An Exploration of Bitcoin Mining Practices:Miners’ Trust Challenges and Motivations

Bitcoin blockchain technology is a distributed ledger of nodes authorizing transactions between anonymous parties. Its key actors are miners using computational power to solve mathematical problems for validating transactions. By sharing blockchain's characteristics, mining is a decentralized, transparent and unregulated practice, less explored in HCI, so we know little about miners' motivations and experiences, and how these may impact on different dimensions of trust. This paper reports on interviews with 20 bitcoin miners about their practices and trust challenges. Findings contribute to HCI theories by extending the exploration of blockchain's characteristics relevant to trust with the competitiveness dimension underpinning the social organization of mining. We discuss the risks of collaborative mining due to centralization and dishonest administrators, and conclude with design implications highlighting the need for tools monitoring the distribution of rewards in collaborative mining, tools tracking data centers' authorization and reputation, and tools supporting the development of decentralized pools

Blockchain for Organising Effective Grass-Roots Actions on a Global Commons: Saving The Planet

An overwhelming majority of experts has been flagging for decades that “Saving the Planet” requires immediate, persistent and drastic action to curb a variety of catastrophic risks over the 21st century. However, despite compelling evidence and a range of suggested solutions, transnational coordination of effective measures to protect our biosphere continues to fall short. To remedy, we propose a novel platform for addressing the central issue of affording trust, transparency and truth while minimizing administrative overheads. This will empower an even loosely organised, global grass-roots community to coordinate a large-scale project on a shared goal (“Commons”) spanning the digital and real world. The Web3 concept is based on the swiftly emerging “Blockchain” and related cryptographic, distributed and permissionless technologies. “Wisdom of the crowds” mechanisms involving competitive parallelisation and prediction markets are enabled by formalised reputation and staking to incentivise high-quality work, fair validation and best management practice. While these mechanisms have been (mostly separately) applied to science, business, governance, web, sensor, information and communication technologies (ICT), our integrative approach around Blockchain-enabled ‘operating principles and protocols’ sets the basis for designing novel forms of potentially crowdfunded Decentralised Autonomous Organisations (DAOs)

Blockchain research, practice and policy: Applications, benefits, limitations, emerging research themes and research agenda

YesThe blockchain has received significant attention from technology focussed researchers, highlighting its perceived impact and emerging disruption potential, but has been slow to engender any significant momentum within the Information Systems (IS) and Information Management (IM) literature. This study approaches the subject through an IS/IM lens developing the key themes from the blockchain based research via a comprehensive review. This analysis of the body of literature highlights that although few commercial grade blockchain applications currently exist, the technology demonstrates significant potential to benefit a number of industry wide use cases. This study expands on this point articulating through each of the key themes to develop a detailed narrative on the numerous potential blockchain applications and future direction of the technology, whilst discussing the many barriers to adoption. The study asserts that blockchain technology has the potential to contribute to a number of the UN Sustainability Development Goals and engender widespread change within a number of established industries and practices

Poster: Deterring Ddos Attacks On Blockchain-Based Cryptocurrencies Through Mempool Optimization

In this paper, we highlight a new form of distributed denial of service (DDoS) attack that impacts the memory pools of cryptocur-rency systems causing massive transaction backlog and higher mining fees. Towards that, we study such an attack on Bitcoin mempools and explore its effects on the mempool size and transaction fees paid by the legitimate users. We also propose countermeasures to contain such an attack. Our countermeasures include fee-based and age-based designs, which optimize the mempool size and help to counter the effects of DDoS attacks. We evaluate our designs using simulations in diverse attack conditions

Smart contracts - blockchains in the wings

In recent years, electronic contracts have gained attention, especially in the context of the blockchain technology. While public blockchains are considered secure, legally binding under certain circumstances, and without any centralized control, they are applicable to a wide range of application domains, such as public registries, registry of deeds, or virtual organizations. As one of the most prominent blockchain examples, the Bitcoin system has reached large public, financial industry‐related, and research interest. Another prominent block‐chain example, Ethereum, which is considered a general approach for smart contracts, has taken off too. Nevertheless, various different set of functions, applications, and stakeholders are involved in this smart contract arena. These are highlighted and put into interrelated technical, economic, and legal perspectives