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Bitcoin mining presents a significant economic incentive for efficient hashing and broadcast of data, both parameters stemming from the Proofs of Work used to advance the network. This incentive has led to the development of Bitcoin…
A problem of developing the consensus protocols in public blockchain systems which spend a combination of energy and space resources is addressed. A technique is proposed that provides a flexibility for selection of the energy and space…
Blockchain technology enables secure, transparent data management in decentralized systems, supporting applications from cryptocurrencies like Bitcoin to tokenizing real-world assets like property. Its scalability and sustainability hinge…
Blockchain is a novel technology that is rising a lot of interest in the industrial and re- search sectors because its properties of decentralisation, immutability and data integrity. Initially, the underlying consensus mechanism has been…
We make several contributions that quantify the real-time hash rate and therefore the consensus of a blockchain. We show that by using only the hash value of blocks, we can estimate and measure the hash rate of all miners or individual…
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…
This paper presents a comprehensive comparative analysis of two dominant blockchain consensus mechanisms, Proof of Work (PoW) and Proof of Stake (PoS), evaluated across seven critical metrics: energy use, security, transaction speed,…
Data sharing is very important for accelerating scientific research, business innovations, and for informing individuals. Yet, concerns over data privacy, cost, and lack of secure data-sharing solutions have prevented data owners from…
Blockchain applications that rely on the Proof-of-Work (PoW) have increasingly become energy inefficient with a staggering carbon footprint. In contrast, energy-efficient alternative consensus protocols such as Proof-of-Stake (PoS) may…
We study the applicability of blockchain technology for distributed event detection under resource constraints. Therefore we provide a test-suite with several promising consensus methods (Proof-of-Work, Proof-of-Stake, Distributed…
Blockchain protocols differ in fundamental ways, including the mechanics of selecting users to produce blocks (e.g., proof-of-work vs. proof-of-stake) and the method to establish consensus (e.g., longest chain rules vs. BFT-inspired…
Decentralized systems built around blockchain technology promise clients an immutable ledger. They add a transaction to the ledger after it undergoes consensus among the replicas that run a Proof-of-Stake (PoS) or Byzantine Fault-Tolerant…
This paper introduces Proof of Team Sprint (PoTS), a novel consensus algorithm designed to address the significant energy inefficiencies inherent in traditional Proof of Work (PoW) systems. PoTS shifts the consensus mechanism from an…
A proof of work (PoW) blockchain protocol distributes rewards to its participants, called miners, according to their share of the total computational power. Sufficiently large miners can perform selfish mining - deviate from the protocol to…
The proof-of-work consensus protocol suffers from two main limitations: waste of energy and offering only probabilistic guarantees about the status of the blockchain. This paper introduces SklCoin, a new Byzantine consensus protocol and its…
In this paper we describe the various scoring systems used to calculate rewards of participants in Bitcoin pooled mining, explain the problems each were designed to solve and analyze their respective advantages and disadvantages.
We analyze the economic incentives generated by the proof-of-stake mechanism discussed in the Ethereum Casper upgrade proposal. Compared with proof-of-work, proof-of-stake has a different cost structure for attackers. In Budish (2018),…
Like most modern blockchain networks, Ethereum has relied on economic incentives to promote honest participation in the chain's consensus. The distributed character of the platform, together with the "randomness" or "luck" factor that both…
Mining is the important part of the blockchain used the proof of work (PoW) on its consensus, looking for the matching block through testing a number of hash calculations. In order to attract more hash computing power, the miner who finds…
This paper studies a fundamental problem regarding the security of blockchain PoW consensus on how the existence of multiple misbehaving miners influences the profitability of selfish mining. Each selfish miner (or attacker interchangeably)…