The proof-of-work (PoW) algorithm has been initially used in Bitcoin and is now one of the mainstream consensus algorithms to create immutable ledgers of transactions. However, it is still not very well understood, and as such, its entire strength …

In this paper, we make a theoretical analysis from a coordination perspective and conclude that the Proof-of-Work (PoW) algorithm is a stigmergic consensus algorithm where the trace left by an action in the blockchain through indirect coordination of …

Distributed Decision of Trust We live in an age where most, if not all of us use interconnected technological devices all day, everyday. The interconnectivity is sometimes established by trusted third party servers, and sometimes established in a completely peer-to-peer way thanks to the advanced technologies like bluetooth and wi-fi.

Bitcoin-like blockchains do not envisage any specific mechanism to avoid unfairness for the users. Hence, unfair situations, like impossibility of cancellation of transactions explicitly or having unconfirmed transactions, reduce the satisfaction of …

Bir önceki yazıda, Bitcoin sisteminin neden sürdürülebilir olmadığından söz etmiştim. Bu yazıda, bir başka önemli husus olan adalet konusuna değineceğim ve Bitcoin sisteminin neden adil olmadığını aktarmaya çalışacağım.

Bitcoin ve blokzincirleri konusunda biraz mürekkep yalamış birisi olarak, son günlerde konuya olan büyük ilgiden dolayı bazı teknik konulara değinme ihtiyaci hissettim. İlk olarak, bu yazıda Bitcoin sisteminin neden sürdürülebilir olmadığını aktarmaya çalışacağım.

Interested cryptocurrency users have already realized that sometimes the values graphs of cryptocurrencies look quite similar. For example, such a phenomenon has been noticed between Bitcoin, Ethereum and Litecoin and reported on StackExchange.

In the classical Bitcoin protocol, the current maximum block size (1 MB) limits number of transactions per block (around 3 transactions per second). This can force regular users to compete for transactions by increasing the fees, pricing some users out of the network, once the corresponding blockchain system is popular enough, which is the case for Bitcoin currently.

CEA Technical Report, DRT/LIST/DILS/17-0127/OG. Confidential.

Context Blockchain technologies are suited to enact a large number of interactions among system users without the need of a central authority. Trust among users is built in a decentralized manner thanks to a distributed protocol permanently running among geographically distributed nodes.