Is Bitcoin a Decentralized Currency
Arthur Gervais,Ghassan Karame,Vedran Capkun,Srdjan Capkun +3 more
- Vol. 12, Iss: 3, pp 54-60
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TLDR
A limited set of entities controls Bitcoin's services, decision-making, mining, and incident resolution processes, bypassing the will of the multitude of users that populate the network.Abstract:
Bitcoin has achieved popularity by promising users a fully decentralized, low-cost virtual currency system. However, a limited set of entities controls Bitcoin's services, decision-making, mining, and incident resolution processes. These entities can decide Bitcoin's fate, bypassing the will of the multitude of users that populate the network.read more
Citations
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Proceedings ArticleDOI
On the Security and Performance of Proof of Work Blockchains
TL;DR: This paper introduces a novel quantitative framework to analyse the security and performance implications of various consensus and network parameters of PoW blockchains and devise optimal adversarial strategies for double-spending and selfish mining while taking into account real world constraints.
Journal ArticleDOI
Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies
TL;DR: This survey unroll and structure the manyfold results and research directions of Bitcoin, and deduce the fundamental structures and insights at the core of the Bitcoin protocol and its applications.
Book ChapterDOI
The Quest for Scalable Blockchain Fabric: Proof-of-Work vs. BFT Replication
TL;DR: In the early days of Bitcoin, the performance of its probabilistic proof-of-work (PoW) based consensus fabric, also known as blockchain, was not a major issue, and Bitcoin became a success story, despite its consensus latencies on the order of an hour and the theoretical peak throughput of only up to 7 transactions per second.
Proceedings ArticleDOI
SoK: Research Perspectives and Challenges for Bitcoin and Cryptocurrencies
Joseph Bonneau,Joseph Bonneau,Joseph Bonneau,Andrew Miller,Jeremy Clark,Arvind Narayanan,Joshua A. Kroll,Edward W. Felten +7 more
TL;DR: In this paper, the authors provide a systematic exposition of Bit coin and the many related crypto currencies or "altcoins" and identify three key components of BitCoin's design that can be decoupled, which enables a more insightful analysis of Bitcoin's properties and future stability.
Proceedings ArticleDOI
OmniLedger: A Secure, Scale-Out, Decentralized Ledger via Sharding
Eleftherios Kokoris-Kogias,Philipp Jovanovic,Linus Gasser,Nicolas Gailly,Ewa Syta,Bryan Ford +5 more
TL;DR: OmniLedger ensures security and correctness by using a bias-resistant public-randomness protocol for choosing large, statistically representative shards that process transactions, and by introducing an efficient cross-shard commit protocol that atomically handles transactions affecting multiple shards.
References
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Proceedings ArticleDOI
Information propagation in the Bitcoin network
TL;DR: This paper analyzes how Bitcoin uses a multi-hop broadcast to propagate transactions and blocks through the network to update the ledger replicas, and verifies the conjecture that the propagation delay in the network is the primary cause for blockchain forks.
Book ChapterDOI
Quantitative Analysis of the Full Bitcoin Transaction Graph
Dorit Ron,Adi Shamir +1 more
TL;DR: In this article, a variety of interesting questions about the typical behavior of Bitcoin users, including how they acquire and how they spend their bitcoins, the balance of bitcoins they keep in their accounts, how they move bitcoins between their various accounts in order to better protect their privacy.
Proceedings ArticleDOI
An Analysis of Anonymity in the Bitcoin System
Fergal Reid,Martin Harrigan +1 more
TL;DR: It is shown that the two networks derived from Bitcoin's public transaction history have a non-trivial topological structure, provide complementary views of the Bit coin system and have implications for anonymity.
Posted Content
An Analysis of Anonymity in the Bitcoin System
Fergal Reid,Martin Harrigan +1 more
TL;DR: In this article, the authors consider the topological structure of two networks derived from Bitcoin's public transaction history and combine these structures with external information and techniques such as context discovery and flow analysis to investigate an alleged theft of Bitcoins.
Book ChapterDOI
Evaluating User Privacy in Bitcoin
TL;DR: This research examines the use of pseudonymity in the Bitcoin network, and the role that it plays in the development of trust and confidence in the system.