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This paper identifies trust factor and rewarding nature of bitcoin system, and analyzes bitcoin features which may facilitate bitcoin to emerge as a universal currency. Paper presents the gap between proposed theoretical-architecture and current practical-implementation of bitcoin system in terms of achieving decentralization, anonymity of users, a...
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The current abstract is focused on developing a sophisticated mathematical combination of cryptograph activated new pattern in the world of economics, which off late is being promoted as crypto currency. The most popular well know crypto currency is Bitcoin. The crypto currency is associated with key factors such as P2P (peer-to-peer) network or in...
Bitcoin is a digital currency designed to rely on a decentralized, trustless network of anonymous agents. Using a pseudonymous-address-linking procedure that achieves >99% sensitivity and >99% specificity, we reveal that between launch (January 3rd, 2009), and when the price reached $1 (February 9th, 2011), most bitcoin was mined by only sixty-four...
Cryptocurrencies have become very popular in recent years. Thousands of new cryptocurrencies have emerged, proposing new and novel techniques that improve on Bitcoin's core innovation of the blockchain data structure and consensus mechanism. However, cryptocurrencies are a major target for cyber-attacks, as they can be sold on exchanges anonymously...
![Fig. 1: Applying GCN [27] to Bitcoin graph, particularly, for vertex 5...](profile/Santosh-Pandey-4/publication/335362990/figure/fig1/AS:820426334826498@1572616289449/Applying-GCN-27-to-Bitcoin-graph-particularly-for-vertex-5-in-b-In-c-A-D-H_Q320.jpg)
Abstract—The world economy is embracing the next generation
currency, i.e., cryptocurrencies, which dates back to 2009 when
Satoshi Nakamoto made Bitcoin publicly available. Rooted from
the nature of decentralization and anonymity of blockchain,
the cryptocurrencies have, unfortunately, been leveraged for
illicit activities by the criminals. The go...
Blockchain is a trusted, distributed, peer to peer,
open, public, techno-cryptographic ledger to manage and
transfer the value of digital assets, to provide immutability,
anonymity and security. Bitcoin is a decentralized virtual,
digital and programmable currency. Wallet is an interface to
user in bitcoin network where we can store send and r...
Citations
... Within the Bitcoin system, users have several options to manage their Bitcoin holdings, such as the Bitcoin core software, various centralized institutions, or simplified payment verification (SPV) wallets [2]. The Bitcoin core system is a deterministic software that establishes a full node within the Bitcoin network. ...
Bitcoin, as the trailblazing cryptocurrency, has profoundly impacted global markets and stands as a formidable contender to traditional financial paradigms. Yet, even within the sophisticated framework of Bitcoin, there remains potential for enhancement. Within the Bitcoin ecosystem, lightweight nodes operate without storing all transaction details. Instead, they retain only the block headers' content and specific transactional data pertinent to their own operations. To authenticate a transaction's presence in the blockchain, these lightweight nodes seek a Merkle proof from the full nodes. However, a challenge arises when lightweight nodes aim to validate the accuracy of their account balances sourced from full nodes. The latter relies on a data structure known as the Unspent Transaction Outputs (UTXO) for streamlined balance computation. In contrast, lightweight nodes grapple with ascertaining the veracity of such balance calculations. A viable solution lies in leveraging the available space in every block's coinbase transaction, which permits arbitrary modifications. By arranging the UTXO within a Merkle tree structure and embedding its root into the coinbase transaction's available space, account balance verification for lightweight nodes can be significantly enhanced using the Merkle proof. While such modifications to the Bitcoin protocol might trigger soft forks, the risk of hard forks remains absent.
... The term "wallet" refers to a virtual purse or wallet where we can manage our cryptocurrency assets. It is software or hardware designed exclusively to store and manage the public and private keys of our cryptocurrencies [Kaushal et al., 2017]. In the game, it was necessary to obtain the number of Baziyos that the user owned and their respective images in order to start the game. ...
The importance of developing software that keeps pace with Web3 technologies is crucial in fostering discussions about their utilization in the current scientific landscape. Within this context, this research aims to present the development of a "criptogame" that utilizes blockchain technology to incorporate NFTs (Non-Fungible Tokens) into its mechanics. The text addresses fundamental concepts of Web3, making references to relevant literature. Subsequently, the development process is described, including specific methodologies and models. The obtained results consist of a puzzle game that incorporates NFTs as playable characters and enables the transfer of these assets between digital wallets.
