Auction based Rewards Distribution Method in Pool Mining

Liu, Keyang; Ohsawa, Yukio

doi:10.1145/3343147.3343162

“…Another integration direction in this layer is the block reward allocation in mining pools. In reality, auction models are widely used for efficient and fair block reward allocation to motivate more miners to join the mining pool [17].…”

Section: Motivations For the Two-way Integrationmentioning

confidence: 99%

“…Recent studies have shown that the auction model has great potential for optimizing blockchain technology [170], [171], [17]. However, a systematic review of existing enhancement solutions in different scenarios is still missing.…”

Section: Auction-based Solutions For Blockchain Enhancementmentioning

confidence: 99%

“…The transaction fee mechanism of the Ethereum blockchain has been a first-price auction since its inception; each transaction has an associated transaction fee (bid), which is paid by its submitter to the miner for priority processing [15]. Auctions are also found, as the literature indicates, in other blockchain activities such as miner selection [16] and block reward allocation [17].…”

Section: Introductionmentioning

confidence: 99%

See 1 more Smart Citation

Integration of Blockchain and Auction Models: A Survey, Some Applications, and Challenges

Laat

¹

,

Grosso

²

,

Shi

³

2023

IEEE Commun. Surv. Tutorials

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In recent years, blockchain has gained widespread attention as an emerging technology for decentralization, transparency, and immutability in advancing online activities over public networks. As an essential market process, auctions have been well studied and applied in many business fields due to their efficiency and contributions to fair trade. Complementary features between blockchain and auction models trigger a great potential for research and innovation. On the one hand, the decentralized nature of blockchain can provide a trustworthy, secure, and cost-effective mechanism to manage the auction process; on the other hand, auction models can be utilized to design incentive and consensus protocols in blockchain architectures. These opportunities have attracted enormous research and innovation activities in both academia and industry; however, there is a lack of an in-depth review of existing solutions and achievements. In this paper, we conduct a comprehensive state-ofthe-art survey of these two research topics. We review the existing solutions for integrating blockchain and auction models, with some application-oriented taxonomies generated. Additionally, we highlight some open research challenges and future directions towards integrated blockchain-auction models.

show abstract

“…Recent studies have shown that the auction model has great potential for optimizing blockchain technology [157], [158], [17]. However, a systematic review of existing enhancement solutions in different scenarios is still missing.…”

Section: Auction-based Solutions For Blockchain Enhancementmentioning

confidence: 99%

“…Other studies focus on the design of distribution mechanisms for miners' rewards. Typically, PoW-based blockchain systems distribute rewards based on the blocks discovered by miners [17]. Nadendla and Varshney [176] suggested that blockchain mining can as characterized as an all-pay auction, where the computational efforts of miners are interpreted as bids.…”

Section: Miner Selection and Reward Distributionmentioning

confidence: 99%

When Blockchain Meets Auction Models: A Survey, Some Applications, and Challenges

Laat¹,

Grosso²,

Shi³

2021

Preprint

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In recent years, blockchain has gained widespread attention as an emerging technology for decentralization, transparency, and immutability in advancing online activities over public networks. As an essential market process, auctions have been well studied and applied in many business fields due to their efficiency and contributions to fair trade. Complementary features between blockchain and auction models trigger a great potential for research and innovation. On the one hand, the decentralized nature of blockchain can provide a trustworthy, secure, and cost-effective mechanism to manage the auction process; on the other hand, auction models can be utilized to design incentive and consensus protocols in blockchain architectures. These opportunities have attracted enormous research and innovation activities in both academia and industry; however, there is a lack of an in-depth review of existing solutions and achievements. In this paper, we conduct a comprehensive state-ofthe-art survey of these two research topics. We review the existing solutions for integrating blockchain and auction models, with some application-oriented taxonomies generated. Additionally, we highlight some open research challenges and future directions towards integrated blockchain-auction models.

show abstract