Related papers: Selfish Mining in Proof-of-Work Blockchain with Mu…
Selfish mining, which is an attack on the integrity of the Bitcoin network, was first proposed by Cornell researchers Emin Gun Sirer and Ittay Eyal in 2013. Selfish mining attack also exists in most Nakamoto consensus protocols. Generally…
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…
Proof-of-Work (PoW) systems face critical challenges, including excessive energy consumption and the centralization of mining power among entities with expensive hardware. Static mining pools exacerbate these issues by reducing competition…
Bitcoin mining is a wasteful and resource-intensive process. To add a block of transactions to the blockchain, miners spend a considerable amount of energy. The Bitcoin protocol, named 'proof of work' (PoW), resembles a lottery and the…
An open distributed system can be secured by requiring participants to present proof of work and rewarding them for participation. The Bitcoin digital currency introduced this mechanism, which is adopted by almost all contemporary digital…
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…
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…
Incentive mechanisms are central to the functionality of permissionless blockchains: they incentivize participants to run and secure the underlying consensus protocol. Designing incentive-compatible incentive mechanisms is notoriously…
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…
One decade ago, Bitcoin was introduced, becoming the first cryptocurrency and establishing the concept of "blockchain" as a distributed ledger. As of today, there are many different implementations of cryptocurrencies working over a…
We study the strategic considerations of miners participating in the bitcoin's protocol. We formulate and study the stochastic game that underlies these strategic considerations. The miners collectively build a tree of blocks, and they are…
Mining attacks enable an adversary to procure a disproportionately large portion of mining rewards by deviating from honest mining practices within the PoW-based blockchain system. In this paper, we demonstrate that the security…
Proof of Stake (PoS) blockchains offer promising alternatives to traditional Proof of Work (PoW) systems, providing scalability and energy efficiency. However, blockchains operate in a decentralized manner and the network is composed of…
We study a robust, i.e. in presence of malicious participants, multi-agent multi-armed bandit problem where multiple participants are distributed on a fully decentralized blockchain, with the possibility of some being malicious. The rewards…
Mining blocks in a blockchain using the \textit{Proof-of-Work} consensus protocol involves significant risk, as network participants face continuous operational costs while earning infrequent capital gains upon successfully mining a block.…
We propose a proof-of-work algorithm that rewards blockchain miners for using computational resources to solve NP-complete puzzles. The resulting blockchain will publicly store and improve solutions to problems with real world applications…
Proof-of-work blockchains reward each miner for one completed block by an amount that is, in expectation, proportional to the number of hashes the miner contributed to the mining of the block. Is this proportional allocation rule optimal?…
Financial fraud cases are on the rise even with the current technological advancements. Due to the lack of inter-organization synergy and because of privacy concerns, authentic financial transaction data is rarely available. On the other…
All public blockchains are secured by a proof of opportunity cost among block producers. For example, the security offered by proof-of-work (PoW) systems, like Bitcoin, is due to spent computation; it is work precisely because it cannot be…
The security of blockchain systems is fundamentally based on the decentralized consensus in which the majority of parties behave honestly, and the content verification process is essential to maintaining the robustness of blockchain…