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Prikladnaya Diskretnaya Matematika, 2020, Number 49, Pages 57–77
DOI: https://doi.org/10.17223/20710410/49/5
(Mi pdm714)
 

This article is cited in 2 scientific papers (total in 2 papers)

Mathematical Methods of Cryptography

Selfish mining strategy elaboration

A. V. Cheremushkin

“Research Institute Kvant”, Moscow, Russia
References:
Abstract: As it was shown by Ittay Eyal and Emin Gün Sirer, the Bitcoin mining protocol is not incentive-compatible, because there exists an attack in which colluding miners obtain a revenue larger than their fair share. We describe an elaboration of Selfish-Mine Strategy and present an extended model of selfish mining based on independency hypothesis: both groups are made their work independently from each other. We describe a new state machine modelling selfish pool strategy. Let the selfish pool has mining power of $p$, $0<p<1/2$, and the others of $(1-p)$. We also consider the situation in which the others mine a block on the previously private branch (frequency $\gamma(1-p)$), and the others mine a block on the public branch (frequency $(1-\gamma)(1-p)$). Main result is an elaboration of an interval in which selfish miners will earn more than their relative mining power: 1) for a given $p$, a pool of size $p$ obtains a revenue larger than than its relative size for $p$ in the following range: $0 < p \le 0{.}429$ (the left bound corresponds to $\gamma =1$, and the right one — to $\gamma =0$); 2) for a given $p$, a pool of size $p$ obtains a revenue larger than a revenue of other group in the following range: $0{.}358 \le p \le 0{.}449$.
Keywords: blockchain, mining, Markov model, state machine.
Bibliographic databases:
Document Type: Article
UDC: 004.056.5
Language: Russian
Citation: A. V. Cheremushkin, “Selfish mining strategy elaboration”, Prikl. Diskr. Mat., 2020, no. 49, 57–77
Citation in format AMSBIB
\Bibitem{Che20}
\by A.~V.~Cheremushkin
\paper Selfish mining strategy elaboration
\jour Prikl. Diskr. Mat.
\yr 2020
\issue 49
\pages 57--77
\mathnet{http://mi.mathnet.ru/pdm714}
\crossref{https://doi.org/10.17223/20710410/49/5}
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  • https://www.mathnet.ru/eng/pdm/y2020/i3/p57
  • This publication is cited in the following 2 articles:
    Citing articles in Google Scholar: Russian citations, English citations
    Related articles in Google Scholar: Russian articles, English articles
    Прикладная дискретная математика
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    References:20
     
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