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research-article

Bitcoin meets strong consistency

Authors:

Christian Decker,

Roger WattenhoferAuthors Info & Claims

ICDCN '16: Proceedings of the 17th International Conference on Distributed Computing and Networking

Article No.: 13, Pages 1 - 10

https://doi.org/10.1145/2833312.2833321

Published: 04 January 2016 Publication History

Abstract

The Bitcoin system only provides eventual consistency. For everyday life, the time to confirm a Bitcoin transaction is prohibitively slow. In this paper we propose a new system, built on the Bitcoin blockchain, which enables strong consistency. Our system, PeerCensus, acts as a certification authority, manages peer identities in a peer-to-peer network, and ultimately enhances Bitcoin and similar systems with strong consistency. Our extensive analysis shows that PeerCensus is in a secure state with high probability. We also show how Discoin, a Bitcoin variant that decouples block creation and transaction confirmation, can be built on top of PeerCensus, enabling real-time payments. Unlike Bitcoin, once transactions in Discoin are committed, they stay committed.

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Cited By

Lathamani BKundur NSwamy CHanumanthaiah PDhulavvagol PAnil B(2024)Enhancing the Scalability of Blockchain Networks using a Data Partitioning TechniqueEngineering, Technology & Applied Science Research10.48084/etasr.876014:6(17711-17716)Online publication date: 2-Dec-2024
https://doi.org/10.48084/etasr.8760
Camponês PDomingos HHong JPark J(2024)Dynamic Optimization of the Latency Throughput Trade-off in Parallel Chain Distributed LedgersProceedings of the 39th ACM/SIGAPP Symposium on Applied Computing10.1145/3605098.3635956(226-234)Online publication date: 8-Apr-2024
https://dl.acm.org/doi/10.1145/3605098.3635956
Baranwal GKumar DBiswas AYadav R(2024)A Blockchain Framework for Efficient Resource Allocation in Edge ComputingIEEE Transactions on Network and Service Management10.1109/TNSM.2024.341179621:4(3956-3970)Online publication date: Aug-2024
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Index Terms

Bitcoin meets strong consistency
1. Networks
  1. Network protocols
    1. Application layer protocols
      1. Peer-to-peer protocols

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cover image ACM Other conferences

ICDCN '16: Proceedings of the 17th International Conference on Distributed Computing and Networking

January 2016

370 pages

ISBN:9781450340328

DOI:10.1145/2833312

Copyright © 2016 ACM.

Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for components of this work owned by others than ACM must be honored. Abstracting with credit is permitted. To copy otherwise, or republish, to post on servers or to redistribute to lists, requires prior specific permission and/or a fee. Request permissions from [email protected]

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Association for Computing Machinery

New York, NY, United States

Publication History

Published: 04 January 2016

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ICDCN '16

ICDCN '16: 17th International Conference on Distributed Computing and Networking

January 4 - 7, 2016

Singapore, Singapore

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Cited By

Lathamani BKundur NSwamy CHanumanthaiah PDhulavvagol PAnil B(2024)Enhancing the Scalability of Blockchain Networks using a Data Partitioning TechniqueEngineering, Technology & Applied Science Research10.48084/etasr.876014:6(17711-17716)Online publication date: 2-Dec-2024
https://doi.org/10.48084/etasr.8760
Camponês PDomingos HHong JPark J(2024)Dynamic Optimization of the Latency Throughput Trade-off in Parallel Chain Distributed LedgersProceedings of the 39th ACM/SIGAPP Symposium on Applied Computing10.1145/3605098.3635956(226-234)Online publication date: 8-Apr-2024
https://dl.acm.org/doi/10.1145/3605098.3635956
Baranwal GKumar DBiswas AYadav R(2024)A Blockchain Framework for Efficient Resource Allocation in Edge ComputingIEEE Transactions on Network and Service Management10.1109/TNSM.2024.341179621:4(3956-3970)Online publication date: Aug-2024
https://doi.org/10.1109/TNSM.2024.3411796
Zhang ZLiu XLi MYin HZhu LKhoussainov BGai K(2024)HCA: Hashchain-Based Consensus Acceleration Via Re-VotingIEEE Transactions on Dependable and Secure Computing10.1109/TDSC.2023.326228321:2(775-788)Online publication date: Mar-2024
https://doi.org/10.1109/TDSC.2023.3262283
Chen KLuo J(2024)zkRPC: Trustless Bitcoin Data Availability NetworkComputer Networks10.1016/j.comnet.2024.110957(110957)Online publication date: Dec-2024
https://doi.org/10.1016/j.comnet.2024.110957
Wang ZHu GYou L(2024)An Improved Model of PBFT with Anonymity and Proxy Based on Linkable Ring SignatureAlgorithms and Architectures for Parallel Processing10.1007/978-981-97-0808-6_29(491-502)Online publication date: 27-Feb-2024
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Haxhimehmeti HBesimi A(2024)Recent Techniques and Algorithms for Cryptocurrencies’ Price Prediction: A Literature ReviewNavigating Economic Uncertainty - Vol. 110.1007/978-3-031-73506-6_17(291-304)Online publication date: 29-Dec-2024
https://doi.org/10.1007/978-3-031-73506-6_17
Gupta AArulkumar N(2023)An Exploratory Study of Python's Role in the Advancement of Cryptocurrency and Blockchain EcosystemsAdvanced Applications of Python Data Structures and Algorithms10.4018/978-1-6684-7100-5.ch012(236-252)Online publication date: 30-Jun-2023
https://doi.org/10.4018/978-1-6684-7100-5.ch012
Barceló EDimić-Mišić KImani MSpasojević Brkić VHummel MGane P(2023)Regulatory Paradigm and Challenge for Blockchain Integration of Decentralized Systems: Example—Renewable Energy GridsSustainability10.3390/su1503257115:3(2571)Online publication date: 31-Jan-2023
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Alrowaily MAlghamdi MAlkhazi IHassanat AArbab MLiu C(2023)Modeling and Analysis of Proof-Based Strategies for Distributed Consensus in Blockchain-Based Peer-to-Peer NetworksSustainability10.3390/su1502147815:2(1478)Online publication date: 12-Jan-2023
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