• Corpus ID: 235358992

Modeling Coordinated vs. P2P Mining: An Analysis of Inefficiency and Inequality in Proof-of-Work Blockchains

  title={Modeling Coordinated vs. P2P Mining: An Analysis of Inefficiency and Inequality in Proof-of-Work Blockchains},
  author={Mohamed Alzayat and Johnnatan Messias and Balakrishnan Chandrasekaran and Krishna P. Gummadi and Patrick Loiseau},
We study efficiency in a proof-of-work blockchain with non-zero latencies, focusing in particular on the (inequality in) individual miners’ efficiencies. Prior work attributed differences in miners’ efficiencies mostly to attacks, but we pursue a different question: Can inequality in miners’ efficiencies be explained by delays, even when all miners are honest? Traditionally, such efficiency-related questions were tackled only at the level of the overall system, and in a peer-to-peer (P2P… 


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