The 10 Most Important Cryptocurrencies Other Than Bitcoin

Bitcoin-NG: A Scalable Blockchain Protocol

arXiv:1510.02037
Date: 2015-11-11
Author(s): Ittay Eyal, Adem Efe Gencer, Emin Gun Sirer, Robbert van Renesse

Link to Paper


Abstract
Cryptocurrencies, based on and led by Bitcoin, have shown promise as infrastructure for pseudonymous online payments, cheap remittance, trustless digital asset exchange, and smart contracts. However, Bitcoin-derived blockchain protocols have inherent scalability limits that trade-off between throughput and latency and withhold the realization of this potential.This paper presents Bitcoin-NG, a new blockchain protocol designed to scale. Based on Bitcoin's blockchain protocol, Bitcoin-NG is Byzantine fault tolerant, is robust to extreme churn, and shares the same trust model obviating qualitative changes to the ecosystem.In addition to Bitcoin-NG, we introduce several novel metrics of interest in quantifying the security and efficiency of Bitcoin-like blockchain protocols. We implement Bitcoin-NG and perform large-scale experiments at 15% the size of the operational Bitcoin system, using unchanged clients of both protocols. These experiments demonstrate that Bitcoin-NG scales optimally, with bandwidth limited only by the capacity of the individual nodes and latency limited only by the propagation time of the network.

