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In recent years, blockchain technology has received unparalleled attention from academia, industry, and governments all around the world. It is considered a technological breakthrough anticipated to disrupt several application domains. This…
The popularity of digital currencies, especially cryptocurrencies, has been continuously growing since the appearance of Bitcoin. Bitcoin's security lies in a proof-of-work scheme, which requires high computational resources at the miners.…
Owing to some special characteristics and features, blockchain is a very useful technique that can securely organize diverse devices in a smart city. It finds wide applications, especially in distributed environments, where entities such as…
Proof of work blockchain protocols using multiple hash types are considered. It is proven that the security region of such a protocol cannot be the AND of a 51\% attack on all the hash types. Nevertheless, a protocol called Merged Bitcoin…
NeuCoin is a decentralized peer-to-peer cryptocurrency derived from Sunny King's Peercoin, which itself was derived from Satoshi Nakamoto's Bitcoin. As with Peercoin, proof-of-stake replaces proof-of-work as NeuCoin's security model,…
Proof-of-work allows Bitcoin to boast security amidst arbitrary fluctuations in participation of miners throughout time, so long as, at any point in time, a majority of hash power is honest. In recent years, however, the pendulum has…
Authorization is challenging in distributed systems that cannot rely on the identification of nodes. Proof-of-work offers an alternative gate-keeping mechanism, but its probabilistic nature is incompatible with conventional security…
Bitcoin and Ethereum, whose miners arguably collectively comprise the most powerful computational resource in the history of mankind, offer no more power for processing and verifying transactions than a typical smart phone. The system…
Bitcoin is the first fully-decentralized permissionless blockchain protocol to achieve a high level of security, but at the expense of poor throughput and latency. Scaling the performance of Bitcoin has a been a major recent direction of…
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…
Although proof of work (PoW) consensus dominates the current blockchain-based systems mostly, it has always been criticized for the uneconomic brute-force calculation. As alternatives, energy-conservation and energy-recycling mechanisms…
Liquid staking has become the largest category of decentralized finance protocols in terms of total value locked. However, few studies exist on its implementation designs or underlying risks. The liquid staking protocols allow for earning…
The idea of security sharing goes back to Nakamoto's introduction of merge mining, a technique that enables Bitcoin miners to reuse their hash power to bootstrap and secure other Proof-of-Work (PoW) blockchains. However, with the rise of…
Blockchain is a type of decentralized distributed network which acts as an immutable digital ledger. Despite the absence of any central governing authority to validate the blocks in the ledger, it is considered secure and immutable due to…
Cooperation is fundamental for human prosperity. Blockchain, as a trust machine, is a cooperative institution in cyberspace that supports cooperation through distributed trust with consensus protocols. While studies in computer science…
The Bitcoin cryptocurrency records its transactions in a public log called the blockchain. Its security rests critically on the distributed protocol that maintains the blockchain, run by participants called miners. Conventional wisdom…
The blocks in the Bitcoin blockchain record the amount of work W that went into creating them through proofs of work. When honest parties control a majority of the work, consensus is achieved by picking the chain with the highest recorded…
Smart contracts are cryptographic protocols that are enforced without a judiciary. Smart contracts are used occasionally in Bitcoin and are prevalent in Ethereum. Public quantum money improves upon cash we use today, yet the current…
Distributed ledger technology has gained wide popularity and adoption since the emergence of bitcoin in 2008 which is based on proof of work (PoW). It is a distributed, transparent and immutable database of records of all the transactions…
We present a strategy for a single quantum miner with relatively low hashing power, with the same ramifications as a 51% attack. Bitcoin nodes consider the chain with the highest cumulative proof-of-work to be the valid chain. A quantum…