Related papers: Proof-of-Work Cryptocurrencies: Does Mining Techno…
Most concurrent blockchain systems rely heavily on the Proof-of-Work (PoW) or Proof-of-Stake (PoS) mechanisms for decentralized consensus and security assurance. However, the substantial energy expenditure stemming from computationally…
Blockchain is a novel technology that is rising a lot of interest in the industrial and re- search sectors because its properties of decentralisation, immutability and data integrity. Initially, the underlying consensus mechanism has been…
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),…
All public blockchains are secured by a proof of opportunity cost among block producers. For example, the security offered by proof-of-work (PoW) systems, like Bitcoin, is due to spent computation; it is work precisely because it cannot be…
Bitcoin is a "crypto currency", a decentralized electronic payment scheme based on cryptography which has recently gained excessive popularity. Scientific research on bitcoin is less abundant. A paper at Financial Cryptography 2012…
In the area of blockchain, numerous methods have been proposed for suppressing intentional forks by attackers more effectively than the random rule. However, all of them, except for the random rule, require major updates, rely on a trusted…
The Bitcoin cryptocurrency records its transactions in a public log called the blockchain. Its security rests critically on the distributed protocol that maintains the blockchain, run by participants called miners. Conventional wisdom…
The security of blockchain systems based on Proof of Work relies on mining. However, mining suffers from unstable revenue, prompting many miners to form cooperative mining pools. Most existing mining pools operate in a centralized manner,…
Blockchain systems often employ proof-of-work consensus protocols to validate and add transactions into hashchains. These protocols stimulate competition among miners in solving cryptopuzzles (e.g. SHA-256 hash computation in Bitcoin) in…
PHICOIN (PHI) is a high-performance cryptocurrency based on the Proof-of-Work (PoW) mechanism. It aims to provide ordinary users with decentralized participation opportunities through an improved and innovative mining algorithm and fair…
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…
This paper presents a comprehensive comparative analysis of two dominant blockchain consensus mechanisms, Proof of Work (PoW) and Proof of Stake (PoS), evaluated across seven critical metrics: energy use, security, transaction speed,…
Blockchain technology relies on decentralization to resist faults and attacks while operating without trusted intermediaries. Although industry experts have touted decentralization as central to their promise and disruptive potential, it is…
Proof-of-work (PoW) is an algorithmic tool used to secure networks by imposing a computational cost on participating devices. Unfortunately, traditional PoW schemes require that correct devices perform computational work perpetually, even…
Bitcoin is a representative decentralized currency system. For the security of Bitcoin, fairness in the distribution of mining rewards plays a crucial role in preventing the concentration of computational power in a few miners. Here,…
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 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…
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…
We present a strategy for a single quantum miner with relatively low hashing power, with the same ramifications as a 51% attack. Bitcoin nodes consider the chain with the highest cumulative proof-of-work to be the valid chain. A quantum…
Blockchain is a technology that provides a distributed ledger that stores previous records while maintaining consistency and security. Bitcoin is the first and largest decentralized electronic cryptographic system that uses blockchain…