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IMPLEMENTATION AND ASSESSMENT OF THE REPUTATION-BASED MINING PARADIGM BY A COMPREHENSIVE SIMULATION
Title
IMPLEMENTATION AND ASSESSMENT OF THE REPUTATION-BASED MINING PARADIGM BY A COMPREHENSIVE SIMULATION.
Creator
Pourtahmasbi, Pouya, Nojoumian, Mehrdad, Florida Atlantic University, Department of Computer and Electrical Engineering and Computer Science, College of Engineering and Computer Science
Abstract/Description
Since the introduction of Bitcoin, numerous studies on Bitcoin mining attacks have been conducted, and as a result, many countermeasures to these attacks have been proposed. The reputation-based mining paradigm is a comprehensive countermeasure solution to this problem with the goal of regulating the mining process and preventing mining attacks. This is accomplished by incentivizing miners to avoid dishonest mining strategies using reward and punishment mechanisms. This model was validated...
Show moreSince the introduction of Bitcoin, numerous studies on Bitcoin mining attacks have been conducted, and as a result, many countermeasures to these attacks have been proposed. The reputation-based mining paradigm is a comprehensive countermeasure solution to this problem with the goal of regulating the mining process and preventing mining attacks. This is accomplished by incentivizing miners to avoid dishonest mining strategies using reward and punishment mechanisms. This model was validated solely based on game theoretical analyses and the real-world implications of this model are not known due to the lack of empirical data. To shed light on this issue, we designed a simulated mining platform to examine the effectiveness of the reputation-based mining paradigm through data analysis. We implemented block withholding attacks in our simulation and ran the following three scenarios: Reputation mode, non-reputation mode, and no attack mode. By comparing the results from these three scenarios, interestingly we found that the reputation-based mining paradigm decreases the number of block withholding attacks, and as a result, the actual revenue of individual miners becomes closer to their theoretical expected revenue. In addition, we observed that the confidence interval test can effectively detect block withholding attacks however, the test also results in a small number of false positive cases. Since the effectiveness of the reputation-based model relies on attack detection, further research is needed to investigate the effect of this model on other dishonest mining strategies.
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Date Issued
2021
PURL
http://purl.flvc.org/fau/fd/FA00013730
Subject Headings
Cryptocurrencies, Bitcoin, Blockchains (Databases)
Format
Document (PDF)
EVALUATING THE MARKET PERCEPTION OF PROOF OF WORK AND PROOF OF STAKE PROTOCOLS: A DIFFERENCE-IN-DIFFERENCE ANALYSIS
Title
EVALUATING THE MARKET PERCEPTION OF PROOF OF WORK AND PROOF OF STAKE PROTOCOLS: A DIFFERENCE-IN-DIFFERENCE ANALYSIS.
Creator
Mirsky, Nicolas Aaron, Luther, William, Florida Atlantic University, Department of Economics, College of Business
Abstract/Description
I assessed the impact of the Merge in Ethereum by analyzing the change in its market capitalization following the event. This study can provide insights into market preferences for proof-of-work versus proof-of-stake protocols. A difference-in-difference analysis was conducted, using Ethereum Classic as the control group and Ethereum as the treatment group to estimate the local average treatment effect following the Merge as the intervention. As a robustness check, the analysis was repeated...
Show moreI assessed the impact of the Merge in Ethereum by analyzing the change in its market capitalization following the event. This study can provide insights into market preferences for proof-of-work versus proof-of-stake protocols. A difference-in-difference analysis was conducted, using Ethereum Classic as the control group and Ethereum as the treatment group to estimate the local average treatment effect following the Merge as the intervention. As a robustness check, the analysis was repeated using the Top 100 cryptocurrencies as the control group. I find no evidence that the Merge improved the market capitalization of Ethereum relative to Ethereum Classic or the Top 100 cryptocurrencies.
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Date Issued
2024
PURL
http://purl.flvc.org/fau/fd/FA00014447
Subject Headings
Ethereum, Blockchains (Databases), Economics
Format
Document (PDF)
APPLICATION OF BLOCKCHAIN NETWORK FOR THE USE OF INFORMATION SHARING
Title
APPLICATION OF BLOCKCHAIN NETWORK FOR THE USE OF INFORMATION SHARING.
Creator
Zamir, Linir, Liu, Feng-Hao, Florida Atlantic University, College of Engineering and Computer Science, Department of Computer and Electrical Engineering and Computer Science
Abstract/Description
The Blockchain concept was originally developed to provide security in the Bitcoin cryptocurrency network, where trust is achieved through the provision of an agreed-upon and immutable record of transactions between parties. The use of a Blockchain as a secure, publicly distributed ledger is applicable to fields beyond finance, and is an emerging area of research across many other fields in the industry. This thesis considers the feasibility of using a Blockchain to facilitate secured...
Show moreThe Blockchain concept was originally developed to provide security in the Bitcoin cryptocurrency network, where trust is achieved through the provision of an agreed-upon and immutable record of transactions between parties. The use of a Blockchain as a secure, publicly distributed ledger is applicable to fields beyond finance, and is an emerging area of research across many other fields in the industry. This thesis considers the feasibility of using a Blockchain to facilitate secured information sharing between parties, where a lack of trust and absence of central control are common characteristics. Implementation of a Blockchain Information Sharing system will be designed on an existing Blockchain network with as a communicative party members sharing secured information. The benefits and risks associated with using a public Blockchain for information sharing will also be discussed.
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Date Issued
2019
PURL
http://purl.flvc.org/fau/fd/FA00013351
Subject Headings
Blockchains (Databases), Blockchains (Databases)--Industrial applications, Data encryption (Computer science), Personal data protection, Bitcoin
Format
Document (PDF)