Related papers: Incentives Don't Solve Blockchain's Problems
Recently, distributed ledger technologies like blockchain have been proliferating and have attracted interest from the academic community, government, and industry. A wide range of blockchain solutions has been introduced, such as Bitcoin,…
We develop a dynamic model of the Bitcoin market where users set fees themselves and miners decide whether to operate and whom to validate based on those fees. Our analysis reveals how, in equilibrium, users adjust their bids in response to…
Privacy was one of the key points mentioned in Nakamoto's Bitcoin whitepaper, and one of the selling points of Bitcoin in its early stages. In hindsight, however, de-anonymising Bitcoin users turned out to be more feasible than expected.…
This paper extends the blockchain sustainability framework of Budish (2018) to consider proof of stake (in addition to proof of work) consensus mechanisms and permissioned (where the number of nodes are fixed) networks. It is demonstrated…
Blockchain technology is the first successful Bitcoin Network. It enables the ledger to become more decentralized and secure. Since it is not limited to bitcoin and controlled by third parties by government, corporations or banks, the…
Bitcoin is a representative decentralized currency system. For the security of Bitcoin, fairness in the distribution of mining rewards plays a crucial role in preventing the concentration of computational power in a few miners. Here,…
This paper investigates whether Bittensor can be considered the Bitcoin of decentralized Artificial Intelligence by directly comparing its tokenomics, decentralization properties, consensus mechanism, and incentive structure against those…
Trust between entities in any scenario without a trusted third party is very difficult, and trust is exactly what blockchain aims to bring into the digital world with its basic features. Many applications are moving to blockchain adoption,…
In China's Greater Bay Area (Guangdong-Hong Kong-Macao), the increasing use of Blockchain technology in financial services has the potential to generate benefits for many stakeholders. Blockchains are known for their distinctive features,…
Recent advances in the blockchain research have been made in two important directions. One is refined resilience analysis utilizing game theory to study the consequences of selfish behaviors of users (miners), and the other is the extension…
Permissioned blockchains have been proposed for a variety of use cases that require decentralization yet address enterprise requirements that permissionless blockchains to date cannot satisfy -- particularly in terms of performance.…
Miners in a blockchain system are suffering from ever-increasing storage costs, which in general have not been properly compensated by the users' transaction fees. This reduces the incentives for the miners' participation and may jeopardize…
Blockchain has received much attention recently, due to its promises of verifiable, permanent, decentralized, and efficient data handling. In 2017-2019 blockchain and associated technologies such as smart contracts has progressed beyond…
This paper presents the first empirical analysis of how diverse token-based reward mechanisms impact platform dynamics and user behaviors. For this, we gather a unique, large-scale dataset from Farcaster. This blockchain-based,…
Bitcoin-NG, a scalable blockchain protocol, divides each block into a key block and many micro blocks to effectively improve the transaction processing capacity. Bitcoin-NG has a special incentive mechanism (i.e. splitting transaction fees…
This article considered deficiencies of the flourishing blockchain technology manifested by the development of quantum computation. We show that the future blockchain technology would under constant threats from the following aspects: 1)…
Although blockchains have become widely popular for their use in cryptocurrencies, they are now becoming pervasive as more traditional applications adopt blockchain to ensure data security. Despite being a secured network, blockchains have…
Since its inception, the blockchain technology has shown promising application prospects. From the initial cryptocurrency to the current smart contract, blockchain has been applied to many fields. Although there are some studies on the…
Blockchain technology has emerged as one of the most transformative digital innovations of the 21st century. This paper presents a comprehensive review of blockchain's fundamental architecture, tracing its development from Bitcoin's initial…
Consensus protocols are currently the bottlenecks that prevent blockchain systems from scaling. However, we argue that transaction execution is also important to the performance and security of blockchains. In other words, there are ample…