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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…
In Ethereum, private transactions, a specialized transaction type employed to evade public Peer-to-Peer (P2P) network broadcasting, remain largely unexplored, particularly in the context of the transition from Proof-of-Work (PoW) to…
This paper presents a study of the Poof-of-Stake (PoW) Ethereum consensus protocol, following the recent switch from Proof-of-Work (PoS) to Proof-of-Stake within Merge upgrade. The new protocol has resulted in reduced energy consumption and…
Blockchain technology has become a trusted method for establishing secure and transparent transactions through a distributed, encrypted network. The operation of blockchain is governed by consensus algorithms, among which Proof of Stake…
Traditional blockchain design gives miners or validators full control over transaction ordering, i.e., they can freely choose which transactions to include or exclude, as well as in which order. While not an issue initially, the emergence…
Proof-of-Work (PoW) consensus is traditionally analyzed under the assumption that all miners incur similar costs per unit of computational effort. In reality, costs vary due to factors such as regional electricity cost differences and…
The current surge in supply chain finance has significantly alleviated the "capital challenges" faced by domestic related enterprises, enabling enterprises upstream and subsequent stages of the industrial chain to achieve effective…
We propose a proof-of-work algorithm that rewards blockchain miners for using computational resources to solve NP-complete puzzles. The resulting blockchain will publicly store and improve solutions to problems with real world applications…
In the paper, we present designs for multiple blockchain consensus primitives and a novel blockchain system, all based on the use of trusted execution environments (TEEs), such as Intel SGX-enabled CPUs. First, we show how using TEEs for…
We improve the fundamental security threshold of eventual consensus Proof-of-Stake (PoS) blockchain protocols under the longest-chain rule by showing, for the first time, the positive effect of rounds with concurrent honest leaders. Current…
The possibility to analyze everyday monetary transactions is limited by the scarcity of available data, as this kind of information is usually considered highly sensitive. Present econophysics models are usually employed on presumed random…
Bitcoin brings a new type of digital currency that does not rely on a central system to maintain transactions. By benefiting from the concept of decentralized ledger, users who do not know or trust each other can still conduct transactions…
Bitcoin is the first fully-decentralized permissionless blockchain protocol to achieve a high level of security, but at the expense of poor throughput and latency. Scaling the performance of Bitcoin has a been a major recent direction of…
The Metaverse is rapidly evolving, bringing us closer to its imminent reality. However, the widespread adoption of this new automated technology poses significant research challenges in terms of authenticity, integrity, interoperability,…
As an emerging decentralized secure data management platform, blockchain has gained much popularity recently. To maintain a canonical state of blockchain data record, proof-of-work based consensus protocols provide the nodes, referred to as…
The progress of deep learning (DL), especially the recent development of automatic design of networks, has brought unprecedented performance gains at heavy computational cost. On the other hand, blockchain systems routinely perform a huge…
On September 15, 2022, the Ethereum network adopted a proof-of-stake (PoS) consensus mechanism. We study the impact on the network and competing platforms in a two month event window around the Beacon chain merge. We find that the…
One decade ago, Bitcoin was introduced, becoming the first cryptocurrency and establishing the concept of "blockchain" as a distributed ledger. As of today, there are many different implementations of cryptocurrencies working over a…
Ethereum is undergoing significant changes to its architecture as it evolves. These changes include its switch to PoS consensus and the introduction of significant infrastructural changes that do not require a change to the core protocol,…
Blockchain applications often rely on lightweight clients to access and verify on-chain data efficiently without the need to run a resource-intensive full node. These light clients must maintain robust security to protect the blockchain's…