Gencer, Adem Efe and Basu, Soumya and Eyal, Ittay and van Renesse, Robbert and Sirer, Emin Gün (2018) Decentralization in Bitcoin and Ethereum Networks. In: International Conference on Financial Cryptography and Data Security.
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Abstract
Blockchain-based cryptocurrencies have demonstrated how to securely implement traditionally centralized systems, such as currencies, in a decentralized fashion. However, there have been few measurement studies on the level of decentralization they achieve in practice. We present a measurement study on various decentralization metrics of two of the leading cryptocurrencies with the largest market capitalization and user base, Bitcoin and Ethereum. We investigate the extent of decentralization by measuring the network resources of nodes and the interconnection among them, the protocol requirements affecting the operation of nodes, and the robustness of the two systems against attacks. In particular, we adapted existing internet measurement techniques and used the Falcon Relay Network as a novel measurement tool to obtain our data. We discovered that neither Bitcoin nor Ethereum has strictly better properties than the other. We also provide concrete suggestions for improving both systems.
| Item Type: | Conference or Workshop Item (Paper) |
|---|---|
| Subjects: | Main Topics > Blockchain Projects > BloSSom 2019 Main Topics > Crypto Currency Main Topics > Distributed Systems Main Topics > Ethereum |
| Divisions: | Computer Science |
| Depositing User: | Unnamed user with email richard.dabels@uni-rostock.de |
| Date Deposited: | 03 Sep 2019 16:33 |
| Last Modified: | 03 Sep 2019 16:33 |
| URI: | http://blossom.informatik.uni-rostock.de/id/eprint/13 |
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