TY - JOUR
T1 - Bitcoin’s Underlying Incentives
AU - Sompolinsky, Yonatan
AU - Zohar, Aviv
N1 - Publisher Copyright:
© 2017 ACM.
PY - 2017/10/1
Y1 - 2017/10/1
N2 - Incentives are crucial for the Bitcoin protocol’s security and effectively drive its daily operation. Miners go to extreme lengths to maximize their revenue and often find creative ways to do so that are sometimes at odds with the protocol. Cryptocurrency protocols should be placed on stronger foundations of incentives. There are many areas left to improve, ranging from the very basics of mining rewards and how they interact with the consensus mechanism, through the rewards in mining pools, and all the way to the transaction fee market itself.
AB - Incentives are crucial for the Bitcoin protocol’s security and effectively drive its daily operation. Miners go to extreme lengths to maximize their revenue and often find creative ways to do so that are sometimes at odds with the protocol. Cryptocurrency protocols should be placed on stronger foundations of incentives. There are many areas left to improve, ranging from the very basics of mining rewards and how they interact with the consensus mechanism, through the rewards in mining pools, and all the way to the transaction fee market itself.
UR - https://www.scopus.com/pages/publications/105022789560
U2 - 10.1145/3155112.3168362
DO - 10.1145/3155112.3168362
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AN - SCOPUS:105022789560
SN - 1542-7730
VL - 15
SP - 29
EP - 52
JO - Queue
JF - Queue
IS - 5
ER -