A Rational Mining Strategy for Proof-of-Work Consensus Algorithms
2022 4th Conference on Blockchain Research & Applications for Innovative Networks and Services (BRAINS)(2022)
摘要
To maintain a secured, universal state of a blockchain, Proof-of-Work consensus algorithms economically incentivize miners to compete for block creation through hashing-based challenge solving. Nowadays, the default mining strategy consists in including as many transactions as possible in a block so as to maximize the block reward. Unfortunately, this strategy also maximizes the risk of block orphaning. In this work, we propose a rational mining strategy that carefully balances the trade-off between the block reward and the risk of block orphaning. The strategy is designed so that the chance to get a block reward is higher than the default strategy chance. Furthermore, the strategy is flexible as it provides a degree of freedom of how much larger this chance should be. We analytically study the long-term economic advantage of the proposed approach and derive the condition under which the long-term reward is higher than the one of the default strategy. Finally, we validate the proposed strategy based on a case study analysis method against Bitcoin and Ethereum and show that the higher the risk of block orphaning the more convenient the strategy happens to be.
更多查看译文
关键词
Blockchain,PoW,Mining Strategy,Orphan Block,Block Reward
AI 理解论文
溯源树
样例
![](https://originalfileserver.aminer.cn/sys/aminer/pubs/mrt_preview.jpeg)
生成溯源树,研究论文发展脉络
Chat Paper
正在生成论文摘要