Related papers: Continuous-Time Analysis of the Bitcoin and Prism …
Bitcoin is a peer-to-peer payment system proposed by Nakamoto in 2008. Properties of the bitcoin backbone protocol have been investigated in some depth: the blockchain growth property quantifies the number of blocks added to the blockchain…
Bitcoin is a peer-to-peer electronic cash system invented by Nakamoto in 2008. While it has attracted much research interest, its exact latency and security properties remain open. Existing analyses provide security and latency (or…
Bitcoin is the first decentralized peer-to-peer (P2P) electronic currency. It was created in November 2008 by Satoshi Nakamoto. Nakamoto released the first implementation of the protocol in an open source client software and the genesis of…
Simple closed-form upper and lower bounds are developed for the security of the Nakamoto consensus as a function of the confirmation depth, the honest and adversarial block mining rates, and an upper bound on the block propagation delay.…
A hard-fork reconfiguration of the peer to peer Bitcoin network is described that substitutes tamper-evident logs and proof-of-stake consensus for proof-of-work consensus. The block creation rewards and transaction fees are reallocated to…
Blockchain is a decentralized ledger used to securely exchange digital currency, perform deals and transactions efficient manner, each user of the network has access to the least copy of the encrypted ledger so that they can validate a new…
The Bitcoin system only provides eventual consistency. For everyday life, the time to confirm a Bitcoin transaction is prohibitively slow. In this paper we propose a new system, built on the Bitcoin blockchain, which enables strong…
Transaction throughput, confirmation latency and confirmation reliability are fundamental performance measures of any blockchain system in addition to its security. In a decentralized setting, these measures are limited by two underlying…
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…
A proof of the security of the Bitcoin protocol is made rigorous, and simplified in certain parts. A computational model in which an adversary can delay transmission of blocks by time $\Delta$ is considered. The protocol is generalized to…
Bitcoin and its underlying technology, blockchain, have gained significant popularity in recent years. Satoshi Nakamoto designed Bitcoin to enable a secure, distributed platform without the need for central authorities, and blockchain has…
Bitcoin is the first successful decentralized global digital cash system. Its mining process requires intense computational resources, therefore its usefulness remains a disputable topic. We aim to solve three problems with Bitcoin and…
The Nakamoto consensus protocol underlying the Bitcoin blockchain uses proof of work as a voting mechanism. Honest miners who contribute hashing power towards securing the chain try to extend the longest chain they are aware of. Despite its…
The value of proof-of-work cryptocurrencies critically depends on miners having incentives to follow the protocol. However, the Bitcoin mining protocol proposed by Nakamoto (2008) and implemented in practice is well known not to constitute…
In the Bitcoin white paper, Nakamoto proposed a very simple Byzantine fault tolerant consensus algorithm that is also known as Nakamoto consensus. Despite its simplicity, some existing analysis of Nakamoto consensus appears to be long and…
The Nakamoto longest chain protocol is remarkably simple and has been proven to provide security against any adversary with less than 50% of the total hashing power. Proof-of-stake (PoS) protocols are an energy efficient alternative;…
We analyze how secure a block is after the block becomes $k$-deep, i.e., security-latency, for Nakamoto consensus under an exponential network delay model. We provide the fault tolerance and extensive bounds on safety violation…
Since the inception of Bitcoin, cryptocurrencies and the underlying blockchain technology have attracted an increasing interest from both academia and industry. Among various core components, consensus protocol is the defining technology…
Bitcoin, launched in 2008 by Satoshi Nakamoto, established a new digital economy where value can be stored and transferred in a fully decentralized manner - alleviating the need for a central authority. This paper introduces a large scale…
Bitcoin provides freshness properties by forming a blockchain where each block is associated with its timestamp and the previous block. Due to these properties, the Bitcoin protocol is being used as a decentralized, trusted, and secure…