Equilibria in the Tangle

Understand

We analyse the Tangle --- a DAG-valued stochastic process where new vertices get attached to the graph at Poissonian times, and the attachment's locations are chosen by means of random walks on that graph.

• These new vertices, also thought of as "transactions", are issued by many players (which are the nodes of the network), independently.
• The main application of this model is that it is used as a base for the IOTA cryptocurrency system (www.iota.org).
• We prove existence of "almost symmetric" Nash equilibria for the system where a part of players tries to optimize their attachment strategies.