... 6.1, our PoS protocol variant SaPoS requires that honest nodes build on top of a header chain whose full block contents they cannot download (due to having already downloaded other blocks from the same equivocating BPO). In Bitcoin's history, such mining without validating block contents (termed SPV mining) has led to forks where some miners were extending blocks which later turned out to be invalid [24]. Thus, reaching consensus on the header chain is not enough, we need to consider how nodes catch up to and handle missing block contents. ...
Given a network of nodes with certain communication and computation capacities, what is the maximum rate at which a blockchain can run securely? We study this question for proof-of-work (PoW) and proof-of-stake (PoS) longest chain protocols under a 'bounded bandwidth' model which captures queuing and processing delays due to high block rate relative to capacity, bursty release of adversarial blocks, and in PoS, spamming due to equivocations. We demonstrate that security of both PoW and PoS longest chain, when operating at capacity, requires carefully designed scheduling policies that correctly prioritize which blocks are processed first, as we show attack strategies tailored to such policies. In PoS, we show an attack exploiting equivocations, which highlights that the throughput of the PoS longest chain protocol with a broad class of scheduling policies must decrease as the desired security error probability decreases. At the same time, through an improved analysis method, our work is the first to identify block production rates under which PoW longest chain is secure in the bounded bandwidth setting. We also present the first PoS longest chain protocol, SaPoS, which is secure with a block production rate independent of the security error probability, by using an 'equivocation removal' policy to prevent equivocation spamming.
... Users do not have to retain the risk of losing their currencies and wallets, nor worry about data synchronization time, storage devices, and network resources, but apply to register an electronic wallet with a real identity so that they can transact with other users [17]. Transaction data is generated by the trusted bank layer and stored in the distribution to ensure its integrity and undisturbed. ...
The most common consumer behavior was to pay in cash at a physical store in the past. However, with the rapid development and popularization of smart handheld devices and computers, merchants have had many innovative business models in recent years. For example, the digital cryptocurrency Bitcoin has the advantages of decentralization, anonymity, and the inability to tamper with data. If these benefits are combined with the current electronic payment financial operation model, they will be highly innovative. However, blockchain technologies have been applied to decentralized network architectures. As a result, the financial system will face anonymous crime, extensive data synchronization, and time-consuming transaction processes. This paper implements a P2P electronic payment system with a hierarchical structure based on the blockchain architecture, called CBP2P (Cooperative Bank Peer-to-Peer), to improve the defects and realize an accurate electronic payment system. Through the characteristics of the blockchain and cooperation between banks, we will enhance the security and availability of the system.
... It was found that attractiveness indicator, mining difficulty and number of addresses rather than transaction volume, the stock, USD/EUR exchange rate have a significant impact on BTC price with variation over time. Kaushal, Bagga, and Sobti (2017) studied the security and feasibility of BTC. This research was conducted to give knowledge to people about the true meaning, emergence, the value creation, and security risk in BTC. ...
The topic of Cryptocurrencies is emerging rapidly. Many investors and public want to invest in digital currencies. So, the nature of cryptocurrency and its theoretical understanding is essential currently. The aim of this research is to study major Cryptocurrencies having capitalization above $1bn and construct directed networks. Eleven major Cryptocurrencies are Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Binance Coin (BNB), Tether (USDT), Ripple (XRP), Doge Coin (DOGE), USD Coin (USDC), Bitcoin Cash (BCH), Chainlink (Link) and Litecoin (LTC). By using returns Granger Causality test was conducted. This test help in concluding that whether change in one price of cryptocurrency cause a change in other Cryptocurrencies or not. After analysis of results, it was concluded that there is a variation in the Cryptocurrencies relation. Some shows a direct cause and effect relation, while some have a unidirectional relation. However, some of them also showed no meaningful relationship. The relationship among these Cryptocurrencies was then showed using directed networks.
... Bitcoin is a widely used cryptocurrency that accounts for all transactions in a distributed appended-only public ledger called blockchain [31,32]. Bitcoin provides a system to engage in the management of currency without any form of central control, and it was believed to have been launched during the 2007 to 2008 financial crisis [33,34]. Bitcoin applies the P2P (peerto-peer) system (technology) which operates without thirdparty control such as banks, chartered accountants, notaries, or any other centralized government services [31,32]. is means that the owners or users of bitcoin have full control of how they spend it with permission from any centralized government or public authority [31,35]. ...
