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Since the invention of Bitcoin one decade ago, numerous cryptocurrencies have sprung into existence. Among these, proof-of-work is the most common mechanism for achieving consensus, whilst a number of coins have adopted "ASIC-resistance" as…
Most current blockchains require all full nodes to execute all tasks limits the throughput of existing blockchains, which are well documented and among the most significant hurdles for the widespread adoption of decentralized technology.…
Classical and contemporary distributed consensus protocols, may they be for binary agreement, state machine replication, or blockchain consensus, require all protocol participants in a peer-to-peer system to agree on exactly the same…
Resource-based consensus is the backbone of permissionless distributed ledger systems. The security of such protocols relies fundamentally on the level of resources actively engaged in the system. The variety of different resources (and…
Designing an efficient difficulty control algorithm is an essential problem in Proof-of-Work (PoW) based blockchains because the network hash rate is randomly changing. This paper proposes a general difficulty control algorithm and provides…
Novel blockchain technology provides the infrastructure layer for the creation of decentralized appli-cations. A rapidly growing ecosystem of applications is built around financial services, commonly referred to as decentralized finance.…
Since its advent in 2011, boson sampling has been a preferred candidate for demonstrating quantum advantage because of its simplicity and near-term requirements compared to other quantum algorithms. We propose to use a variant, called…
This paper introduces BlockReduce, a Proof-of-Work (PoW) based blockchain system which achieves high transaction throughput through a hierarchy of merged mined blockchains, each operating in parallel on a partition the overall application…
We argue that the current POW based consensus algorithm of the Bitcoin network suffers from a fundamental economic discrepancy between the real world transaction (txn) costs incurred by miners and the wealth that is being transacted. Put…
Blockchain has made an impact on today's technology by revolutionizing the financial industry in its utilization on cryptocurrency and the features it provided on decentralization. With the current trend of pursuing the decentralized…
A decentralized online petition system enables individuals or groups to create, sign, and share petitions without a central authority. Using blockchain technology, these systems ensure the integrity and transparency of the petition process…
In recent years, Blockchain-based Online Social Media (BOSM) platforms have evolved fast due to the advancement of blockchain technology. BOSM can effectively overcome the problems of traditional social media platforms, such as a single…
Proof-of-Work (PoW) is a fundamental underlying technology behind most major blockchain cryptocurrencies. It has been previously pointed out that quantum devices provide a computational advantage in performing PoW in the context of Bitcoin.…
Proof of Stake (PoS) blockchains offer promising alternatives to traditional Proof of Work (PoW) systems, providing scalability and energy efficiency. However, blockchains operate in a decentralized manner and the network is composed of…
Bitcoin is the most secure blockchain in the world, supported by the immense hash power of its Proof-of-Work miners, but consumes huge amount of energy. Proof-of-Stake chains are energy-efficient, have fast finality and accountability, but…
A fundamental goal of Web 3.0 is to establish a decentralized network and application ecosystem, thereby enabling users to retain control over their data while promoting value exchange. However, the recent Tron-Steem takeover incident poses…
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…
This paper examines the economic and security implications of Proof-of-Stake (POS) designs, providing a survey of POS design choices and their underlying economic principles in prominent POS-blockchains. The paper argues that…
The dominance of a few big companies in the storage market arising various concerns including single point of failure, privacy violation, and oligopoly. To eliminate the dependency on such a centralized storage architecture, several…
Bitcoin mining is a wasteful and resource-intensive process. To add a block of transactions to the blockchain, miners spend a considerable amount of energy. The Bitcoin protocol, named 'proof of work' (PoW), resembles a lottery and the…