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Blockchain Incentive Design and Analysis

In: Handbook on Blockchain

Author

Listed:
  • Jianyu Niu

    (Southern University of Science and Technology)

  • Chen Feng

    (The University of British Columbia (Okanagan Campus))

Abstract

The Bitcoin white paper introduced the blockchain technology to realize a decentralized electronic cash system that does not rely on a central authority. A major novelty behind the technology is the incentive design, in which participating nodes obtain rewards by creating blocks in a longest chain. The incentive design is paramount for a secure blockchain system as shown in many recent works. In this chapter, we take a close look at the incentive design of three influential blockchain protocols including Bitcoin, Ethereum, and Bitcoin-NG. For each protocol, we present the potential incentive-based attacks and go through several theoretical results to characterize the impact of these attacks. We hope that at the end of our journey, our readers can have a deeper understanding of blockchain incentive designs and analysis.

Suggested Citation

  • Jianyu Niu & Chen Feng, 2022. "Blockchain Incentive Design and Analysis," Springer Optimization and Its Applications, in: Duc A. Tran & My T. Thai & Bhaskar Krishnamachari (ed.), Handbook on Blockchain, pages 119-156, Springer.
    • Handle: RePEc:spr:spochp:978-3-031-07535-3_4
    DOI: 10.1007/978-3-031-07535-3_4
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