Advertisement

Hostile Blockchain Takeovers (Short Paper)

  • Joseph BonneauEmail author
Conference paper
Part of the Lecture Notes in Computer Science book series (LNCS, volume 10958)

Abstract

Most research modelling Bitcoin-style decentralised consensus protocols has assumed profit-motivated participants. Complementary to this analysis, we revisit the notion of attackers with an extrinsic motivation to disrupt the consensus process (Goldfinger attacks). We outline several routes for obtaining a majority of decision-making power in the consensus protocol (a hostile takeover). Our analysis suggests several fundamental differences between proof-of-work and proof-of-stake systems in the face of such an adversary.

References

  1. 1.
    Bonneau, J.: Why buy when you can rent? In: Clark, J., Meiklejohn, S., Ryan, P.Y.A., Wallach, D., Brenner, M., Rohloff, K. (eds.) FC 2016. LNCS, vol. 9604, pp. 19–26. Springer, Heidelberg (2016).  https://doi.org/10.1007/978-3-662-53357-4_2CrossRefGoogle Scholar
  2. 2.
    Carlsten, M., Kalodner, H., Weinberg, S.M., Narayanan, A.: On the instability of bitcoin without the block reward. In: Proceedings of the 2016 ACM SIGSAC Conference on Computer and Communications Security, pp. 154–167. ACM (2016)Google Scholar
  3. 3.
    Chen, L., Xu, L., Shah, N., Gao, Z., Lu, Y., Shi, W.: On security analysis of proof-of-elapsed-time (PoET). In: Spirakis, P., Tsigas, P. (eds.) SSS 2017. LNCS, vol. 10616, pp. 282–297. Springer, Cham (2017).  https://doi.org/10.1007/978-3-319-69084-1_19CrossRefGoogle Scholar
  4. 4.
    Eyal, I., Sirer, E.G.: Majority is not enough: bitcoin mining is vulnerable. In: Christin, N., Safavi-Naini, R. (eds.) FC 2014. LNCS, vol. 8437, pp. 436–454. Springer, Heidelberg (2014).  https://doi.org/10.1007/978-3-662-45472-5_28CrossRefGoogle Scholar
  5. 5.
    Fuchsbauer, G., Park, S., Kwon, A., Pietrzak, K., Alwen, J., Gazi, P.: SpacemintGoogle Scholar
  6. 6.
    Garay, J., Kiayias, A., Leonardos, N.: The bitcoin backbone protocol with chains of variable difficulty. In: Katz, J., Shacham, H. (eds.) CRYPTO 2017, Part I. LNCS, vol. 10401, pp. 291–323. Springer, Cham (2017).  https://doi.org/10.1007/978-3-319-63688-7_10CrossRefGoogle Scholar
  7. 7.
    Garay, J., Kiayias, A., Leonardos, N.: The bitcoin backbone protocol: analysis and applications. In: Oswald, E., Fischlin, M. (eds.) EUROCRYPT 2015, Part II. LNCS, vol. 9057, pp. 281–310. Springer, Heidelberg (2015).  https://doi.org/10.1007/978-3-662-46803-6_10CrossRefGoogle Scholar
  8. 8.
    Gervais, A., Karame, G.O., Wüst, K., Glykantzis, V., Ritzdorf, H., Capkun, S.: On the security and performance of proof of work blockchains. In: Proceedings of the 2016 ACM SIGSAC Conference on Computer and Communications Security, pp. 3–16. ACM (2016)Google Scholar
  9. 9.
    Johnson, B., Laszka, A., Grossklags, J., Vasek, M., Moore, T.: Game-theoretic analysis of DDoS attacks against bitcoin mining pools. In: Böhme, R., Brenner, M., Moore, T., Smith, M. (eds.) FC 2014. LNCS, vol. 8438, pp. 72–86. Springer, Heidelberg (2014).  https://doi.org/10.1007/978-3-662-44774-1_6CrossRefGoogle Scholar
  10. 10.
    Kiayias, A., Koutsoupias, E., Kyropoulou, M., Tselekounis, Y.: Blockchain mining games. In: Proceedings of the 2016 ACM Conference on Economics and ComputationGoogle Scholar
  11. 11.
    Kroll, J.A., Davey, I.C., Felten, E.W.: The economics of bitcoin mining, or bitcoin in the presence of adversaries. In: WEIS, June 2013Google Scholar
  12. 12.
    Liao, K., Katz, J.: Incentivizing double-spend collusion in bitcoin. In: Financial Cryptography Bitcoin Workshop (2017)Google Scholar
  13. 13.
    Luu, L., Velner, Y., Teutsch, J., Saxena, P.: Smart pool: practical decentralized pooled mining. IACR Cryptology ePrint Archive 2017, 19 (2017)Google Scholar
  14. 14.
    Miller, A., Juels, A., Shi, E., Parno, B., Katz, J.: Permacoin: repurposing bitcoin work for data preservation. In: IEEE Security & Privacy (2014)Google Scholar
  15. 15.
    Nakamoto, S.: Bitcoin: a peer-to-peer electronic cash system (2008)Google Scholar
  16. 16.
    Nayak, K., Kumar, S., Miller, A., Shi, E.: Stubborn mining: generalizing selfish mining and combining with an eclipse attack. In: IEEE EuroS&P (2016)Google Scholar
  17. 17.
    Pass, R., Shi, E.: Fruitchains: a fair blockchain. In: Proceedings of the ACM Symposium on Principles of Distributed Computing, pp. 315–324. ACM (2017)Google Scholar
  18. 18.
    Sapirshtein, A., Sompolinsky, Y., Zohar, A.: Optimal selfish mining strategies in bitcoin. In: Grossklags, J., Preneel, B. (eds.) FC 2016. LNCS, vol. 9603, pp. 515–532. Springer, Heidelberg (2017).  https://doi.org/10.1007/978-3-662-54970-4_30CrossRefGoogle Scholar
  19. 19.
    Sengupta, B., Bag, S., Ruj, S., Sakurai, K.: Retricoin: bitcoin based on compact proofs of retrievability. In: Proceedings of the 17th International Conference on Distributed Computing and Networking, p. 14. ACM (2016)Google Scholar
  20. 20.
    Vasek, M., Thornton, M., Moore, T.: Empirical analysis of denial-of-service attacks in the bitcoin ecosystem. In: Böhme, R., Brenner, M., Moore, T., Smith, M. (eds.) FC 2014. LNCS, vol. 8438, pp. 57–71. Springer, Heidelberg (2014).  https://doi.org/10.1007/978-3-662-44774-1_5CrossRefGoogle Scholar
  21. 21.
    Wood, G.: Ethereum: a secure decentralised generalised transaction ledger. Ethereum Project Yellow Paper 151 (2014)Google Scholar

Copyright information

© International Financial Cryptography Association 2019

Authors and Affiliations

  1. 1.New York UniversityNew YorkUSA

Personalised recommendations