1,094 research outputs found
Social Welfare Maximization Auction in Edge Computing Resource Allocation for Mobile Blockchain
Blockchain, an emerging decentralized security system, has been applied in
many applications, such as bitcoin, smart grid, and Internet-of-Things.
However, running the mining process may cost too much energy consumption and
computing resource usage on handheld devices, which restricts the use of
blockchain in mobile environments. In this paper, we consider deploying edge
computing service to support the mobile blockchain. We propose an auction-based
edge computing resource market of the edge computing service provider. Since
there is competition among miners, the allocative externalities (positive and
negative) are taken into account in the model. In our auction mechanism, we
maximize the social welfare while guaranteeing the truthfulness, individual
rationality and computational efficiency. Based on blockchain mining experiment
results, we define a hash power function that characterizes the probability of
successfully mining a block. Through extensive simulations, we evaluate the
performance of our auction mechanism which shows that our edge computing
resources market model can efficiently solve the social welfare maximization
problem for the edge computing service provider
Centrally Banked Cryptocurrencies
Current cryptocurrencies, starting with Bitcoin, build a decentralized
blockchain-based transaction ledger, maintained through proofs-of-work that
also generate a monetary supply. Such decentralization has benefits, such as
independence from national political control, but also significant limitations
in terms of scalability and computational cost. We introduce RSCoin, a
cryptocurrency framework in which central banks maintain complete control over
the monetary supply, but rely on a distributed set of authorities, or
mintettes, to prevent double-spending. While monetary policy is centralized,
RSCoin still provides strong transparency and auditability guarantees. We
demonstrate, both theoretically and experimentally, the benefits of a modest
degree of centralization, such as the elimination of wasteful hashing and a
scalable system for avoiding double-spending attacks.Comment: 15 pages, 4 figures, 2 tables in Proceedings of NDSS 201
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