Research Perspectives and Challenges for Bitcoin and ...

Echoes of the Past: Recovering Blockchain Metrics From Merged Mining

Cryptology ePrint Archive: Report 2018/1134
Date: 2018-11-22
Author(s): Nicholas Stifter, Philipp Schindler, Aljosha Judmayer, Alexei Zamyatin, Andreas Kern, Edgar Weippl

Link to Paper


Abstract
So far, the topic of merged mining has mainly been considered in a security context, covering issues such as mining power centralization or crosschain attack scenarios. In this work we show that key information for determining blockchain metrics such as the fork rate can be recovered through data extracted from merge mined cryptocurrencies. Specifically, we reconstruct a long-ranging view of forks and stale blocks in Bitcoin from its merge mined child chains, and compare our results to previous findings that were derived from live measurements. Thereby, we show that live monitoring alone is not sufficient to capture a large majority of these events, as we are able to identify a non-negligible portion of stale blocks that were previously unaccounted for. Their authenticity is ensured by cryptographic evidence regarding both, their position in the respective blockchain, as well as the Proof-of-Work difficulty.
Furthermore, by applying this new technique to Litecoin and its child cryptocur rencies, we are able to provide the first extensive view and lower bound on the stale block and fork rate in the Litecoin network. Finally, we outline that a recovery of other important metrics and blockchain characteristics through merged mining may also be possible.

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CLoTH: a Simulator for HTLC Payment Networks

arXiv:1812.09940
Date: 2018-12-27
Author(s): Marco Conoscenti, Antonio Vetrò, Juan Carlos De Martin, Federico Spini, Fabio Castaldo, Sebastiano Scròfina

Link to Paper


Abstract
The Lightning Network (LN) is one of the most promising off-chain scaling solutions for Bitcoin, as it enables off-chain payments which are not subject to the well-known blockchain scalability limit. In this work, we introduce CLoTH, a simulator for HTLC payment networks, of which LN is the best working example. It simulates input-defined payments on an input-defined HTLC network and produces performance measures in terms of payment-related statistics, such as time to complete payments and probability of payment failure. CLoTH helps to predict issues that might arise in the development of an HTLC payment network, and to estimate the effects of an optimisation before deploying it. In upcoming works we'll publish the results of CLoTH simulations.

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submitted by dj-gutz to myrXiv [link] [comments]

Flux: Revisiting Near Blocks for Proof-of-Work Blockchains

Cryptology ePrint Archive: Report 2018/415
Date: 2018-05-29
Author(s): Alexei Zamyatin∗, Nicholas Stifter, Philipp Schindler, Edgar Weippl, William J. Knottenbelt∗

Link to Paper


Abstract
The term near or weak blocks describes Bitcoin blocks whose PoW does not meet the required target difficulty to be considered valid under the regular consensus rules of the protocol. Near blocks are generally associated with protocol improvement proposals striving towards shorter transaction confirmation times. Existing proposals assume miners will act rationally based solely on intrinsic incentives arising from the adoption of these changes, such as earlier detection of blockchain forks.
In this paper we present Flux, a protocol extension for proof-of-work blockchains that leverages on near blocks, a new block reward distribution mechanism, and an improved branch selection policy to incentivize honest participation of miners. Our protocol reduces mining variance, improves the responsiveness of the underlying blockchain in terms of transaction processing, and can be deployed without conflicting modifications to the underlying base protocol as a velvet fork. We perform an initial analysis of selfish mining which suggests Flux not only provides security guarantees similar to pure Nakamoto consensus, but potentially renders selfish mining strategies less profitable.

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Personalized Difficulty Adjustment for Countering the Double-Spending Attack in Proof-of-Work Consensus Protocols

arXiv:1807.02933
Date: 2018-07-09
Author(s): Chi-Ning Chou, Yu-Jing Lin, Ren Chen, Hsiu-Yao Chang, I-Ping Tu, Shih-wei Liao

Link to Paper


Abstract
Bitcoin is the first secure decentralized electronic currency system. However, it is known to be inefficient due to its proof-of-work (PoW) consensus algorithm and has the potential hazard of double spending. In this paper, we aim to reduce the probability of double spending by decreasing the probability of consecutive winning. We first formalize a PoW-based decentralized secure network model in order to present a quantitative analysis. Next, to resolve the risk of double spending, we propose the personalized difficulty adjustment (PDA) mechanism which modifies the difficulty of each participant such that those who win more blocks in the past few rounds have a smaller probability to win in the next round. To analyze the performance of the PDA mechanism, we observe that the system can be modeled by a high-order Markov chain. Finally, we show that PDA effectively decreases the probability of consecutive winning and results in a more trustworthy PoW-based system.

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Conversation With... Professor Edward Felten Stanislas Marion : Introduction au Bitcoin ECE Distinguished Lecture Series - Edward Felten - YouTube QUE PENSENT ANDREAS ANTONOPOULOS ET EDWARD SNOWDEN DU BITCOIN MAINTENANT ? Edward Felten and Joshua Kroll -- The State of Electronic Voting

Edward William Felten (born March 25, 1963) is the Robert E. Kahn Professor of Computer Science and Public Affairs at Princeton University, where he was also t… Edward Felten - Top podcast episodes (2020) Bitcoin and Cryptocurrency Technologies provides a comprehensive introduction to the revolutionary yet often misunderstood new technologies of digital currency. Whether you are a student, software developer, tech entrepreneur, or researcher in computer science, this authoritative and self-contained book tells you everything you need to know about the new global money for the Internet age. Research Perspectives and Challenges for Bitcoin and Cryptocurrencies Joseph Bonneau Andrew Miller Jeremy Clark Arvind Narayanan Joshua A. Kroll Edward W. Felten Abstract—Bitcoin has emerged as the most successful crypto-graphic currency in history. Within two years of its quiet launch in 2009, Bitcoin grew to comprise billions of dollars of economic value, even while the body of published ... Edward W. Felten is a Professor of Computer Science and Public Affairs at Princeton, and the founding Director of the Center for Information Technology Policy. In 2011‐12 he served as the first Chief Technologist at the U.S. Federal Trade Commission. His research interests include computer security and privacy, and technology law and policy. He has published more than 100 papers in the ... Arvind Narayanan, Joseph Bonneau, Edward Felten, Andrew Miller, Steven Goldfeder, Bitcoin and Cryptocurrency Technologies, Princeton: Princeton University Press (forthcoming), 2016. This textbook closely follows the video lectures in the course. The official and professionally done version of the book will be out this summer. Introduction to the book There’s a lot of excitement about Bitcoin ...

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Conversation With... Professor Edward Felten

Thanks for watching! For donations: Bitcoin - 1CpGMM8Ag8gNYL3FffusVqEBUvHyYenTP8 Edward W. Felten, Professor of Computer Science and Public Affairs at Princeton University, describes his experience in government, where he served as the first Chief Technologist at the Federal ... ETHDenver talk recorded Friday, February 14, 2020 Edward Felten, Offchain Labs. UT Computer Science 50th Anniversary Symposium keynote speaker Dr. Edward Felten shares some of the things he's learned as a computer scientist engaged in government. The right to be anonymous and privacy issues with social media; specifically Facebook. Felten is the founding director of the Center for Information Technology Policy at Princeton University ...

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