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The BIX protocol is a blockchain-based protocol that allows distribution of certificates linking a subject with his public key, hence providing a service similar to that of a PKI but without the need of a CA. In this paper we analyze the…

This paper introduces a family of leaderless Byzantine fault tolerance protocols, built around a metastable mechanism via network subsampling. These protocols provide a strong probabilistic safety guarantee in the presence of Byzantine…

Blockchains rely on a consensus among participants to achieve decentralization and security. However, reaching consensus in an online, digital world where identities are not tied to physical users is a challenging problem. Proof-of-work…

Blockchain consensus is a state whereby each node in a network agrees on the current state of the blockchain. Existing protocols achieve consensus via a contest or voting procedure to select one node as a dictator to propose new blocks.…

Blockchain technology emerged with the advent of Bitcoin and rapidly developed over the past few decades, becoming widely accepted and known by the public. However, in the past decades, the massive adoption of blockchain technology has yet…

Blockchain, the technology behind the popular Bitcoin, is considered a "security by design" system as it is meant to create security among a group of distrustful parties yet without a central trusted authority. The security of blockchain…

Bitcoin is the most popular cryptocurrency used worldwide. It provides pseudonymity to its users by establishing identity using public keys as transaction end-points. These transactions are recorded on an immutable public ledger called…

The application of Bitcoin enables people to understand blockchain technology gradually. Bitcoin is a decentralized currency that does not rely on third-party credit institutions, and the core of Bitcoin's underlying technology is…

A typical blockchain protocol uses consensus to make sure that mutually mistrusting users agree on the order in which their operations on shared data are executed. However, it is known that asset transfer systems, by far the most popular…

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…

We revisit the fundamental question of Bitcoin's security against double spending attacks. While previous work has bounded the probability that a transaction is reversed, we show that no such guarantee can be effectively given if the…

Blockchain (BC), the technology behind the Bitcoin cryptocurrency system, is starting to be adopted for ensuring enhanced security and privacy in the Internet of Things (IoT) ecosystem. Fervent research is currently being focused in both…

As the first decentralized digital currency introduced in 2009 together with the blockchain, Bitcoin offers new opportunities both for developed and developing countries. Bitcoin peer-to-peer transactions are independent of the banking…

Resource-based consensus is the backbone of permissionless distributed ledger systems. The security of such protocols relies fundamentally on the level of resources actively engaged in the system. The variety of different resources (and…

We study to what extent the Bitcoin blockchain security permanently depends on the underlying distribution of cryptocurrency market outcomes. We use daily blockchain and Bitcoin data for 2014-2019 and employ the ARDL approach. We test three…

The security of most existing cryptocurrencies is based on a concept called Proof-of-Work, in which users must solve a computationally hard cryptopuzzle to authorize transactions (`one unit of computation, one vote'). This leads to enormous…

Bitcoins have recently become an increasingly popular cryptocurrency through which users trade electronically and more anonymously than via traditional electronic transfers. Bitcoin's design keeps all transactions in a public ledger. The…

Blockchain was mainly introduced for secure transactions in connection with the mining of cryptocurrency Bitcoin. This article discusses the fundamental concepts of blockchain technology and its components, such as block header,…

The Bitcoin transaction graph is a public data structure organized as transactions between addresses, each associated with a logical entity. In this work, we introduce a complete probabilistic model of the Bitcoin Blockchain. We first…

Proof-of-work allows Bitcoin to boast security amidst arbitrary fluctuations in participation of miners throughout time, so long as, at any point in time, a majority of hash power is honest. In recent years, however, the pendulum has…