Related papers: Payment Channels with Proofs
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…
Transactions submitted through the blockchain peer-to-peer (P2P) network may leak out exploitable information. We study the economic incentives behind the adoption of blockchain dark venues, where users' transactions are observable only by…
Blockchains are maintained by a network of participants that run algorithms designed to maintain collectively a distributed machine tolerant to Byzantine attacks. From the point of view of users, blockchains provide the illusion of…
In this work, we consider community detection in blockchain networks. We specifically take the Bitcoin network and Ethereum network as two examples, where community detection serves in different ways. For the Bitcoin network, we modify the…
Cryptocurrencies, based on and led by Bitcoin, have shown promise as infrastructure for pseudonymous online payments, cheap remittance, trustless digital asset exchange, and smart contracts. However, Bitcoin-derived blockchain protocols…
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…
Liquid staking has become the largest category of decentralized finance protocols in terms of total value locked. However, few studies exist on its implementation designs or underlying risks. The liquid staking protocols allow for earning…
We put forward the idea that classical blockchains and smart contracts are potentially useful primitives not only for classical cryptography, but for quantum cryptography as well. Abstractly, a smart contract is a functionality that allows…
Existing permissionless blockchain solutions rely on peer-to-peer propagation mechanisms, where nodes in a network transfer transaction they received to their neighbors. Unfortunately, there is no explicit incentive for such transaction…
Public companies and institutional investors that hold Bitcoin face increasing pressure to show solvency, manage risk, and satisfy regulatory expectations without exposing internal wallet structures or trading strategies. This paper…
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…
Credit networks represent a way of modeling trust between entities in a network. Nodes in the network print their own currency and trust each other for a certain amount of each other's currency. This allows the network to serve as a…
We prove Bitcoin is secure under temporary dishonest majority. We assume the adversary can corrupt a specific fraction of parties and also introduce crash failures, i.e., some honest participants are offline during the execution of the…
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…
Many large decentralized systems rely on information propagation to ensure their proper function. We examine a common scenario in which only participants that are aware of the information can compete for some reward, and thus informed…
Proof-of-Work mining is intended to provide blockchains with robustness against double-spend attacks. However, an economic analysis that follows from Budish (2018), which considers free entry conditions together with the ability to rent…
Proof of Stake (PoS) is a burgeoning Sybil resistance mechanism that aims to have a digital asset ("token") serve as security collateral in crypto networks. However, PoS has so far eluded a comprehensive threat model that encompasses both…
The distributed consensus mechanism is the backbone of the rapidly developing blockchain network. Blockchain platforms consume vast amounts of electricity based on the current consensus mechanism of Proof of Work. Here, we point out an…
Blockchain is an essentially distributed database recording all transactions or digital events among participating parties. Each transaction in the records is approved and verified by consensus of the participants in the system that…
Cryptocurrencies redefined how money can be stored and transferred among users. However, independent of the amount being sent, public blockchain-based cryptocurrencies suffer from high transaction waiting times and fees. These drawbacks…