Related papers: Diversification Across Mining Pools: Optimal Minin…
Blockchain systems are designed to produce blocks at a constant average rate. The most popular systems currently employ a Proof of Work (PoW) algorithm as a means of creating these blocks. Bitcoin produces, on average, one block every 10…
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…
We propose a mean field game model to study the question of how centralization of reward and computational power occur in Bitcoin-like cryptocurrencies. Miners compete against each other for mining rewards by increasing their computational…
Eyal and Sirer's selfish mining strategy has demonstrated that Bitcoin system is not secure even if 50% of total mining power is held by altruistic miners. Since then, researchers have been investigating either to improve the efficiency of…
Proof-of-Work (PoW) blockchains have emerged as a robust and effective consensus mechanism in open environments, leading to widespread deployment with numerous cryptocurrency platforms and substantial investments. However, the commonly…
The Decentralized-Consistent-Scale (DCS) Triangle defines three dimensions that illustrate the tradeoffs of the blockchain consensus mechanism. In this paper, we propose a new hybrid consensus protocol, called Deterministic Proof of Work…
Blockchain technology enables secure, transparent data management in decentralized systems, supporting applications from cryptocurrencies like Bitcoin to tokenizing real-world assets like property. Its scalability and sustainability hinge…
While Proof-of-Work (PoW) is the most widely used consensus mechanism for blockchain, it received harsh criticism due to its massive waste of energy for meaningless hash calculation. Some studies have introduced Proof-of-Stake to address…
Bitcoin draws the highest degree of attention among cryptocurrencies, while coin mining is one of the most important fashion of profiting in the Bitcoin ecosystem. This paper constructs fresh coin circulation networks by tracking the fresh…
With the increasing adoption of the Proof of Stake (PoS) blockchain, it is timely to study the economy created by such blockchain. In this chapter, we will survey recent progress on the trading and wealth evolution in a cryptocurrency where…
The security and decentralization of Proof-of-Work (PoW) have been well-tested in existing blockchain systems. However, its tremendous energy waste has raised concerns about sustainability. Proof-of-Useful-Work (PoUW) aims to redirect the…
A cryptocurrency is a digital asset maintained by a decentralised system using cryptography. Investors in this emerging digital market are exploring the profitability potential of portfolios in place of single coins. Portfolios are…
Blockchain applications that rely on the Proof-of-Work (PoW) have increasingly become energy inefficient with a staggering carbon footprint. In contrast, energy-efficient alternative consensus protocols such as Proof-of-Stake (PoS) may…
Blockchain is rapidly emerging as an important class of network application, with a unique set of trust, security and transparency properties. In a blockchain system, participants record and update the `server-side' state of an application…
Blockchain consensus mechanisms must balance security, decentralization, and efficiency while ensuring fair participation. Proof of Team Sprint (PoTS) is a cooperative consensus mechanism designed to address the energy inefficiencies and…
In the context of blockchain systems, the importance of decentralization is undermined by the lack of a widely accepted methodology to measure it. To address this gap, we set out a systematization effort targeting the decentralization…
In the last few years several papers investigated selfish mine attacks, most of which assumed that every miner that is not part of the selfish mine pool will continue to mine honestly. However, in reality, remaining honest is not always…
The security of Bitcoin protocols is deeply dependent on the incentives provided to miners, which come from a combination of block rewards and transaction fees. As Bitcoin experiences more halving events, the protocol reward converges to…
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…
Mining in proof-of-work blockchains has become an expensive affair requiring specialized hardware capable of executing several megahashes per second at huge electricity costs. Miners earn a reward each time they mine a block within the…