Related papers: Selfish Mining under General Stochastic Rewards
The Bitcoin Lightning Network (LN) is designed to improve the scalability of blockchain systems by using off-chain payment paths to settle transactions in a faster, cheaper, and more private manner. This work aims to empirically study LN's…
Researchers have discovered a series of theoretical attacks against Bitcoin's Nakamoto consensus; the most damaging ones are selfish mining, double-spending, and consistency delay attacks. These attacks have one common cause: block…
Blockchain-based federated learning (BCFL) has recently gained tremendous attention because of its advantages such as decentralization and privacy protection of raw data. However, there has been few research focusing on the allocation of…
In the face of limited block size, miners (e.g., in Bitcoin) prioritize high-bid transactions, forming a large part of their revenue. If the block size were to expand significantly, meeting all transaction demand due to infrastructure or…
Blockchain denial of service (BDoS) and selfish mining are the two most crucial attacks on blockchain technology. A classical DoS attack targets the computer network to limit, restrict, or stop accessing the system of authorized users which…
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…
Blockchains have witnessed widespread adoption in the past decade in various fields. The growing demand makes their scalability and sustainability challenges more evident than ever. As a result, more and more blockchains have begun to adopt…
This paper presents the first empirical analysis of how diverse token-based reward mechanisms impact platform dynamics and user behaviors. For this, we gather a unique, large-scale dataset from Farcaster. This blockchain-based,…
We calculate the probability of success of block-hiding mining strategies in Bitcoin-like networks. These strategies involve building a secret branch of the block-tree and publishing it opportunistically, aiming to replace the top of the…
The third Bitcoin halving that took place in May 2020 cut down the mining reward from 12.5 to 6.25 BTC per block and thus slowed down the rate of issuance of new Bitcoins, making it more scarce. The fourth and most recent halving happened…
Strategic mining attacks, such as selfish mining, exploit blockchain consensus protocols by deviating from honest behavior to maximize rewards. Markov Decision Process (MDP) analysis faces scalability challenges in modern digital economics,…
In blockchains such as Bitcoin and Ethereum, users compete in a transaction fee auction to get their transactions confirmed in the next block. A line of recent works set forth the desiderata for a "dream" transaction fee mechanism (TFM),…
In this paper, we explore some stylized facts of the Bitcoin market using the BTC-USD exchange rate time series of historical intraday data from 2013 to 2020. Bitcoin presents some very peculiar idiosyncrasies, like the absence of…
We study a game-theoretic model of blockchain mining economies and show that griefing, a practice according to which participants harm other participants at some lesser cost to themselves, is a prevalent threat at its Nash equilibria. The…
In the area of blockchain, numerous methods have been proposed for suppressing intentional forks by attackers more effectively than the random rule. However, all of them, except for the random rule, require major updates, rely on a trusted…
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…
Blockchain is rapidly emerging as an important class of network application, with a unique set of trust, security and transparency properties. In a blockchain system, participants record and update the `server-side' state of an application…
We model and analyze blockchain miners who seek to maximize the compound return of their mining businesses. The analysis of the optimal strategies finds a new equilibrium point among the miners and the mining pools, which predicts the…
In this paper, we review the undercutting attacks in the transaction-fee-based regime of proof-of-work (PoW) blockchains with the longest chain fork-choice rule. Next, we focus on the problem of fluctuations in mining revenue and the mining…
Bitcoin has become the leading cryptocurrency system, but the limit on its transaction processing capacity has resulted in increased transaction fees and delayed transaction confirmation. As such, it is pertinent to understand and probably…