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The Decentralized-Consistent-Scale (DCS) Triangle defines three dimensions that illustrate the tradeoffs of the blockchain consensus mechanism. In this paper, we propose a new hybrid consensus protocol, called Deterministic Proof of Work…
Decentralization is a key indicator for the evaluation of public blockchains. In the past, there have been very few studies on measuring and comparing the actual level of decentralization between Proof-of-Work (PoW) blockchains and…
Bitcoin demonstrated the possibility of a financial ledger that operates without the need for a trusted central authority. However, concerns persist regarding its security and considerable energy consumption. We assess the consensus…
Censorship resilience is a fundamental assumption underlying the security of blockchain protocols. Additionally, the analysis of blockchain security from an economic and game theoretic perspective has been growing in popularity in recent…
Bitcoin blockchain uses hash-based Proof-of-Work (PoW) that prevents unwanted participants from hogging the network resources. Anyone entering the mining game has to prove that they have expended a specific amount of computational power.…
While cryptocurrencies and blockchain applications continue to gain popularity, their energy cost is evidently becoming unsustainable. In most instances, the main cost comes from the required amount of energy for the Proof-of-Work, and this…
In the context of blockchain systems, the importance of decentralization is undermined by the lack of a widely accepted methodology to measure it. To address this gap, we set out a systematization effort targeting the decentralization…
We analyze the economic incentives generated by the proof-of-stake mechanism discussed in the Ethereum Casper upgrade proposal. Compared with proof-of-work, proof-of-stake has a different cost structure for attackers. In Budish (2018),…
In this paper we describe a prototype of a blockchain-in-a-box system which allows users to easily bootstrap the whole Ethereum Proof-of-Work (PoW) network running on multiple Raspberry Pi nodes - an inexpensive modular computers. Users are…
In this paper, we propose two models for scaling the transaction throughput in Proof-of-Work (PoW) based blockchain networks. In the first approach, a mathematical model has derived for optimal transaction throughput for PoW based longest…
The blocks in the Bitcoin blockchain record the amount of work W that went into creating them through proofs of work. When honest parties control a majority of the work, consensus is achieved by picking the chain with the highest recorded…
Modern blockchain systems are a fresh look at the paradigm of distributed computing, applied under assumptions of large-scale public networks. They can be used to store and share information without a trusted central party. There has been…
Blockchain technology enforces the security, robustness, and traceability of operations of Process-Aware Information Systems (PAISs). In particular, transparency ensures that all data is publicly available, fostering trust among…
Blockchain technology has become a trusted method for establishing secure and transparent transactions through a distributed, encrypted network. The operation of blockchain is governed by consensus algorithms, among which Proof of Stake…
This paper investigates the fundamental trade-offs between block safety, confirmation latency, and transaction throughput of proof-of-work (PoW) longest-chain fork-choice protocols, also known as PoW Nakamoto consensus. New upper and lower…
Collaborative cybersecurity relies on organizations sharing information to boost security, but trust management is a key concern. Decentralized solutions like distributed ledgers, particularly blockchain, are crucial for eliminating single…
Proof-of-work (PoW) cryptocurrencies rely on a balance of security and fairness in order to maintain a sustainable ecosystem of miners and users. Users demand fast and consistent transaction confirmation, and in exchange drive the adoption…
Blockchain is a decentralised, immutable ledger technology that has been widely adopted in many sectors for various applications such as cryptocurrencies, smart contracts and supply chain management. Distributed consensus is a fundamental…
An important feature of Proof-of-Work (PoW) blockchains is full dynamic availability, allowing miners to go online and offline while requiring only 50% of the online miners to be honest. Existing Proof-of-stake (PoS), Proof-of-Space and…
Proof of Work (PoW) is widely regarded as the most secure permissionless blockchain consensus protocol. However, its reliance on computationally intensive yet externally useless puzzles results in excessive electric energy wasting. To…