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To address the large amount of energy wasted by blockchains, we propose a decentralized consensus protocol for blockchains in which the computation can be used to search for good approximate solutions to any optimization problem. Our…
Blockchains have attracted a great deal of attention as a technology for the distributed management of register information at multiple nodes without a centralized system. However, they possess the drawbacks of low transaction throughput…
Blockchain systems run consensus rules as code to agree on the state of the distributed ledger and secure the network. Changing these rules can be risky and challenging. In addition, it can often be controversial and take much effort to…
The present dissertation addresses the problem of fairly distributing shared resources in non-commercial blockchain networks. Blockchains are distributed systems that order and timestamp records of a given network of users, in a public,…
Abrupt changes in the miner hash rate applied to a proof-of-work (PoW) blockchain can adversely affect user experience and security. Because different PoW blockchains often share hashing algorithms, miners face a complex choice in deciding…
We investigate the relationship between underlying blockchain mechanism of cryptocurrencies and its distributional characteristics. In addition to price, we emphasise on using actual block size and block time as the operational features of…
This paper opts to mitigate the energy-inefficiency of the Blockchain Proof-of-Work (PoW) consensus algorithm by rationally repurposing the power spent during the mining process. The original PoW mining scheme is designed to consider one…
It is interesting but difficult and challenging to study Ethereum with multiple mining pools. One of the main difficulties comes from not only how to represent such a general tree with multiple block branches (or sub-chains) related to the…
Bitcoin is the first and the most extensive decentralized electronic cryptocurrency system that uses blockchain technology. It uses a peer-to-peer (P2P) network to operate without a central authority and propagate system information such as…
Despite their development for over a decade, a key problem blockchains are still facing is scalability in terms of throughput, typically limited to a few transactions per second. A fundamental factor limiting this metric is the propagation…
In this paper, the authors propose to increase the efficiency of blockchain mining by using a population-based approach. Blockchain relies on solving difficult mathematical problems as proof-of-work within a network before blocks are added…
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…
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…
The wide success of Bitcoin has led to a huge surge of alternative cryptocurrencies (altcoins). Most altcoins essentially fork Bitcoin's code with minor modifications, such as the number of coins to be minted, the block size, and the block…
Bitcoin is a decentralised digital currency that serves as an alternative to existing transaction systems based on an external central authority for security. Although Bitcoin has many desirable properties, one of its fundamental…
Cryptocurrencies have gained popularity due to their transparency, security, and accessibility compared to traditional financial systems, with Bitcoin, introduced in 2009, leading the market. Bitcoin's security relies on blockchain…
Blockchain plays a crucial role in ensuring the security and integrity of decentralized systems, with the proof-of-work (PoW) mechanism being fundamental for achieving distributed consensus. As PoW blockchains see broader adoption, an…
Blockchains revolutionized centralized sectors like banking and finance by promoting decentralization and transparency. In a blockchain, information is transmitted through transactions issued by participants or applications. Miners…
Mining blocks in a blockchain using the \textit{Proof-of-Work} consensus protocol involves significant risk, as network participants face continuous operational costs while earning infrequent capital gains upon successfully mining a block.…
Blockchain and general purpose distributed ledgers are foundational technologies which bring significant innovation in the infrastructures and other underpinnings of our socio-economic systems. These P2P technologies are able to securely…