Related papers: The Framework of Consensus Equilibria for Mining-P…
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…
We present a novel framework for mean field games with finite state space and common noise, where the common noise is given through shocks that occur at random times. We first analyze the game for up to $n$ shocks, in which case we are able…
The blockchain concept forms the backbone of a new wave technology that promises to be deployed extensively in a wide variety of industrial and societal applications. Governments, financial institutions, banks, industrial supply chains,…
Proof-of-Work (PoW) is the most widely adopted incentive model in current blockchain systems, which unfortunately is energy inefficient. Proof-of-Stake (PoS) is then proposed to tackle the energy issue. The rich-get-richer concern of PoS…
The purpose of a consensus protocol is to keep a distributed network of nodes "in sync," even in the presence of an unpredictable communication network and adversarial behavior by some of the participating nodes. In the permissionless…
Cryptocurrencies have garnered much attention in recent years, both from the academic community and industry. One interesting aspect of cryptocurrencies is their explicit consideration of incentives at the protocol level. Understanding how…
Blockchain systems need to solve consensus despite the presence of rational users and failures. The notion of $(k,t)$-robustness has shown instrumental to list problems that cannot be solved if $k$ players are rational and $t$ players are…
We develop a model of coordination and allocation of decentralized multi-sided markets, in which our theoretical analysis is promisingly optimizing the decentralized transaction packaging process at high-throughput blockchains or Web 3.0…
To address the large amount of energy wasted by blockchains, we propose a decentralized consensus protocol for blockchains in which the computation can be used to search for good approximate solutions to any optimization problem. Our…
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…
Blockchains are distributed data structures that are used to achieve consensus in systems for cryptocurrencies (like Bitcoin) or smart contracts (like Ethereum). Although blockchains gained a lot of popularity recently, there is no…
Bitcoin is the most successful cryptocurrency so far. This is mainly due to its novel consensus algorithm, which is based on proof-of-work combined with a cryptographically-protected data structure and a rewarding scheme that incentivizes…
Security analysis of blockchain technology is an active domain of research. There has been both cryptographic and game-theoretic security analysis of Proof-of-Work (PoW) blockchains. Prominent work includes the cryptographic security…
We propose a blockchain architecture in which mining requires a quantum computer. The consensus mechanism is based on proof of quantum work, a quantum-enhanced alternative to traditional proof of work that leverages quantum supremacy to…
We study turn-based quantitative multiplayer non zero-sum games played on finite graphs with reachability objectives. In such games, each player aims at reaching his own goal set of states as soon as possible. A previous work on this model…
In this article, we study a discounted stochastic game to model resource optimal intrusion detection in wireless sensor networks. To address the problem of uncertainties in various network parameters, we propose a globalized robust game…
A key component of security in decentralized blockchains is proof of opportunity cost among block producers. In the case of proof-of-work (PoW), currently used by the most prominent systems, the cost is due to spent computation. In this…
In this paper, we provide an effective characterization of all the subgame-perfect equilibria in infinite duration games played on finite graphs with mean-payoff objectives. To this end, we introduce the notion of requirement, and the…
We study the problem of computing an $\epsilon$-Nash equilibrium in repeated games. Earlier work by Borgs et al. [2010] suggests that this problem is intractable. We show that if we make a slight change to their model---modeling the players…
We study a class of stochastic dynamic games that exhibit strategic complementarities between players; formally, in the games we consider, the payoff of a player has increasing differences between her own state and the empirical…