The Economics of Bitcoin Mining, or Bitcoin in the Presence of Adversaries

摘要: The Bitcoin digital currency depends for its correctness and stability on a combination of cryptography, distributed algorithms, incentivedriven behavior. We examine as consensus game determine that it relies separate about the rules state. An important aspect Bitcoin’s design is mining mechanism, in which participants expend resources solving computational puzzles order to collect rewards. This mechanism purportedly protects against certain technical problems such inconsistencies system’s log data structure. consider economics mining, whether protocol can survive attacks, assuming behave according their incentives. show there Nash equilibrium all players consistently with reference implementation, along innitely many equilibria they otherwise. also how motivated adversary might be able disrupt system \crash" currency. Finally, we argue will require emergence governance structures, contrary commonly held view community ungovernable.