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A robust throughput scheme for bitcoin network without block reward
Zhou, Dongli1; Ruan, Na1; Jia, Weijia2
2019-08-01
Conference Name21st IEEE International Conference on High Performance Computing and Communications, 17th IEEE International Conference on Smart City and 5th IEEE International Conference on Data Science and Systems, HPCC/SmartCity/DSS 2019
Source PublicationProceedings - 21st IEEE International Conference on High Performance Computing and Communications, 17th IEEE International Conference on Smart City and 5th IEEE International Conference on Data Science and Systems, HPCC/SmartCity/DSS 2019
Pages706-713
Conference Date10 August 2019through 12 August 2019
Conference PlaceZhangjiajie
Abstract

Bitcoin, as the spearhead of cryptocurrencies, is playing a more and more critical role in the world. With the increasing number of users in Bitcoin, the public has risen the demand for transaction throughput, and many hard forks are generating by the continuous throughput improvement. Meanwhile, the vulnerability of Bitcoin's incentive mechanism also makes it vulnerable to be attacked by generating soft forks. Without a robust throughput scheme, Bitcoin suffers from hard forks, soft forks and possible attacks like undercutting attack. In this work, we create a useful model to describe the throughput and the incentive mechanism of Nakamoto consensus protocol. Based on our model, We find that the throughput, which is far higher than user needs, will result in soft forks which reduce the consistency of Bitcoin in the future. We design a robust throughput scheme to reduce the soft forks and hard forks by automatically adjusting block size according to users' needs. In our experiments, we simulate attacks on Bitcoins and our scheme at different mining powers. We find that the soft fork block rate of Nakamoto consensus protocol without block reward is 6.0%, and our scheme can reduce the soft fork block rate to 0.6% under the attacker with the mining power of 0.25.

KeywordBlockchain Consistency ProOf Of Work
DOI10.1109/HPCC/SmartCity/DSS.2019.00105
URLView the original
Language英語English
Scopus ID2-s2.0-85073535821
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Document TypeConference paper
CollectionFaculty of Science and Technology
Affiliation1.Dept. of CSE Shanghai Jiao Tong University, Shanghai, China
2.State Key Lab of IoT for Smart City, FST University of Macau, Macao
Recommended Citation
GB/T 7714
Zhou, Dongli,Ruan, Na,Jia, Weijia. A robust throughput scheme for bitcoin network without block reward[C], 2019, 706-713.
APA Zhou, Dongli., Ruan, Na., & Jia, Weijia (2019). A robust throughput scheme for bitcoin network without block reward. Proceedings - 21st IEEE International Conference on High Performance Computing and Communications, 17th IEEE International Conference on Smart City and 5th IEEE International Conference on Data Science and Systems, HPCC/SmartCity/DSS 2019, 706-713.
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