首页|Verifier's Dilemma in Proof-of-Work Public Blockchains: A Quantitative Analysis
Verifier's Dilemma in Proof-of-Work Public Blockchains: A Quantitative Analysis
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NETL
NSTL
Assoc Computing Machinery
A blockchain is an immutable ledger driven by a distributed consensus protocol. In public blockchains, such as Bitcoin and Ethereum Classic, consensus is established through a computational effort called Proof-of-Work (PoW). Special users called miners contribute to the PoWin exchange for a fee and also verify the data stored in blocks mined by the otherminers. Here iswhere the Verifier's Dilemma emerges. Verification of blocks does not receive a reward, and to maximise their profits, miners may be incentivised to forego verifying blocks and to only invest their resources in PoW. In this article, we study the Verifier's Dilemma and a possible countermeasure consisting of the injection of invalid blocks using a quantitative model based on Markovian process algebra. To avoid the state space explosion problem, we study the underlying Markov chain by using a lumping that allows us to derive closed-form solutions for interesting performance indices. The analysis demonstrates the circumstances under which non-verifying miners gain fees higher than those of verifying miners. The model also allows us to derive the optimal rate at which invalid blocks must be injected so that skipping the verifying phase becomes economically disadvantageous whereas the throughput of the blockchain is only minimally reduced. The impact on miners' rewards and overall performance is also assessed.
Blockchainstochastic process algebraVerifier's Dilemma
DARIA SMUSEVA、ANDREA MARIN、SABINA ROSSI、AAD VAN MOORSEL
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Department of Environmental Sciences, Informatics and Statistics, Ca' Foscari University of Venice, Venezia, Italy
School of Computer Science, University of Birmingham, Birmingham, United Kingdom of Great Britain and Northern Ireland
NETL
NSTL
Assoc Computing Machinery
