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We develop a formalism for reasoning about trading on decentralized exchanges on blockchains and a formulation of a particular form of maximal extractable value (MEV) that represents the total arbitrage opportunity extractable from on-chain…
This paper examines the economic and security implications of Proof-of-Stake (POS) designs, providing a survey of POS design choices and their underlying economic principles in prominent POS-blockchains. The paper argues that…
In the era of Web3, decentralized technologies have emerged as the cornerstone of a new digital paradigm. Backed by a decentralized blockchain architecture, the Web3 space aims to democratize all aspects of the web. From data-sharing to…
Proof-of-stake blockchain protocols have emerged as a compelling paradigm for organizing distributed ledger systems. In proof-of-stake (PoS), a subset of stakeholders participate in validating a growing ledger of transactions. For the…
We present a novel approach for constructing discrete optimization benchmarks that enables fine-grained control over problem properties, and such benchmarks can facilitate analyzing discrete algorithm behaviors. We build benchmark problems…
In cryptocurrencies, the block reward is meant to serve as the incentive mechanism for miners to commit resources to create blocks and in effect secure the system. Existing systems primarily divide the reward in proportion to expended…
In this paper, we consider a general distributed system with multiple agents who select and then implement actions in the system. The system has an operator with a centralized objective. The agents, on the other hand, are selfinterested and…
Identifying and explaining the structure of complex networks at different scales has become an important problem across disciplines. At the mesoscale, modular architecture has attracted most of the attention. At the macroscale, other…
Automated design of multi-agent interactions with desirable equilibrium outcomes is inherently difficult due to the computational hardness, non-uniqueness, and instability of the resulting equilibria. In this work, we propose the use of…
Homogeneity and heterogeneity represent a well-known trade-off in the design of modular robot systems. This work addresses the heterogeneity concept, its rationales, design choices and performance evaluation. We introduce challenges for…
The security of blockchain systems is fundamentally based on the decentralized consensus in which the majority of parties behave honestly, and the content verification process is essential to maintaining the robustness of blockchain…
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"…
The relationships between diversity, productivity and scale determine much of the structure and robustness of complex biological and social systems. While arguments for the link between specialization and productivity are common, diversity…
It is interesting but difficult and challenging to study Ethereum with multiple mining pools. One of the main difficulties comes from not only how to represent such a general tree with multiple block branches (or sub-chains) related to the…
Blockchains and distributed ledger technology offer promising capabilities for supporting collaborative business processes across organizations. Typically, approaches in this field fall into two categories: either executing the entire…
Coded distributed computing framework enables large-scale machine learning (ML) models to be trained efficiently in a distributed manner, while mitigating the straggler effect. In this work, we consider a multi-task assignment problem in a…
Crowdsourcing can solve problems that current fully automated systems cannot. Its effectiveness depends on the reliability, accuracy, and speed of the crowd workers that drive it. These objectives are frequently at odds with one another.…
We study preconditioned gradient-based optimization methods where the preconditioning matrix has block-diagonal form. Such a structural constraint comes with the advantage that the update computation is block-separable and can be…
We study a new "laminated" queueing model for orders on batched trading venues such as decentralised exchanges. The model aims to capture and generalise transaction queueing infrastructure that has arisen to organise MEV activity on public…
Committee-based blockchains are among the most popular alternatives of proof-of-work based blockchains, such as Bitcoin. They provide strong consistency (no fork) under classical assumptions, and avoid using energy-consuming mechanisms to…