Related papers: Colordag: An Incentive-Compatible Blockchain
Blockchain security is threatened by selfish mining, where a miner (operator) deviates from the protocol to increase their revenue. Selfish mining is exacerbated by adverse conditions: rushing (network propagation advantage for the selfish…
We study Nash-dynamics in the context of blockchain protocols. We introduce a formal model, within which one can assess whether the Nash dynamics can lead utility-maximizing participants to defect from the "honest" protocol operation,…
Given the parallels between game theory and consensus, it makes sense to intelligently design blockchain or DAG protocols with an incentive-compatible-first mentality. To that end, we propose a new blockchain or DAG protocol enhancement…
The rise of cryptocurrencies like Bitcoin and Ethereum has driven interest in blockchain database technology, with smart contracts enabling the growth of decentralized finance (DeFi). However, research has shown that adversaries exploit…
This work proposes a novel proof-of-work blockchain incentive scheme such that, barring exogenous motivations, following the protocol is guaranteed to be the optimal strategy for miners. Our blockchain takes the form of a directed acyclic…
Several blockchain consensus protocols proposed to use of Directed Acyclic Graphs (DAGs) to solve the limited processing throughput of traditional single-chain Proof-of-Work (PoW) blockchains. Many such protocols utilize a random…
Avalanche is a blockchain consensus protocol with exceptionally low latency and high throughput. This has swiftly established the corresponding token as a top-tier cryptocurrency. Avalanche achieves such remarkable metrics by substituting…
We present parallel proof-of-work with DAG-style voting, a novel proof-of-work cryptocurrency protocol that, compared to Bitcoin, provides better consistency guarantees, higher transaction throughput, lower transaction confirmation latency,…
Blockchain governance is a subject of ongoing research and an interdisciplinary view of blockchain governance is vital to aid in further research for establishing a formal governance framework for this nascent technology. In this paper, the…
In response to the bottleneck of processing throughput inherent to single chain PoW blockchains, several proposals have substituted a single chain for Directed Acyclic Graphs (DAGs). In this work, we investigate two notable DAG-oriented…
Blockchain is maintained as a global log between a network of nodes and uses cryptographic distributed protocols to synchronize the updates. As adopted by Bitcoin and Ethereum these update operations to the ledger are serialized, and…
The selfish mining attack, arguably the most famous game-theoretic attack in blockchain, indicates that the Bitcoin protocol is not incentive-compatible. Most subsequent works mainly focus on strengthening the selfish mining strategy, thus…
Bitcoin is a decentralised digital currency that serves as an alternative to existing transaction systems based on an external central authority for security. Although Bitcoin has many desirable properties, one of its fundamental…
Blockchains offer a decentralized and secure execution environment strong enough to host cryptocurrencies, but the state-replication model makes on-chain computation expensive. To avoid heavy on-chain workloads, systems like Truebit and…
To address the large amount of energy wasted by blockchains, we propose a decentralized consensus protocol for blockchains in which the computation can be used to search for good approximate solutions to any optimization problem. Our…
Existing blockchain sharding protocols have focused on eliminating imbalanced workload distributions. However, even with workload balance, disparities in processing capabilities can lead to differential stress among shards, resulting in…
We develop a model of coordination and allocation of decentralized multi-sided markets, in which our theoretical analysis is promisingly optimizing the decentralized transaction packaging process at high-throughput blockchains or Web 3.0…
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…
In this paper, we propose two models for scaling the transaction throughput in Proof-of-Work (PoW) based blockchain networks. In the first approach, a mathematical model has derived for optimal transaction throughput for PoW based longest…
One of the most important features of blockchain protocols is decentralization, as their main contribution is that they formulate a distributed ledger that will be maintained and extended without the need of a trusted party. Bitcoin has…