Double-spending prevention for Bitcoin zero-confirmation transactions

Pérez-Solà, Cristina; Delgado-Segura, Sergi; Navarro‐Arribas, Guillermo; Herrera-Joancomartí, Jordi

doi:10.1007/s10207-018-0422-4

Cited by 42 publications

(30 citation statements)

References 11 publications

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“…The Zero confirmation attack is another technique exploited in a similar way as the Miner bribe attack. A Zero confirmation attack can be executed to double-spend a cryptocurrency [53]. It is exploited by persuading a merchant where goods are received on an instant basis, for instance, ATM transactions, online transactions, etc.…”

Section: Zero Confirmation Attackmentioning

confidence: 99%

Proof of Adjourn (PoAj): A Novel Approach to Mitigate Blockchain Attacks

Sayeed

Marco-Gisbert

2020

Applied Sciences

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The blockchain is a distributed ledger technology that is growing in importance since inception. Besides cryptocurrencies, it has also crossed its boundary inspiring various organizations, enterprises, or business establishments to adopt this technology benefiting from the most innovative security features. The decentralized and immutable aspects have been the key points that endorse blockchain as one of the most secure technologies at the present time. However, in recent times such features seemed to be faded due to new attacking techniques. One of the biggest challenges remains within the consensus protocol itself, which is an essential component to bring all network participants to an agreed state. Cryptocurrencies adopt suitable consensus protocols based on their mining requirement, and Proof of Work (PoW) is the consensus protocol that is being predominated in major cryptocurrencies. Recent consensus protocol-based attacks, such as the 51% attack, Selfish Mining, Miner Bribe Attack, Zero Confirmation Attack, and One Confirmation Attack have been demonstrated feasible. To overcome these attacks, we propose Proof of Adjourn (PoAj), a novel consensus protocol that provides strong protection regardless of attackers hashing capability. After analyzing the 5 major attacks, and current protection techniques indicating the causes of their failure, we compared the PoAj against the most widely used PoW, showing that PoAj is not only able to mitigate the 5 attacks but also attacks relying on having a large amount of hashing power. In addition, the proposed PoAj showed to be an effective approach to mitigate the processing time issue of large-sized transactions. PoAj is not tailored to any particular attack; therefore, it is effective against malicious powerful players. The proposed approach provides a strong barrier not only to current and known attacks but also to future unknown attacks based on different strategies that rely on controlling the majority of the hashing power.

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Section: Zero Confirmation Attackmentioning

confidence: 99%

Proof of Adjourn (PoAj): A Novel Approach to Mitigate Blockchain Attacks

Sayeed

Marco-Gisbert

2020

Applied Sciences

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“…In other words, C A A′ indicates that A instead of paying to B has conducted the transaction to A′, which is another address controlled by A. This attack is called double spending attack, (Pérez-Solà et al, 2018;Karame et al, 2012) and technically, the transactions are valid in all aspects.…”

Section: Figure 2 Malicious Transaction In Blockchainmentioning

confidence: 99%

Mathematical assessment of blocks acceptance in blockchain using Markov model

Srivastava¹

2019

IJBC

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Blockchain, introduced in bitcoin system is disrupting the way transactions are done in businesses via charging small transaction fees. It is observed that the acceptance of blocks in the blockchain is based on transaction value. Transmittals through blockchain are favoured due to low transaction cost and grander security. However, attempt of implementing blockchain to revolutionise business processes writhes from problem of waiting time for blocks. In this paper, the transaction-confirmation-time is appraised using queuing theory, where the approval rate of blocks in blockchain is concocted using Markov queue model. Four specific use cases of 1, 3, 6 and 60 confirmations are considered for practical purposes. Biographical notes: Riktesh Srivastava holds a PhD in ElectronicsEngineering, Master's in Electronics Engineering and management qualifications in Marketing Management and General Management from Indian Institute of Management, Ahmedabad (IIMA). Furthermore, he has also completed prestigious certifications on marketing analytics and electronic commerce from Wharton School, University of Pennsylvania, USA and NTU, Singapore, respectively. He has written three books (OS, C++ Programming and RDBMS) and published more than 50 papers in international journals and conferences. His areas of interest include machine learning, big data analytics, queuing theory and presently also indulged into studying theoretical concepts of blockchain technology as well. Currently, he is a faculty,

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“…Relevant surveys of other attack types are [23,24]. Some previous research on avoiding double-spending are [25,26]. This study focuses on the protection against the most central vulnerability of cryptocurrencies, namely double-spending covered up by a Sybil attack of malicious nodes.…”

Section: Introductionmentioning

confidence: 99%

k-Root-n: An Efficient Algorithm for Avoiding Short Term Double-Spending Alongside Distributed Ledger Technologies such as Blockchain

Schreiber

2020

Information

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Blockchains such as the bitcoin blockchain depend on reaching a global consensus on the distributed ledger; therefore, they suffer from well-known scalability problems. This paper proposes an algorithm that avoids double-spending in the short term with just O(√n) messages instead of O(n); each node receiving money off-chain performs the due diligence of consulting k√n random nodes to check if any of them is aware of double-spending. Two nodes receiving double-spent money will in this way consult at least one common node with very high probability, because of the ‘birthday paradox’, and any common honest node consulted will detect the fraud. Since the velocity of money in the real world has coins circulating through at most a few wallets per day, the size of the due diligence communication is small in the short term. This ‘k-root-n’ algorithm is suitable for an environment with synchronous or asynchronous (but with fairly low latency) communication and with Byzantine faults. The presented k-root-n algorithm should be practical to avoid double-spending with arbitrarily high probability, while feasibly coping with the throughput of all world commerce. It is resistant to Sybil attacks even beyond 50% of nodes. In the long term, the k-root-n algorithm is less efficient. Therefore, it should preferably be used as a complement, and not a replacement, to a global distributed ledger technology.

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Double-spending prevention for Bitcoin zero-confirmation transactions

Cited by 42 publications

References 11 publications

Proof of Adjourn (PoAj): A Novel Approach to Mitigate Blockchain Attacks

Proof of Adjourn (PoAj): A Novel Approach to Mitigate Blockchain Attacks

Mathematical assessment of blocks acceptance in blockchain using Markov model

k-Root-n: An Efficient Algorithm for Avoiding Short Term Double-Spending Alongside Distributed Ledger Technologies such as Blockchain

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