Mitigating Undercutting Attacks: Fee-Redistribution Smart Contracts for Transaction-Fee-Based Regime of Blockchains with the Longest Chain Rule
The result's identifiers
Result code in IS VaVaI
<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F00216305%3A26230%2F24%3APU149348" target="_blank" >RIV/00216305:26230/24:PU149348 - isvavai.cz</a>
Result on the web
<a href="https://xplorestaging.ieee.org/document/10411479" target="_blank" >https://xplorestaging.ieee.org/document/10411479</a>
DOI - Digital Object Identifier
<a href="http://dx.doi.org/10.1109/Blockchain60715.2023.00014" target="_blank" >10.1109/Blockchain60715.2023.00014</a>
Alternative languages
Result language
angličtina
Original language name
Mitigating Undercutting Attacks: Fee-Redistribution Smart Contracts for Transaction-Fee-Based Regime of Blockchains with the Longest Chain Rule
Original language description
In this paper, we review the undercutting attacks in the transaction-fee-based regime (i.e., without block rewards) of proof-of-work (PoW) blockchains with the longest chain fork-choice rule. Next, we focus on the two related problems: (1) fluctuations in mining revenue and (2) the mining gap - i.e., a situation, in which the immediate reward from transaction fees does not cover miners' expenditures. To mitigate these issues, we propose a solution that splits transaction fees from a mined block into two parts-(1) an instant reward for the miner of a block and (2) a deposit sent to one or more fee-redistribution smart contracts (FRSCs) that are part of the consensus protocol. At the same time, these FRSCs reward the miner of a block with a certain fraction of the accumulated funds over a predefined time. This setting enables us to achieve several interesting properties that improve the incentive stability and security of the protocol, which is beneficial for the honest miners. With our solution, the fraction of DEFAULT-COMPLIANT miners who strictly do not execute undercutting attacks is lowered from the state-of-the-art result of 66% to 30%.
Czech name
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Czech description
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Classification
Type
D - Article in proceedings
CEP classification
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OECD FORD branch
10201 - Computer sciences, information science, bioinformathics (hardware development to be 2.2, social aspect to be 5.8)
Result continuities
Project
<a href="/en/project/9A23012" target="_blank" >9A23012: Long Life Power Platforms for Internet of Things</a><br>
Continuities
P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)<br>S - Specificky vyzkum na vysokych skolach
Others
Publication year
2024
Confidentiality
S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů
Data specific for result type
Article name in the collection
2023 IEEE International Conference on Blockchain (Blockchain)
ISBN
979-8-3503-1929-3
ISSN
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e-ISSN
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Number of pages
8
Pages from-to
25-32
Publisher name
Institute of Electrical and Electronics Engineers
Place of publication
Danzhou, China
Event location
Hainan, China
Event date
Dec 17, 2023
Type of event by nationality
WRD - Celosvětová akce
UT code for WoS article
001165130100004