References
[1] Andresen, G. O(1) block propagation. https://gist.github.com/gavinandresen/#file-blockpropagation-md, retrieved July. 2015.
[2] Aspnes, J. Randomized protocols for asynchronous consensus. Distributed Computing 16, 2-3 (2003), 165–175.
[3] Back, A., Corallo, M., Dashjr, L., Friedenbach, M., Maxwell, G., Miller, A., Poelstra, A., Timn, J., and Wuille, P. Enabling blockchain innovations with pegged sidechains. http://cs.umd.edu/projects/coinscope/coinscope.pdf, 2014.
[4] Bamert, T., Decker, C., Elsen, L., Wattenhofer, R., and Welten, S. Have a snack, pay with Bitcoins. In Peer-to-Peer Computing (P2P), 2013 IEEE Thirteenth International Conference on (2013), IEEE, pp. 1–5.
[5] Bellare, M., and Rogaway, P. Random oracles are practical: A paradigm for designing efficient protocols. In Proceedings of the 1st ACM conference on Computer and communications security (1993), ACM, pp. 62–73.
[6] Bitcoin community. Bitcoin source. https://github.com/bitcoin/bitcoin, retrieved Mar. 2015.
[7] Bitcoin community. Protocol rules. https://en.bitcoin.it/wiki/Protocol_rules, retrieved Sep. 2013.
[8] Bitcoin community. Protocol specification. https://en.bitcoin.it/wiki/Protocol_specification, retrieved Sep. 2013.
[9] BlockTrail. BlockTrail API. https://www.blocktrail.com/api/docs#api_data, retrieved Sep. 2015.
[10] Bonneau, J., Miller, A., Clark, J., Narayanan, A., Kroll, J. A., and Felten, E. W. Research perspectives on Bitcoin and second-generation cryptocurrencies. In Symposium on Security and Privacy (San Jose, CA, USA, 2015), IEEE.
[11] Buterin, V. Slasher: A punitive proof-of-stake algorithm. https://blog.ethereum.org/2014/01/15/slasher-a-punitive-proof-of-stake-algorithm/, January 2015.
[12] CNNMoney Staff. The Ashley Madison hack...in 2 minutes. http://money.cnn.com/2015/08/24/technology/ashley-madison-hack-in-2-minutes/, retrieved Sep. 2015.
[13] CoinDesk. Bitcoin venture capital. http://www.coindesk.com/bitcoin-venture-capital/, retrieved Sep. 2015.
[14] Colored Coins Project. Colored Coins. http://coloredcoins.org/, retrieved Sep. 2015.
[15] Corallo, M. High-speed Bitcoin relay network. http://sourceforge.net/p/bitcoin/mailman/message/31604935/, November 2013.
[16] Decker, C., and Wattenhofer, R. Information propagation in the Bitcoin network. In IEEE P2P (Trento, Italy, 2013).
[17] Decker, C., and Wattenhofer, R. A fast and scalable payment network with Bitcoin Duplex Micropayment Channels. In Stabilization, Safety, and Security of Distributed Systems - 17th International Symposium, SSS 2015, Edmonton, AB, Canada, August 18-21, 2015, Proceedings (2015), Springer, pp. 3–18.
[18] Dwork, C., Lynch, N. A., and Stockmeyer, L. J. Consensus in the presence of partial synchrony. J. ACM 35, 2 (1988), 288–323.
[19] Eyal, I., Birman, K., and van Renesse, R. Cache serializability: Reducing inconsistency in edge transactions. In 35th IEEE International Conference on Distributed Computing Systems, ICDCS 2015, Columbus, OH, USA, June 29 - July 2, 2015 (2015), pp. 686–695.
[20] Eyal, I., and Sirer, E. G. Bitcoin is broken. http://hackingdistributed.com/2013/11/04/bitcoin-is-broken/, 2013.
[21] Eyal, I., and Sirer, E. G. Majority is not enough: Bitcoin mining is vulnerable. In Financial Cryptography and Data Security (Barbados, 2014).
[22] Garay, J. A., Kiayias, A., and Leonardos, N. The Bitcoin backbone protocol: Analysis and applications. In Advances in Cryptology - EUROCRYPT 2015 - 34th Annual International Conference on the Theory and Applications of Cryptographic Techniques, Sofia, Bulgaria, April 26-30, 2015, Proceedings, Part II (2015), pp. 281–310.
[23] Garcia-Molina, H. Elections in a distributed computing system. Computers, IEEE Transactions on 100, 1 (1982), 48–59.
[24] Hearn, M., and Spilman, J. Rapidly-adjusted (micro)payments to a pre-determined party. https://en.bitcoin.it/wiki/Contract, retrieved Sep. 2015.
[25] Heilman, E., Kendler, A., Zohar, A., and Goldberg, S. Eclipse attacks on Bitcoin’s peerto-peer network. In 24th USENIX Security Symposium, USENIX Security 15, Washington, D.C., USA, August 12-14, 2015. (2015), pp. 129–144.
[26] Kosba, A., Miller, A., Shi, E., Wen, Z., and Papamanthou, C. Hawk: The blockchain model of cryptography and privacy-preserving smart contracts. Cryptology ePrint Archive, Report 2015/675, 2015. http://eprint.iacr.org/.
[27] Kroll, J. A., Davey, I. C., and Felten, E. W. The economics of Bitcoin mining or, Bitcoin in the presence of adversaries. In Workshop on the Economics of Information Security (2013).
[28] Lamport, L. Using time instead of timeout for fault-tolerant distributed systems. ACM Transactions on Programming Languages and Systems 6, 2 (Apr. 1984), 254–280.
[29] Le Lann, G. Distributed systems-towards a formal approach. In IFIP Congress (1977), vol. 7, Toronto, pp. 155–160.
[30] Lewenberg, Y., Sompolinsky, Y., and Zohar, A. Inclusive block chain protocols. In Financial Cryptography (Puerto Rico, 2015).
[31] Litecoin Project. Litecoin, open source P2P digital currency. https://litecoin.org, retrieved Nov. 2014.
[32] Meiklejohn, S., Pomarole, M., Jordan, G., Levchenko, K., McCoy, D., Voelker, G. M., and Savage, S. A fistful of bitcoins: characterizing payments among men with no names. In Proceedings of the 2013 Internet Measurement Conference, IMC 2013, Barcelona, Spain, October 23-25, 2013 (2013), pp. 127–140.
[33] Miller, A., and Jansen, R. Shadow-Bitcoin: Scalable simulation via direct execution of multithreaded applications. IACR Cryptology ePrint Archive 2015 (2015), 469.
[34] Miller, A., and Jr., L. J. J. Anonymous Byzantine consensus from moderately-hard puzzles: A model for Bitcoin. https://socrates1024.s3.amazonaws.com/consensus.pdf, 2009.
[35] Miller, A., Litton, J., Pachulski, A., Gupta, N., Levin, D., Spring, N., and Bhattacharjee, B. Preprint: Discovering Bitcoins public topology and influential nodes. http://cs.umd.edu/projects/coinscope/coinscope.pdf, 2015.
[36] Moraru, I., Andersen, D. G., and Kaminsky, M. Egalitarian Paxos. In ACM Symposium on Operating Systems Principles (2012).
[37] Nakamoto, S. Bitcoin: A peer-to-peer electronic cash system. http://www.bitcoin.org/ bitcoin.pdf, 2008.
[38] Nayak, K., Kumar, S., Miller, A., and Shi, E. Stubborn mining: Generalizing selfish mining and combining with an eclipse attack. IACR Cryptology ePrint Archive 2015 (2015), 796.
[39] Pazmino, J. E., and da Silva Rodrigues, C. K. ˜ Simply dividing a Bitcoin network node may reduce transaction verification time. The SIJ Transactions on Computer Networks and Communication Engineering (CNCE) 3, 2 (February 2015), 17–21.
[40] Pease, M. C., Shostak, R. E., and Lamport, L. Reaching agreement in the presence of faults. J. ACM 27, 2 (1980), 228–234.
[41] Peck, M. E. Adam Back says the Bitcoin fork is a coup. http://spectrum.ieee.org/tech-talk/computing/networks/the-bitcoin-for-is-a-coup, Aug 2015.
[42] Poon, J., and Dryja, T. The Bitcoin Lightning Network. http://lightning.network/lightning-network.pdf, February 2015. Draft 0.5.
[43] Sapirshtein, A., Sompolinsky, Y., and Zohar, A. Optimal selfish mining strategies in Bitcoin. CoRR abs/1507.06183 (2015).
[44] Schneider, F. B. Implementing fault-tolerant services using the state machine approach: A tutorial. ACM Computing Surveys 22, 4 (Dec. 1990), 299–319.
[45] Sompolinsky, Y., and Zohar, A. Accelerating Bitcoin’s transaction processing. fast money grows on trees, not chains. In Financial Cryptography (Puerto Rico, 2015).
[46] Sompolinsky, Y., and Zohar, A. Secure high-rate transaction processing in Bitcoin. In Financial Cryptography and Data Security - 19th International Conference, FC 2015, San Juan, Puerto Rico, January 26-30, 2015, Revised Selected Papers (2015), pp. 507–527.
[47] Stathakopoulou, C. A faster Bitcoin network. Tech. rep., ETH, Z¨urich, January 2015. Semester Thesis, supervised by C. Decker and R. Wattenhofer.
[48] Swanson, E. Bitcoin mining calculator. http://www.alloscomp.com/bitcoin/calculator, retrieved Sep. 2013.
[49] The Ethereum community. Ethereum white paper. https://github.com/ethereum/wiki/wiki/White-Paper, retrieved July. 2015.
[50] Wikipedia. List of cryptocurrencies. https://en.wikipedia.org/wiki/List_of_cryptocurrencies, retrieved Oct. 2013.
submitted by dj-gutz to myrXiv [link] [comments]

