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Agreement with Satoshi – On the Formalization of Nakamoto Consensus

Cryptology ePrint Archive: Report 2018/400
Date: 2018-05-01
Author(s): Nicholas Stifter, Aljosha Judmayer, Philipp Schindler, Alexei Zamyatin, Edgar Weippl

Link to Paper


Abstract
The term Nakamoto consensus is generally used to refer to Bitcoin's novel consensus mechanism, by which agreement on its underlying transaction ledger is reached. It is argued that this agreement protocol represents the core innovation behind Bitcoin, because it promises to facilitate the decentralization of trusted third parties. Specifically, Nakamoto consensus seeks to enable mutually distrusting entities with weak pseudonymous identities to reach eventual agreement while the set of participants may change over time. When the Bitcoin white paper was published in late 2008, it lacked a formal analysis of the protocol and the guarantees it claimed to provide. It would take the scientific community several years before first steps towards such a formalization of the Bitcoin protocol and Nakamoto consensus were presented. However, since then the number of works addressing this topic has grown substantially, providing many new and valuable insights. Herein, we present a coherent picture of advancements towards the formalization of Nakamoto consensus, as well as a contextualization in respect to previous research on the agreement problem and fault tolerant distributed computing. Thereby, we outline how Bitcoin's consensus mechanism sets itself apart from previous approaches and where it can provide new impulses and directions to the scientific community. Understanding the core properties and characteristics of Nakamoto consensus is of key importance, not only for assessing the security and reliability of various blockchain systems that are based on the fundamentals of this scheme, but also for designing future systems that aim to fulfill comparable goals.

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

An Analysis of Attacks on Blockchain Consensus

arXiv:1610.07985
Date: 2016-11-20
Author(s): George Bissias, Brian Neil Levine, A. Pinar Ozisik, Gavin Andresen

Link to Paper


Abstract
We present and validate a novel mathematical model of the blockchain mining process and use it to conduct an economic evaluation of the double-spend attack, which is fundamental to all blockchain systems. Our analysis focuses on the value of transactions that can be secured under a conventional double-spend attack, both with and without a concurrent eclipse attack. Our model quantifies the importance of several factors that determine the attack's success, including confirmation depth, attacker mining power, and any confirmation deadline set by the merchant. In general, the security of a transaction against a double-spend attack increases roughly logarithmically with the depth of the block, made easier by the increasing sum of coin turned-over (between individuals) in the blocks, but more difficult by the increasing proof of work required. In recent blockchain data, we observed a median block turnover value of 6 BTC. Based on this value, a merchant requiring a single confirmation is protected against only attackers that can increase the current mining power by 1% or less. However, similar analysis shows that a merchant that requires a much longer 72 confirmations (~12 hours) will eliminate all potential profit for any double-spend attacker adding mining power less than 40% of the current mining power.

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  17. Pagnia, H., Vogt, H., Gaertner, F.: Fair Exchange. The Computer Journal, vol. 46, num. 1, p. 55, 2003. 46(1), 55–78 (2003)
  18. Poon, J., Dryja, T.: The Bitcoin Lightning Network: Scalable Off-Chain Instant Payments. http://www.lightning.network/lightning-network-paper.pdf (November 2015)
  19. Ron, D., Shamir, A.: Quantitative analysis of the full bitcoin transaction graph. In: Proc. Financial Crypto. pp. 6–24 (Apr 2013), http://doi.org/10.1007/978-3-642-39884-1_2
  20. Rosenfeld, M.: Analysis of hashrate-based double-spending. https://bitcoil.co.il/Doublespend.pdf (December 2012)
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  22. Sasson, E.B., Chiesa, A., Garman, C., Green, M., Miers, I., Tromer, E., Virza, M.: Zerocash: Decentralized anonymous payments from bitcoin. In: IEEE S&P. pp. 459–474 (2014), http://dx.doi.org/10.1109/SP.2014.36
  23. Sompolinsky, Y., Zohar, A.: Secure high-rate transaction processing in Bitcoin. Financial Cryptography and Data Security (2015), http://doi.org/10.1007/978-3-662-47854-7_32
  24. Sompolinsky, Y., Zohar, A.: Bitcoin’s Security Model Revisited. https://arxiv.org/abs/1605.09193 (May 2016)
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submitted by dj-gutz to myrXiv [link] [comments]

