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Bitcoin is the first implementation of what has become known as a 'public permissionless' blockchain. Guaranteeing security and protocol conformity through its elegant combination of cryptographic assurances and game theoretic economic…
The blockchain technology enables mutually untrusting participants to reach consensus on the state of a distributed and decentralized ledger (called a blockchain) in a permissionless setting. The consensus protocol of the blockchain imposes…
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…
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…
Bitcoin is an immutable permissionless blockchain system that has been extensively used as a public bulletin board by many different applications that heavily relies on its immutability. However, Bitcoin's immutability is not without its…
The blockchain has found numerous applications in many areas with the expectation to significantly enhance their security. The Internet of things (IoT) constitutes a prominent application domain of blockchain, with a number of architectures…
This paper extends the blockchain sustainability framework of Budish (2018) to consider proof of stake (in addition to proof of work) consensus mechanisms and permissioned (where the number of nodes are fixed) networks. It is demonstrated…
Blockchain technology enables stakeholders to conduct trusted data sharing and exchange without a trusted centralized institution. These features make blockchain applications attractive to enhance trustworthiness in very different contexts.…
Bitcoin is the first successful decentralized global digital cash system. Its mining process requires intense computational resources, therefore its usefulness remains a disputable topic. We aim to solve three problems with Bitcoin and…
Bitcoin is the most successful cryptocurrency so far. This is mainly due to its novel consensus algorithm, which is based on proof-of-work combined with a cryptographically-protected data structure and a rewarding scheme that incentivizes…
Permissionless blockchain consensus protocols have been designed primarily for defining decentralized economies for the commercial trade of assets, both virtual and physical, using cryptocurrencies. In most instances, the assets being…
Blockchain is currently one of the fastest-growing technologies in the field of Computer Science. It has found a prevalent use in financial applications like cryptocurrency, for example, Bitcoin and Ethereum. They have been able to bring an…
The purpose of a consensus protocol is to keep a distributed network of nodes "in sync," even in the presence of an unpredictable communication network and adversarial behavior by some of the participating nodes. In the permissionless…
The Bitcoin cryptocurrency records its transactions in a public log called the blockchain. Its security rests critically on the distributed protocol that maintains the blockchain, run by participants called miners. Conventional wisdom…
Cryptocurrencies are poised to revolutionize the modern economy by democratizing commerce. These currencies operate on top of blockchain-based distributed ledgers. Existing permissionless blockchain-based protocols offer unparalleled…
The core premise of permissionless blockchains is their reliable and secure operation without the need to trust any individual agent. At the heart of blockchain consensus mechanisms is an explicit cost (whether work or stake) for…
Censorship resistance with short-term inclusion guarantees is an important feature of decentralized systems, missing from many state-of-the-art and even deployed consensus protocols. In leader-based protocols the leader arbitrarily selects…
Consensus is unnecessary when the truth is available. In this paper, we present a new perspective of rebuilding the blockchain without consensus. When the consensus phase is eliminated from a blockchain, transactions could be canonized…
Consensus protocols have traditionally been studied in a setting where all participants are known to each other from the start of the protocol execution. In the parlance of the 'blockchain' literature, this is referred to as the…
Modern societies have adopted government-issued fiat currencies many of which exist today mainly in the form of digits in credit and bank accounts. Fiat currencies are controlled by central banks for economic stimulation and stabilization.…