Abstract We present and validate a novel mathematical model of the blockchain mining process and use it to conduct an economic evaluation of the double-spend attack, which is fundamental to all blockchain systems. Our analysis focuses on the value of transactions that can be secured under a conventional double-spend attack, both with and without a concurrent eclipse attack. Our model quantifies the importance of several factors that determine the attack's success, including confirmation depth, attacker mining power, and any confirmation deadline set by the merchant. In general, the security of a transaction against a double-spend attack increases roughly logarithmically with the depth of the block, made easier by the increasing sum of coin turned-over (between individuals) in the blocks, but more difficult by the increasing proof of work required. In recent blockchain data, we observed a median block turnover value of 6 BTC. Based on this value, a merchant requiring a single confirmation is protected against only attackers that can increase the current mining power by 1% or less. However, similar analysis shows that a merchant that requires a much longer 72 confirmations (~12 hours) will eliminate all potential profit for any double-spend attacker adding mining power less than 40% of the current mining power. References
Bonneau, J., Miller, A., Clark, J., Narayanan, A., Kroll, J., Felten, E.: Sok: Research perspectives and challenges for bitcoin and cryptocurrencies. In: IEEE S&P. pp. 104–121 (May 2015), http://doi.org/10.1109/SP.2015.14
Meiklejohn, S., Pomarole, M., Jordan, G., Levchenko, K., McCoy, D., Voelker, G., Savage, S.: A Fistful of Bitcoins: Characterizing Payments Among Men with No Names. In: Proc. ACM IMC. pp. 127–140 (2013), http://doi.acm.org/10.1145/2504730.2504747
Sasson, E.B., Chiesa, A., Garman, C., Green, M., Miers, I., Tromer, E., Virza, M.: Zerocash: Decentralized anonymous payments from bitcoin. In: IEEE S&P. pp. 459–474 (2014), http://dx.doi.org/10.1109/SP.2014.36
Why do I believe it was BCN destiny to be born in 2012?
Why do I believe it was BCN destiny to be born in 2012? Just look at this and see yourself: 1983 - Blind signatures were invented by David Chaum link 1997 - HashCash (proof of work system) was invented by Adam Back link 2001 - Ring signatures were invented by Ron Rivest, Adi Shamir, and Yael Tauman link 2003 - Mart n Abadi, Michael Burrows, and Ted Wobber presented "Moderately hard, memory-bound functions"link 2004 - Patrick P. Tsang and Victor K. Wei presented their paper "Short linkable ring signatures for e-voting, e-cash and attestation" link 2005 - Matthew Franklin and Haibin Zhang with "Unique Group Signatures" study link 2005 - Exponential memory-bound functions for proof of work protocols by Fabien Coelho link +2006 - "Traceable Ring Signature" by Fujisaki and Suzuki link 2008 - Bitcoin whitepaper by Satoshi Nakamoto link 2009 - Stronger key derivation via sequential memory-hard functions by Colin Percival link 2009 - First Bitcoin block was generated 2010 -2012 - Bitcoin Anonymity Problem Discussions link 2011 - An Analysis of Anonymity in the Bitcoin System, Fergal Reid and Martin Harrigwere link 5/15/2012 - Dorit Ron and Adi Shamir made Quantitative Analysis of the Full Bitcoin Transaction Graph link 6/8/2012 - Bytecoin Wiki started link 6/30/2012 - Bytecoin launch announcement link- first news 7/4/2012 - First BCN block was generated link 8/6/2012 - Destination Address Anonymization in Bitcoin (one-time addresses in BCN) link 10/19/2012 - Evaluating User Privacy in Bitcoin by Elli Androulaki, Ghassan O. Karame, Marc Roeschlin, Tobias Scherer, Srdjan Capkun. link 12/12/2012 -CryptoNote whitepaper v 1.0 link 12/13/2012 - Analysis of hashrate-based double-spending, Meni Rosenfeld link 10/17/2013 - CryptoNote whitepaper v 2.0 link Here we see how the technology logically came to the advent of cryptocurrencies with ring signature and memory-bound function PoW implementation. Soon after Bitcoin's release the community started to raise concerns about its anonymity with multiple solutions and propositions. High concentration of theoretical papers on these topics in 2009-2011 most probably spurred the brightest minds to make attempts of practical e-cash with ring signatures realization. Therefore, BCN couldn't but appear in 2012. Based on https://bitcointalk.org/index.php?topic=512747.msg7093354#msg7093354
From Bitcoin Wiki. Jump to: navigation, search. In new fields the normal systems of academic peer review may be ineffective because the norms for studying that field are not yet established, the basics are not yet widely known, and the best references sources have not been identified. The experience in the subject that the authors have relative to reviewers can be much greater than usual ... These allegations were contested and Ron and Shamir later retracted their claim. Nakamoto’s involvement with bitcoin does not appear to extend past mid-2010. In April 2011, Nakamoto communicated with a bitcoin contributor, saying that he had “moved on to other things”. 2001 - Ron Rivest, Adi Shamir und Yael Tauman haben der kryptographischen Gemeinschaft Ringunterschriften vorgeschlagen. 2004 - Patrick P. Tsang und Victor K. haben vorgeschlagen, das Ringsignatursystem für Abstimmungen und elektronisches Bargeld einzusetzen; 2008 - Bitcoin-Whitepaper von Satoshi Nakamoto; 2011 - Eine Analyse der Anonymität im Bitcoin-System, Fergal Reid und Martin Harrigan ... Bytecoin (BCN) ist die erste CryptoNote-basierte Kryptowährung, die im Juli 2012 eingeführt wurde.CryptoNote Technologie bietet absolute Anonymität für Bytecoin mit Ring-Signaturen und einmaligen Adressen. Diese Art von anonymen Transaktionen macht es nahezu unmöglich, die Absender- / Empfängeradresse herauszufinden. Gegenwärtig sind die Entwickler von Bytecoin am aktivsten, so dass ... Bitcoin. Bitcoin ist die weltweit führende Kryptowährung auf Basis eines dezentral organisierten Buchungssystems. Zahlungen werden kryptographisch legitimiert und über ein Netz gleichberechtigter Rechner (peer-to-peer) abgewickelt.Anders als im klassischen Banksystem üblich, ist kein zentrales Clearing der Geldbewegungen notwendig. Eigentumsnachweise an Bitcoin werden in persönlichen ...
Crypto Evangelist: Bitcoin - Like Every Asset - Is A Confidence Game CNBC
How to create a wallet using Shamir Backup: In this video we will show you how to create a new wallet using the Shamir Backup feature on the Trezor Model T hardware wallet. To learn more about ... This market trading analysis applies to various exchanges, including Bitmex and Binance. Tackling questions like if Bitcoin can reach 20k again and if we wil... Discussing the rally in bitcoin and what investors really need to know about the cryptocurrency space with Lou Kerner, Flight Ventures partner. » Subscribe t... What is Shamir Backup? How is it different from the original recovery seed? And why should you use it? All of this and a bit more in our short video explaining this revolutionary new way of ... Bitcoin Educational Resources Bitcoin Wiki : https: //en ... How to create a wallet using Shamir Backup - Duration: 1:45. Trezor 678 views. 1:45. Bitcoin Playground Bitrefill - Duration: 1:46 ...