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We analyze Bitcoin mining from the perspective of a game and propose an optimal mining model that maximizes profits of pools and miners. The model is a two-stage Stackelberg game in which each stage forms a sub-game. In stage I, pools are…
Byzantine Fault Tolerant (BFT) consensus exhibits higher throughput in comparison to Proof of Work (PoW) in blockchains. But BFT-based protocols suffer from scalability problems with respect to the number of replicas in the network. The…
Bitcoin is the first fully-decentralized permissionless blockchain protocol to achieve a high level of security, but at the expense of poor throughput and latency. Scaling the performance of Bitcoin has a been a major recent direction of…
Bitcoin is currently subject to a significant pay-for-speed trade-off. This is caused by lengthy and highly variable transaction confirmation times, especially during times of congestion. Users can reduce their transaction confirmation…
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…
Most online lotteries today fail to ensure the verifiability of the random process and rely on a trusted third party. This issue has received little attention since the emergence of distributed protocols like Bitcoin that demonstrated the…
In this paper, we investigate the performance of the Tangle 2.0 consensus protocol in a Byzantine environment. We use an agent-based simulation model that incorporates the main features of the Tangle 2.0 consensus protocol. Our experimental…
We find an approximate Nash equilibrium in a game between decentralized exchanges (DEXs) that compete for order flow by setting dynamic trading fees. We characterize the equilibrium via a coupled system of partial differential equations and…
In this paper, we design, implement, and (partially-) evaluate a lightweight bridge (as a type of middleware) to connect the Bitcoin and Ethereum networks that were heterogeneously uncontactable before. Inspired by the recently introduced…
This paper proposes Oze, a concurrency control protocol that handles heterogeneous workloads, including long-running update transactions. Oze explores a large scheduling space using a multi-version serialization graph to reduce false…
Increasing the transactional throughput of decentralized blockchains in a secure manner has been the holy grail of blockchain research for most of the past decade. This paper introduces a scheme for scaling blockchains while retaining…
Low transaction throughput and poor scalability are significant issues in public blockchain consensus protocols such as Bitcoins. Recent research efforts in this direction have proposed shard-based consensus protocols where the key idea is…
Bitcoin has emerged as a revolutionary payment system with its decentralized ledger concept; however it has significant problems such as high transaction fees and low throughput. Lightning Network (LN), which was introduced much later,…
Conflicting transactions within blockchain networks not only pose performance challenges but also introduce security vulnerabilities, potentially facilitating malicious attacks. In this paper, we explore the impact of conflicting…
Cryptocurrencies are poised to revolutionize the modern economy by democratizing commerce. These currencies operate on top of blockchain-based distributed ledgers. Existing permissionless blockchain-based protocols offer unparalleled…
Bitcoin is the cryptocurrency with the largest market capitalisation, but its widespread adoption is fundamentally limited by the scalability constraints of its consensus algorithm, which requires every transaction to be confirmed onchain.…
We design and validate new block propagation protocols for the peer-to-peer (P2P) network of the Bitcoin blockchain. Despite its strong protection for security and privacy, the current Bitcoin blockchain can only support a low number of…
The cross-blockchain transaction remains one of the most challenging problems in blockchains. The root cause of the challenge lies in the nondeterministic nature of blockchains: A $n$-party transaction across multiple blockchains might be…
Two-phase-commit (2PC) has been widely adopted for distributed transaction processing, but it also jeopardizes throughput by introducing two rounds of network communications and two durable log writes to a transaction's critical path.…
It is now a whole year since Lightning Network (LN) has been launched on the Bitcoi's mainnet. LN has been claimed as the solution for several of Bitcoin's weaknesses such as its difficulty to scale in number of transactions per second and…