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2017 | OriginalPaper | Buchkapitel

Merged Mining: Curse or Cure?

verfasst von : Aljosha Judmayer, Alexei Zamyatin, Nicholas Stifter, Artemios G. Voyiatzis, Edgar Weippl

Erschienen in: Data Privacy Management, Cryptocurrencies and Blockchain Technology

Verlag: Springer International Publishing

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Abstract

Merged mining refers to the concept of mining more than one cryptocurrency without necessitating additional proof-of-work effort. Although merged mining has been adopted by a number of cryptocurrencies already, to this date little is known about the effects and implications. We shed light on this topic area by performing a comprehensive analysis of merged mining in practice. As part of this analysis, we present a block attribution scheme for mining pools to assist in the evaluation of mining centralization. Our findings disclose that mining pools in merge-mined cryptocurrencies have operated at the edge of, and even beyond, the security guarantees offered by the underlying Nakamoto consensus for extended periods. We discuss the implications and security considerations for these cryptocurrencies and the mining ecosystem as a whole, and link our findings to the intended effects of merged mining.

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Vorheriges Kapitel Securing Proof-of-Stake Blockchain Protocols

Nächstes Kapitel Atomically Trading with Roger: Gambling on the Success of a Hardfork

In practice, being able to include the output of a cryptographically secure hash function can be considered sufficient space.

Usually between 1 and 5%.

While some public APIs are available for Bitcoin (e.g., http://blockchain.info/), online sources the other cryptocurrencies are scarce and not well-maintained.

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Additional header in merge-mined blocks, used to verify the PoW performed in the parent chain.

We set the observation period to 24 hours to avoid extreme variance caused by lucky/unlucky streaks of miners since the time between found blocks is exponentially distributed, while still achieving accurate results.

It is in the realm of possibility that in the early days of Bitcoin individual miners, such as Satoshi Nakamoto himself have controlled large shares of the overall mining power.

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Titel: Merged Mining: Curse or Cure?
verfasst von: Aljosha Judmayer
Alexei Zamyatin
Nicholas Stifter
Artemios G. Voyiatzis
Edgar Weippl
Verlag: Springer International Publishing
Buch: Data Privacy Management, Cryptocurrencies and Blockchain Technology
Print ISBN: 978-3-319-67815-3

Electronic ISBN: 978-3-319-67816-0

Copyright-Jahr: 2017
DOI: https://doi.org/10.1007/978-3-319-67816-0_18

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