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Bitcoin and other similar digital currencies on blockchains are not ideal means for payment, because their prices tend to go up in the long term (thus people are incentivized to hoard those currencies), and to fluctuate widely in the short…
Blockchains add transactions to a distributed shared ledger by arriving at consensus on sets of transactions contained in blocks. This provides a total ordering on a set of global transactions. However, total ordering is not enough to…
Blockchain enables peer-to-peer transactions in cyberspace without a trusted third party. The rapid growth of Ethereum and smart contract blockchains generally calls for well-designed Transaction Fee Mechanisms (TFMs) to allocate limited…
We identify a subtle security issue that impacts the design of smart contracts, because agents may themselves deploy smart contracts (side contracts). Typically, equilibria of games are analyzed in vitro, under the assumption that players…
The conflicting problems of growing mobile service demand and underutilization of dedicated spectrum has given rise to a paradigm where mobile network operators (MNOs) share their infrastructure among themselves in order to lower their…
Bitcoin is a peer-to-peer payment system proposed by Nakamoto in 2008. Properties of the bitcoin backbone protocol have been investigated in some depth: the blockchain growth property quantifies the number of blocks added to the blockchain…
Payment channel networks are supposed to overcome technical scalability limitations of blockchain infrastructure by employing a special overlay network with fast payment confirmation and only sporadic settlement of netted transactions on…
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…
We propose LazyLedger, a design for distributed ledgers where the blockchain is optimised for solely ordering and guaranteeing the availability of transaction data. Responsibility for executing and validating transactions is shifted to only…
Payment channel is a class of techniques designed to solve the scalability problem of blockchain. By establishing channels off the blockchain to form payment channel networks (PCNs), users can make instant payments without interacting with…
Ethereum clients execute transactions in a sequential order prescribed by the consensus protocol. This is a safe and conservative approach to blockchain transaction processing which forgoes running transactions in parallel even when doing…
Blockchain technology offers a decentralized and secure method for storing and authenticating data, rendering it well-suited for various applications such as digital currencies, supply chain management, and voting systems. However, the…
Numerous distributed tasks have to be handled in a setting where a fraction of nodes behaves Byzantine, that is, deviates arbitrarily from the intended protocol. Resilient, deterministic protocols rely on the detection of majorities to…
Blockchain systems benefit from lessons in prior art such as fault tolerance, distributed systems, peer-to-peer systems, and game theory. In this paper we argue that blockchain algorithms should tolerate both rational (self-interested)…
We consider an optimal trading problem over a finite period of time during which an investor has access to both a standard exchange and a dark pool. We take the exchange to be an order-driven market and propose a continuous-time setup for…
Blockchain solutions typically assume a synchronous network to ensure consistency and achieve consensus. In contrast, offline transaction systems aim to enable users to agree on and execute transactions without assuming bounded…
Trading algorithms that execute large orders are susceptible to exploitation by order anticipation strategies. This paper studies the influence of order anticipation strategies in a multi-investor model of optimal execution under transient…
Possible manipulation of user transactions by miners in a permissionless blockchain systems is a growing concern. This problem is a pervasive and systemic issue, known as Miner Extractable Value (MEV), incurs highs costs on users of…
Cryptocurrency networks such as Bitcoin have emerged as a distributed alternative to traditional centralized financial transaction networks. However, there are major challenges in scaling up the throughput of such networks. Lightning…
We study the high-frequency limits of strategies and costs in a Nash equilibrium for two agents that are competing to minimize liquidation costs in a discrete-time market impact model with exponentially decaying price impact and quadratic…