Majority Is Not Enough: Bitcoin Mining Is Vulnerable

@inproceedings{Eyal2013MajorityIN,
  title={Majority Is Not Enough: Bitcoin Mining Is Vulnerable},
  author={Ittay Eyal and Emin G{\"u}n Sirer},
  booktitle={Financial Cryptography},
  year={2013}
}
  • Ittay EyalE. Sirer
  • Published in Financial Cryptography 1 November 2013
  • Computer Science, Mathematics
The Bitcoin cryptocurrency records its transactions in a public log called the blockchain. Its security rests critically on the distributed protocol that maintains the blockchain, run by participants called miners. Conventional wisdom asserts that the mining protocol is incentive-compatible and secure against colluding minority groups, that is, it incentivizes miners to follow the protocol as prescribed. 

Tendermint : Consensus without Mining

  • Jae Kwon
  • Computer Science, Mathematics
  • 2014
A solution to the blockchain consensus problem that does not require mining is proposed by adapting an existing problem to the Byzantine Generals Problem.

Majority is not enough

This work shows that the Bitcoin mining protocol is not incentive-compatible, and proposes a practical modification to the Bitcoin protocol that protects Bitcoin in the general case, and prohibits selfish mining by a coalition that command less than 1/4 of the resources.

The Fallacy of Selfish Mining in Bitcoin: A Mathematical Critique

It is proved that not only is the proposed selfish mining attack economically infeasible for any group size of colluding miners but also that no such attack can be formulated and no “gambling scheme” or system can be constructed to increase the odds of calculating a block.

A Distributed Blockchain Model of Selfish Mining

This paper models the behaviour of honest and selfish mining pools in Uppaal and does not assume a single view of the blockchain but does include the presence of network delay.

Tomen: Application of Bitcoin Transaction Based on Tor

Tomen is proposed, an encryption application for the communication process in the bitcoin transaction process, combined with the encryption principle method of Tor to achieve the application of the anonymization of bitcoin transaction communication.

Digital Gold or Lead?

This article will use game theory and auction theory methods to determine whether the Bitcoin protocol is a viable payment system, or is it just another “Tulip Mania” trend that will eventually disappear.

Doppelganger in Bitcoin Mining Pools: An Analysis of the Duplication Share Attack

Mining pools, consisting of a number of miners, have become major players compared with solo miners as the difficulty of proof-of-work is increasing.

Contractvm : decentralized applications on Bitcoin

Overall, it is concluded that applications running over the Contractvm framework are reliable whenever the honest nodes hold the majority of the total hashing power of the Bitcoin network.

Security of the Blockchain against Long Delay Attack

It is proved that the blockchain is secure against long delay attacks with \(\varDelta \ge 1/np\) in an asynchronous network.

Analysis of Bitcoin Vulnerability to Bribery Attacks Launched Through Large Transactions

A novel bribery attack is designed and it is shown that this guarantee to prevent double-spending can be hugely undermined, showing how vulnerable blockchain-based systems like Bitcoin are.
...

References

SHOWING 1-10 OF 12 REFERENCES

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.

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.

The Economics of Bitcoin Mining, or Bitcoin in the Presence of Adversaries

It is argued that Bitcoin will require the emergence of governance structures, contrary to the commonly held view in the Bitcoin community that the currency is ungovernable.

Bitter to Better - How to Make Bitcoin a Better Currency

An in-depth investigation is performed to understand what made Bitcoin so successful, while decades of research on cryptographic e-cash has not lead to a large-scale deployment.

PPCoin: Peer-to-Peer Crypto-Currency with Proof-of-Stake

Under this hybrid design proof-of-work mainly provides initial minting and is largely non-essential in the long run thus providing an energyefficient and more cost-competitive peer-to-peer crypto-currency.

Blind Signatures for Untraceable Payments

Automation of the way we pay for goods and services is already underway, as can be seen by the variety and growth of electronic banking services available to consumers. The ultimate structure of the

PPay: micropayments for peer-to-peer systems

PPay is presented, a micropayment system that exploits unique characteristics of P2P systems to maximize efficiency while maintaining security properties, and it is shown how the basic PPay protocol far outperforms existing micropayan schemes, while guaranteeing that all coin fraud is detectable, traceable and unprofitable.

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.

Analysis of Bitcoin Pooled Mining Reward Systems

The various scoring systems used to calculate rewards of participants in Bitcoin pooled mining are described, explain the problems each were designed to solve and analyze their respective advantages and disadvantages.

Dissipative polariton solitons: Proof of existence

The experimental observation of bright dissipative polariton solitons in a semiconductor microcavity excited on picosecond timescales paves the way for ultranarrow light–matter localization and