Related papers: Blockchain Mining Games with Pay Forward
Selfish miners selectively withhold blocks to earn disproportionately high revenue. The vast majority of the selfish mining literature focuses exclusively on block rewards. Carlsten et al. [2016] is a notable exception, observing that…
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…
Selfish mining is a well known vulnerability in blockchains exploited by miners to steal block rewards. In this paper, we explore a new form of selfish mining attack that guarantees high rewards with low cost. We show the feasibility of…
Propagation latency is inherent to any distributed network, including blockchains. Typically, blockchain protocols provide a timing buffer for block propagation across the network. In leader-based blockchains, the leader -- block proposer…
We analyze bribing attacks in Proof-of-Stake distributed ledgers from a game theoretic perspective. In bribing attacks, an adversary offers participants a reward in exchange for instructing them how to behave, with the goal of attacking the…
This paper deals with design of the alternative secure Blockchain network framework to prevent damages from an attacker. The concept of the strategic alliance of the management is applied on the top of the recent developed stochastic game…
Mining attacks allow adversaries to obtain a disproportionate share of the mining reward by deviating from the honest mining strategy in the Bitcoin system. Among them, the most well-known are selfish mining (SM), block withholding (BWH),…
Blockchains have recently gained popularity thanks to their ability to record "digital truth". They are designed to keep persistence, security, and avoid attacks which is useful for many applications. However, they are still problematic in…
A blockchain, such as Bitcoin, is an append-only, secure, transparent, distributed ledger. A fair blockchain is expected to have healthy metrics; high honest mining power, low processing latency, i.e., low wait times for transactions and…
Committee-based blockchains are among the most popular alternatives of proof-of-work based blockchains, such as Bitcoin. They provide strong consistency (no fork) under classical assumptions, and avoid using energy-consuming mechanisms to…
Bitcoin, a decentralized cryptocurrency, has attracted a lot of attention from academia, financial service industry and enthusiasts. The trade-off between transaction confirmation throughput and centralization of hash power do not allow…
In this paper, we review the undercutting attacks in the transaction-fee-based regime of proof-of-work (PoW) blockchains with the longest chain fork-choice rule. Next, we focus on the problem of fluctuations in mining revenue and the mining…
It has been known for some time that the Nakamoto consensus as implemented in the Bitcoin protocol is not totally aligned with the individual interests of the participants. More precisely, it has been shown that block withholding mining…
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…
A soft control of the network activity through varying reward in a proof-of-work (PoW) cryptocurrency is reported. Rewards are the necessity to incent the contributors activities (i.e., mining) in order to maintain the PoW network. Contrary…
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…
Since Bitcoin's inception in 2008, it has became attractive investments for both trading and mining. To mine Bitcoins, a miner has to invest in computing power and pay for electricity to solve cryptographic puzzles for rewards, if it…
Proof-of-work computation used in cryptocurrencies has witnessed significant growth in the U.S. and many other regions around the world. One of the most significant bottlenecks for the scalable deployment of such computation is its energy…
We study the incentives behind double-spend attacks on Nakamoto-style Proof-of-Work cryptocurrencies. In these systems, miners are allowed to choose which transactions to reference with their block, and a common strategy for selecting…
We model and analyze blockchain miners who seek to maximize the compound return of their mining businesses. The analysis of the optimal strategies finds a new equilibrium point among the miners and the mining pools, which predicts the…