This Week in Blockchain Research Issue #61

Issue #61


Issue #61

Paper of the Week:

Paper Title: Equilibrium of Blockchain Miners with Dynamic Asset Allocation.

TLDR:

  1. In Bitcoin network, most of the mining power is controlled by mining pools, and most of the hash rate is produced by “mining factories” that equip ASIC mining machines.

  2. Since ASIC mining machines have limited purposes other than mining, the economic behavior of a miner depends on its long- term prediction rather than a short-term benefit.

  3. Hence, it is necessary to analyze long-term incentives that the PoW mechanism gives to each miner and to establish the theory to evaluate the sustainability of the cryptoasset.

  4. The theory is useful not only for miners to determine their strategy but also for protocol designers and business entities to use permissionless blockchains for their applications.

  5. This paper proposes a model that allows dynamic mining algorithms by formulating the economics of mining as a binomial tree model for the probabilistic return from mining reward minus cost, while a Poisson process triggers the growth of the binomial tree.

  6. Results show that the proposed model is a generalization of the existing Poisson reward model.

Authors: Go Yamamoto*, Aron Laszka†, and Fuhito Kojima*,

Affiliations: * NTT Research Inc. and † University of Houston.


Security:

1. Paper Title: Flood & Loot: A Systemic Attack On The Lightning Network.

Summary: An attack in which an attacker can successfully steal funds from nodes on the Lightning Network.

Authors: Jona Harris* and Aviv Zohar*,

Affiliations* The Hebrew University of Jerusalem.

2. Paper Title: Reputable List Curation from Decentralized Voting.

Summary: A formal cryptographic treatment of token-curated registries, including a model capturing their requirements and a provably secure construction.

Authors: Elizabeth C. Crites*, Mary Maller†, Sarah Meiklejohn*, and Rebekah Mercer‡,

Affiliations* University College London, † Ethereum Foundation, and ‡ O(1) Labs.


Privacy:

1. Paper Title: On the Confidentiality of Amounts in Grin.

Summary: An empirical analysis of the confidentiality of amounts in the Grin blockchain which takes the transaction graph into account.

Authors: Suyash Bagad* and Saravanan Vijayakumaran*,

Affiliations* Indian Institute of Technology.


Scalability:

No papers.


Proofs:

No papers.


Consensus:

1. Paper Title: Rational Behavior in Committee-Based Blockchains.

Summary: This work analyzes the behavior of rational players in committee-based blockchains under assumptions of synchrony of messages and under different mechanisms of rewards.

Authors: Yackolley Amoussou-Guenou*†, Bruno Biais‡, Maria Potop-Butucaru†, Sara Tucci-Piergiovanni*,

Affiliations* CEA LIST, † Sorbonne Universite, and ‡ HEC Paris.


Tokenomics:

1. Paper Title: REA, Triple-Entry Accounting and Blockchain: Converging Paths to Shared Ledger Systems.

Summary: This work attempts to trace the true historical genesis of blockchain. It explores possible connections among the long-established REA and TEA frameworks, and the nascent blockchain technology.

AuthorsJuan Ignacio Ibañez*, Chris N. Bayer†, Paolo Tasca‡, and Jiahua Xu‡,

Affiliations: * Catholic University of Córdoba, † Development International e.V., and ‡ University College of London.

2. Paper Title: Economics of Permissioned Blockchain Adoption.

Summary: An economic framework for understanding the incentives of the participants of a permissioned blockchain for supply chains and other related industries.

AuthorsGarud Iyengar*, Fahad Saleh†, Jay Sethuraman*, and Wenjun Wang*,

Affiliations: * Columbia University and † McGill University.

3. Paper Title: Can Antitrust Trust Blockchain?

Summary: DLT is not immune from government forms of regulation, including antitrust.

AuthorsGiovanna Massarotto*,

Affiliations: * UCL Centre for Blockchain Technologies.

4. Paper Title: Digital Asset Market Evolution.

Summary: This work examines data trends and their underlying causes in the evolution of the market for digital assets. 

AuthorsWulf A. Kaal*

Affiliations: * University of St. Thomas.

5. Paper Title: Can Digital Technologies Speed up Real Estate Transactions?

Summary: This study presents a structured investigation of the most important causes for delay in commercial real estate transactions.

AuthorsAndrew Bauma*, Andrew Saulla*, and Fabian Braesemann*,

Affiliations: * University of Oxford.

6. Paper Title: After Libra, Digital Yuan and COVID-19: Central Bank Digital Currencies and the New World of Money and Payment Systems.

Summary: This paper analyses the impact of distributed ledger technologies and blockchain on monetary and payment systems.

AuthorsDouglas W. Arner*, Ross P. Buckley†, Dirk A. ZetzscheAnton N. Didenko†,

Affiliations: * The University of Hong Kong, † UNSW, and ‡ Universite du Luxembourg.


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