Related papers: A Small Collusion is All You Need
A blockchain, such as Bitcoin, is an append-only, secure, transparent, distributed ledger. A fair blockchain is expected to have healthy metrics; high honest mining power, low processing latency, i.e., low wait times for transactions and…
The Bitcoin cryptocurrency records its transactions in a public log called the blockchain. Its security rests critically on the distributed protocol that maintains the blockchain, run by participants called miners. Conventional wisdom…
Decentralized payment systems such as Bitcoin have become massively popular in the last few years, yet there is still much to be done in understanding their formal properties. The vast majority of decentralized payment systems work by…
The Bitcoin payment system involves two agent types: Users that transact with the currency and pay fees and miners in charge of authorizing transactions and securing the system in return for these fees. Two of Bitcoin's challenges are (i)…
We consider the question of whether collusion among bidders (a "bidding ring") can be supported in equilibrium of unrepeated first-price auctions. Unlike previous work on the topic such as that by McAfee and McMillan [1992] and Marshall and…
In the paper, we present designs for multiple blockchain consensus primitives and a novel blockchain system, all based on the use of trusted execution environments (TEEs), such as Intel SGX-enabled CPUs. First, we show how using TEEs for…
Financial fraud cases are on the rise even with the current technological advancements. Due to the lack of inter-organization synergy and because of privacy concerns, authentic financial transaction data is rarely available. On the other…
Traditional single-proposer blockchains suffer from miner extractable value (MEV), where validators exploit their serial monopoly on transaction inclusion and ordering to extract rents from users. While there have been many developments at…
Off-chain transaction channels represent one of the leading techniques to scale the transaction throughput in cryptocurrencies such as Bitcoin. They allow multiple agents to route payments through one another. So far, the topology and…
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…
Blockchains have popularized the Automated Market Makers (AMMs), where users trade crypto-assets directly with a smart contract, governed by a pricing function embedded in the contract's code. Today, users of AMMs are often forced to accept…
Blockchains rely on a consensus among participants to achieve decentralization and security. However, reaching consensus in an online, digital world where identities are not tied to physical users is a challenging problem. Proof-of-work…
Modern data stores achieve scalability by partitioning data into shards and fault-tolerance by replicating each shard across several servers. A key component of such systems is a Transaction Certification Service (TCS), which atomically…
I study a repeated auction in which payments are made with a blockchain token created and initially owned by the auction designer. Unlike the ``virtual money'' previously examined in mechanism design, such tokens can be saved and traded…
Smart contracts are crucial elements of decentralized technologies, but they face significant obstacles to trustworthiness due to security bugs and trapdoors. To address the core issue, we propose a technology that enables programmers to…
The Committee Selection Mechanism can select multiple users of blockchain network to execute a consensus algorithm, such as PBFT. In order to guarantee two properties, the mathematical form of the mechanism is relatively limited. Further,…
Machine learning is critical for innovation and efficiency in financial markets, offering predictive models and data-driven decision-making. However, challenges such as missing data, lack of transparency, untimely updates, insecurity, and…
Atomic Commit Problem (ACP) is a single-shot agreement problem similar to consensus, meant to model the properties of transaction commit protocols in fault-prone distributed systems. We argue that ACP is too restrictive to capture the…
Cryptocurrencies have gained popularity due to their transparency, security, and accessibility compared to traditional financial systems, with Bitcoin, introduced in 2009, leading the market. Bitcoin's security relies on blockchain…
We study blockchain trade-intent auctions, which currently intermediate about USD 10 billion in trades each month. These auctions are combinatorial because executing multiple trade intents jointly generates additional efficiencies. However,…