Related papers: Fairness and Efficiency in DAG-based Cryptocurrenc…
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…
Blockchain has been regarded as a promising technology for Internet of Things (IoT), since it provides significant solutions for decentralized network which can address trust and security concerns, high maintenance cost problem, etc. The…
Blockchain has been widely deployed in various sectors, such as finance, education, and public services. Since blockchain runs as an immutable distributed ledger, it has decentralized mechanisms with persistency, anonymity, and…
Blockchain systems often employ proof-of-work consensus protocols to validate and add transactions into hashchains. These protocols stimulate competition among miners in solving cryptopuzzles (e.g. SHA-256 hash computation in Bitcoin) in…
In response to the bottleneck of processing throughput inherent to single chain PoW blockchains, several proposals have substituted a single chain for Directed Acyclic Graphs (DAGs). In this work, we investigate two notable DAG-oriented…
Blockchain technology is ushering in another break-out year, the challenge of blockchain still remains to be solved. This paper analyzes the features of Bitcoin and Bitcoin-NG system based on blockchain, proposes an improved method of…
DAG-Rider popularized a new paradigm of DAG-BFT protocols, separating dissemination from consensus: all nodes disseminate transactions as blocks that reference previously known blocks, while consensus is reached by electing certain blocks…
DAG-based protocols have been proposed as potential solutions to the latency and throughput limitations of traditional permissionless consensus protocols. However, their adoption has been hindered by security concerns and a lack of a solid…
A blockchain system is a replicated state machine that must be fault tolerant. When designing a blockchain system, there is usually a trade-off between decentralization, scalability, and security. In this paper, we propose a novel…
Blockchains use consensus protocols to reach agreement, e.g., on the ordering of transactions. DAG-based consensus protocols are increasingly adopted by blockchain companies to reduce energy consumption and enhance security. These protocols…
Bitcoin brings a new type of digital currency that does not rely on a central system to maintain transactions. By benefiting from the concept of decentralized ledger, users who do not know or trust each other can still conduct transactions…
Distributed ledgers, including blockchain and other decentralized databases, are designed to store information online where all trusted network members can update the data with transparency. The dynamics of ledger's development can be…
Although Bitcoin was intended to be a decentralized digital currency, in practice, mining power is quite concentrated. This fact is a persistent source of concern for the Bitcoin community. We provide an explanation using a simple model to…
Forks in the Bitcoin network result from the natural competition in the blockchain's Proof-of-Work consensus protocol. Their frequency is a critical indicator for the efficiency of a distributed ledger as they can contribute to resource…
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…
Distributed Ledger Technologies provide a mechanism to achieve ordering among transactions that are scattered on multiple participants with no prerequisite trust relations. This mechanism is essentially based on the idea of new transactions…
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…
Bitcoin is the first implementation of what has become known as a 'public permissionless' blockchain. Guaranteeing security and protocol conformity through its elegant combination of cryptographic assurances and game theoretic economic…
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…
The present dissertation addresses the problem of fairly distributing shared resources in non-commercial blockchain networks. Blockchains are distributed systems that order and timestamp records of a given network of users, in a public,…