相关论文: Socially Optimal Mining Pools
The application of incentives, such as reward and punishment, is a frequently applied way for promoting cooperation among interacting individuals in structured populations. However, how to properly use the incentives is still a challenging…
Selfish Mining is strategic rule-breaking to maximize rewards in proof-of-work protocols [3] and Markov Decision Processes (MDPs) are the preferred tool for finding optimal strategies in Bitcoin [4, 10] and similar linear chain protocols…
We argue that the current POW based consensus algorithm of the Bitcoin network suffers from a fundamental economic discrepancy between the real world transaction (txn) costs incurred by miners and the wealth that is being transacted. Put…
In this paper, we represent the problem of selecting miners within a blockchain-based system as a subset selection problem. We formulate the problem of minimising blockchain energy consumption as an optimisation problem with two conflicting…
This study explores the intersection of technological innovation and environmental sustainability in the context of Bitcoin mining. With Bitcoin's growing adoption, concerns surrounding the energy consumption and environmental impact of…
Proof-of-Work blockchain, despite its numerous benefits, is still not an entirely secure technology due to the existence of Selfish Mining (SM) strategies that can disrupt the system and its mining economy. While the effect of SM has been…
Illicit crypto-mining leverages resources stolen from victims to mine cryptocurrencies on behalf of criminals. While recent works have analyzed one side of this threat, i.e.: web-browser cryptojacking, only commercial reports have partially…
Blockchain-based cryptocurrencies prioritize transactions based on their fees, creating a unique kind of fee market. Empirically, this market has failed to yield stable equilibria with predictable prices for desired levels of service. We…
In the framework of evolutionary games with institutional reciprocity, limited incentives are at disposal for rewarding cooperators and punishing defectors. In the simplest case, it can be assumed that, depending on their strategies, all…
We survey recent results on the mathematical stability of Bitcoin protocol. Profitability and probability of a double spend are estimated in closed form with classical special functions. The stability of Bitcoin mining rules is analyzed and…
In blockchain-based order book systems, buyers and sellers trade assets, while it is miners to match them and include their transactions in the blockchain. It is found that many miners behave selfishly and myopically, prioritizing…
We analyze bribing attacks in Proof-of-Stake distributed ledgers from a game theoretic perspective. In bribing attacks, an adversary offers participants a reward in exchange for instructing them how to behave, with the goal of attacking the…
Stratum, the de-facto mining communication protocol used by blockchain based cryptocurrency systems, enables miners to reliably and efficiently fetch jobs from mining pool servers. In this paper we exploit Stratum's lack of encryption to…
On several proof-of-stake blockchains, agents engaged in validating transactions can open a pool to which others can delegate their stake in order to earn higher returns. We develop a model of staking pool formation in the presence of…
Soon after its introduction in 2009, Bitcoin has been adopted by cyber-criminals, which rely on its pseudonymity to implement virtually untraceable scams. One of the typical scams that operate on Bitcoin are the so-called Ponzi schemes.…
In this study, we examine the behavior and profitability of modern malware that mines cryptocurrency. Unlike previous studies, we look at the cryptocurrency market as a whole, rather than just Bitcoin. We not only consider PCs, but also…
Does the proof-of-work protocol serve its intended purpose of supporting decentralized cryptocurrency mining? To address this question, we develop a game-theoretical model where miners first invest in hardware to improve the efficiency of…
One of the most important features of blockchain protocols is decentralization, as their main contribution is that they formulate a distributed ledger that will be maintained and extended without the need of a trusted party. Bitcoin has…
Bitcoin is a "crypto currency", a decentralized electronic payment scheme based on cryptography which has recently gained excessive popularity. Scientific research on bitcoin is less abundant. A paper at Financial Cryptography 2012…
Blockchain consensus mechanisms must balance security, decentralization, and efficiency while ensuring fair participation. Proof of Team Sprint (PoTS) is a cooperative consensus mechanism designed to address the energy inefficiencies and…