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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…
Distributed ledger technologies (DLTs) rely on distributed consensus mechanisms to reach agreement over the order of transactions and to provide immutability and availability of transaction data. Distributed consensus suffers from…
We study efficiency in a proof-of-work blockchain with non-zero latencies, focusing in particular on the (inequality in) individual miners' efficiencies. Prior work attributed differences in miners' efficiencies mostly to attacks, but we…
A soft control of the network activity through varying reward in a proof-of-work (PoW) cryptocurrency is reported. Rewards are the necessity to incent the contributors activities (i.e., mining) in order to maintain the PoW network. Contrary…
Blockchain technology, with implications in the financial domain, offers data in the form of large-scale transaction networks. Analyzing transaction networks facilitates fraud detection, market analysis, and supports government regulation.…
In Bitcoin system, transactions are prioritized according to transaction fees. Transactions without fees are given low priority and likely to wait for confirmation. Because the demand of micro payment in Bitcoin is expected to increase due…
An important aspect of the propagation delay in blockchain networks is the block verification time, which is also responsible for the so-called verifier's dilemma. Models for the block verification time can help to understand and improve…
Security proofs in quantum cryptography rely on conditional entropies. In a many-round protocol, their estimation is a challenging task; one must account for the most general attacks by an eavesdropper, including those that are not…
Blockchain technology relies on decentralization to resist faults and attacks while operating without trusted intermediaries. Although industry experts have touted decentralization as central to their promise and disruptive potential, it is…
How crypto flows among Bitcoin users is an important question for understanding the structure and dynamics of the cryptoasset at a global scale. We compiled all the blockchain data of Bitcoin from its genesis to the year 2020, identified…
Bitcoin is a popular cryptocurrency that records alltransactions in a distributed append-only public ledger calledblockchain. The security of Bitcoin heavily relies on the incentive-compatible proof-of-work (PoW) based distributed consensus…
In this paper, we study the possibility of inferring early warning indicators (EWIs) for periods of extreme bitcoin price volatility using features obtained from Bitcoin daily transaction graphs. We infer the low-dimensional representations…
We study the time evolution of the entropy of a collapsing spherical domain wall, from the point of view of an asymptotic observer, by investigating the entropy of the entire system (i.e. domain wall and radiation) and induced radiation…
This paper investigates the stochastic behavior of an n-node blockchain which is continuously monitored and faces non-stop cyber attacks from multiple hackers. The blockchain will start being re-set once hacking is detected, forfeiting…
Cryptocurrencies are highly volatile financial instruments with more and more new retail investors joining the scene with each passing day. Bitcoin has always proved to determine in which way the rest of the cryptocurrency market is headed…
A main focus in economics research is understanding the time series of prices of goods and assets. While statistical models using only the properties of the time series itself have been successful in many aspects, we expect to gain a better…
Forks in the Bitcoin network result from the natural competition in the blockchain's Proof-of-Work consensus protocol. Their frequency is a critical indicator for the efficiency of a distributed ledger as they can contribute to resource…
Stubborn mining attack greatly downgrades Bitcoin throughput and also benefits malicious miners (attackers). This paper aims to quantify the impact of block receiving delay on stubborn mining attack severity in imperfect Bitcoin networks.…
Anonymity in Bitcoin, a peer-to-peer electronic currency system, is a complicated issue. Within the system, users are identified by public-keys only. An attacker wishing to de-anonymize its users will attempt to construct the one-to-many…
The energy sustainability of blockchains, whose consensus protocol rests on the Proof-of-Work, nourishes a heated debate. The underlying issue lies in a highly energy-consuming process, defined as mining, required to validate crypto-asset…