Related papers: Profitable Double-Spending Attacks
We present and validate a novel mathematical model of the blockchain mining process and use it to conduct an economic evaluation of the double-spend attack, which is fundamental to all blockchain systems. Our analysis focuses on the value…
We describe and analyze perishing mining, a novel block-withholding mining strategy that lures profit-driven miners away from doing useful work on the public chain by releasing block headers from a privately maintained chain. We then…
We study the incentives behind double-spend attacks on Nakamoto-style Proof-of-Work cryptocurrencies. In these systems, miners are allowed to choose which transactions to reference with their block, and a common strategy for selecting…
Proof-of-Work mining is intended to provide blockchains with robustness against double-spend attacks. However, an economic analysis that follows from Budish (2018), which considers free entry conditions together with the ability to rent…
Bitcoin uses blockchain technology to maintain transactions order and provides probabilistic guarantee to prevent double-spending, assuming that an attacker's computational power does not exceed %50 of the network power. In this paper, we…
Numerous blockchain applications are designed with tasks that naturally have finite durations, and hence, a double-spending attack (DSA) on such blockchain applications leans towards being conducted within a finite timeframe, specifically…
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…
The Bitcoin protocol prevents the occurrence of double-spending (DS), i.e. the utilization of the same currency unit more than once. At the same time a DS attack, where more conflicting transactions are generated, might be performed to…
Recently, blockchain has been applied in various fields to secure data exchanges and storage in decentralized systems. In a blockchain application where the task of the application which makes use of the data stored in a blockchain has to…
Recently, several works conjectured the vulnerabilities of mainstream blockchains under several network attacks. All these attacks translate into showing that the assumptions of these blockchains can be violated in theory or under…
We present Bitcoin Security Tables computing the probability of success p(z,q,t) of a double spend attack by an attacker controlling a share q of the hashrate after z confirmations in time t.
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…
Blockchains are intended to be immutable, so an attacker who is able to delete transactions through a chain reorganization (a malicious reorg) can perform a profitable double-spend attack. We study the rate at which an attacker can execute…
Conventional double-spending attack models ignore the revenue losses stemming from the orphan blocks. On the other hand, selfish mining literature usually ignores the chance of the attacker to double-spend at no-cost in each attack cycle.…
The fundamental attack against blockchain systems is the double-spend attack. In this tutorial, we provide a very detailed explanation of just one section of Satoshi Nakamoto's original paper where the attack's probability of success is…
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…
We review the so called selfish mining strategy in the Bitcoin network and compare its profitability to honest mining.We build a rigorous profitability model for repetition games. The time analysis of the attack has been ignored in the…
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.…
Bitcoin transactions include unspent transaction outputs (UTXOs) as their inputs and generate one or more newly owned UTXOs at specified addresses. Each UTXO can only be used as an input in a transaction once, and using it in two or more…
Conflicting transactions within blockchain networks not only pose performance challenges but also introduce security vulnerabilities, potentially facilitating malicious attacks. In this paper, we explore the impact of conflicting…