SoK: Transparent Dishonesty: front-running attacks on Blockchain

Eskandari, Shayan; Moosavi, Seyedehmahsa; Clark, Jeremy

doi:10.48550/arxiv.1902.05164

Cited by 5 publications

(6 citation statements)

References 0 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…We deployed our SCM model is deployed in eight machines (containing ubuntu and Windows operating systems), each possessing 2.30GHz core Intel processor with 8 GB primary memory [23].This experiment uses node (of version 12.7.0) which is an asynchronous event-driven JavaScript runtime, which is designed to build scalable network applications, npm (version 6. WebSocket [24]. Figure 5 shows the exponent, its value, and name of SI unit used for the blockchain.…”

Section: Experimental Testbed and Resultsmentioning

confidence: 99%

See 1 more Smart Citation

A Proposed Secure Framework for Supply-Chain Management using Blockchain Technology

Sanjay Jasola

2023

IJRITCC

View full text Add to dashboard Cite

Decentralization increases the performance of the Supply Chain by distributing financial choices more evenly. The technology that is causing the biggest upheaval is the aforementioned challenges that are hampering today's supply chain are addressed by block chain, which is a cost-effective and realistic solution. Many autonomous networks, self-sufficient persons and institutions can emerge and operate in a distributed, dispersed operating environment thanks to block chain. Theblock chain’s data is unchangeable, transparent, and recorded in a distributed ledger that adheres to consensus mechanisms throughout.Hence, the data stored in it cannot be edited and forged i.e., it is trusted if the writer is trusted. Block chain also has its own advantages and setbacks: decentralized network operating in centralized computing devices. Web pages are used to captured changes in original data to malicious data, network synchronization, service outages, and other challenges are some of the issues that could arise in block chain.Thereare several entities and modules involved in the model of this Supply Chain which are tested using an efficient top-down manner in this article. The proposed supply chain management model can be adaptive to various supply chains like food, textile, healthcare and also educational institutions. A comprehensive analysis of the major-cause of numerous threats, susceptibility, and hazards is assisted on the system of supply chain management as imitated in different scenarios.

show abstract

Section: Experimental Testbed and Resultsmentioning

confidence: 99%

“…Web3js (version 1.2.0) maintains request handling between Ethereum nodes. It contains a collection of modules that allow you to interface with a local or distant Ethereum node using HTTP, IPC, or WebSocket[24]. Figure5shows the exponent, its value, and name of SI unit used for the blockchain.…”

mentioning

confidence: 99%

A Proposed Secure Framework for Supply-Chain Management using Blockchain Technology

Sanjay Jasola

2023

IJRITCC

View full text Add to dashboard Cite

show abstract

“…Accountability [Chatzigiannis et al, 2021] often describes the auditability of blockchain networks and the preservation of privacy. Front-running [Eskandari et al, 2019] occurs when certain market participants have privileged access to information and has become an issue…”

Section: Related Literaturementioning

confidence: 99%

SoK: Blockchain Decentralization

Zhang¹,

Ma²,

Liu³

2022

Preprint

View full text Add to dashboard Cite

Blockchain empowers a decentralized economy by enabling distributed trust in a peer-to-peer network. However, surprisingly, a widely accepted definition or measurement of decentralization is still lacking. We explore a systematization of knowledge (SoK) on blockchain decentralization by reviewing existing studies on various aspects of blockchain decentralization. First, we establish a taxonomy for analyzing blockchain decentralization in the five facets of consensus, network, governance, wealth, and transaction. We find a lack of research on the transaction aspects that closely characterize user behavior. Second, we apply Shannon entropy in information theory to propose a decentralization index for blockchain transactions. We show that our index intuitively measures levels of decentralization in peer-to-peer transactions by simulating blockchain token transfers. Third, we apply our index to empirically analyze the dynamics of DeFi token transfers. Intertemporally, we observe that levels of decentralization converge regardless of the initial levels of decentralization. Comparison of DeFi applications shows that exchange and lending are more decentralized than payment and derivatives. We also discover that a greater return of ether, the native coin of the Ethereum blockchain, predicts a greater decentralization level in stablecoin transfer that includes ether as collateral. Finally, we develop future research directions to explore the interactions between different facets of blockchain decentralization, the design of blockchain mechanisms that achieve sustainable decentralization, and the interplay of decentralization levels and economic factors.

show abstract

“…Miners can "steal" arbitrage opportunities from arbitragers by taking them themselves. Additionally, the survey in [18] describes several other sources of MEV, including the ability to buy into profitable ICOs early and the manipulation of games of chance.…”

Section: B Undercutting Attacksmentioning

confidence: 99%

“…As a result, effective practical mitigations for these issues have failed to materialize, and few deployed smart contracts feature ordering protections. Other work has focused on systematizing knowledge around smart contract frontrunning [18], including citing early public versions of this work, but has not measured the size of this economy or formalized its connection to protocol attacks.…”

Section: Introductionmentioning

confidence: 99%

Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges

Daian¹,

Goldfeder²,

Kell³

et al. 2019

Preprint

View full text Add to dashboard Cite

Blockchains, and specifically smart contracts, have promised to create fair and transparent trading ecosystems.Unfortunately, we show that this promise has not been met. We document and quantify the widespread and rising deployment of arbitrage bots in blockchain systems, specifically in decentralized exchanges (or "DEXes"). Like high-frequency traders on Wall Street, these bots exploit inefficiencies in DEXes, paying high transaction fees and optimizing network latency to frontrun, i.e., anticipate and exploit, ordinary users' DEX trades.We study the breadth of DEX arbitrage bots in a subset of transactions that yield quantifiable revenue to these bots. We also study bots' profit-making strategies, with a focus on blockchainspecific elements. We observe bots engage in what we call priority gas auctions (PGAs), competitively bidding up transaction fees in order to obtain priority ordering, i.e., early block position and execution, for their transactions. PGAs present an interesting and complex new continuous-time, partial-information, gametheoretic model that we formalize and study. We release an interactive web portal, frontrun.me, to provide the community with real-time data on PGAs.We additionally show that high fees paid for priority transaction ordering poses a systemic risk to consensus-layer security. We explain that such fees are just one form of a general phenomenon in DEXes and beyond-what we call miner extractable value (MEV)-that poses concrete, measurable, consensus-layer security risks. We show empirically that MEV poses a realistic threat to Ethereum today.Our work highlights the large, complex risks created by transaction-ordering dependencies in smart contracts and the ways in which traditional forms of financial-market exploitation are adapting to and penetrating blockchain economies.

show abstract

SoK: Transparent Dishonesty: front-running attacks on Blockchain

Cited by 5 publications

References 0 publications

A Proposed Secure Framework for Supply-Chain Management using Blockchain Technology

A Proposed Secure Framework for Supply-Chain Management using Blockchain Technology

SoK: Blockchain Decentralization

Flash Boys 2.0: Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges

Contact Info

Product

Resources

About