Best Way To Buy Bitcoin Instantly (I Ditched Coinbase ... Buying bitcoin in italy BULL RUN BITCOIN: 5 trucchi per affrontarla al MEGLIO (e non perdere soldi!) BITCOIN e mercati delle criptovalute. Anno difficile per il trading di bitcoin Bitcoin Is Going to Be Digital Gold, Says Galaxy’s ...

[ad_1] European bitcoin exchange The Rock Trading adds direct IBAN funding » CryptoNinjas The Rock Trading, a bitcoin exchange based in Italy catering to the European market, announced users can now fund their accounts easier through IBAN transfers. By acquiring a new dedicated IBAN with The Rock Trading as a beneficiary; the exchange enables direct... in Bitcoin exchange rates at Bitminer Factory in Florence, Italy, April 6, “This is the biggest question right now for most of the industry,” said Eyal Avramovich, chief executive of MineBest, a Warsaw-based company that mines bitcoin. Investors expecting a sudden surge in bitcoin’s price, after it underwent a technical adjustment three weeks ago that reduced. Why Syfy’s Happy ... Generally, the smallest amount of BTC you can buy is 0.001 BTC( 1mBTC) Where to buy: How to buy/sell Bitcoins and Cryptocurrencies? Altcoin Accelerated Listed on Giant Bitcoin Exchange Won! 3: new bitcoin mining website : 3: Pilihan Ide Usaha Bisnis Ketika Pandemik covid-19 Dirumah Aja Sambil Trader Bitcoin Menguntungkan: 3: Tesla And Bitcoin Have More In Common Than You Think: 3: Why Bitcoin is not a socialist’s ally: Reply to Ben Arc: 3: Bitcoin Price Broke 11000 Resistance After a Long Time! 3 ‘Gjueti bitcoin ... P2P Bitcoin Exchange Paxful Shuts Down Venezuela Operations to Comply With US Sanctions : 2: Is Bitcoin Revolution for real How do you trade it – Kalkine Media: 2: What is Bitcoin Simple and short answers: 2: MicroStrategy CEO Compares US Dollar to Melting Ice After Increasing Bitcoin Portfolio to 425000000 in BTC: 2: Bitcoin CME Gaps – Why Are BTC CME Gaps Important: 2: New Bitcoin ...

[index] [36613] [4158] [23424] [29332] [9383] [26428] [36068] [37673] [36561] [43593]

Best Way To Buy Bitcoin Instantly (I Ditched Coinbase ...

Che cos'è un exchange e informazioni su come comprare/vendere Bitcoin. Si consiglia la visione ad alta qualità. Bitcoin Foundation Italia https://www.bitcoin... Feb.13 -- Mike Novogratz, founder and chief executive officer at Galaxy Digital, discusses cryptocurrencies, where he sees the sector heading in the coming m... “Nei prossimi anni avverrà un enorme trasferimento di ricchezza tra chi è rimasto fuori da Bitcoin e chi invece ne ha capito le potenzialità” Queste sono parole di Christian Miccoli, ex CEO ... Latest Video: http://bit.ly/BW10000 1. Buy Bitcoins: http://bit.ly/BWCoinbase 2. Best Crypto Exchange: http://bit.ly/BWBinance 3. ROBINHOOD http://bit.ly/ROB... "Perdere soldi in una Bull Run? Questo è pazzo" starete pensando. Ebbene si, se si cade vittima di alcuni errori è facilissimo. Vediamo come evitarlo, e come massimizzare i guadagni. Seguimi su ...

#