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Modeling Coordinated vs. P2P Mining: An Analysis of Inefficiency and Inequality in Proof-of-Work Blockchains
[article]
2021
arXiv
pre-print
We study efficiency in a proof-of-work blockchain with non-zero latencies, focusing in particular on the (inequality in) individual miners' efficiencies. Prior work attributed differences in miners' efficiencies mostly to attacks, but we pursue a different question: Can inequality in miners' efficiencies be explained by delays, even when all miners are honest? Traditionally, such efficiency-related questions were tackled only at the level of the overall system, and in a peer-to-peer (P2P)
arXiv:2106.02970v1
fatcat:ckthuzh54neltnyadrqx52xrfe