Secure High-Rate Transaction Processing
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Secure High-Rate Transaction Processing
Abstract. Bitcoin is a disruptive new crypto-currency based on a de- centralized open-source protocol which has been gradually gaining mo- mentum. Perhaps the most important question that will affect Bitcoin’s success, is whether or not it will be able to scale to support the high volume of transactions required from a global currency system. We in- vestigate the implications of having a higher transaction throughput on Bitcoin’s security against double-spend attacks. We show that at high throughput, substantially weaker attackers are able to reverse payments they have made, even well after they were considered accepted by re- cipients. We address this security concern through the GHOST rule, a modification to the way Bitcoin nodes construct and re-organize the block chain, Bitcoin’s core distributed data-structure. GHOST has been adopted and a variant of it has been implemented as part of the Ethereum project, a second generation distributed applications platfor | Artist/Author: Yonatan Sompolinsky
Date: Sunday May 5, 2024 7:22:27 am
https://eprint.iacr.org/2013/881.pdf |
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