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A cryptocurrency is a decentralized digital currency that is designed for secure and private asset transfer and storage. As a currency, it should be difficult to counterfeit and double-spend. In this paper, we review and analyze the major…
Blockchain is a technology that provides a distributed ledger that stores previous records while maintaining consistency and security. Bitcoin is the first and largest decentralized electronic cryptographic system that uses blockchain…
The blockchain paradigm provides a mechanism for content dissemination and distributed consensus on Peer-to-Peer (P2P) networks. While this paradigm has been widely adopted in industry, it has not been carefully analyzed in terms of its…
Bitcoins and Blockchain technologies are attracting the attention of different scientific communities. In addition, their widespread industrial applications and the continuous introduction of cryptocurrencies are also stimulating the…
The security of blockchain systems is fundamentally based on the decentralized consensus in which the majority of parties behave honestly, and the content verification process is essential to maintaining the robustness of blockchain…
Safety guarantees and security-latency problem of Nakamoto consensus have been extensively studied in the last decade with a bounded delay model. Recent studies have shown that PoW protocol is secure under random delay models as well. In…
Initiated from Nakamoto's Bitcoin system, blockchain technology has demonstrated great capability of building secure consensus among decentralized parties at Internet-scale, i.e., without relying on any centralized trusted party. Nowadays,…
We revisit the fundamental question of Bitcoin's security against double spending attacks. While previous work has bounded the probability that a transaction is reversed, we show that no such guarantee can be effectively given if the…
Nakamoto consensus underlies the security of many of the world's largest cryptocurrencies, such as Bitcoin and Ethereum. Common lore is that Nakamoto consensus only achieves consistency and liveness under a regime where the difficulty of…
This paper introduces a structural game-theoretic model to value decentralized digital assets like Bitcoin. Instead of relying on speculative beliefs, it frames the asset's price within a Rational-Expectations Security-Utility Nash…
Tendermint-core blockchains (e.g. Cosmos) are considered today one of the most viable alternatives for the highly energy consuming proof-of-work blockchains such as Bitcoin and Ethereum. Their particularity is that they aim at offering…
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…
Blockchain-based consensus protocols present the opportunity to develop new protocols, due to their novel requirements of open participation and explicit incentivization of participants. To address the first requirement, it is necessary to…
Bitcoin is a digital currency designed to rely on a decentralized, trustless network of anonymous agents. Using a pseudonymous-address-linking procedure that achieves >99% sensitivity and >99% specificity, we reveal that between launch…
Bitcoin derives a verifiable temporal order from probabilistic block discovery and cumulative proof-of-work rather than from a trusted global clock. We show that block arrivals exhibit stable exponential behavior across difficulty epochs,…
We design and validate new block propagation protocols for the peer-to-peer (P2P) network of the Bitcoin blockchain. Despite its strong protection for security and privacy, the current Bitcoin blockchain can only support a low number of…
Anonymity in Bitcoin, a peer-to-peer electronic currency system, is a complicated issue. Within the system, users are identified by public-keys only. An attacker wishing to de-anonymize its users will attempt to construct the one-to-many…
Sidechain technology has been envisioned as a promising solution to accelerate today's public blockchains in terms of scalability and interoperability. By relying on the mainchain for security, different sidechains can formulate their own…
While showing great promise, Bitcoin requires users to wait tens of minutes for transactions to commit, and even then, offering only probabilistic guarantees. This paper introduces ByzCoin, a novel Byzantine consensus protocol that…
We study the probabilistic distribution of the confirmation time of Bitcoin transactions, conditional on the current memory pool (i.e., the queue of transactions awaiting confirmation). The results of this paper are particularly interesting…