arXiv:1807.02933 Date: submitted by
2018-07-09 Author(s): Chi-Ning Chou
, Yu-Jing Lin
, Ren Chen
, Hsiu-Yao Chang
, I-Ping Tu
, Shih-wei Liao
Bitcoin is the first secure decentralized electronic currency system. However, it is known to be inefficient due to its proof-of-work (PoW) consensus algorithm and has the potential hazard of double spending. In this paper, we aim to reduce the probability of double spending by decreasing the probability of consecutive winning. We first formalize a PoW-based decentralized secure network model in order to present a quantitative analysis. Next, to resolve the risk of double spending, we propose the personalized difficulty adjustment (PDA) mechanism which modifies the difficulty of each participant such that those who win more blocks in the past few rounds have a smaller probability to win in the next round. To analyze the performance of the PDA mechanism, we observe that the system can be modeled by a high-order Markov chain. Finally, we show that PDA effectively decreases the probability of consecutive winning and results in a more trustworthy PoW-based system.
 Satoshi Nakamoto, “Bitcoin: A peer-to-peer electronic cash system,” Consulted, vol. 1, no. 2012.
 Ephraim Feig, “A framework for blockchain-based applications,” arXiv preprint arXiv:1803.00892, 2018.
 Marta Piekarska Harry Halpin, “Introduction to security and privacy on the blockchain,” in Symposium on Security and Privacy Workshops, 2017 IEEE European Symposium on. IEEE, 2017.
 Ayelet Sapirshtein, Yonatan Sompolinsky, and Aviv Zohar, “Optimal selfish mining strategies in bitcoin,” in Financial Cryptography and Data Security. 2017, pp. 515–532, Springer.
 Ghassan Karame, Elli Androulaki, and Srdjan Capkun, “Two bitcoins at the price of one? double-spending attacks on fast payments in bitcoin.,” IACR Cryptology ePrint Archive, vol. 2012.
 Ghassan O Karame, Elli Androulaki, Marc Roeschlin, Arthur Gervais, and Srdjan Capkun, “Misbehavior in bitcoin: A study ˇ of double-spending and accountability,” ACM Transactions on Information and System Security (TISSEC), vol. 18, no. 1.
 Tobias Bamert, Christian Decker, Lennart Elsen, Roger Wattenhofer, and Samuel Welten, “Have a snack, pay with bitcoins,” in Peer-to-Peer Computing (P2P), 2013 IEEE Thirteenth International Conference on. IEEE, 2013, pp. 1–5.
 Chrysoula Stathakopoulou, “A faster bitcoin network,” 2015.
 Adrian E Raftery, “A model for high-order markov chains,” Journal of the Royal Statistical Society. Series B (Methodological), pp. 528–539, 1985.
 Andre Berchtold and Adrian E Raftery, “The mixture tran- ´sition distribution model for high-order markov chains and non-gaussian time series,” Statistical Science, pp. 328–356, 2002.
 Waiki Ching, Michael K Ng, and Shuqin Zhang, “On computation with higher-order markov chains,” in Current Trends in High Performance Computing and Its Applications, pp. 15–24. Springer, 2005.
 Michael K Ng and WK Ching, Markov Chains: Models, Algorithms and Applications, Springer, 2006.
 Wen Li and Michael K Ng, “On the limiting probability distribution of a transition probability tensor,” Linear and Multilinear Algebra, vol. 62, no. 3.
 Jen-Hung Tseng, Yen-Chih Liao, Bin Chong, and Shih-Wei Liao, “Governance on the drug supply chain via gcoin blockchain,” International Journal of Environmental Research and Public Health, 2018.
 Shih-Wei Liao, Boyu Lin, and En-Ran Zhou, “Gcoin:wiki, code and whitepaper,” https://g-coin.org
 Meni Rosenfeld, “Analysis of hashrate-based double spending,” arXiv preprint arXiv:1402.2009, 2014.
 Joshua A Kroll, Ian C Davey, and Edward W Felten, “The economics of bitcoin mining, or bitcoin in the presence of adversaries,” in Proceedings of WEIS, 2013, vol. 2013.
Try their Bitcoin mining platform me right now! Valuation. Testimonials MiningZcash is one of our biggest customers and has proven to be against reliable business cooperation. Transparent cryptocurrency mining site and software infrastructure High quality with high-end virtual currency mining hardware for products and experiences Unique and great for all those who love to mine virtual money! ... Bitcoin is the currency of the future & Fox9coin is the largest cloud mining company on the market. Mine bitcoin through the cloud, get started today! Toggle navigation. Home ; Blog; Pricing; Why mining; About us; Press; Customer Service; Technology . Enigma Datacenter; Genesis Hive; Radiant-Tech; Change Language ; Login; Sign Up; Select your language. Chat is unavailable from 12 - 1 a.m. UTC ... Bitcoin becomes "currency". Is it possible for the United States to cut the "leeks" of the world by this? China-Singapore Jingwei Client, July 29 (Song Yafen intern Long Yuqian) On July 25, the US Federal Court stated that the virtual currency Bitcoin is a "currency" covered by the "Money Transmitter Act" in Washington, DC. Affected by this news, the price of Bitcoin broke through $10,000 on Mo... Bitcoin Mining YOU CAN TRUST. It’s super simple - Your mining rigs are already set up and running. As soon as you’ve set up your account, you can start to mine your first coins using our Bitcoin cloud mining service! Get Started; See Plans; The hardwares Are ready! Don’t wrestle with rig assembly and hot, noisy miners at home. We have the fastest bitcoin mining hardware running for you ... Buy JingWEI Design Custom Rectangle Pillowcase Pillow Case Cover Grey symbol of Bitcoin Pattern Design Standard Size 20x30 inch on Amazon.com FREE SHIPPING on qualified orders
Billions of dollars flow into the U.S. from China every year. CNBC’s Uptin Saiidi explores some of China’s biggest assets in New York and explains how the tr... Album bestellen: https://goldleague.lnk.to/Nimmerland Song streamen: https://goldleague.lnk.to/Bietigheimication Kanal abonnieren und Glocke aktivieren: http... Singapore is a tiny country, but it's managed to become an Asian economic hub. CNBC's Xin En Lee explains how the country went from third world to first worl... CAIDA DE LOS MERCADOS BURSATILES - SUBIDA DE #BITCOIN ¿QUE HACER? - Duration: 24:41. Daniel Muvdi Recommended for you. New; 24:41 . BILLY KEE, UN HÉROE MÁS ALLÁ DEL FÚTBOL - Duration: 19:04 ... Bitcoin & Co.: Wohin geht die Reise? aktienlust Jürgen Schmitt # Unsere 3 TÜV-Aktien: https://aktienlust.tv/tuev-aktien # aktienlust kompakt hier kostenl...