Revisiting Double-Spending Attacks on the Bitcoin Blockchain: New Findings

Jian Zheng, Huawei Huang, Canlin Li, Zibin Zheng, Song Guo

Research output: Chapter in book / Conference proceedingConference article published in proceeding or bookAcademic researchpeer-review

6 Citations (Scopus)

Abstract

Bitcoin is currently the cryptocurrency with the largest market share. Many previous studies have explored the security of Bitcoin from the perspective of blockchain mining. Especially on the double-spending attacks (DSA), some state-of-the-art studies have proposed various analytical models, aiming to understand the insights behind the double-spending attacks. However, we believe that advanced versions of DSA can be developed to create new threats for the Bitcoin ecosystem. To this end, this paper mainly presents a new type of double-spending attack named Adaptive DSA in the context of the Bitcoin blockchain, and discloses the associated insights. In our analytical model, the double-spending attack is converted into a Markov Decision Process. We then exploit the Stochastic Dynamic Programming (SDP) approach to obtain the optimal attack strategies towards Adaptive DSA. Through the proposed analytical model and the disclosed insights behind Adaptive DSA, we aim to alert the Bitcoin ecosystem that the threat of double-spending attacks is still at a dangerous level.

Original languageEnglish
Title of host publication2021 IEEE/ACM 29th International Symposium on Quality of Service, IWQOS 2021
PublisherInstitute of Electrical and Electronics Engineers Inc.
Pages1-6
ISBN (Electronic)9781665414944
DOIs
Publication statusPublished - 25 Jun 2021
Event29th IEEE/ACM International Symposium on Quality of Service, IWQOS 2021 - Virtual, Tokyo, Japan
Duration: 25 Jun 202128 Jun 2021

Publication series

Name2021 IEEE/ACM 29th International Symposium on Quality of Service, IWQOS 2021

Conference

Conference29th IEEE/ACM International Symposium on Quality of Service, IWQOS 2021
Country/TerritoryJapan
CityVirtual, Tokyo
Period25/06/2128/06/21

Keywords

  • Bitcoin Blockchain
  • Double-Spending Attack

ASJC Scopus subject areas

  • Computer Networks and Communications
  • Information Systems and Management
  • Safety, Risk, Reliability and Quality

Fingerprint

Dive into the research topics of 'Revisiting Double-Spending Attacks on the Bitcoin Blockchain: New Findings'. Together they form a unique fingerprint.

Cite this