Related papers: Evolutionary Dynamics of Sustainable Blockchains
Renewable energy has become a reality in the present and is being preferred by countries to become a considerable part of the central grid. With the increasing adoption of renewables it will soon become crucial to have a platform which…
Bitcoin-NG, a scalable blockchain protocol, divides each block into a key block and many micro blocks to effectively improve the transaction processing capacity. Bitcoin-NG has a special incentive mechanism (i.e. splitting transaction fees…
Proof-of-Work (PoW) consensus mechanism is popular among current blockchain systems, which leads to an increasing concern about the tremendous waste of energy due to massive meaningless computation. To address this issue, we propose a novel…
We present a methodology for evidence based design of cryptoeconomic systems, and elucidate a real-world example of how this methodology was used in the design of a blockchain network. This work provides a rare insight into the application…
As distributed ledgers, blockchains run consensus protocols which trade capacity for consistency, especially in non-ideal networks with incomplete connectivity and erroneous links. Existing studies on the tradeoff between capacity and…
In a Proof-of-Work blockchain such as Bitcoin mining hashrate is increasing in the block reward. An increase in hashrate reduces network vulnerability to attack (a reduction in security cost) while increasing carbon emissions and…
The mining of bitcoin is modeled using system dynamics, showing that the past evolution of the network hash rate can be explained to a large extent by an efficient market hypothesis applied to the mining of blocks. The possibility of a…
In the past decade, blockchain has shown a promising vision greatly to build the trust without any powerful third party in a secure, decentralized and salable manner. However, due to the wide application and future development from…
Mining is the important part of the blockchain used the proof of work (PoW) on its consensus, looking for the matching block through testing a number of hash calculations. In order to attract more hash computing power, the miner who finds…
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…
An open distributed system can be secured by requiring participants to present proof of work and rewarding them for participation. The Bitcoin digital currency introduced this mechanism, which is adopted by almost all contemporary digital…
Most cryptocurrencies rely on Proof-of-Work (PoW) "mining" for resistance to Sybil and double-spending attacks, as well as a mechanism for currency issuance. Hashcash PoW has successfully secured the Bitcoin network since its inception,…
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…
The high electricity consumption of cryptocurrencies that rely on proof-of-work (PoW) consensus algorithms has raised serious environmental concerns due to its association with carbon emissions and strain on energy grids. There has been…
This paper uses new and recently established methodologies to study the evolutionary dynamics of the cryptocurrency market, and compares the findings with that of the equity market. We begin by applying random matrix theory and principal…
A blockchain is a decentralized ledger where all transactions are recorded. For having a reliable blockchain and double-spending prevention, we need a decentralized consensus and agreement on a blockchain. Bitcoin uses proof-of-work (PoW).…
Proof-of-stake (PoS) is a promising approach for designing efficient blockchains, where block proposers are randomly chosen with probability proportional to their stake. A primary concern with PoS systems is the "rich getting richer"…
What are the optimal times for an Internet of Things (IoT) device to act as a blockchain miner? The aim is to minimize the energy consumed by low-power IoT devices that log their data into a secure (tamper-proof) distributed ledger. We…
The proof-of-work consensus protocol suffers from two main limitations: waste of energy and offering only probabilistic guarantees about the status of the blockchain. This paper introduces SklCoin, a new Byzantine consensus protocol and its…
The rise of computational power has led to unprecedented performance gains for deep learning models. As more data becomes available and model architectures become more complex, the need for more computational power increases. On the other…