A distributed blockchain model of selfish mining

Dennis Eijkel, Ansgar Fehnker*

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingConference contributionAcademicpeer-review

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 languageEnglish
Title of host publicationFormal Methods- FM 2019 International Workshops - Revised Selected Papers
EditorsEmil 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
PublisherSpringer Singapore
Pages350-361
Number of pages12
ISBN (Print)9783030549930
DOIs
Publication statusPublished - 2020
Event3rd World Congress on Formal Methods, FM 2019 - Porto, Portugal
Duration: 7 Oct 201911 Oct 2019
Conference number: 3
https://sites.google.com/view/fmbc/home

Publication series

NameLecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)
Volume12232 LNCS
ISSN (Print)0302-9743
ISSN (Electronic)1611-3349

Workshop

Workshop3rd World Congress on Formal Methods, FM 2019
Abbreviated titleFM 2019
CountryPortugal
CityPorto
Period7/10/1911/10/19
Internet address

Keywords

  • Bitcoin
  • Bitcoin mining
  • Selfish mining
  • Uppaal

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