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Effect of Miner Incentive on the Confirmation Time of Bitcoin Transactions
[article]
2021
arXiv
pre-print
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The analysis shows that smaller fee transactions exhibit higher waiting times, even with increasing the block size. Moreover, the miner transaction selection strategy impacts the final gain. ...
The backlog's arrival follows an inhomogeneous Poison process to the system that has infinite buffer capacity, and the service time is distributed exponentially, which removes N transactions at time. ...
Unlike the fee per byte case, when transactions have a very high fee, they see the same average waiting time, implying the block size has a more negligible effect on the confirmation time. 90% of the time ...
arXiv:2111.02725v1
fatcat:s3l3v7e2ujekloyhy7pckam7a4
Measurement and Analysis of the Bitcoin Networks: A View from Mining Pools
[article]
2019
arXiv
pre-print
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) and their effects on the Bitcoin end users (e.g., transaction fees, transaction delay and transaction acceptance rate). ...
a stage at which the Bitcoin incentives are inadequate for feeding the exponential growth of the computing resources. 4) The market price and transaction fees are not sensitive to the event of halving ...
Incentive Mechanism An incentive mechanism [24] , [27] is used to incent miners to work only on valid blocks so that invalid ones will be rejected, and eventually do not exist in the Bitcoin blockchain ...
arXiv:1902.07549v2
fatcat:gis74clzzje6pga34ge3tkhdne
Effect of Bitcoin fee on transaction-confirmation process
2017
Journal of Industrial and Management Optimization
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We also consider the effect of the maximum block size on the transaction-confirmation time. 2010 Mathematics Subject Classification. Primary: 68M20, 60K25; Secondary: 90B22. ...
We model the transaction-confirmation process of Bitcoin as a priority queueing system with batch service, deriving the mean transactionconfirmation time. ...
There exist many discussions about the effect of the maximum block size on the incentive of miners. ...
doi:10.3934/jimo.2018047
fatcat:vw56phmj3jbyvpkrv5anws7kpi
Effect of Bitcoin fee on transaction-confirmation process
[article]
2017
arXiv
pre-print
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We also consider the effect of the maximum block size on the transaction-confirmation time. ...
We model the transaction-confirmation process of Bitcoin as a priority queueing system with batch service, deriving the mean transaction-confirmation time. ...
Acknowledgment The first author would like to thank Prof. Tetsuya Takine of Osaka University for his valuable comment on the analysis of the queueing model in the paper. ...
arXiv:1604.00103v3
fatcat:vcyt2gzkyzd4digth5jb42buwm
Parallel Proof-of-Work with DAG-Style Voting and Targeted Reward Discounting
[article]
2023
arXiv
pre-print
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lower transaction confirmation latency, and higher resilience against incentive attacks. ...
This allows for a more targeted punishment of offending miners and, as we show through a reinforcement learning based attack search, makes the protocol even more resilient to incentive attacks. ...
We are aware of one recent exception, Tailstorm [12] , which improves on Bitcoin with respect to transaction confirmation latency, transaction throughput, and also resilience against incentive attacks ...
arXiv:2312.03111v1
fatcat:ercvidnzzrhqvpkotcmkw2ew5y
A Survey on Security and Privacy Issues of Bitcoin
2018
IEEE Communications Surveys and Tutorials
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2017 pre-print arXiv:1706.00916v2 fatcat:gjvxeig3s5d3lag4p3mqsetdaaOther Versions
The security of Bitcoin heavily relies on the incentive-compatible proof-of-work (PoW) based distributed consensus pro-tocol, which is run by network nodes called miners. ...
In exchangefor the incentive, the miners are expected to honestly maintainthe blockchain. ...
In terms of transaction time, the worst case is where the users have to wait for 10 minutes for the first confirmation as the mining process might involve the first time miners, else the time would be ...
doi:10.1109/comst.2018.2842460
fatcat:dueceve54nhlzdk3vrpmbb6oc4
Analysis of interaction between miner decision making and user action for incentive mechanism of bitcoin blockchain
2023
Frontiers in Blockchain
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In this paper, we develop a mathematical model for analyzing the interaction between miner decision making and user actions in terms of transaction fees, transaction-confirmation time, and security. ...
The reward for a winning miner consists of transaction fee and newly issued coins, and hence the amount of newly issued coins also affects the miner decision to participate in the mining competition. ...
