What is the analytic nature of public blockchain networks? While the concept of blockchain is a singular data transfer type, there are numerous media delivered in this drive. This article offers a novel approach to modeling and analyzing public blockchain networks.
Analytics Nature of Public Blockchain Networks
Blockchain is an innovative consensus mechanism that has been successfully applied to many fields, such as electronic cash and digital assets. So, the blockchain is a distributed ledger system that records the transactions among peers.
Each transaction consists of an immutable block, which contains a set of transactions. Also, the transactions are by a cryptographic hash function and interlinked by a chain of hash values.
Since the creation of Bitcoin in 2009, the blockchain has been widely used in many applications and shows great potential for development. Also, the blockchain can be to areas such as finance, manufacturing, logistics, and healthcare.
The blockchain is an innovative consensus mechanism that has been successfully applied to many fields. Also, the blockchain is a distributed ledger system that records the transactions among peers.
Goals
The goals of this study are to model the public blockchain networks and analyze their characteristics. Also, we will assess the security of the blockchain network by controlling the risks of the Sybil attack and mining pool attack.
Finally, we will introduce an approach that can reduce the risks of Sybil attacks and mining pool attacks in the blockchain network.
Contributions
The contributions of this study are as follows:
- proposes the analytic model of public blockchain networks.
- develops a mathematical model to analyze the security risk of public blockchain networks.
- proposes a multi-agent-based approach to reduce the risks of Sybil attacks and mining pool attacks in the blockchain network.
Types of Blockchains
There are various types of blockchains such as Bitcoin, Ethereum, Hyperledger Fabric, Corda, etc. However, Bitcoin has been widely used in the industry and is still being used as it is one of the most secure blockchain networks. Also, Bitcoin is one of the few cryptocurrency networks that are currently available.
On the other hand, Ethereum is an open software platform that provides a decentralized virtual machine and smart contracts. Therefore, Ethereum can be to develop various applications, such as smart contracts and distributed autonomous organizations.
Hyperledger Fabric is a blockchain implementation of the Hyperledger project. The Hyperledger project was by the Linux Foundation in 2015. Also, it is an open-source collaborative effort created to advance cross-industry blockchain technologies.
Finally, Corda is an open-source blockchain platform developed by R3 that is for financial services. It was in 2016 and can be to develop apps for financial services such as loans and insurance.
Drawbacks
Blockchain networks such as Bitcoin, Ethereum, Hyperledger Fabric, and Corda have some drawbacks. For example, the transaction processing can be very slow due to a low TPS value.
The transaction fee is high for Bitcoin and Ethereum networks because of their limited block size. Furthermore, the transaction cost may increase due to high-intensity competition to earn rewards from mining.
Conclusion
In this study, we have introduced an analytic model of public blockchain networks and examined their risks of Sybil attack and mining pool attack. Also, we have proposed a multi-agent-based approach to avoid the risks of Sybil attacks and mining pool attacks in the blockchain network.
