Related papers: Kardashev scale Quantum Computing for Bitcoin Mini…
Seminal work of Eyal and Sirer (2014) establishes that a strategic Bitcoin miner may strictly profit by deviating from the intended Bitcoin protocol, using a strategy now termed *selfish mining*. More specifically, any miner with $>1/3$ of…
The steady advancement in quantum computer error correction technology has pushed the current record to 48 stable logical qubits, bringing us closer to machines capable of running Shor's algorithm at scales that threaten RSA and ECC…
Shor's and Grover's algorithms' efficiency and the advancement of quantum computers imply that the cryptography used until now to protect one's privacy is potentially vulnerable to retrospective decryption, also known as \emph{harvest now,…
The long-term security of public blockchains strictly depends on the hardness assumptions of the underlying digital signature schemes. In the current scenario, most deployed cryptocurrencies and blockchain platforms rely on elliptic-curve…
We study selfish mining attacks in longest-chain blockchains like Bitcoin, but where the proof of work is replaced with efficient proof systems -- like proofs of stake or proofs of space -- and consider the problem of computing an optimal…
It has been established that quantum algorithms can solve several key cryptographic problems more efficiently than classical computers. As progress continues in the field of quantum computing it is important to understand the risks they…
Constraint satisfiability problems, crucial to several applications, are solved on a quantum computer using Grover's search algorithm, leading to a quadratic improvement over the classical case. The solutions are obtained with high…
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…
The aim of this paper is to analyse the Bitcoin in order to shed some light on its nature and behaviour. We select 9 cryptocurrencies that account for almost 75\% of total market capitalisation and compare their evolution with that of a…
Grover's search algorithm gives a quantum attack against block ciphers by searching for a key that matches a small number of plaintext-ciphertext pairs. This attack uses $O(\sqrt{N})$ calls to the cipher to search a key space of size $N$.…
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…
The advent of quantum computing threatens the security of traditional encryption algorithms, motivating the development of post-quantum cryptography (PQC). In 2024, the National Institute of Standards and Technology (NIST) standardized…
As the most successful cryptocurrency to date, Bitcoin constitutes a target of choice for attackers. While many attack vectors have already been uncovered, one important vector has been left out though: attacking the currency via the…
This article considered deficiencies of the flourishing blockchain technology manifested by the development of quantum computation. We show that the future blockchain technology would under constant threats from the following aspects: 1)…
Blockchain is a distributed database which is cryptographically protected against malicious modifications. While promising for a wide range of applications, current blockchain platforms rely on digital signatures, which are vulnerable to…
The world economy is experiencing the novel adoption of distributed currencies that are free from the control of central banks. Distributed currencies suffer from extreme volatility, and this can lead to catastrophic implications during…
After Mayers (1996, 2001) gave a proof of the security of the Bennett-Brassard 1984 (BB84) quantum key distribution protocol, Shor and Preskill (2000) made a remarkable observation that a Calderbank-Shor-Steane (CSS) code had been…
Blockchain is one of the most discussed and highly accepted technologies, primarily due to its application in almost every field where third parties are needed for trust. Blockchain technology relies on distributed consensus for trust,…
In this paper we revisit some major orthodoxies which lie at the heart of the bitcoin crypto currency and its numerous clones. In particular we look at The Longest Chain Rule, the monetary supply policies and the exact mechanisms which…
Most current assessments use ex post proxies that miss uncertainty and fail to consistently capture the rapid change in bitcoin mining. We introduce a unified, ex ante statistical model that derives expected return, downside risk, and…