Evolutionary game for mining pool selection in blockchain networks
In proof-of-work-based blockchain networks, the block miners participate in a crypto-puzzle solving competition to win the reward of publishing (i.e., mining) new blocks. Due to the remarkable difficulty of the crypto-puzzle, individual miners tend to join mining pools to secure stable profits. We s...
| Main Authors: | , , , , |
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| Other Authors: | |
| Format: | Journal Article |
| Language: | English |
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2020
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| Online Access: | https://hdl.handle.net/10356/140087 |
| _version_ | 1824455816642560000 |
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| author | Liu, Xiaojun Wang, Wenbo Niyato, Dusit Zhao, Narisa Wang, Ping |
| author2 | School of Computer Science and Engineering |
| author_facet | School of Computer Science and Engineering Liu, Xiaojun Wang, Wenbo Niyato, Dusit Zhao, Narisa Wang, Ping |
| author_sort | Liu, Xiaojun |
| collection | NTU |
| description | In proof-of-work-based blockchain networks, the block miners participate in a crypto-puzzle solving competition to win the reward of publishing (i.e., mining) new blocks. Due to the remarkable difficulty of the crypto-puzzle, individual miners tend to join mining pools to secure stable profits. We study the dynamics of mining pool selection in a blockchain network, where mining pools may choose arbitrary block mining strategies. We identify the hash rate for puzzle-solving and the block propagation delay as two major factors determining the mining competition results. We then model the strategy evolution of individual miners as an evolutionary game. We provide the theoretical analysis of evolutionary stability in the pool selection dynamics for a two-pool case. Numerical simulations support our theoretical findings as well as demonstrate the stability in the evolution of miners' strategies in a general case. |
| first_indexed | 2025-02-19T03:44:13Z |
| format | Journal Article |
| id | ntu-10356/140087 |
| institution | Nanyang Technological University |
| language | English |
| last_indexed | 2025-02-19T03:44:13Z |
| publishDate | 2020 |
| record_format | dspace |
| spelling | ntu-10356/1400872020-05-26T07:10:39Z Evolutionary game for mining pool selection in blockchain networks Liu, Xiaojun Wang, Wenbo Niyato, Dusit Zhao, Narisa Wang, Ping School of Computer Science and Engineering Engineering::Computer science and engineering Blockchain Mining Pool In proof-of-work-based blockchain networks, the block miners participate in a crypto-puzzle solving competition to win the reward of publishing (i.e., mining) new blocks. Due to the remarkable difficulty of the crypto-puzzle, individual miners tend to join mining pools to secure stable profits. We study the dynamics of mining pool selection in a blockchain network, where mining pools may choose arbitrary block mining strategies. We identify the hash rate for puzzle-solving and the block propagation delay as two major factors determining the mining competition results. We then model the strategy evolution of individual miners as an evolutionary game. We provide the theoretical analysis of evolutionary stability in the pool selection dynamics for a two-pool case. Numerical simulations support our theoretical findings as well as demonstrate the stability in the evolution of miners' strategies in a general case. NRF (Natl Research Foundation, S’pore) MOE (Min. of Education, S’pore) 2020-05-26T07:10:39Z 2020-05-26T07:10:39Z 2018 Journal Article Liu, X., Wang, W., Niyato, D., Zhao, N., & Wang, P. (2018). Evolutionary game for mining pool selection in blockchain networks. IEEE Wireless Communications Letters, 7(5), 760-763. doi:10.1109/LWC.2018.2820009 2162-2337 https://hdl.handle.net/10356/140087 10.1109/LWC.2018.2820009 2-s2.0-85044860162 5 7 760 763 en IEEE Wireless Communications Letters © 2018 IEEE. All rights reserved. |
| spellingShingle | Engineering::Computer science and engineering Blockchain Mining Pool Liu, Xiaojun Wang, Wenbo Niyato, Dusit Zhao, Narisa Wang, Ping Evolutionary game for mining pool selection in blockchain networks |
| title | Evolutionary game for mining pool selection in blockchain networks |
| title_full | Evolutionary game for mining pool selection in blockchain networks |
| title_fullStr | Evolutionary game for mining pool selection in blockchain networks |
| title_full_unstemmed | Evolutionary game for mining pool selection in blockchain networks |
| title_short | Evolutionary game for mining pool selection in blockchain networks |
| title_sort | evolutionary game for mining pool selection in blockchain networks |
| topic | Engineering::Computer science and engineering Blockchain Mining Pool |
| url | https://hdl.handle.net/10356/140087 |
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