Related papers: Diversification Across Mining Pools: Optimal Minin…
Cryptocurrencies, arguably the most prominent application of blockchains, have been on the rise with a wide mainstream acceptance. A central concept in cryptocurrencies is "mining pools", groups of cooperating cryptocurrency miners who…
The protocol for cryptocurrencies can be divided into three parts, namely consensus, wallet, and networking overlay. The aim of the consensus part is to bring trustless rational peer-to-peer nodes to an agreement to the current status of…
The security of blockchain systems depends on the distribution of mining power across participants. If sufficient mining power is controlled by one entity, they can force their own version of events. This may allow them to double spend…
Bitcoin is a popular cryptocurrency that records alltransactions in a distributed append-only public ledger calledblockchain. The security of Bitcoin heavily relies on the incentive-compatible proof-of-work (PoW) based distributed consensus…
Mining pools, the main components of the Bitcoin network, dominate the computing resources and play essential roles in network security and performance aspects. Although many existing measurements of the Bitcoin network are available,…
Proof of Work (PoW) has extensively served as the foundation of blockchain's security, consistency, and tamper-resistance. However, long has it been criticized for its tremendous and inefficient utilization of computational power and…
A blockchain is a decentralized ledger where all transactions are recorded. For having a reliable blockchain and double-spending prevention, we need a decentralized consensus and agreement on a blockchain. Bitcoin uses proof-of-work (PoW).…
Proof-of-Work (PoW) is a Sybil control mechanism adopted in blockchain-based cryptocurrencies. It prevents the attempt of malicious actors to manipulate distributed ledgers. Bitcoin has successfully suppressed double-spending by accepting…
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…
Proof-of-Work (PoW) consensus mechanism is popular among current blockchain systems, which leads to an increasing concern about the tremendous waste of energy due to massive meaningless computation. To address this issue, we propose a novel…
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…
We introduce Auditable Proof-of-Work (APoW), a novel proof-of-work (PoW) construction inspired by Hashcash-style nonce searching, which enables the auditing of other miners' work through accountable re-scanning of the nonce space. The…
Abrupt changes in the miner hash rate applied to a proof-of-work (PoW) blockchain can adversely affect user experience and security. Because different PoW blockchains often share hashing algorithms, miners face a complex choice in deciding…
Decentralization is a key indicator for the evaluation of public blockchains. In the past, there have been very few studies on measuring and comparing the actual level of decentralization between Proof-of-Work (PoW) blockchains and…
In a PoW-based blockchain network, mining pools (the solo miner could be regarded as a mining pool containing one miner) compete to successfully mine blocks to pursue rewards. Generally, the rewards include the fixed block subsidies and…
Lending pools are decentralized applications which allow mutually untrusted users to lend and borrow crypto-assets. These applications feature complex, highly parametric incentive mechanisms to equilibrate the loan market. This complexity…
Decentralization has been touted as the principal security advantage which propelled blockchain systems at the forefront of developments in the financial technology space. Its exact semantics nevertheless remain highly contested and…
The goal of cryptocurrencies is decentralization. In principle, all currencies have equal status. Unlike traditional stock markets, there is no default currency of denomination (fiat), thus the trading pairs can be set freely. However, it…
Bitcoin is a decentralized crypto-currency, and an accompanying protocol, created in 2008. Bitcoin nodes continuously generate and propagate blocks---collections of newly approved transactions that are added to Bitcoin's ledger. Block…
Mining is the important part of the blockchain used the proof of work (PoW) on its consensus, looking for the matching block through testing a number of hash calculations. In order to attract more hash computing power, the miner who finds…