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Paper of the Week:
Several emerging proof-of-work (PoW) blockchain protocols rely on a “parallel-chain” architecture for scaling, where instead of a single chain, multiple chains are run in parallel and aggregated.
A key requirement of practical PoW blockchains is to adapt to mining power variations over time (Bitcoin’s total mining power has increased by a 10^14 factor over the decade).
This paper considers the design of provably secure parallel-chain protocols which can adapt to such mining power variations.
The Bitcoin difficulty adjustment rule adjusts the difficulty target of block mining periodically to get a constant mean inter-block time.
While superficially simple, the rule has proved itself to be sophisticated and successfully secure, both in practice and in theory.
This paper shows that natural adaptations of the Bitcoin adjustment rule to the parallel-chain case open the door to subtle, but catastrophic safety and liveness breaches.
It uncovers a meta-design principle that allows to design variable mining difficulty protocols for three popular PoW blockchain proposals (Prism, OHIE, Fruitchains) inside a common rubric.
Summary: A framework that combines static and dynamic analysis to detect Reentrancy vulnerabilities in Ethereum smart contracts.
Affiliations: * Ryerson University.
2. Paper Title: T-Cash: Transferable Fiat Backed Coins.
Summary: A transferable electronic cash scheme using blockchain technology which allows users to continuously reuse coins within the system.
Authors: Hitesh Tewari*,
Affiliations: * Trinity College Dublin.
1. Paper Title: Holistic Privacy and Usability of a Cryptocurrency Wallet.
Summary: The problems associated with the usability of cryptocurrency wallets, such as those used by ZCash, for end-users.
Authors: Harry Halpin*,
Affiliations: * Nym Technologies.
Summary: A protocol that combines a hierarchical smart contract infrastructure with state channels to increase scalability of an underlying DLT system.
Affiliations: * University of London.
1. Paper Title: An Algebraic Framework for Universal and Updatable SNARKs.
Summary: A new information theoretic inter- active proof system in which the prover shows that a vector has been sampled in a subspace according to the verifier’s coins.
Affiliations: * Pompeu Fabra University and † Cybercat.
Summary: This work investigates the support for mobile sluggish faults in existing synchronous protocols such as Dfinity, Streamlet, Sync HotStuff, OptSync and the optimal latency BFT protocol.
1. Paper Title: Cyclic Arbitrage in Decentralized Exchange Markets.
Summary: Cyclic arbitrages in Decentralized Exchanges (DEXes) of cryptocurrencies with transaction-level data on Uniswap V2, observing 285,127 cyclic arbitrages over eight months.
2. Paper Title: Lightning Network Economics: Channels.
Summary: This paper (i) identifies conditions for two parties to optimally establish a channel, (ii) finds explicit formulas for channel costs, (iii) obtains the optimal collaterals and savings entailed, and (iv) derives the implied reduction in congestion of the blockchain.
3. Paper Title: An economic theory of blockchain foundations.
Summary: The treasury foundations manage is a moat to raise the cost of exit or forking because the benefit of the fund is only available to those who stay with the chain.
Authors: Darcy Allen*, Chris Berg*, Sinclair Davidson*, Trent MacDonald*, and Jason Potts*
Affiliations: * RMIT University.
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