Double spend races

Cyril Grunspan and Ricardo Pérez-Marco ()
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Cyril Grunspan: ESILV - École Supérieure d'Ingénierie Léonard de Vinci
Ricardo Pérez-Marco: IMJ-PRG (UMR_7586) - Institut de Mathématiques de Jussieu - Paris Rive Gauche - UPMC - Université Pierre et Marie Curie - Paris 6 - UPD7 - Université Paris Diderot - Paris 7 - CNRS - Centre National de la Recherche Scientifique, CNRS - Centre National de la Recherche Scientifique

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Abstract: We correct the double spend race analysis given in Nakamoto's foun-dational Bitcoin article and give a closed-form formula for the probability of success of a double spend attack using the Regularized Incomplete Beta Function. We give the first proof of the exponential decay on the number of confirmations and find an asymptotic formula. Larger number of confirmations are necessary compared to those given by Nakamoto.

Keywords: mining; proof-of-work; Regularized Incomplete Beta Function; Bitcoin; blockchain; double spend (search for similar items in EconPapers)
Date: 2018-11-01
New Economics Papers: this item is included in nep-pay
Note: View the original document on HAL open archive server: https://hal.science/hal-01456773v1
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Published in International Journal of Theoretical and Applied Finance, 2018

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-01456773

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