... Bitcoin operates in a decentralized format, and it is considered one of the first monetary systems that are fully decentralized beyond any limit of any monetary power system [33,36]. e bitcoin decentralization is limited to the following areas [33]: (a) the ledger of transactions is maintained openly by every node; (b) transactions are validated by distributed node and not by any central authority; (c) new bitcoins can be generated by any node, as compared to a government-controlled economy that centralized; (d) bitcoin exchange value is dynamic, and there is the absence of principal controller of it. ...
... Bitcoin operates in a decentralized format, and it is considered one of the first monetary systems that are fully decentralized beyond any limit of any monetary power system [33,36]. e bitcoin decentralization is limited to the following areas [33]: (a) the ledger of transactions is maintained openly by every node; (b) transactions are validated by distributed node and not by any central authority; (c) new bitcoins can be generated by any node, as compared to a government-controlled economy that centralized; (d) bitcoin exchange value is dynamic, and there is the absence of principal controller of it. Under bitcoin, e-payments are performed by producing trades that transmit bitcoins between users through the undertaking of a sequence of permanent cryptographic hashing maneuvers on the public key of users [2,31,37]. ...
The bitcoin payment innovation has gained wider interest around the world, but its adoption among the general population has been a challenge. Bitcoin as a peer-to-peer technology works with no central authority or banks, and the transaction management and issuing of bitcoin is carried out collectively by the network. One major debate on bitcoin development and diffusion is the critical matter of nongovernment intervention through adequate policy and regulatory framework and thus hinders people’s active participation (acceptance) in the bitcoin market. Consequently, this study is purposed to examine the role government policy and regulations (moderating impact) can have in driving the acceptance of bitcoin payment from the Chinese perspective. The UTAUT was used as the theoretical basis from which a model was developed for testing. The structural equation model (SEM) through the use of SmartPLS was employed to undertake the analysis. The results have demonstrated that government regulation moderates (significant) the influence of both performance expectancy and infrastructure support on the behavioral acceptance of bitcoin payment. However, government regulation contrary to expectations was not significant in moderating the influence of effort expectancy (EE) and security on the acceptance of bitcoin payments. Additionally, the study discovered that performance expectancy, security, EE, and infrastructure support were significant in encouraging bitcoin behavioral adoption. The practical and theoretical implications of these findings on the development and diffusion of bitcoin technology systems are dissected meticulously.
... Numerous studies in the literature covered the different aspects of Bitcoin security. Research works include analyses of the guarantees of the consensus protocol [4,5], vulnerabilities at the application level [6,7], and anonymity of the transaction graph [8]. However, while much effort has been expended on the application-and consensus-level security, relatively limited attention has been given to the underlying P2P network. ...
Over the last decade, Bitcoin has revolutionized the global economic and technological landscape, inspiring a new generation of blockchain-based technologies. Its protocol is today among the most influential for cryptocurrencies and distributed networks. In particular, the P2P layer represents a reference point for all permissionless blockchains, which often implement its solutions in their network layer. Unfortunately, the Bitcoin network protocol lacks a strong security model, leaving it exposed to several threats. Attacks at this level can affect the reliability and trustworthiness of the consensus layer, mining the credibility of the whole system. It is therefore of utmost importance to properly understand and address the security of the Bitcoin P2P protocol. In this paper, we give a comprehensive and detailed overview of known network-level attacks in Bitcoin, as well as the countermeasures that have been implemented in the protocol. We propose a generic network adversary model, and propose an objective-based taxonomy of the attacks. Finally, we identify the core weaknesses of the protocol and study the relationship between different types of attack. We believe our contribution can help both new and experienced researchers have a broader and deeper understanding of the Bitcoin P2P network and its threats, and allow for a better modeling of its security properties.
... O exposto acimaé a motivação deste artigo, cujo objetivó e propor uma plataforma baseada na tecnologia Blockchain para gerenciamento de PMEs de pacientes do SUS. Esta tecnologia surgiu em 2008 com a proposta do sistema de pagamento eletrônico Bitcoin [34,25]. Embora o foco original tenha sido as transações financeiras, logo a indústria e a academia identificaram Blockchain como uma solução disruptiva, baseada em técnicas criptográficas, possível de ser utilizada em inúmeras outrasáreas, e.g., cidades inteligentes, logística, indústria, saúde e eleições (e.g., [42,23,8,35]). ...
