Related papers: Kardashev scale Quantum Computing for Bitcoin Mini…
We study the incentives behind double-spend attacks on Nakamoto-style Proof-of-Work cryptocurrencies. In these systems, miners are allowed to choose which transactions to reference with their block, and a common strategy for selecting…
The Bitcoin network is burning a large amount of energy for mining. In this paper we estimate the lower bound for the global energy cost for a period of ten years from 2010, taking into account changing oil costs, improvements in hashing…
Recent studies have been spurred on by the promise of advanced quantum computing technology, which has led to the development of quantum computer simulations on classical hardware. Grover's quantum search algorithm is one of the well-known…
We propose a blockchain architecture in which mining requires a quantum computer. The consensus mechanism is based on proof of quantum work, a quantum-enhanced alternative to traditional proof of work that leverages quantum supremacy to…
Quantum computing has noteworthy speedup over classical computing by taking advantage of quantum parallelism, i.e., the superposition of states. In particular, quantum search is widely used in various computationally hard problems. Grover's…
Grover's search algorithms, including various partial Grover searches, experience scaling problems as the number of iterations rises with increased qubits, making implementation more computationally expensive. This paper combines Partial…
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…
What happens to mining when the Bitcoin price changes, when there are mining supply shocks, the price of energy changes, or hardware technology evolves? We give precise answers based on the technical forces and incentives in the system. We…
Blockchains have a storage scalability issue. Their size is not bounded and they grow indefinitely as time passes. As of August 2017, the Bitcoin blockchain is about 120 GiB big while it was only 75 GiB in August 2016. To benefit from…
The prospective emergence of large-scale quantum computers capable of executing Shor's algorithm at cryptographically relevant scale would render widely deployed public-key cryptography computationally insecure. Under this threat model,…
We present quantum circuits to implement an exhaustive key search for the Advanced Encryption Standard (AES) and analyze the quantum resources required to carry out such an attack. We consider the overall circuit size, the number of qubits,…
Throughput limitations of existing blockchain architectures are one of the most significant hurdles for their wide-spread adoption. Attempts to address this challenge include layer-2 solutions, such as Bitcoin's Lightning or Ethereum's…
Bitcoin is a digital currency and payment system based on classical cryptographic technologies which works without a central administrator such as in traditional currencies. It has long been questioned what the impact of quantum computing…
GHOST, like the longest-chain protocol, is a chain selection protocol and its capability in resisting selfish mining attack has been validated in imperfect blockchains of Bitcoin and its variants (Bitcoin-like). This paper explores an…
Grover's operator in the two-qubit case can transform a basis into its conjugated basis. A permutation operator can transform a state in the two conjugated bases into its orthogonal state. These properties are included in a threshold…
The digital currency Bitcoin has had remarkable growth since it was first proposed in 2008. Its distributed nature allows currency transactions without a central authority by using cryptographic methods and a data structure called the…
Quantum-based cryptographic protocols are often said to enjoy security guaranteed by the fundamental laws of physics. However, even carefully designed quantum-based cryptographic schemes may be susceptible to subtle attacks that are outside…
Although Bitcoin was intended to be a decentralized digital currency, in practice, mining power is quite concentrated. This fact is a persistent source of concern for the Bitcoin community. We provide an explanation using a simple model to…
Research and applications in Machine Learning are limited by computational resources, while 1% of the world's electricity goes into calculating 34 billion billion SHA-256 hashes per second, four orders of magnitude more than the 200…
Bitcoin is the first successful decentralized global digital cash system. Its mining process requires intense computational resources, therefore its usefulness remains a disputable topic. We aim to solve three problems with Bitcoin and…