Information Propagation in the Bitcoin Network

Provided by: Institute of Electrical & Electronic Engineers
Topic: Security
Format: PDF
Bitcoin is a digital currency that unlike traditional currencies does not rely on a centralized authority. Instead Bitcoin relies on a network of volunteers that collectively implement a replicated ledger and verify transactions. In this paper, the authors analyze how Bitcoin uses a multi-hop broadcast to propagate transactions and blocks through the network to update the ledger replicas. They then use the gathered information to verify the conjecture that the propagation delay in the network is the primary cause for blockchain forks.

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