Related papers: The Merchant: Avoiding Payment Channel Depletion t…
This paper outlines a method aiming to increase the efficiency of proof-of-work based blockchains using a ticket-based approach. To avoid the limitation of serially adding one block at a time to a blockchain, multiple semi-independent…
Blockchain transactions consume diverse resources, foremost among them storage, but also computation, communication, and others. Efficiently charging for these resources is crucial for effective system resource allocation and long-term…
A blockchain replaces central counterparties with time-consuming consensus protocols to record the transfer of ownership. This settlement latency slows cross-exchange trading, exposing arbitrageurs to price risk. Off-chain settlement,…
Due to the involvement of multiple intermediaries without trusted parties, lack of proper regulations, and a complicated supply chain, ad impression discrepancy affects online advertising. This issue causes up to $82 billion annual revenue…
Bitcoin transaction fees will become more important as the block subsidy declines, but fee formation is hard to study with blockchain data alone because the relevant queueing environment is unobserved. We develop and estimate a structural…
Bitcoin has witnessed a prevailing transition that employing transaction fees paid by users rather than subsidy assigned by the system as the main incentive for mining.
Blockchains revolutionized centralized sectors like banking and finance by promoting decentralization and transparency. In a blockchain, information is transmitted through transactions issued by participants or applications. Miners…
Blockchain offers a decentralized, immutable, transparent system of records. It offers a peer-to-peer network of nodes with no centralised governing entity making it unhackable and therefore, more secure than the traditional paper-based or…
This paper presents an optimal peer-to-peer (P2P) energy transaction mechanism leveraging decentralized blockchain technology to enable a secure and scalable retail electricity market for the increasing penetration of distributed energy…
Conflicting transactions within blockchain networks not only pose performance challenges but also introduce security vulnerabilities, potentially facilitating malicious attacks. In this paper, we explore the impact of conflicting…
Cryptocurrencies employ auction-esque transaction fee mechanisms (TFMs) to allocate transactions to blocks, and to determine how much fees miners can collect from transactions. Several impossibility results show that TFMs that satisfy a…
We study pricing mechanisms for low-latency payload delivery in settings where participant rewards depend on the time required to reconstruct a payload. In such environments, the decoding time distribution determines deadline-meeting…
Bitcoin-NG is among the first blockchain protocols to approach the \emph{near-optimal} throughput by decoupling blockchain operation into two planes: leader election and transaction serialization. Its decoupling idea has inspired a new…
A decentralized ecosystem can capture value and still fail to fund the actors who keep it running. Users may pay fees, tokens may appreciate, issuers may earn revenue, and protocols may burn value, but none of these facts by itself shows…
Blockchains use peer-to-peer networks for disseminating information among peers, but these networks currently do not have any provable guarantees for desirable properties such as Byzantine fault tolerance, good connectivity and small…
In traditional banking, repeated deposit-and-lend cycles let a single dollar of reserves support multiple dollars of claims. Decentralized finance produces an analogous structure with tokens. Constructing a Token Graph of 10,200 tokens…
The Lightning Network (LN) is a prominent payment channel network aimed at addressing Bitcoin's scalability issues. Due to the privacy of channel balances, senders cannot reliably choose sufficiently liquid payment paths and resort to a…
Although blockchain, the supporting technology of various cryptocurrencies, has offered a potentially effective framework for numerous decentralized trust management systems, its performance is still sub-optimal in real-world networks. With…
In order to scale transaction rates for deployment across the global web, many cryptocurrencies have deployed so-called "Layer-2" networks of private payment channels. An idealized payment network behaves like a Credit Network, a model for…
This study provides a practical introduction to high-frequency trading in blockchain-based currency markets. These types of markets have some specific characteristics that differentiate them from the stock markets, such as a large number of…