Abstract
Bitcoin, still the most widely used cryptocurrency maintains a distributed ledger for transactions known as the blockchain. Miners should expect a reward proportional to the computational power they provide to the network. Eyal and Sirer introduced seflish mining, a strategy gives a significant edge in profits. This paper models the behaviour of honest and selfish mining pools in Uppaal. Unlike earlier models in literature, it does not assume a single view of the blockchain but does include the presence of network delay. Results for our model show the effects of selfish mining on the share of profits, but more importantly the outwards observable effect on the number of orphaned blocks. This paper compares the analysis results to known results from literature and real-world data.
Original language | English |
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Title of host publication | Formal Methods- FM 2019 International Workshops - Revised Selected Papers |
Editors | Emil Sekerinski, Nelma Moreira, José N. Oliveira, Daniel Ratiu, Riccardo Guidotti, Marie Farrell, Matt Luckcuck, Diego Marmsoler, José Campos, Troy Astarte, Laure Gonnord, Antonio Cerone, Luis Couto, Brijesh Dongol, Martin Kutrib, Pedro Monteiro, David Delmas |
Publisher | Springer |
Pages | 350-361 |
Number of pages | 12 |
ISBN (Print) | 9783030549930 |
DOIs | |
Publication status | E-pub ahead of print/First online - 13 Aug 2020 |
Event | 3rd World Congress on Formal Methods, FM 2019 - Porto, Portugal Duration: 7 Oct 2019 → 11 Oct 2019 Conference number: 3 https://sites.google.com/view/fmbc/home |
Publication series
Name | Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics) |
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Volume | 12232 LNCS |
ISSN (Print) | 0302-9743 |
ISSN (Electronic) | 1611-3349 |
Workshop
Workshop | 3rd World Congress on Formal Methods, FM 2019 |
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Abbreviated title | FM 2019 |
Country/Territory | Portugal |
City | Porto |
Period | 7/10/19 → 11/10/19 |
Internet address |
Keywords
- Bitcoin
- Bitcoin mining
- Selfish mining
- Uppaal
- 22/2 OA procedure