The public healthcare system of Brazil must serve a population of around 214 million citizens, spread across 27 federative units covering a territory of over 8.5 million km 2. One of the pivotal bottlenecks for its effective operation lies in the management of patients' health data, which are consolidated in medical records. Intrinsically distributed and decentralized , the aforementioned data management raises deep concerns regarding efficiency, security, and scalability, besides economic cost. In this context, the Blockchain technology has been envisioned as a promising solution. This article therefore proposes a Blockchain-based platform for managing medical records. Its effectiveness is herein attested by conceptual discussion plus analytical modeling. As the main contribution, we thus provide the literature with theoretical subsidies and experiments that may underpin and guide the development of real projects. At last, conclusions and future works close this article.
... (Segendorf, 2014). By and large, Bitcoin is covered by the veil of volatility, coupled with the degree of people's acceptance, which is bound to diminish, given the increasing number of users adhering to the network (Kaushal et al., 2017). ...
For the past years, cryptocurrencies have been a hot and controversial topic that has captured the attention of the whole tech world. Even if right now the portfolio of digital assets is considerable in size, the first cryptocurrency, Bitcoin, exploited its pioneer advantage and managed to remain at the center of attention both for the media and investors.
During 2020, one of the most chaotic years, Bitcoin boomed in November 2020 almost doubling since the end of 2019. This boom is the result of a combination of factors, such as the fear of missing out translated into a chain reaction of public and private companies to consider Bitcoin a safe reserve asset, a hedging method against inflation, which represents a substitute for traditional hedging instruments, the infrastructure developed around it over the years, and lastly the hype created by influential figures through news and social media platforms. There have been many public figures that exhibited interest in cryptocurrencies through platforms such as Twitter, for instance Elon Musk, Bill Gates, Kanye West, Hugh Laurie, Mike Tyson and Gwyneth Paltrow are just some in a long list of celebrities that backed Bitcoin.
This paper aims to analyze the impact that twitter posts have upon the evolution of Bitcoin, coupled with Tesla’s investment and recent statement of introducing Bitcoin as a method of payment in the near future. Our research tries to determine if the news and social media posts, such as tweets have an influence upon Bitcoin’s volatility and fluctuations.
... The block chain technology is used to add patient data to the chain if there is a need to include more at any time in the future, as well as to complete the transaction and store the data. It is necessary to use the hash function in the block chain in order to obtain the hash codes, and it will be used to connect the two blocks [8,9]. The proposed framework incorporates a dimensional reduction technique to reduce the vastness of large amounts of data collected from patients, and it is clustered based on similarities between the groups of data collected. ...
Many physical objects are connected to the internet in this modern day to make things easier to work based on the convenience of the user, which reduces human involvement with the help of Internet of Things (IoT) technology.This aids in the capture of large amounts of data, the interchange of information via the internet, and the remote operation of machines. IoT health data is typically in the form of big data and is frequently coupled with the cloud for secure storage. Cloud technology provides a wide range of technological services via the internet, and it is a highly interoperable and on-demand network for a wide range of computing resources. The Service Level Agreement (SLA) is made between the cloud and the patient, and it outlines the services supplied as well as the level of security provided to the user. For fulfilling service, the deployed external cloud has challenges with load balancing and work scheduling. Furthermore, the gathered health data must be effectively processed by medical practitioners. To solve this issue, a Secure Cluster Naive Bayes (CNB) framework is proposed, both with and without Dimensionality Reduction. To preserve its anonymity, the obtained data is hashed and stored in the cloud using the blockchain technology. SLA sessions are organized to prioritize patient data for decryption and prediction. At the doctor's end, the decrypted data is first filtered and dimensionally reduced before being clustered using a dual K-means clustering technique and classified using the Naive Bayes algorithm. The web-based graphical user interface server is responsible for connecting the IoT device, the cloud, and the doctor. The security performance of the DRCNB and CNB frameworks is evaluated using block chain characteristics , the frequency of SLA violations, and processing and execution time. The DRCNB framework is 91.1% accurate, while the CNB model is 80.73% accurate, making it more accurate than previous models. The new models exceed the prior ones in terms of both security and prediction performance.
