Extending Blockchain Functionality with Statechain

Chen, Xiaokang; Zhang, Kunlong

doi:10.1109/icpads.2017.00041

Cited by 3 publications

(1 citation statement)

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“…Croman et al, [26] analyzed the performance bottlenecks of the Bitcoin protocol and suggested that parameters of block size and block intervals was the first increment toward achieving high local blockchain protocols. Chen et al, [45] presented a novel design statechain which used Bitcoin blockchain to propagate application log, enabling application nodes to efficiently query the log as well as tranfer log between blockchains. Luu et al, [46] proposed a novel protocol design for a decentralized mining pool, which incurs mining fees lower than centralized mining pools and is designed to scale to a large number of miners.…”

Section: Bitcoin Network Measurementsmentioning

confidence: 99%

Measurement and Analysis of the Bitcoin Networks: A View from Mining Pools

Wang¹,

Chu²,

Qin³

2019

Preprint

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has received much attention from both industry and the academy. Mining pools, the main components of the Bitcoin network, dominate the computing resources and play essential roles in network security and performance aspects. Although many existing measurements of the Bitcoin network are available, little is known about the details of mining pool behaviors (e.g., empty blocks, mining revenue and transaction collection strategies) and their effects on the Bitcoin end users (e.g., transaction fees, transaction delay and transaction acceptance rate). This paper aims to fill this gap with a systematic study of mining pools. We traced over 1.56 hundred thousand blocks (including about 257 million historical transactions) from February 2016 to January 2019 and collected over 120.25 million unconfirmed transactions from March 2018 to January 2019. Then we conducted a board range of measurements on the pool evolutions, labeled transactions (blocks) as well as real-time network traffics, and discovered new interesting observations and features. Specifically, our measurements show the following. 1) A few mining pools entities continuously control most of the computing resources of the Bitcoin network. 2) Mining pools are caught in a prisoner's dilemma where mining pools compete to increase their computing resources even though the unit profit of the computing resource decreases. 3) Mining pools are stuck in a Malthusian trap where there is a stage at which the Bitcoin incentives are inadequate for feeding the exponential growth of the computing resources. 4) The market price and transaction fees are not sensitive to the event of halving block rewards. 5) The block interval of empty blocks is significantly lower than the block interval of non-empty blocks. 6) Feerate plays a dominating role in transaction collection strategy for the top mining pools. Our measurements and analysis help to understand and improve the Bitcoin network.

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Section: Bitcoin Network Measurementsmentioning

confidence: 99%