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Blockchain protocols typically aspire to run in the permissionless setting, in which nodes are owned and operated by a large number of diverse and unknown entities, with each node free to start or stop running the protocol at any time. This…

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…

A proof of the security of the Bitcoin protocol is made rigorous, and simplified in certain parts. A computational model in which an adversary can delay transmission of blocks by time $\Delta$ is considered. The protocol is generalized to…

In this paper we give an elementary analysis of economics of Bitcoin that combines the transaction demand by the consumers and the supply of hashrate by miners. We argue that the decreasing block reward will have no significant effect on…

Blockchain as a promising technology is gaining its popularity ever since proof-of-work based Bitcoin came to the world. Nevertheless, Bitcoin achieves consensus at an expensive cost of energy. Proof-of-stake is one of the solutions for…

Cryptocurrencies such as Bitcoin are realized using distributed systems and hence critically rely on the performance and security of the interconnecting network. The requirements on these networks and their usage, however can differ…

In the cryptographic currency Bitcoin, all transactions are recorded in the blockchain - a public, global, and immutable ledger. Because transactions are public, Bitcoin and its users employ obfuscation to maintain a degree of financial…

Heretofore the concept of "blockchain" has not been precisely defined. Accordingly the potential useful applications of this technology have been largely inflated. This work sidesteps the question of what constitutes a blockchain as such…

Distributed Ledger Technologies (DLTs), when managed by a few trusted validators, require most but not all of the machinery available in public DLTs. In this work, we explore one possible way to profit from this state of affairs. We devise…

Recently, the blockchain technique was put in the spotlight as it introduced a systematic approach for multiple parties to reach consensus without needing trust. However, the application of this technique in practice is severely restricted…

Public permissionless blockchains facilitate peer-to-peer digital transactions, yet face performance challenges specifically minimizing transaction confirmation time to decrease energy and time consumption per transaction. Performance…

Blockchain based cryptocurrencies are usually unmanaged, distributed, consensus-based systems in which no single entity has control. Managed cryptocurrencies can be implemented using private blockchains but are fundamentally different as…

We propose a framework for threshold cryptosystems under a permissionless-economic model in which the participants are rational profit-maximizing entities. To date, threshold cryptosystems have been considered under permissioned settings…

Sidechain technology has been envisioned as a promising solution to accelerate today's public blockchains in terms of scalability and interoperability. By relying on the mainchain for security, different sidechains can formulate their own…

Blockchain technology has revolutionized the digital landscape, driving innovations across industries through its decentralized and transparent infrastructure. These networks are primarily categorized as public or private, based on user…

The Bitcoin Lightning Network (LN) is designed to improve the scalability of blockchain systems by using off-chain payment paths to settle transactions in a faster, cheaper, and more private manner. This work aims to empirically study LN's…

We argue that recent developments in proof-of-work consensus mechanisms can be used in accordance with advancements in formal verification techniques to build a distributed payment protocol that addresses important economic drawbacks from…

The success of blockchain as the underlying technology for cryptocurrencies has opened up possibilities for its use in other application domains as well. The main advantages of blockchain for its potential use in other domains are its…

The Ripple network is one of the most prominent blockchain platforms and its native XRP token currently has one of the highest cryptocurrency market capitalizations. The Ripple consensus protocol powers this network and is generally…

Decentralized Ledger Technology, popularized by the Bitcoin network, aims to keep track of a ledger of valid transactions between agents of a virtual economy without a central institution for coordination. In order to keep track of a…