Security of Cryptocurrencies in blockchain technology: State-of-art, challenges and future prospects

Ghosh, Alip; Gupta, Shashank; Dua, Amit; Kumar, Neeraj

doi:10.1016/j.jnca.2020.102635

Cited by 154 publications

(48 citation statements)

References 19 publications

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“…Other miners will independently verify the newly mined block before adding it to their blockchain. Since Bitcoin's inception in 2009, the initial two years saw slow adoption with hardly 1000 unique addresses and less than 10000 transactions per day [1,8]. However, as bitcoin became financially significant, there was an exponential growth in transactions from 2012-2016, which also saw the entry of serious users, investors, speculators, and independent mining industries.…”

Section: Introductionmentioning

confidence: 99%

Dissecting bitcoin blockchain: Empirical analysis of bitcoin network (2009–2020)

Nerurkar

Patel²,

Busnel

et al. 2021

Journal of Network and Computer Applications

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Bitcoin system (or Bitcoin) is a peer-to-peer and decentralized payment system that uses cryptocurrency named bitcoins (BTCs) and was released as open-source software in 2009. Unlike fiat currencies, there is no centralized authority or any statutory recognition, backing, or regulation for Bitcoin. All transactions are confirmed for validity by a network of volunteer nodes (miners) and after collective agreement is subsequently recorded into a distributed ledger "Blockchain". Bitcoin platform has attracted both social and anti-social elements. On the one hand, it is social as it ensures the exchange of value, maintaining trust in a cooperative, community-driven manner without the need for a trusted third party. At the same time, it is anti-social as it creates hurdles for law enforcement to trace suspicious transactions due to anonymity and privacy. To understand how the social and anti-social tendencies in the user base of Bitcoin affect its evolution, there is a need to analyze the Bitcoin system as a network. The current paper aims to explore the local topology and geometry of the Bitcoin network during its first decade of existence.

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Section: Introductionmentioning

confidence: 99%

Dissecting bitcoin blockchain: Empirical analysis of bitcoin network (2009–2020)

Nerurkar

Patel²,

Busnel

et al. 2021

Journal of Network and Computer Applications

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“…With the appearance of an entirely new digital asset class, namely a crypto-currency market, many different studies have been carried out to analyze this market focusing on various statistical characteristics [5][6][7], the relationship between crypto-currencies and other assets [8][9][10], regime switches [11][12][13], technological aspects [14,15], etc. Among them, only few recent papers published can be found that specifically explore the trading and formation of arbitrage in a crypto-currency market.…”

Section: Introductionmentioning

confidence: 99%

Key Roles of Crypto-Exchanges in Generating Arbitrage Opportunities

Kabašinskas

Šutienė

2021

Entropy

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The evolving crypto-currency market is seen as dynamic, segmented, and inefficient, coupled with a lack of regulatory oversight, which together becomes conducive to observing the arbitrage. In this context, a crypto-network is designed using bid/ask data among 20 crypto-exchanges over a 2-year period. The graph theory technique is employed to describe the network and, more importantly, to determine the key roles of crypto-exchanges in generating arbitrage opportunities by estimating relevant network centrality measures. Based on the proposed arbitrage ratio, Gatecoin, Coinfloor, and Bitsane are estimated as the best exchanges to initiate arbitrage, while EXMO and DSX are the best places to close it. Furthermore, by means of canonical correlation analysis, we revealed that higher volatility and the decreasing price of dominating crypto-currencies and CRIX index signal bring about a more likely arbitrage appearance in the market. The findings of research include pre-tax and after-tax arbitrage opportunities.

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“…Proof of Stake (PoS) or virtual mining protocol [15] establishes alternative selection tools that aim to keep PoW's benefits while improving on its weaknesses [90]. Proof of Stake (PoS) is an energy-saving compromise protocol alternative to the PoW protocol.…”

Section: Proof Of Stake (Pos)mentioning

confidence: 99%

“…However, it is stated that such systems still have trust problems. Abuidris et al [14] and Ghosh et al [15] state the risks and vulnerabilities of blockchain applications. In e-voting systems, the guaranteeing the security of the votes is seen as one of the most important problems.…”

Section: Introductionmentioning

confidence: 99%

A Manipulation Prevention Model for Blockchain-Based E-Voting Systems

Taş

Tanrıöver

2021

Security and Communication Networks

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Security and trust are seen as the most important issues in electronic voting systems. Therefore, it is necessary to use cryptographic procedures to ensure anonymity, security, privacy, and reliability in these systems. In recent years, blockchain has become one of the most commonly used methods for securing data storage and transmission through decentralized applications. E-voting is one of these application areas. However, data manipulation is still seen as a major potential problem in e-voting systems. In theproposed model, administrators or miners are prevented from previewing election results which are normally accessible data due to the blockchain structure. A double-layer encryption model is proposed and tested to prevent manipulations that may occur with the election results. It is ensured that the election results can be counted after the participation of all stakeholders at the end. In this way, potential manipulations may be prevented during the election period. As a result of the model, the privacy of voters is ensured, no central authority is needed, and the recorded votes are kept in a distributed structure.

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Security of Cryptocurrencies in blockchain technology: State-of-art, challenges and future prospects

Cited by 154 publications

References 19 publications

Dissecting bitcoin blockchain: Empirical analysis of bitcoin network (2009–2020)

Dissecting bitcoin blockchain: Empirical analysis of bitcoin network (2009–2020)

Key Roles of Crypto-Exchanges in Generating Arbitrage Opportunities

A Manipulation Prevention Model for Blockchain-Based E-Voting Systems

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