Bitcoin-NG: A Scalable Blockchain Protocol

arXiv:1510.02037
Date: 2015-11-11
Author(s): Ittay Eyal, Adem Efe Gencer, Emin Gun Sirer, Robbert van Renesse

Link to Paper


Abstract
Cryptocurrencies, based on and led by Bitcoin, have shown promise as infrastructure for pseudonymous online payments, cheap remittance, trustless digital asset exchange, and smart contracts. However, Bitcoin-derived blockchain protocols have inherent scalability limits that trade-off between throughput and latency and withhold the realization of this potential.This paper presents Bitcoin-NG, a new blockchain protocol designed to scale. Based on Bitcoin's blockchain protocol, Bitcoin-NG is Byzantine fault tolerant, is robust to extreme churn, and shares the same trust model obviating qualitative changes to the ecosystem.In addition to Bitcoin-NG, we introduce several novel metrics of interest in quantifying the security and efficiency of Bitcoin-like blockchain protocols. We implement Bitcoin-NG and perform large-scale experiments at 15% the size of the operational Bitcoin system, using unchanged clients of both protocols. These experiments demonstrate that Bitcoin-NG scales optimally, with bandwidth limited only by the capacity of the individual nodes and latency limited only by the propagation time of the network.

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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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Solar Eclipse, Mercury RETRO, Bitcoin Cash, War - what's it all mean? SOLAR ECLIPSE DAY & SHOPPING FOR POS COINS! Eclipse (JAVA) : Rekursion : Einstieg (1/3)  Eclipse Turorial Eclipse Attacks on Bitcoin’s Peer-to-Peer Network (USENIX 2015) MyEtherWallet Tutorial  Ethereum To The Moon During The Eclipse

This tutorial will teach you blockchain technology, the driving force behind the cryptocurrency, Bitcoin. You will learn various aspects of cryptography, process of creating and chaining Blocks, Network & Mining and many other concepts associated with blockchain technology including designing of a blockchain network. 4.Here is a video from Youtu, teaching how to use eclipse IDE to create a Maven project and run it in the IDE. 5.Moreover, here is the tutorial from Maven official website showing that how to create, compile and run a Maven project using only command line. The Eclipse Foundation - home to a global community, the Eclipse IDE, Jakarta EE and over 375 open source projects, including runtimes, tools and frameworks. Setting up Eclipse as your IDE for Bitcoin C++ development on MacOSX. If you are a Java developer used to the productivity levels achieved by working with eclipse’s code navigation, code completion and refactoring tools, it’s worth your time staying in eclipse for any sort of C++ development. This post refers specifically to getting your eclipse environment to work with a particular C++ ... Research on eclipse attack was started by Ethan Heilman, Alison Kendler, Aviv Zohar, and Sharon Goldberg in 2015. Their research illustrated the first attack against Bitcoin’s peer-to-peer network by controlling hundreds of nodes, which is modeled as an unstructured random graph in their research paper.

[index] [29098] [4299] [26970] [28575] [35232] [33899] [37255] [34464] [18274] [6334]

Solar Eclipse, Mercury RETRO, Bitcoin Cash, War - what's it all mean?

TBC pays a compound of 5% daily and here is a calculator so you can figure out what your TBC will be worth in just weeks! This is one crypto you will not want to miss out on! BitClub Network is ... This video is unavailable. Watch Queue Queue We present eclipse attacks on bitcoin’s peer-to-peer network. Our attack allows an adversary controlling a sufficient number of IP addresses to monopolize all connections to and from a victim ... This is the first part of a more technical talk where Andreas explores Bitcoin script, with examples from the 2nd edition of Mastering Bitcoin, focusing on t... Total Solar Eclipse by AstrologyChick (me) https://steemit.com/news/@astrologychick/the-biggest-event-of-your-life-bitcoin-silver-and-an-eclipse-astrology-fo...

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