Explore the intricacies of cryptocurrency security in this 21-minute ACM conference talk that introduces and analyzes the "gap game." Delve into a comprehensive study of blockchain systems, examining proof-of-work mechanisms, mining incentives, and the formation of gaps in the mining process. Learn about the combination of symbolic and numeric analysis tools used to evaluate various scenarios, and understand the implications for Bitcoin and other cryptocurrencies. Gain insights into mining profitability, centralization risks, and the evolving role of transaction fees in the blockchain ecosystem.
Overview
Syllabus
Intro
The Blockchain
Proof-of-Work
Blocks Creation Rate
Condition Difficulty
Longest Chain Rule
Mining Incentive
Included Transactions
Mining Time
Accumulating Fees Reward
Fees are becoming dominant..
Mining Scenario Revisited
Mining Gap
Expected Profit
Rational Miners
Let the Gap Game Begin
EBRR metric
Result - Gap Size
Result - Centralization
Bitcoin Test Case
Conclusion
Taught by
Association for Computing Machinery (ACM)
