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We propose an energy-efficient solution to the double-spending problem using a bitcoin-backed proof-of-stake. Stakers vote on sidechain blocks forming a record that cannot be changed without destroying their collateral. Every user can become a ...

The global Bitcoin mining industry has grown to a size where its overall energy consumption is frequently compared to that of entire countries. Indeed, as of 30 April 2022, following the successful migration of the entire Chinese mining industry ...${}^{\mathit{}}$

Bitcoin mining can be a difficult process to understand much less model. It is confounded by currency exchange rates and jurisdictional taxes along with rapid historical technological development. We present a framework for simplifying the ...

Sovereign adoption of bitcoin, whether as legal tender or in treasury reserves, increases the profitability of energy-intensive bitcoin mining, creating significant carbon emissions. This paper explores methods for adopting bitcoin while ...

Stablecoin regulation is an important topic in crypto assets. As some assumed there were no regulations for crypto assets before, it can be painful for the crypto industry to be compliant with financial regulations. Traditional finance (tradfi) ...

The term miner extractable value (MEV) has been coined to describe the value which can be extracted by a miner, e.g., from manipulating the order of transactions within a given timeframe. $\mathrm{MEV}$ has been deemed an important factor to assess the ...$\mathrm{}$$\mathrm{}$$\mathrm{}$$\mathrm{}$

In this note we explain our method to teach various consensus algorithms in the classroom. We accomplish that by creating slightly modifying PoS algorithm to create a version which is equivalent to PoW consensus algorithms.

Decentralized finance (“DeFi”) has become a cornerstone of crypto-asset markets since 2020. While most academic studies focus primarily on technological impacts, this paper is rather based on the factual observation that corporations are ...

Since the Mt. Gox Bitcoin exchange collapse in 2014, a number of custodial cryptocurrency wallets offer a form of financial solvency proofs to bolster their users’ confidence. We identified that despite recent academic works that highlight ...

Digital payments and decentralized systems enable new financial products and services for users. A core challenge stems from the need to protect users from fraud and abuse while retaining privacy in individual transactions. Proposed herein is a ...

Corda is a permissioned distributed ledger platform that enables enterprises to manage their business deals and obligations in a decentralized manner. Its unique ledger structure, which requires sharing the content of a transaction only to ...

This paper studies users’ privacy perceptions of UTXO-based blockchains such as Bitcoin. It elaborates – based on interviews and questionnaires – on a mental model of employing privacy-preserving techniques for blockchain transactions. Furthermore,...

Decentralized Finance (DeFi) services are moving traditional financial operations to the Internet of Value (IOV) by exploiting smart contracts, distributed ledgers, and transactions among different protocols. The exponential increase of the Total ...

Sealed-bid auctions with deposits are frequently used in blockchain environments. An auction takes place on-chain: bidders deposit an amount that fully covers their bid (but possibly exceeds it) in a smart contract. The deposit is used as ...

We are interested in how the relationship between the fee in a constant product market (CPM) and the volatility of the swapped pair on other liquid exchanges influences the losses/gains of the liquidity providers. We review three classical market ...

Decentralized exchanges are revolutionizing finance. With their ever-growing increase in popularity, a natural question that begs to be asked is: how efficient are these new markets?

We find that nearly 30% of analyzed trades are executed at an ...

Front-running is the malicious, and often illegal, act of both manipulating the order of pending trades and injecting additional trades to make a profit at the cost of other users. In decentralized finance (DeFi), front-running strategies exploit ...

The rapid growth of the Ethereum ecosystem since 2020 has been driven by the proliferation of several DeFi protocols [10], which are application-layer programs that provide Decentralized Finance (DeFi) services [14, 16] such as the exchange of ...

This paper proposes a secure decentralized protocol that a consortium of local banks can use to complete a netting process in a privacy-preserving fashion without relying on a single central bank. To do so, it makes use of two key ingredients - ...

The smart contract-based markets for non-fungible tokens (NFTs) on the Ethereum blockchain have seen tremendous growth in 2021, with trading volumes peaking at $3.5b in September 2021. This dramatic surge has led to industry observers questioning ...

Individual verifiability remains one of the main practical challenges in e-voting systems and, despite the central importance of this property, countries that sought to offer it to their voters faced repeated security problems.

In this note, we ...

We revisit the e-voting protocol IVXV that is used for legally-binding political elections in Estonia from a privacy perspective. We demonstrate that IVXV is vulnerable to attacks against vote privacy in those threat scenarios that were considered ...

A representative study came to the conclusion that more than 63% of German voters would have like to cast their vote for the federal election in 2021 online. In this paper, we aimed to investigate why Germans might be in favour or against online ...

In this paper we present simulation results comparing the risk, stopping probability, and number of ballots required over multiple rounds of ballot polling risk-limiting audits (RLAs) Minerva, Selection-Ordered (SO) Bravo, and End-of-Round (EoR) ...

Risk-limiting audits (RLAs) are an increasingly important method for checking that the reported outcome of an election is, in fact, correct. Indeed, their use is increasingly being legislated. While effective methods for RLAs have been developed ...