publication . Preprint . 2016

An Analysis of Attacks on Blockchain Consensus

Bissias, George; Levine, Brian Neil; Ozisik, A. Pinar; Andresen, Gavin;
Open Access English
  • Published: 25 Oct 2016
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 ...
Subjects
free text keywords: Computer Science - Cryptography and Security
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