Related papers: Kardashev scale Quantum Computing for Bitcoin Mini…
We revisit the fundamental question of Bitcoin's security against double spending attacks. While previous work has bounded the probability that a transaction is reversed, we show that no such guarantee can be effectively given if the…
Bitcoin is a representative decentralized currency system. For the security of Bitcoin, fairness in the distribution of mining rewards plays a crucial role in preventing the concentration of computational power in a few miners. Here,…
Quantum computing is becoming strategically relevant to finance because several core financial bottlenecks are already defined by combinatorial search, expectation estimation, rare-event analysis, representation learning, and long-horizon…
Due to recent development in quantum computing, the invention of a large quantum computer is no longer a distant future. Quantum computing severely threatens modern cryptography, as the hard mathematical problems beneath classic public-key…
This work tests the performance of Grover's search circuits on some IBM superconducting quantum devices in case of the size of search space $N=2^4$ and $N=2^5$. Ideally, we expect to get an outcome probability distribution that is clearly…
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.…
In this paper, we provide an overview of the recent work in the quantum finance realm from various perspectives. The applications in consideration are Portfolio Optimization, Fraud Detection, and Monte Carlo methods for derivative pricing…
Quantum computing is an emerging technology with potentially far-reaching implications for national prosperity and security. Understanding the timeframes over which economic benefits and national security risks may manifest themselves is…
ASIC cryptocurrency miners are a core component of blockchain infrastructures, directly converting computation and energy into monetary value. Despite their economic importance, their security is rarely evaluated in a structured manner. In…
Mining in proof-of-work blockchains has become an expensive affair requiring specialized hardware capable of executing several megahashes per second at huge electricity costs. Miners earn a reward each time they mine a block within the…
In a Proof-of-Work blockchain such as Bitcoin mining hashrate is increasing in the block reward. An increase in hashrate reduces network vulnerability to attack (a reduction in security cost) while increasing carbon emissions and…
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…
We study the strategic considerations of miners participating in the bitcoin's protocol. We formulate and study the stochastic game that underlies these strategic considerations. The miners collectively build a tree of blocks, and they are…
We calculate the probability of success of block-hiding mining strategies in Bitcoin-like networks. These strategies involve building a secret branch of the block-tree and publishing it opportunistically, aiming to replace the top of the…
As quantum computing advances toward practical deployment, it threatens a wide range of classical cryptographic mechanisms, including digital signatures, key exchange protocols, public-key encryption, and certain hash-based constructions…
Given a quantum gate circuit, how does one execute it in a fault-tolerant architecture with as little overhead as possible? In this paper, we discuss strategies for surface-code quantum computing on small, intermediate and large scales.…
Existing blockchain systems scale poorly because of their distributed consensus protocols. Current attempts at improving blockchain scalability are limited to cryptocurrency. Scaling blockchain systems under general workloads (i.e.,…
An open distributed system can be secured by requiring participants to present proof of work and rewarding them for participation. The Bitcoin digital currency introduced this mechanism, which is adopted by almost all contemporary digital…
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…
Bitcoin is firmly becoming a mainstream asset in our global society. Its highly volatile nature has traders and speculators flooding into the market to take advantage of its significant price swings in the hope of making money. This work…