Note also that the transaction-confirmation time affects the user incentive to join the blockchain service. ...
doi:10.3389/fbloc.2023.1067628
fatcat:64johvork5hq7cqii37lbmk3zm
A Note on the Workings of Bitcoin
2017
Journal of Business & Financial Affairs
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This increased transaction fee effectively make the reward for mining the block that the transaction is in bigger, making miners have an added incentive to race against each other to reap the additional ...
There is thus an incentive for bitcoin miners to work quickly if they were to reap the rewards of mining. ...
doi:10.4172/2167-0234.1000296
fatcat:wjohttctznauvlqmojt4a5gxce
Why Buy When You Can Rent?
[chapter]
2016
Lecture Notes in Computer Science
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The Bitcoin cryptocurrency introduced a novel distributed consensus mechanism relying on economic incentives. ...
The need for all miners to avoid short-term profits by accepting bribes further suggests a potential tragedy of the commons which has not yet been analyzed. ...
Furthermore it would require the confirmation time would need to grow linearly with the value of the transaction. ...
doi:10.1007/978-3-662-53357-4_2
fatcat:w7dfehdd4bdkvkx5trqky77itm
The Economics of Bitcoin Transaction Fees
2014
Social Science Research Network
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We study the economics of Bitcoin transaction fees in a simple static partial equilibrium model with the specificity that the system security is directly linked to the total computational power of miners ...
of Bitcoin in the long-term. ...
The blockchain is a public ledger that contains the full history of all the transactions in bitcoins ever processed. It is the role of miners to do this work of confirming and securing transactions. ...
doi:10.2139/ssrn.2400519
fatcat:qqa65vhtjnc7hpnddxucfllhx4
A Survey on Security Threats and Solutions of Bitcoin
2021
Journal of Cyber Security
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Finally, we summarized other security challenges and proposed further optimizations for the security of the bitcoin network. ...
attacks, EREBUS attacks, and so on. ...
The most effective way to prevent double spending is to wait for confirmation of multiple blocks, and transaction with six block confirmations is considered stable. ...
doi:10.32604/jcs.2021.016349
fatcat:whjofeiicbd3bmnqaf7l6nqtbu
Collusion attacks and fair time-locked deposits for fast-payment transactions in Bitcoin1
2019
Journal of Computer Security
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We analyze the performance of deposits made for one transaction and show how the fair deposits work efficiently in Bitcoin. ...
We start with the protocols of making a deposit for one transaction. ...
We thank the associate editor and the two reviewers whose insightful comments and suggestions helped improve and clarify this manuscript. ...
doi:10.3233/jcs-191274
fatcat:7qfa2lze7vf47apqnsxq6foaz4
Incentive Compatibility on the Blockchain
2018
Social Science Research Network
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These constraints put restrictions on the design of a blockchain and, thus, play a role akin to incentive compatibility constraints in classic mechanism design. ...
Ruling out incentives to cheat can be summarized in the form of a "no double-spending constraint." ...
Acknowledgements We thank our discussant, Larry Glosten, the audience of the RFS FinTech conference, two anonymous referees and the editor for their comments. ...
doi:10.2139/ssrn.3221233
fatcat:sgld74onivfdrh6a7xi6d7jlva
The Economics of Cryptocurrencies Bitcoin and Beyond
2017
Social Science Research Network
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We formalize this insight through an incentive constraint that rules out double spending and pins down the welfare costs of a cryptocurrency. ...
We estimate that Bitcoin generates a large welfare loss that is about 500 times as large as a monetary economy with 2% inflation. ...
Acknowledgements The views expressed in this paper are not necessarily the views of the Bank of Canada. ...
doi:10.2139/ssrn.3048124
fatcat:7jnrdsuwczg5dm7obyuck4qx54
ForkDec: Accurate Detection for Selfish Mining Attacks
2021
Security and Communication Networks
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Incentive mechanism is the key to the success of the Bitcoin system as a permissionless blockchain. ...
We propose the ForkDec, a high-accuracy system for selfish mining detection based on the fully connected neural network, for the purpose of effectively deterring selfish attackers. ...
Incentive mechanism is central to the functionality of Bitcoin, which ensures the security and liveness of Bitcoin by encouraging a large number of honest miners to participate in the consensus process ...
doi:10.1155/2021/5959698
fatcat:z7hw56c6lfgdjcr4tvqul3udue
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