Related papers: The Evolution of Blockchain: from Lit to Dark
Off-chain transaction networks can mitigate the scalability issues of today's trustless electronic cash systems such as Bitcoin. However, these peer-to-peer networks also introduce a new attack surface which is not well-understood today.…
The long-term success of cryptocurrencies largely depends on the incentive compatibility provided to the validators. Bribery attacks, facilitated trustlessly via smart contracts, threaten this foundation. This work introduces, implements,…
The bitcoin peer-to-peer network has drawn significant attention from researchers, but so far has mostly focused on publicly visible portions of the network, i.e., publicly reachable peers. This mostly ignores the hidden parts of the…
As an emerging service framework built by combining cryptography, P2P network, consensus mechanism and innovative contract technology, blockchain has been widely used in digital finance, data sharing, message traceability and electronic…
We present and validate a novel mathematical model of the blockchain mining process and use it to conduct an economic evaluation of the double-spend attack, which is fundamental to all blockchain systems. Our analysis focuses on the value…
Many blockchain networks aim to preserve the anonymity of validators in the peer-to-peer (P2P) network, ensuring that no adversary can link a validator's identifier to the IP address of a peer due to associated privacy and security…
In this work, we reexamine the vulnerability of Payment Channel Networks (PCNs) to bribing attacks, where an adversary incentivizes blockchain miners to deliberately ignore a specific transaction to undermine the punishment mechanism of…
Cryptocurrency exchanges are frequently targeted and compromised by cyber-attacks, which may lead to significant losses for the depositors and closure of the affected exchanges. These risks threaten the viability of the entire public…
Following in the footsteps of pioneer Bitcoin, many altcoins as well as coloured coins have been being developed and merchandised adopting blockchain as the core enabling technology. However, since interoperability and scalability, due to…
As more and more distributed renewable energy resources are integrated to the grid, the traditional consumers have become the prosumers who can sell back their surplus energy to the others who are in energy shortage. This peer-to-peer (P2P)…
Cryptocurrency off-chain networks such as Lightning (e.g., Bitcoin) or Raiden (e.g., Ethereum) aim to increase the scalability of traditional on-chain transactions. To support nodes in learning about possible paths to route their…
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…
The Lightning Network promises to alleviate Bitcoin's known scalability problems. The operation of such second layer approaches relies on the ability of participants to turn to the blockchain to claim funds at any time, which is assumed to…
Cryptocurrencies such as Bitcoin and Ethereum have made payment transactions possible without a trusted third party, but they have a scalability issue due to their consensus mechanisms. Payment networks have emerged to overcome this…
Lightning Network (LN) is designed to amend the scalability and privacy issues of Bitcoin. It's a payment channel network where Bitcoin transactions are issued off chain, onion routed through a private payment path with the aim to settle…
In this paper we give an elementary analysis of economics of Bitcoin that combines the transaction demand by the consumers and the supply of hashrate by miners. We argue that the decreasing block reward will have no significant effect on…
Transaction fees represent a major incentive in many blockchain systems as a way to incentivize processing transactions. Unfortunately, they also introduce an enormous amount of incentive asymmetry compared to alternatives like fixed block…
Clients of permissionless blockchain systems, like Bitcoin, rely on an underlying peer-to-peer network to send and receive transactions. It is critical that a client is connected to at least one honest peer, as otherwise the client can be…
While blockchains initially gained popularity in the realm of cryptocurrencies, their widespread adoption is expanding beyond conventional applications, driven by the imperative need for enhanced data security. Despite providing a secure…
The increasing uptake of distributed energy resources (DERs) in distribution systems and the rapid advance of technology have established new scenarios in the operation of low-voltage networks. In particular, recent trends in…