Related papers: Reward Mechanism for Blockchains Using Evolutionar…
The core of a blockchain network is its consensus algorithm. Starting with the Proof-of-Work, there have been various versions of consensus algorithms, such as Proof-of-Stake (PoS), Proof-of-Authority (PoA), and Practical Byzantine Fault…
Proof-of-Stake (PoS) blockchain systems, especially those that allow stakeholders to organize themselves in ``stake-pools'', have emerged as a compelling paradigm for the deployment of large scale distributed ledgers. A stake-pool operates…
The security of Bitcoin protocols is deeply dependent on the incentives provided to miners, which come from a combination of block rewards and transaction fees. As Bitcoin experiences more halving events, the protocol reward converges to…
We study the strategic considerations of miners participating in the bitcoin's protocol. We formulate and study the stochastic game that underlies these strategic considerations. The miners collectively build a tree of blocks, and they are…
In this paper, we provide a new theoretical framework of pyramid Markov processes to solve some open and fundamental problems of blockchain selfish mining under a rigorous mathematical setting. We first describe a more general model of…
We investigate how a blockchain can distill the collective belief of its nodes regarding the trustworthiness of a (sub)set of nodes into a {\em reputation system} that reflects the probability of correctly performing a task. To address this…
Blockchain consensus mechanisms must balance security, decentralization, and efficiency while ensuring fair participation. Proof of Team Sprint (PoTS) is a cooperative consensus mechanism designed to address the energy inefficiencies and…
Blockchain as a promising technology is gaining its popularity ever since proof-of-work based Bitcoin came to the world. Nevertheless, Bitcoin achieves consensus at an expensive cost of energy. Proof-of-stake is one of the solutions for…
Current blockchain protocols (e.g., Proof-of-Work and Proof-of-Stake) secure the ledger yet cannot measure validator trustworthiness, allowing subtle misconduct that is especially damaging in decentralized-finance (DeFi) settings. We…
With the development of decentralized consensus protocols, permissionless blockchains have been envisioned as a promising enabler for the general-purpose transaction-driven, autonomous systems. However, most of the prevalent blockchain…
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…
There is a broad recognition that commitment-based mechanisms can promote coordination and cooperative behaviours in both biological populations and self-organised multi-agent systems by making individuals' intentions explicit prior to…
It is an important decision-making problem for a miner in the blockchain networks if he/she participates in the mining so that he/she earns a reward by creating a new block earlier than other miners. We formulate this decision-making…
This paper introduces a game-theoretic model tailored for reward distribution on crowd-sourced computing platforms. It explores a repeated game framework where miners, as computation providers, decide their computation power contribution in…
This paper deals with the design of the secure blockchain network framework to prevent damages from an attacker. The decentralized network design called the Blockchain Governance Game is a new hybrid theoretical model and it provides the…
We present a novel framework for analyzing blockchain consensus mechanisms by modeling blockchain growth as a Partially Observable Stochastic Game (POSG) which we reduce to a set of Partially Observable Markov Decision Processes (POMDPs)…
One of the most innovative aspects of blockchain technology consists in the introduction of an incentive layer to regulate the behavior of distributed protocols. The designer of a blockchain system faces therefore issues that are akin to…
Blockchain protocols incentivize participation through monetary rewards, assuming rational actors behave honestly to maximize their gains. However, attackers may attempt to harm others even at personal cost. These denial of profit attacks…
Blockchain stores information into a chain of "blocks", whose integrity is usually guaranteed by Proof of Work (PoW). In many blockchain applications (including cryptocurrencies), users compete with each other to win the ownership of the…
The blockchain data structure maintained via the longest-chain rule---popularized by Bitcoin---is a powerful algorithmic tool for consensus algorithms. Such algorithms achieve consistency for blocks in the chain as a function of their depth…