Mitigating Undercutting Attacks: Fee-Redistribution Smart Contracts for Transaction-Fee-Based Regime of Blockchains with the Longest Chain Rule

Kód výsledku v 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>

Výsledek na webu

<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>

Jazyk výsledku

angličtina

Název v původním jazyce

Mitigating Undercutting Attacks: Fee-Redistribution Smart Contracts for Transaction-Fee-Based Regime of Blockchains with the Longest Chain Rule

Popis výsledku v původním jazyce

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%.

Název v anglickém jazyce

Mitigating Undercutting Attacks: Fee-Redistribution Smart Contracts for Transaction-Fee-Based Regime of Blockchains with the Longest Chain Rule

Popis výsledku anglicky

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%.

Druh

D - Stať ve sborníku

CEP obor

—

OECD FORD obor

10201 - Computer sciences, information science, bioinformathics (hardware development to be 2.2, social aspect to be 5.8)

Projekt

<a href="/cs/project/9A23012" target="_blank" >9A23012: Long Life Power Platforms for Internet of Things</a><br>

Návaznosti

P - Projekt vyzkumu a vyvoje financovany z verejnych zdroju (s odkazem do CEP)<br>S - Specificky vyzkum na vysokych skolach

Rok uplatnění

2024

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název statě ve sborníku

2023 IEEE International Conference on Blockchain (Blockchain)

ISBN

979-8-3503-1929-3

ISSN

—

e-ISSN

—

Počet stran výsledku

8

Strana od-do

25-32

Název nakladatele

Institute of Electrical and Electronics Engineers

Místo vydání

Danzhou, China

Místo konání akce

Hainan, China

Datum konání akce

17. 12. 2023

Typ akce podle státní příslušnosti

WRD - Celosvětová akce

Kód UT WoS článku

001165130100004