Related papers: Bitcoin Selfish Mining and Dyck Words
Bitcoin is the world's first decentralized digital currency. Its main technical innovation is the use of a blockchain and hash-based proof of work to synchronize transactions and prevent double-spending the currency. While the qualitative…
In this paper we revisit the mining strategies in proof of work based cryptocurrencies and propose two strategies, we call smart and smarter mining, that in many cases strictly dominate honest mining. In contrast to other known attacks,…
Mining attacks aim to gain an unfair share of extra rewards in the blockchain mining. Selfish mining can preserve discovered blocks and strategically release them, wasting honest miners' computing resources and getting higher profits.…
We compute the revenue ratio of the Trail Stubborn mining strategy in the Bitcoin network and compare its profitability to other block-withholding strategies. We use for this martingale techniques and a classical analysis of the hiker…
Selfish mining, which is an attack on the integrity of the Bitcoin network, was first proposed by Cornell researchers Emin Gun Sirer and Ittay Eyal in 2013. Selfish mining attack also exists in most Nakamoto consensus protocols. Generally…
Mining attacks allow adversaries to obtain a disproportionate share of the mining reward by deviating from the honest mining strategy in the Bitcoin system. Among them, the most well-known are selfish mining (SM), block withholding (BWH),…
The selfish mining attack, arguably the most famous game-theoretic attack in blockchain, indicates that the Bitcoin protocol is not incentive-compatible. Most subsequent works mainly focus on strengthening the selfish mining strategy, thus…
Bitcoin is firmly becoming a mainstream asset in our global society. Its highly volatile nature has traders and speculators flooding into the market to take advantage of its significant price swings in the hope of making money. This work…
Many of the recent works on the profitability of rogue mining strategies hinge on a parameter called $\gamma$ that measures the proportion of the honest network attracted by the attacker to mine on top of his fork. These works, see…
Proof-of-Work blockchain, despite its numerous benefits, is still not an entirely secure technology due to the existence of Selfish Mining (SM) strategies that can disrupt the system and its mining economy. While the effect of SM has been…
Most current assessments use ex post proxies that miss uncertainty and fail to consistently capture the rapid change in bitcoin mining. We introduce a unified, ex ante statistical model that derives expected return, downside risk, and…
Bitcoin is a "crypto currency", a decentralized electronic payment scheme based on cryptography which has recently gained excessive popularity. Scientific research on bitcoin is less abundant. A paper at Financial Cryptography 2012…
Using Wilf-Zeilberger algorithmic proof theory, we continue pioneering work of Meni Rosenfeld (followed up by interesting work by Cyril Grunspan and Ricardo Perez-Marco) and study the probability and duration of successful bitcoin attacks,…
GHOST, like the longest-chain protocol, is a chain selection protocol and its capability in resisting selfish mining attack has been validated in imperfect blockchains of Bitcoin and its variants (Bitcoin-like). This paper explores an…
Bitcoin's security relies on its Proof-of-Work consensus, where miners solve puzzles to propose blocks. The puzzle's difficulty is set by the difficulty adjustment mechanism (DAM), based on the network's available mining power. Attacks that…
In Proof-of-Work blockchains, difficulty algorithms serve the crucial purpose of maintaining a stable transaction throughput by dynamically adjusting the block difficulty in response to the miners' constantly changing computational power.…
In the Bitcoin system, participants are rewarded for solving cryptographic puzzles. In order to receive more consistent rewards over time, some participants organize mining pools and split the rewards from the pool in proportion to each…
Nakamoto double spend strategy, described in Bitcoin foundational article, leads to total ruin with positive probability and does not make sense from the profitability point of view. The simplest strategy that can be profitable incorporates…
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…
Bitcoin was recently introduced as a peer-to-peer electronic currency in order to facilitate transactions outside the traditional financial system. The core of Bitcoin, the Blockchain, is the history of the transactions in the system…