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2018

Analysis of Difficulty Control in Bitcoin and Proof-of-Work Blockchains

Fullmer, Daniel, Morse, A. S.

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This paper presents a stochastic model for block arrival times based on the difficulty retargeting rule used in Bitcoin, as well as other proof-of-work blockchains.

Unlike some previous work, this paper explicitly models the difficulty target as a random variable which is a function of the previous block arrival times and affecting the block times in the next retargeting period.
An explicit marginal distribution is derived for the time between successive blocks (the blocktime), while allowing for randomly changing difficulty.
This paper also aims to serve as an introduction to Bitcoin and proof-of-work blockchains for the controls community, focusing on the difficulty retargeting procedure used in Bitcoin.

Analysis of Difficulty Control in Bitcoin and Proof-of-Work Blockchains · Around

Built on

A. Cox, “Some Statistical Methods Connected with Series of Events,” Journal of the Royal Statistical Society. Series B (Methodological)
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C. Dwork and M. Naor, “Pricing via Processing or Combatting Junk Mail,” in Advances in Cryptology - CRYPTO’ 92
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Wiley-Interscience, 2nd ed., 1994
N. L. Johnson, S. Kotz, and N. Balakrishnan, Continuous Univariate Distributions, Vol. 1 · 1994
Earlier work this paper cites.

Similar

A. Back, “Hashcash - A Denial of Service Counter-Measure,” www.hashcash.org/papers/hashcash.pdf
2002
Cited alongside, same era.
N. I. o. S. and Technology, “Specifications for the Secure Hash Standard - FIPS PUB 180-2,” Computing
2002
Cited alongside, same era.
S. Nakamoto, “Bitcoin: A Peer-to-Peer Electronic Cash System,” www.bitcoin.org
2008
Cited alongside, same era.

Then

D. Kraft, “Difficulty control for blockchain-based consensus systems,” Peer-to-Peer Networking and Applications
2016
Later among the works it cites.
F. Tschorsch and B. Scheuermann, “Bitcoin and Beyond: A Technical Survey on Decentralized Digital Currencies,” IEEE Communications Surveys & Tutorials
2016
Later among the works it cites.
R. Bowden, H. P. Keeler, A. E. Krzesinski, and P. G. Taylor, “Block arrivals in the Bitcoin blockchain,” arXiv:1801.07447
Original
2018
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