Related papers: Oceanic Games: Centralization Risks and Incentives…
In blockchain networks adopting the proof-of-work schemes, the monetary incentive is introduced by the Nakamoto consensus protocol to guide the behaviors of the full nodes (i.e., block miners) in the process of maintaining the consensus…
In this paper, we represent the problem of selecting miners within a blockchain-based system as a subset selection problem. We formulate the problem of minimising blockchain energy consumption as an optimisation problem with two conflicting…
Proof-of-stake (PoS) has emerged as a natural alternative to the resource-intensive Proof-of-Work (PoW) blockchain, as was recently seen with the Ethereum Merge. PoS-based blockchains require an initial stake distribution among the…
Optimization methods are used to determine equilibria of investment in cryptocurrencies. The basic assumptions involve existence of a core group (the "wealthy") that fears the loss of substantial assets through government seizure.…
Does the proof-of-work protocol serve its intended purpose of supporting decentralized cryptocurrency mining? To address this question, we develop a game-theoretical model where miners first invest in hardware to improve the efficiency of…
The resource-consuming mining of blocks on a blockchain equipped with a proof of work consensus protocol bears the risk of ruin, namely when the operational costs for the mining exceed the received rewards. In this paper we investigate to…
Building elastic and scalable edge resources is an inevitable prerequisite for providing platform-based smart city services. Smart city services are delivered through edge computing to provide low-latency applications. However, edge…
We develop a model of coordination and allocation of decentralized multi-sided markets, in which our theoretical analysis is promisingly optimizing the decentralized transaction packaging process at high-throughput blockchains or Web 3.0…
This paper proposes a model that enables permissionless and decentralized networks for complex computations. We explore the integration and optimize load balancing in an open, decentralized computational network. Our model leverages…
We introduce and study reward sharing schemes (RSS) that promote the fair formation of {\em stake pools}\ in collaborative projects that involve a large number of stakeholders such as the maintenance of a proof-of-stake (PoS) blockchain.…
To address the large amount of energy wasted by blockchains, we propose a decentralized consensus protocol for blockchains in which the computation can be used to search for good approximate solutions to any optimization problem. Our…
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…
The mining process in blockchain requires solving a proof-of-work puzzle, which is resource expensive to implement in mobile devices due to the high computing power and energy needed. In this paper, we, for the first time, consider edge…
We study the strategic implications that arise from adding one extra option to the miners participating in the bitcoin protocol. We propose that when adding a block, miners also have the ability to pay forward an amount to be collected by…
Blockchain systems often employ proof-of-work consensus protocols to validate and add transactions into hashchains. These protocols stimulate competition among miners in solving cryptopuzzles (e.g. SHA-256 hash computation in Bitcoin) in…
Blockchains enables tamper-proof, ordered logging for transactional data in a decentralized manner over open-access, overlay peer-to-peer networks. In this paper, we propose a decentralized framework of proactive caching in a hierarchical…
We propose a model for games in which the players have shared access to a blockchain that allows them to deploy smart contracts to act on their behalf. This changes fundamental game-theoretic assumptions about rationality since a contract…
Data sharing is very important for accelerating scientific research, business innovations, and for informing individuals. Yet, concerns over data privacy, cost, and lack of secure data-sharing solutions have prevented data owners from…
Blockchain technology relies on decentralization to resist faults and attacks while operating without trusted intermediaries. Although industry experts have touted decentralization as central to their promise and disruptive potential, it is…
This paper proposes a conceptual framework for the analysis of reward sharing schemes in mining pools, such as those associated with Bitcoin. The framework is centered around the reported shares in a pool instead of agents and results in…