• Corpus ID: 8197095

Accelerating Bitcoin's Transaction Processing. Fast Money Grows on Trees, Not Chains

@article{Sompolinsky2013AcceleratingBT,
  title={Accelerating Bitcoin's Transaction Processing. Fast Money Grows on Trees, Not Chains},
  author={Yonatan Sompolinsky and Aviv Zohar},
  journal={IACR Cryptol. ePrint Arch.},
  year={2013},
  volume={2013},
  pages={881}
}
Bitcoin is a potentially disruptive new crypto-currency based on a decentralized opensource protocol which is gradually gaining popularity. Perhaps the most important question that will affect Bitcoin’s success, is whether or not it will be able to scale to support the high volume of transactions required from a global currency system. We investigate the restrictions on the rate of transaction processing in Bitcoin as a function of both the bandwidth available to nodes and the network delay… 

Figures from this paper

A Survey on Security and Privacy Issues of Bitcoin

This paper presents a systematic survey that covers the security and privacy aspects of Bitcoin, and reviews the existing vulnerabilities in Bitcoin and its major underlying technologies such as blockchain and PoW-based consensus protocol.

Speed-Security Tradeo s in Blockchain Protocols

This work investigates the tradeo between provable security and transaction processing speed viewing the latter as a function of the block generation rate, and introduces a new formal property of blockchain protocols, called chain growth, and shows it is fundamental for arguing the security of a robust transaction ledger.

SoK: Research Perspectives and Challenges for Bitcoin and Cryptocurrencies

This work identifies three key components of Bit coin's design that can be decoupled, and maps the design space for numerous proposed modifications, providing comparative analyses for alternative consensus mechanisms, currency allocation mechanisms, computational puzzles, and key management tools.

perspectives on Bitcoin and second-generation cryptocurrencies

This work provides the first systematic exposition of the second generation of cryptocurrencies, including Bitcoin and the many alternatives that have been implemented as alternate protocols or “altcoins,” and identifies three general disintermediation strategies and provides a detailed comparative cost analysis.

A Secure Sharding Protocol For Open Blockchains

ELASTICO is the first candidate for a secure sharding protocol with presence of byzantine adversaries, and scalability experiments on Amazon EC2 with up to $1, 600$ nodes confirm ELASTICO's theoretical scaling properties.

Fairness and Efficiency in DAG-based Cryptocurrencies

This work shows that even in a scenario where every miner on the system is honest in terms of when they publish blocks, what they point to, and what transactions each block contains, fairness and efficiency of the ledger can break down at specific hash rates if miners have differing levels of connectivity to the P2P network sustaining the protocol.

Evaluation of security and performance of clustering in the Bitcoin network, with the aim of improving the consistency of the Blockchain

This thesis evaluates the resistance of the Bitcoin network and the proposed approaches against the partitioning attack, and shows that MNBC is more effective at reducing the transaction propagation delay compared to the BCBPT, LBC, and BCBSN.

Investigating Orphan Transactions in the Bitcoin Network

This work seeks to methodically research the nature and impact of orphan transactions through a measurement campaign on live Bitcoin nodes, finding that orphan transactions tend to have fewer parents on average than non-orphan transactions, and their missing parents have a lower fee, larger size, and lower transaction fee per byte than all other received transactions.

Bitcoin-NG: A Scalable Blockchain Protocol

This paper implements Bitcoin-NG, a new blockchain protocol designed to scale, which is Byzantine fault tolerant, is robust to extreme churn, and shares the same trust model obviating qualitative changes to the ecosystem.

Hijacking Routes in Payment Channel Networks: A Predictability Tradeoff

This paper identifies and analyzes, a novel Denial-of-Service attack which is based on route hijacking, i.e., which exploits the way transactions are routed and executed along the created channels of the network.
...

References

SHOWING 1-10 OF 17 REFERENCES

Double-spending fast payments in bitcoin

It is shown that, unless appropriate detection techniques are integrated in the current Bitcoin implementation, double-spending attacks on fast payments succeed with overwhelming probability and can be mounted at low cost.

Bitcoin: A Peer-to-Peer Electronic Cash System

This work proposes a solution to the double-spending problem using a peer-to-peer network, where the network timestamps transactions by hashing them into an ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof- of-work.

Zerocoin: Anonymous Distributed E-Cash from Bitcoin

Zerocoin is proposed, a cryptographic extension to Bitcoin that augments the protocol to allow for fully anonymous currency transactions and uses standard cryptographic assumptions and does not introduce new trusted parties or otherwise change the security model of Bitcoin.

An Analysis of Anonymity in the Bitcoin System

  • F. ReidMartin Harrigan
  • Computer Science, Mathematics
    2011 IEEE Third Int'l Conference on Privacy, Security, Risk and Trust and 2011 IEEE Third Int'l Conference on Social Computing
  • 2011
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.

Analysis of Hashrate-Based Double Spending

A look at the stochastic processes underlying typical attacks and their resulting probabilities of success in Bitcoin.

Quantitative Analysis of the Full Bitcoin Transaction Graph

This paper answers for the first time a variety of interesting questions about the typical behavior of users, how they acquire and how they spend their bitcoins, the balance of bitcoins they keep in their accounts, andHow they move bitcoins between their various accounts in order to better protect their privacy.

Purely P2P Crypto-Currency With Finite Mini-Blockchain

This paper will describe the way in which these three mechanisms can work together to form a system which provides a high level of integrity and security, yet is much slimmer than all other purely P2P currencies.

Information propagation in the Bitcoin network

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.

Majority Is Not Enough: Bitcoin Mining Is Vulnerable

The Bitcoin cryptocurrency records its transactions in a public log called the blockchain, and conventional wisdom asserts that the mining protocol is incentive-compatible and secure against colluding minority groups.

Evaluating User Privacy in Bitcoin

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.