Double spend races

DOI10.1142/S021902491850053XMaRDI QIDQ4645331zbMATH OpenFDO

Authors Cyril Grunspan, Ricardo Pérez-Marco

Publication date 10 January 2019

Published in International Journal of Theoretical and Applied Finance (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/1702.02867

zbMATH Keywords

miningbitcoinblockchainproof-of-workdouble spendregularized incomplete beta function

Mathematics Subject Classification ID

Actuarial science and mathematical finance (91G99) Theory of data (68P99)

Abstract: We correct the double spend race analysis given in Nakamoto's foundational Bitcoin article and give a closed-form formula for the probability of success of a double spend attack using the Regularized Incomplete Beta Function. We give a proof of the exponential decay on the number of confirmations, often cited in the literature, and find an asymptotic formula. Larger number of confirmations are necessary compared to those given by Nakamoto. We also compute the probability conditional to the known validation time of the blocks. This provides a finer risk analysis than the classical one.

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• On profitability of Nakamoto double spend
• A combinatorial-probabilistic analysis of bitcoin attacks
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• A note on optimal double spending attacks
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Cites work

• scientific article; zbMATH DE number 3349081 (Why is no real title available?)
• Asymptotic expansion Of the incomplete beta function for large values Of the first parameter
• Bitcoin and decentralised trust protocols
• Some Elementary Inequalities Relating to the Gamma and Incomplete Gamma Function

Cited in

(10)

• A mean field game approach to bitcoin mining
• A note on optimal double spending attacks
• Determining the number of confirmation blocks in a two-level blockchain with proof-of-proof consensus protocol for different consensus types in mainchain/sidechain to prevent double spend attack. I: PoS in mainchain and PoW in sidechain
• On profitability of Nakamoto double spend
• BLOCKCHAIN DOUBLE-SPEND ATTACK DURATION
• A combinatorial-probabilistic analysis of bitcoin attacks
• Cryptocurrency and double spending history: transactions with zero confirmation
• Fraud risk assessment within blockchain transactions
• Probability of double spend attack for network with non-zero time delay
• Blockchain and cryptocurrencies: economic and financial research

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Uses Software

• DLMF

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