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Since the inception of Bitcoin, cryptocurrencies and the underlying blockchain technology have attracted an increasing interest from both academia and industry. Among various core components, consensus protocol is the defining technology…

Nakamoto double spend strategy, described in Bitcoin foundational article, leads to total ruin with positive probability and does not make sense from the profitability point of view. The simplest strategy that can be profitable incorporates…

Theoretical guarantees for double spending probabilities for the Nakamoto consensus under the $k$-deep confirmation rule have been extensively studied for zero/bounded network delays and fixed mining rates. In this paper, we introduce a…

Consensus mechanism is the core technology for blockchain to ensure that transactions are executed in sequence. It also determines the decentralization, security, and efficiency of blockchain. Existing mechanisms all have certain…

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…

Proof-of-work blockchains reward each miner for one completed block by an amount that is, in expectation, proportional to the number of hashes the miner contributed to the mining of the block. Is this proportional allocation rule optimal?…

In the context of blockchain systems, the importance of decentralization is undermined by the lack of a widely accepted methodology to measure it. To address this gap, we set out a systematization effort targeting the decentralization…

Consensus protocols play a pivotal role to balance security and efficiency in blockchain systems. In this paper, we propose an evaluation framework for blockchain consensus protocols termed as AlphaBlock. In this framework, we compare the…

In the area of blockchain, numerous methods have been proposed for suppressing intentional forks by attackers more effectively than the random rule. However, all of them, except for the random rule, require major updates, rely on a trusted…

With the increasing adoption of decentralized information systems based on a variety of permissionless blockchain networks, the choice of consensus mechanism is at the core of many controversial discussions. Ethereum's recent transition…

Mining blocks on a blockchain equipped with a proof of work consensus protocol is well-known to be resource-consuming. A miner bears the operational cost, mainly electricity consumption and IT gear, of mining, and is compensated by a…

We present a novel framework for analyzing blockchain consensus mechanisms by modeling blockchain growth as a Partially Observable Stochastic Game (POSG) which we reduce to a set of Partially Observable Markov Decision Processes (POMDPs)…

We analyze the economic incentives generated by the proof-of-stake mechanism discussed in the Ethereum Casper upgrade proposal. Compared with proof-of-work, proof-of-stake has a different cost structure for attackers. In Budish (2018),…

The advent of blockchain technology by the Nakamoto group in 2008 has created a new trend on how to deal with various security issues and vulnerabilities. Blockchain systems have gained momentum in various spheres of technology deployment…

Blokchain is a promising technology to enable distributed and reliable data sharing at the network edge. The high security in blockchain is undoubtedly a critical factor for the network to handle important data item. On the other hand,…

Blockchain is a novel technology that is rising a lot of interest in the industrial and re- search sectors because its properties of decentralisation, immutability and data integrity. Initially, the underlying consensus mechanism has been…

We study Nash-dynamics in the context of blockchain protocols. We introduce a formal model, within which one can assess whether the Nash dynamics can lead utility-maximizing participants to defect from the "honest" protocol operation,…

We investigate the time to consensus in Nakamoto blockchains. Specifically, we consider two competing growth processes, labeled \emph{honest} and \emph{adversarial}, and determine the time after which the honest process permananetly exceeds…

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…

Bitcoin mining presents a significant economic incentive for efficient hashing and broadcast of data, both parameters stemming from the Proofs of Work used to advance the network. This incentive has led to the development of Bitcoin…