Related papers: On Analysis of the Bitcoin and Prism Backbone Prot…
With emergence of blockchain technologies and the associated cryptocurrencies, such as Bitcoin, understanding network dynamics behind Blockchain graphs has become a rapidly evolving research direction. Unlike other financial networks, such…
Most current assessments use ex post proxies that miss uncertainty and fail to consistently capture the rapid change in bitcoin mining. We introduce a unified, ex ante statistical model that derives expected return, downside risk, and…
Today's world is organized based on merit and value. A single global currency that's decentralized is needed for a global economy. Bitcoin is a partial solution to this need, however it suffers from scalability problems which prevent it…
This work proposes a novel proof-of-work blockchain incentive scheme such that, barring exogenous motivations, following the protocol is guaranteed to be the optimal strategy for miners. Our blockchain takes the form of a directed acyclic…
Cryptocurrencies are poised to revolutionize the modern economy by democratizing commerce. These currencies operate on top of blockchain-based distributed ledgers. Existing permissionless blockchain-based protocols offer unparalleled…
A blockchain is a distributed ledger for recording transactions, maintained by many nodes without central authority through a distributed cryptographic protocol. All nodes validate the information to be appended to the blockchain, and a…
We describe the Lockchain Protocol, a lightweight Bitcoin meta-protocol that enables highly efficient transaction discovery at zero marginal block space cost, and data verification without introducing any new on-chain storage mechanism. The…
Mining processes of Bitcoin and similar cryptocurrencies are currently incentivized with voluntary transaction fees and fixed block rewards which will halve gradually to zero. In the setting where optional and arbitrary transaction fee…
Blockchain has received great attention in recent years and motivated innovations in different scenarios. However, many vital issues which affect its performance are still open. For example, it is widely convinced that high level of…
Since the advent of bitcoin in 2008, the concept of a blockchain has widely spread. Besides crypto currencies and trading activities, there is a wide range of potential application areas where blockchains are providing the main building…
GHOST, like the longest-chain protocol, is a chain selection protocol and its capability in resisting selfish mining attack has been validated in imperfect blockchains of Bitcoin and its variants (Bitcoin-like). This paper explores an…
Blockchain (BC), a by-product of Bitcoin cryptocurrency, has gained immense and wide scale popularity for its applicability in various diverse domains - especially in multifaceted non-monetary systems. By adopting cryptographic techniques…
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…
Blockchain technology is among the fastest-growing technologies in the world today. It has been adopted in diverse areas but mostly in financial systems, such as Bitcoin cryptocurrency. Therefore, it is a niche that has attracted interest…
In recent years, hype surrounding the proliferation of blockchain-based technology has been significant. Apart from the creation of bitcoin and other cryptocurrencies, it has been difficult to determine what practical utility might lie in…
As an emerging technology, blockchain has achieved great success in numerous application scenarios, from intelligent healthcare to smart cities. However, a long-standing bottleneck hindering its further development is the massive resource…
The Lightning Network is a so-called second-layer technology built on top of the Bitcoin blockchain to provide "off-chain" fast payment channels between users, which means that not all transactions are settled and stored on the main…
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 investigate the time to consensus in Nakamoto blockchains. Specifically, we consider two competing growth processes, labeled \emph{honest} and \emph{adversarial}, and determine the time after which the honest process permananetly exceeds…
In blockchain systems, especially cryptographic currencies such as Bitcoin, the double-spending and Byzantine-general-like problem are solved by reaching consensus protocols among all nodes. The state-of-the-art protocols include…