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Banking as an essential service can be hard to access in remote, rural regions where the network connectivity is intermittent. Although micro-banking has been made possible by SMS or USSD messages in some places, their security flaws and…

Public blockchains implement a fee mechanism to allocate scarce computational resources across competing transactions. Most existing fee market designs utilize a joint, fungible unit of account (e.g., gas in Ethereum) to price otherwise…

Fairness is an important trait of open, free markets. Ethereum is a platform meant to enable digital, decentralized markets. Though many researchers debate the market's fairness, there are few discussions around the fairness of automated…

The Blockchain and the programs running on it, called Smart Contracts, are more and more applied in all fields requiring trust and strong certifications. In this work we compare public and permissioned blockchains for industrial…

As transaction fees skyrocket today, blockchains become increasingly expensive, hurting their adoption in broader applications. This work tackles the saving of transaction fees for economic blockchain applications. The key insight is that…

The Ethereum blockchain has a \emph{gas system} that associates operations with a cost in gas units. Two central concepts of this system are the \emph{gas limit} assigned by the issuer of a transaction and the \emph{gas used} by a…

Ethereum is one of the most popular blockchain systems that supports more than half a million transactions every day and fosters miscellaneous decentralized applications with its Turing-complete smart contract machine. Whereas it remains…

In permissionless blockchains, transaction issuers include a fee to incentivize miners to include their transactions. To accurately estimate this prioritization fee for a transaction, transaction issuers (or blockchain participants, more…

Ethereum is currently the second largest blockchain by market capitalization and a popular platform for cryptocurrencies. As it has grown, the high value present and the anonymity afforded by the technology have led Ethereum to become a…

The rise of smart contract systems such as Ethereum has resulted in a proliferation of blockchain-based decentralized applications including applications that store and manage a wide range of data. Current smart contracts are designed to be…

Blockchain is the underlying technology for cryptocurrencies such as Bitcoin. Blockchain is a robust distributed ledger that uses consensus algorithms to approve transactions in a decentralized manner, making malicious tampering extremely…

Most public blockchain protocols, including the popular Bitcoin and Ethereum blockchains, do not formally specify the order in which miners should select transactions from the pool of pending (or uncommitted) transactions for inclusion in…

Blockchains deploy Transaction Fee Mechanisms (TFMs) to determine which user transactions to include in blocks and determine their payments (i.e., transaction fees). Increasing demand and scarce block resources have led to high user…

The gas fee, paid for inclusion in the blockchain, is analyzed in two parts. First, we consider how effort in terms of resources required to process and store a transaction turns into a gas limit, which, through a fee, comprised of the base…

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…

The Ethereum platform supports the decentralized execution of smart contracts, i.e. computer programs that transfer digital assets between users. The most common language used to develop these contracts is Solidity, a Javascript-like…

Cryptocurrencies such as Bitcoin and Ethereum have made payment transactions possible without a trusted third party, but they have a scalability issue due to their consensus mechanisms. Payment networks have emerged to overcome this…

In this paper we show that, using only mild assumptions, previously proposed multidimensional blockchain fee markets are essentially optimal, even against worst-case adversaries. In particular, we show that the average welfare gap between…

Blockchain-based Distributed Ledgers (DLs) promise to transform the existing financial system by making it truly democratic. In the past decade, blockchain technology has seen many novel applications ranging from the banking industry to…

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…