are on the rise even with the current technological advancements. Due to the lack of inter-organization synergy and because of privacy concerns, authentic financial transaction data is rarely available. On the other…
Blockchain protocols implement total-order broadcast in a permissionless setting, where processes can freely join and leave. In such a setting, to safeguard against Sybil attacks, correct processes rely on cryptographic proofs tied to a…
Cooperation is fundamental for human prosperity. Blockchain, as a trust machine, is a cooperative institution in cyberspace that supports cooperation through distributed trust with consensus protocols. While studies in computer science…
This publication describes the block winner selection process that will be used in a novel Proof-of-Useful-Work blockchain for High Energy Physics that the authors are currently working on. Instead of spamming hashing operations to mine…
This paper introduces a game-theoretic model tailored for reward distribution on crowd-sourced computing platforms. It explores a repeated game framework where miners, as computation providers, decide their computation power contribution in…
Over the past five years, the rewards associated with mining Proof-of-Work blockchains have increased substantially. As a result, miners are heavily incentivized to design and utilize Application Specific Integrated Circuits (ASICs) that…
We discuss the issue of what we call {\em incentive mismatch}, a fundamental problem with public blockchains supported by economic incentives. This is an open problem, but one potential solution is to make application portable. Portability…
The security of blockchain systems based on Proof of Work relies on mining. However, mining suffers from unstable revenue, prompting many miners to form cooperative mining pools. Most existing mining pools operate in a centralized manner,…
Blockchain, as the backbone technology of the current popular Bitcoin digital currency, has become a promising decentralized data management framework. Although blockchain has been widely adopted in many applications, e.g., finance,…
With the rapid growth of hyperconnected devices and decentralized data architectures, safeguarding Internet of Things (IoT) transactions is becoming increasingly challenging. Blockchain presents a promising solution, yet its effectiveness…
Permissionless blockchains such as Bitcoin have long been criticized for their high computational and storage overhead. Unfortunately, while a number of proposals address the energy consumption of existing Proof-of-Work deployments, little…