This Week in Blockchain Research Issue #103
|zk Capital||Apr 7|
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Paper of the Week:
If the aggregated computing power of the PoW pools form a substantial portion of the total computing power in the network, the pooled mining undermines the core spirit of blockchain, i.e., the decentralization, and harms its security.
To discourage the pooled mining, this work develops a new consensus protocol called Proof-of-Age (PoA) that builds upon the native PoW protocol.
The core idea of PoA lies in using Age-of-Work (AoW) to measure the effective mining period that the miner has devoted to maintaining the security of blockchain.
Unlike in the native PoW protocol, in PoA protocol, miners benefit from its effective mining period even if they have not successfully mined a block.
First a continuous time Markov chain (CTMC) is employed to model the block generation process of the PoA based blockchain.
Based on this CTMC model, block generation rates of the mining pool and solo miner are analyzed respectively.
The analytical results verify that under PoA, the block generation rates of miners in the mining pool are reduced compared to that of solo miners, thereby disincentivizing the pooled mining.
The mining process in the PoA blockchain is simulated to demonstrate the consistency of the analytical results.
1. Paper Title: A Formal Analysis of the MimbleWimble Cryptocurrency Protocol.
Summary: An idealized model that is key in the verification process, and identify and precisely state sufficient conditions for the presented model to ensure the verification of relevant security properties of MW.
Summary: The first machine-checked security proof of a zero-knowledge protocol following the MPC-in-the-head paradigm.
Summary: Generic protocols that can be instantiated with different encryption schemes.
Summary: Can we design a generic compiler that stacks any Σ-protocol without modification?
1. Paper Title: Is Non-fungible Token Pricing Driven by Cryptocurrencies?
Summary: Cryptocurrency pricing behaviours might be of some benefit in understanding NFT pricing patterns. However, the low volatility transmissions also indicate that NFTs can potentially be considered as a low-correlation asset class distinct from cryptocurrencies.
Authors: Michael M. Dowling*,
Affiliations: * Dublin City University Business School.
2. Paper Title: Blockchain Initiatives for Tax Administration.
Summary: This Article extends the study of blockchain to tax administration, evaluates the feasibility of incorporating blockchain within existing tax administrations, and provides policymakers with criteria to consider and some recommended designs for blockchain.
Authors: Young Ran (Christine) Kim*
Affiliations: * University of Utah.
Summary: This paper considers how to assess rentseeking in the context of blockchain governance.
Authors: Chris Berg*,
Affiliations: * RMIT University.
Summary: DeFi is mired in considerable difficulties including market manipulation, distortionary incentives, excess short-termism, Ponzi-schemes, and money-laundering challenges that also foment a considerable level of dissuasion against its wider adoption.
Authors: Usman W. Chohan*,
Affiliations: * UNSW Business School.
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