On Analysis of the Bitcoin and Prism Backbone Protocols in Synchronous Networks

Jing Li, Dongning Guo

Research output: Chapter in Book/Report/Conference proceedingConference contribution

1 Scopus citations

Abstract

Bitcoin is a peer-to-peer payment system proposed by Nakamoto in 2008. The bitcoin backbone protocol has been analyzed in some depth: the blockchain growth property quantifies the number of blocks added to the blockchain during any time intervals; the blockchain quality property ensures the honest miners always contribute at least a certain fraction of the blockchain; the common prefix property ensures if a block is deep enough, it must be adopted by all honest miners with high probability. The Prism protocol was recently proposed to dramatically improve the blockchain throughput while maintaining the same level of security. Prior analyses of the bitcoin and Prism backbone protocols assume the lifespan of blockchain is finite. This paper presents a streamlined and strengthened analysis in synchronous networks without the finite lifespan assumption. Specifically, the results include a blockchain growth property, a blockchain quality property, and a common prefix property of the bitcoin backbone protocol, as well as the liveness and persistence of the Prism backbone protocol regardless of whether the blockchains have finite lifespan. The properties take the form of explicit expressions in lieu of order optimal results.

Original languageEnglish (US)
Title of host publication2019 57th Annual Allerton Conference on Communication, Control, and Computing, Allerton 2019
PublisherInstitute of Electrical and Electronics Engineers Inc.
Pages17-24
Number of pages8
ISBN (Electronic)9781728131511
DOIs
StatePublished - Sep 2019
Event57th Annual Allerton Conference on Communication, Control, and Computing, Allerton 2019 - Monticello, United States
Duration: Sep 24 2019Sep 27 2019

Publication series

Name2019 57th Annual Allerton Conference on Communication, Control, and Computing, Allerton 2019

Conference

Conference57th Annual Allerton Conference on Communication, Control, and Computing, Allerton 2019
CountryUnited States
CityMonticello
Period9/24/199/27/19

ASJC Scopus subject areas

  • Artificial Intelligence
  • Computer Networks and Communications
  • Hardware and Architecture
  • Safety, Risk, Reliability and Quality
  • Control and Optimization

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