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We investigate the market microstructure of Automated Market Makers (AMMs), the most prominent type of blockchain-based decentralized exchanges. We show that the order execution mechanism yields token value loss for liquidity providers if…

Trading and Market Microstructure · Quantitative Finance 2021-07-22 Agostino Capponi , Ruizhe Jia

The digital currency Bitcoin has had remarkable growth since it was first proposed in 2008. Its distributed nature allows currency transactions without a central authority by using cryptographic methods and a data structure called the…

Quantum Physics · Physics 2020-09-28 Jonathan Jogenfors

Longest-chain blockchain protocols, such as Bitcoin, guarantee liveness even when the number of actively participating users is variable, i.e., they are adaptive. However, they are not safe under network partitions, i.e., they do not…

Cryptography and Security · Computer Science 2021-04-05 Suryanarayana Sankagiri , Xuechao Wang , Sreeram Kannan , Pramod Viswanath

Decentralized blockchain platforms have enabled the secure exchange of crypto-assets without the intermediation of trusted authorities. To this purpose, these platforms rely on a peer-to-peer network of byzantine nodes, which…

Cryptography and Security · Computer Science 2023-06-22 Massimo Bartoletti , Letterio Galletta , Maurizio Murgia

Censorship resistance with short-term inclusion guarantees is an important feature of decentralized systems, missing from many state-of-the-art and even deployed consensus protocols. In leader-based protocols the leader arbitrarily selects…

Distributed, Parallel, and Cluster Computing · Computer Science 2025-08-19 Orestis Alpos , Bernardo David , Nikolas Kamarinakis , Dionysis Zindros

Traditionally, blockchain systems involve sharing transaction information across all blockchain network participants. Clearly, this introduces barriers to the adoption of the technology by the enterprise world, where preserving the privacy…

Cryptography and Security · Computer Science 2020-10-19 Elli Androulaki , Angelo De Caro , Kaoutar Elkhiyaoui , Christian Gorenflo , Alessandro Sorniotti , Marko Vukolic

In this paper we address the issue of identity and access control within shared permissioned blockchains. We propose the ChainAchor system that provides anonymous but verifiable identities for entities on the blockchain. ChainAchor also…

Cryptography and Security · Computer Science 2019-03-13 Thomas Hardjono , Alex Pentland

Modern distributed data management systems face a new challenge: how can autonomous, mutually-distrusting parties cooperate safely and effectively? Addressing this challenge brings up questions familiar from classical distributed systems:…

Distributed, Parallel, and Cluster Computing · Computer Science 2019-10-16 Maurice Herlihy , Barbara Liskov , Liuba Shrira

This paper formalizes the proves the security of the Bridgeless protocol, a protocol able to bridge tokens between various chains. The Bridgeless protocol is run by a set of validators, responsible for verifying deposit transactions on the…

Distributed, Parallel, and Cluster Computing · Computer Science 2025-06-25 Orestis Alpos , Oleg Fomenko , Dimitris Karakostas , Oleksandr Kurbatov , Andrey Sabelnikov

Topos is an open interoperability protocol designed to reduce as much as possible trust assumptions by replacing them with cryptographic constructions and decentralization while exhibiting massive scalability. The protocol does not make use…

Cryptography and Security · Computer Science 2023-02-10 Théo Gauthier , Sébastien Dan , Monir Hadji , Antonella Del Pozzo , Yackolley Amoussou-Guenou

The Internet of Things (IoT) necessitates robust access control mechanisms to secure a vast array of interconnected devices. Most of the existing IoT systems in practice use centralized solutions. We identify the problems in such solutions…

Distributed, Parallel, and Cluster Computing · Computer Science 2024-05-27 Yongtao Huang , I-Ling Yen , Farokh Bastani

Bitcoin is a digital currency which relies on a distributed set of miners to mint coins and on a peer-to-peer network to broadcast transactions. The identities of Bitcoin users are hidden behind pseudonyms (public keys) which are…

Cryptography and Security · Computer Science 2014-07-08 Alex Biryukov , Dmitry Khovratovich , Ivan Pustogarov

This paper proposes a novel multi-layer blockchain architecture for the cross-border trading of CBDCs. The permissioned layer-2, by relying on the public consensus of the underlying network, assures the security and integrity of the…

Cryptography and Security · Computer Science 2024-02-01 Krzysztof Gogol , Johnnatan Messias , Malte Schlosser , Benjamin Kraner , Claudio Tessone

Many quantum hardware platforms natively support either phase or exchange operations, yet converting between these two forms of control typically incurs substantial overhead. Rydberg-blockade neutral-atom arrays are highly developed for…

Quantum Physics · Physics 2026-05-22 Mohammadsadegh Khazali , Klaus Mølmer

Enterprise adoption of permissioned blockchains remains limited due to the complexity and cost of integrating legacy systems. We present a modular adapter architecture that bridges enterprise applications with blockchain networks, designed…

Computers and Society · Computer Science 2026-03-30 André Romão , Francisco Faria , João R. Matos , Emanuel Nunes , Samih Eisa , Miguel L. Pardal

A bitcoin covenant is a mechanism to enforce conditions on how the control of coins will be transferred in the future. This work introduces deleted-key covenants; using pre-signed transactions with secure key deletion. With this, a general…

Cryptography and Security · Computer Science 2020-07-01 Jacob Swambo , Spencer Hommel , Bob McElrath , Bryan Bishop

Sharding is a way to address scalability problem in blockchain technologies. Ethereum, a prominent blockchain technology, has included sharding in its roadmap to increase its throughput. The plan is also to include multiple execution…

Distributed, Parallel, and Cluster Computing · Computer Science 2021-05-19 Raghavendra Ramesh

Options are fundamental to blockchain-based financial services, offering essential tools for risk management and price speculation, which enhance liquidity, flexibility, and market efficiency in decentralized finance (DeFi). Despite the…

Cryptography and Security · Computer Science 2025-05-27 Zifan Peng , Yingjie Xue , Jingyu Liu

To strengthen the anonymity of Bitcoin, several centralized coin-mixing providers (mixers) such as BitcoinFog.com, BitLaundry.com, and Blockchain.info assist users to mix Bitcoins through CoinJoin transactions with multiple inputs and…

Cryptography and Security · Computer Science 2015-10-21 QingChun ShenTu , JianPing Yu

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…

Cryptography and Security · Computer Science 2026-01-15 Christopher Blake , Chen Feng , Xuachao Wang , Qianyu Yu
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