On Analyzing Blockchain Consistency
summary
Presents a Markov-chain framework that models proof-of-work blockchains with a random-oracle (one hash query per honest node per round), a network delay Delta, and mining hardness parameter C (example: C = 60 for Bitcoin). Proves tighter consistency bounds than earlier work by counting convergence opportunities versus adversarial hits, gives exponential concentration in k and T, and analyzes the Nakamoto delay attack and transaction confirmation time with closed-form recurrences and stationary distributions. Results show near-50% adversary tolerance when C is large and weak guarantees for low-C chains.
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chapters (10)
- 0:00Introduction and context
- 1:41Blockchain fundamentals
- 3:34Defining consistency
- 5:13Formal model definition
- 9:21Network and protocol assumptions
- 13:20Analyzing security bounds
- 20:45Protocol consistency overview
- 24:07Protocol comparison
- 29:13Markov-based framework
- 37:27Advanced applications and conclusion
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