arXiv:1807.02933 Date: submitted by
2018-07-09 Author(s): Chi-Ning Chou
, Yu-Jing Lin
, Ren Chen
, Hsiu-Yao Chang
, I-Ping Tu
, Shih-wei Liao
Bitcoin is the first secure decentralized electronic currency system. However, it is known to be inefficient due to its proof-of-work (PoW) consensus algorithm and has the potential hazard of double spending. In this paper, we aim to reduce the probability of double spending by decreasing the probability of consecutive winning. We first formalize a PoW-based decentralized secure network model in order to present a quantitative analysis. Next, to resolve the risk of double spending, we propose the personalized difficulty adjustment (PDA) mechanism which modifies the difficulty of each participant such that those who win more blocks in the past few rounds have a smaller probability to win in the next round. To analyze the performance of the PDA mechanism, we observe that the system can be modeled by a high-order Markov chain. Finally, we show that PDA effectively decreases the probability of consecutive winning and results in a more trustworthy PoW-based system.
 Satoshi Nakamoto, “Bitcoin: A peer-to-peer electronic cash system,” Consulted, vol. 1, no. 2012.
 Ephraim Feig, “A framework for blockchain-based applications,” arXiv preprint arXiv:1803.00892, 2018.
 Marta Piekarska Harry Halpin, “Introduction to security and privacy on the blockchain,” in Symposium on Security and Privacy Workshops, 2017 IEEE European Symposium on. IEEE, 2017.
 Ayelet Sapirshtein, Yonatan Sompolinsky, and Aviv Zohar, “Optimal selfish mining strategies in bitcoin,” in Financial Cryptography and Data Security. 2017, pp. 515–532, Springer.
 Ghassan Karame, Elli Androulaki, and Srdjan Capkun, “Two bitcoins at the price of one? double-spending attacks on fast payments in bitcoin.,” IACR Cryptology ePrint Archive, vol. 2012.
 Ghassan O Karame, Elli Androulaki, Marc Roeschlin, Arthur Gervais, and Srdjan Capkun, “Misbehavior in bitcoin: A study ˇ of double-spending and accountability,” ACM Transactions on Information and System Security (TISSEC), vol. 18, no. 1.
 Tobias Bamert, Christian Decker, Lennart Elsen, Roger Wattenhofer, and Samuel Welten, “Have a snack, pay with bitcoins,” in Peer-to-Peer Computing (P2P), 2013 IEEE Thirteenth International Conference on. IEEE, 2013, pp. 1–5.
 Chrysoula Stathakopoulou, “A faster bitcoin network,” 2015.
 Adrian E Raftery, “A model for high-order markov chains,” Journal of the Royal Statistical Society. Series B (Methodological), pp. 528–539, 1985.
 Andre Berchtold and Adrian E Raftery, “The mixture tran- ´sition distribution model for high-order markov chains and non-gaussian time series,” Statistical Science, pp. 328–356, 2002.
 Waiki Ching, Michael K Ng, and Shuqin Zhang, “On computation with higher-order markov chains,” in Current Trends in High Performance Computing and Its Applications, pp. 15–24. Springer, 2005.
 Michael K Ng and WK Ching, Markov Chains: Models, Algorithms and Applications, Springer, 2006.
 Wen Li and Michael K Ng, “On the limiting probability distribution of a transition probability tensor,” Linear and Multilinear Algebra, vol. 62, no. 3.
 Jen-Hung Tseng, Yen-Chih Liao, Bin Chong, and Shih-Wei Liao, “Governance on the drug supply chain via gcoin blockchain,” International Journal of Environmental Research and Public Health, 2018.
 Shih-Wei Liao, Boyu Lin, and En-Ran Zhou, “Gcoin:wiki, code and whitepaper,” https://g-coin.org
 Meni Rosenfeld, “Analysis of hashrate-based double spending,” arXiv preprint arXiv:1402.2009, 2014.
 Joshua A Kroll, Ian C Davey, and Edward W Felten, “The economics of bitcoin mining, or bitcoin in the presence of adversaries,” in Proceedings of WEIS, 2013, vol. 2013.
9 Months Bitcoin Mining Radiant Contract SHA-256 Mining Algorithm, No Maintenance Fees apply, Email Updates, Free E-books on Mining, Better investment Plan. Diamond Investment . Testimonials. Blockchain Mining is one of the leading cloudmining companies and a trustworthy partner of ours. It’s good to see that they are an honest cloudmining service which shows their farms openly to the public ... START BITCOIN MINING TODAY! It’s super simple - Your mining rigs are already set up and running. As soon as you’ve set up your account, you can start to mine your first coins using our Bitcoin cloud mining service! Start Mining Now! Your hardware is already running . Don’t wrestle with rig assembly and hot, noisy miners at home. We have the fastest bitcoin mining hardware running for you ... Switch your mining power on the fly for all the coins using our bitcoin mining website. Customer Service. Get your first mining output today . You will get periodic mining outputs to your designated wallet. Try our Bitcoin mining platform now! Our pricing. Testimonials. Fox9coin is one of the leading cloudmining companies and a trustworthy partner of ours. It’s good to see that they are an ... Jing Wei CEO of MinerEU Official Distribution Partner of Ultimate Cloud Mining As the world first 28nm BTC and LTC chip maker, Innosilicon selects Ultimate Cloud Mining as partner in cloud mining industry business for its integrity, excellent customer oriented service and great user interface design. START FREE BITCOIN MINING TODAY! Join over 400,000 people with the world’s leading hashpower provider! It’s super simple - Your mining rigs are already set up and running as soon as you’ve set up your account, you can start to mine your first coins using our free Bitcoin cloud mining service! Register; Login; Try Globalminbtc Bitcoin Cloud Mining Today! 01. Register. Don't worry, it will ...
Share your videos with friends, family, and the world Pokaa, c’est le site 100% strasbourgeois qui référence les lieux de sorties, les évènements, les artistes et plus encore. www.pokaa.fr Marlou Volkerink inspireert haar volgers al jarenlang. In 2011 begon haar ondernemersavontuur met Follow Fashion. Daar kwam in 2015 Followfitgirls.com bij en... Enjoy the videos and music you love, upload original content, and share it all with friends, family, and the world on YouTube. Album bestellen: https://goldleague.lnk.to/Nimmerland Song streamen: https://goldleague.lnk.to/Bietigheimication Kanal abonnieren und Glocke aktivieren: http...