Cryptocurrencies activity as a complex network: Analysis of transactions graphs

Serena, Luca; Ferretti, Stefano; D’Angelo, Gabriele

doi:10.1007/s12083-021-01220-4

Cited by 21 publications

(5 citation statements)

References 27 publications

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“…The typical blockchain application of a fully distributed structured P2P network is Ethereum. 24 Indeed, in both structured and unstructured P2P networks, such as the world wide web (WWW) 25,26 and Bitcoin transaction network, 27,28 individual nodes are dynamically interconnected. The connections between nodes occur randomly, and the likelihood of link formation adheres to a specific distribution.…”

Section: Fully Distributed P2p Networkmentioning

confidence: 99%

A physical topology for optimizing partition tolerance in consortium blockchains to reach CAP guarantee bound

Lü

et al. 2023

Trans Emerging Tel Tech

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Decentralized cryptocurrency systems, known as blockchains, have shown promise as an infrastructure for mutually distrustful parties to securely agree on transactions. Nevertheless, blockchain systems are constrained by the CAP Trilemma. Due to performance degradation, it is impossible to address this issue by improving simply the consensus layer or the network layer. To alleviate the CAP constraint in consortium blockchains, we propose a topological construction method to optimize the physical layer based on multi‐dimensional hypercubes with excellent partition tolerance in probability. The basic topology has the advantage of solving the mismatch problem between the overlay network and the underlying network. It is further extended to hierarchical recursive topologies with more intermediate links or short links to balance the reliability requirement with the cost of building the physical network. We prove that the proposed hypercube topology has better partition tolerance than the regular rooted tree and ring lattice topologies, and effectively fits the upper‐layer protocols at the consensus and network layers. As a result, combined with suitable transmission and consensus protocols that satisfy strong consistency and availability, the proposed topology‐constructed blockchain can reach the CAP guarantee bound.

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Section: Fully Distributed P2p Networkmentioning

confidence: 99%

A physical topology for optimizing partition tolerance in consortium blockchains to reach CAP guarantee bound

Lü

et al. 2023

Trans Emerging Tel Tech

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“…The degree distribution of the Ethereum transaction network was analyzed with an actual feasible path for money flow. Serena et al represented cryptocurrency activities ad a complex network to analyze the transaction graphs [40]. Four prominent Distributed Ledger Technologies (DLTs), namely Bitcoin, DogeCoin, Ethereum, and Ripple, were considered.…”

Section: Blockchain and Cryptocurrencies In Complex Networkmentioning

confidence: 99%

MLP-COMET-based decision model re-identification for continuous decision-making in the complex network environment

Kizielewicz,

Więckowski,

Jankowski

2023

Annals of Computer Science and Information Systems

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In recent years, complex networks have gained significant attention for their practical potential in data analysis and decision-making. However, assessing node relevance in complex networks poses challenges, including subjectivity and difficulty reproducing criteria relationships. To address these issues, we propose MLP-COMET. This novel approach combines the Multi-Layer Perceptron (MLP) with the Characteristic Objects Method (COMET) in Multi-Criteria Decision Analysis (MCDA). MLP-COMET aims to re-identify decision models using MLP to evaluate characteristic objects. We evaluate the approach to assessing the complex network and demonstrate its effectiveness in evaluating without heavy reliance on domain experts. The MLP-COMET performance is evaluated through ranking comparisons, showing a strong correlation with reference expert rankings. We also analyze the impact of training sample size and number of characteristic objects on ranking similarity, observing high stability and similarity using the rw metric. MLP-COMET offers an effective and reliable tool for evaluating complex networks and facilitating decision-making processes.

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“…As discussed previously, scientists failed in mapping the BitOverNet [5][6][7][8][9][10][11][12][13][14] and this hinders progress in protecting it. It is worthy of noting that mapping the BitOverNet, figure 2, is radically different than the bitcoin transaction network [27][28][29][30] , figure 1, and bitcoin lightning 31 .…”

Section: Mapping the Bitcoin Overlay Networkmentioning

confidence: 99%

Evolutionary Random Graph for Bitcoin Overlay and Blockchain Mining Networks

Abdo

Dass

Qolomany

et al. 2022

Preprint

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The world economy is experiencing the novel adoption of distributed currencies that are free from the control of central banks. Distributed currencies suffer from extreme volatility, and this can lead to catastrophic implications during future economic crisis. Understanding the dynamics of this new type of currencies is vital for empowering supervisory bodies from current reactive and manual incident responders to more proactive and well-informed planners. Bitcoin, the first and dominant distributed cryptocurrency, is still notoriously vague, especially for a financial instrument with market value exceeding $1 trillion. Modeling of bitcoin overlay network poses a number of important theoretical and methodological challenges. Current measuring approaches, for example, fail to identify the real network size of bitcoin miners. This drastically undermines the ability to predict forks, the suitable mining difficulty and most importantly the resilience of the network supporting bitcoin. In this work, we developed Evolutionary Random Graph, a theoretical model that describes the network of bitcoin miners. The correctness of this model has been validated using simulated and measure bitcoin data. We then predicted forking, optimal mining difficulty, network size and consequently the network’s inability to stand a drastic drop in bitcoin price using the current mining configuration.

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Cryptocurrencies activity as a complex network: Analysis of transactions graphs

Cited by 21 publications

References 27 publications

A physical topology for optimizing partition tolerance in consortium blockchains to reach CAP guarantee bound

A physical topology for optimizing partition tolerance in consortium blockchains to reach CAP guarantee bound

MLP-COMET-based decision model re-identification for continuous decision-making in the complex network environment

Evolutionary Random Graph for Bitcoin Overlay and Blockchain Mining Networks

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