Related papers: When Friction Helps: Transaction Confirmation Impr…
We study dynamic decentralized two-sided matching in which players may encounter unanticipated experiences. As they become aware of these experiences, they may change their preferences over players on the other side of the market.…
Throughput limitations of existing blockchain architectures are well documented and are one of the most significant hurdles for their wide-spread adoption. In our previous proof-of-concept work, we have shown that separating computation…
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…
Blockchain and blockchain-inspired decentralized applications are on the rise thanks to their unique characteristics such as their decentralized nature, anonymity, and tamper-proof nature; however, blockchain transactions tend to experience…
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…
Consensus protocols are currently the bottlenecks that prevent blockchain systems from scaling. However, we argue that transaction execution is also important to the performance and security of blockchains. In other words, there are ample…
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…
In Proof-of-Work blockchains, difficulty algorithms serve the crucial purpose of maintaining a stable transaction throughput by dynamically adjusting the block difficulty in response to the miners' constantly changing computational power.…
Blockchains are being positioned as the "technology of trust" that can be used to mediate transactions between non-trusting parties without the need for a central authority. They support transaction types that are native to the blockchain…
Although blockchains have become widely popular for their use in cryptocurrencies, they are now becoming pervasive as more traditional applications adopt blockchain to ensure data security. Despite being a secured network, blockchains have…
Blockchain consensus is a state whereby each node in a network agrees on the current state of the blockchain. Existing protocols achieve consensus via a contest or voting procedure to select one node as a dictator to propose new blocks.…
Smart contracts are widely utilized in cross-chain interactions, where their results are transmitted from one blockchain (the producer blockchain) to another (the consumer blockchain). Unfortunately, the consumer blockchain often accepts…
Blockchain enables peer-to-peer transactions in cyberspace without a trusted third party. The rapid growth of Ethereum and smart contract blockchains generally calls for well-designed Transaction Fee Mechanisms (TFMs) to allocate limited…
We study the probabilistic distribution of the confirmation time of Bitcoin transactions, conditional on the current memory pool (i.e., the queue of transactions awaiting confirmation). The results of this paper are particularly interesting…
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…
Transaction fees represent a major incentive in many blockchain systems as a way to incentivize processing transactions. Unfortunately, they also introduce an enormous amount of incentive asymmetry compared to alternatives like fixed block…
We improve the fundamental security threshold of eventual consensus Proof-of-Stake (PoS) blockchain protocols under the longest-chain rule by showing, for the first time, the positive effect of rounds with concurrent honest leaders. Current…
Recently, the blockchain technique was put in the spotlight as it introduced a systematic approach for multiple parties to reach consensus without needing trust. However, the application of this technique in practice is severely restricted…
It is a critical matter for a blockchain system whether a Byzantine fault tolerance (BFT) can be guaranteed during a consensus process. Can connected vehicles (CVs) achieve the BFT consensus when the vehicles keep mobile? This paper seeks…
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…