information propagation in the bitcoin network · 6 8 10 12 forks blockchain forks 1.69%....
TRANSCRIPT
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Information Propagationin the Bitcoin Network
Christian Decker
ETH Zurich – Distributed Computing Group – www.disco.ethz.ch
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What is Bitcoin?
+ =
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What is Bitcoin?
+
=
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What is Bitcoin?
+ =
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What’s it worth?
Oct 2010
Feb 2011
Jun 2011
Oct 2011
Feb 2012
Jun 2012
Oct 2012
Feb 2013
Jun 20130
50
100
150
200
250
300Pri
ce [
USD
]
USD / Bitcoin exchange price
150$/BTC
![Page 6: Information Propagation in the Bitcoin Network · 6 8 10 12 Forks Blockchain forks 1.69%. Blockchain Forks 180000 182000 184000 186000 188000 190000 Blockchain Height 0 2 4 6 8 10](https://reader034.vdocuments.us/reader034/viewer/2022050206/5f599d2db78ce75ba940e39c/html5/thumbnails/6.jpg)
What’s it worth?
Oct 2010
Feb 2011
Jun 2011
Oct 2011
Feb 2012
Jun 2012
Oct 2012
Feb 2013
Jun 20130
50
100
150
200
250
300Pri
ce [
USD
]
USD / Bitcoin exchange price
150$/BTC
![Page 7: Information Propagation in the Bitcoin Network · 6 8 10 12 Forks Blockchain forks 1.69%. Blockchain Forks 180000 182000 184000 186000 188000 190000 Blockchain Height 0 2 4 6 8 10](https://reader034.vdocuments.us/reader034/viewer/2022050206/5f599d2db78ce75ba940e39c/html5/thumbnails/7.jpg)
What’s it worth?
Oct 2010
Feb 2011
Jun 2011
Oct 2011
Feb 2012
Jun 2012
Oct 2012
Feb 2013
Jun 20130
50
100
150
200
250
300Pri
ce [
USD
]
USD / Bitcoin exchange price
150$/BTC
![Page 8: Information Propagation in the Bitcoin Network · 6 8 10 12 Forks Blockchain forks 1.69%. Blockchain Forks 180000 182000 184000 186000 188000 190000 Blockchain Height 0 2 4 6 8 10](https://reader034.vdocuments.us/reader034/viewer/2022050206/5f599d2db78ce75ba940e39c/html5/thumbnails/8.jpg)
What’s it worth?
Oct 2010
Feb 2011
Jun 2011
Oct 2011
Feb 2012
Jun 2012
Oct 2012
Feb 2013
Jun 20130
50
100
150
200
250
300Pri
ce [
USD
]
USD / Bitcoin exchange price
150$/BTC
![Page 9: Information Propagation in the Bitcoin Network · 6 8 10 12 Forks Blockchain forks 1.69%. Blockchain Forks 180000 182000 184000 186000 188000 190000 Blockchain Height 0 2 4 6 8 10](https://reader034.vdocuments.us/reader034/viewer/2022050206/5f599d2db78ce75ba940e39c/html5/thumbnails/9.jpg)
Why so popular?
• Global
• Fast
• Irreversible
• No intermediary
• Anonymous
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Bitcoin Basics
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Bitcoin basics
TX
TX’
TX”
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Bitcoin basics
TX
TX’
TX”
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Bitcoin basics
TX
TX’
TX”
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Bitcoin basics
TX
TX’
TX”
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Bitcoin basics
TX
TX’
TX”
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Our Results
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Propagation speed
0 10 20 30 40 50 60Time since first observation [s]
0.00
0.02
0.04
0.06
0.08
0.10
0.12
Block propagation
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Propagation speed
0 10 20 30 40 50 60Time since first observation [s]
0.00
0.02
0.04
0.06
0.08
0.10
0.12
Block propagation
50thp
erc.
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Propagation speed
0 10 20 30 40 50 60Time since first observation [s]
0.00
0.02
0.04
0.06
0.08
0.10
0.12
Block propagation
50thp
erc.
95thp
erc.
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Propagation speed
0 10 20 30 40 50 60Time since first observation [s]
0.00
0.02
0.04
0.06
0.08
0.10
0.12
Block propagation
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Information eclipsing
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Information eclipsing
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Information eclipsing
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Information eclipsing
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Blockchain Basics
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The Blockchain
Time
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The Blockchain
Time
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The Blockchain
Time
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The Blockchain
Time
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Our Results
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Blockchain Forks
180000 182000 184000 186000 188000 190000Blockchain Height
0
2
4
6
8
10
12
Fork
sBlockchain forks
1.69%
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Blockchain Forks
180000 182000 184000 186000 188000 190000Blockchain Height
0
2
4
6
8
10
12
Fork
sBlockchain forks
1.69%
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Blockchain Forks: Model
Probability of finding a block:
Pb = Pr [Xb < t + 1|Xb ≥ t] ≈ 1/600
Part of the network that may fork:
f (t) = fraction of network knowing block at time t
Probability of a blockchain fork
Pf = 1− (1− Pb)∫∞
0 (1−f (t))dt
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Blockchain Forks: Model
Probability of finding a block:
Pb = Pr [Xb < t + 1|Xb ≥ t] ≈ 1/600
Part of the network that may fork:
f (t) = fraction of network knowing block at time t
Probability of a blockchain fork
Pf = 1− (1− Pb)∫∞
0 (1−f (t))dt
![Page 35: Information Propagation in the Bitcoin Network · 6 8 10 12 Forks Blockchain forks 1.69%. Blockchain Forks 180000 182000 184000 186000 188000 190000 Blockchain Height 0 2 4 6 8 10](https://reader034.vdocuments.us/reader034/viewer/2022050206/5f599d2db78ce75ba940e39c/html5/thumbnails/35.jpg)
Blockchain Forks: Model
Probability of finding a block:
Pb = Pr [Xb < t + 1|Xb ≥ t] ≈ 1/600
Part of the network that may fork:
f (t) = fraction of network knowing block at time t
Probability of a blockchain fork
Pf = 1− (1− Pb)∫∞
0 (1−f (t))dt
![Page 36: Information Propagation in the Bitcoin Network · 6 8 10 12 Forks Blockchain forks 1.69%. Blockchain Forks 180000 182000 184000 186000 188000 190000 Blockchain Height 0 2 4 6 8 10](https://reader034.vdocuments.us/reader034/viewer/2022050206/5f599d2db78ce75ba940e39c/html5/thumbnails/36.jpg)
Blockchain Forks: Validating our Model
Pb = 1/633.68
F̄ =
∫ ∞0
(1− f (t))dt = 11.37
Pf = 1− (1− Pb)F̄ = 1.78%
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Pushing the protocol to its limits
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Pushing the protocol to its limits
Node A
Node B
block
verification
inv
getd
ata block
diff verification
inv
getd
ata block
diff verification
inv
getd
ata
inv
getd
ata block
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Pushing the protocol to its limits
Node A
Node B
block
verification
inv
getd
ata block
diff verification
inv
getd
ata block
diff verification
inv
getd
ata
inv
getd
ata block
![Page 40: Information Propagation in the Bitcoin Network · 6 8 10 12 Forks Blockchain forks 1.69%. Blockchain Forks 180000 182000 184000 186000 188000 190000 Blockchain Height 0 2 4 6 8 10](https://reader034.vdocuments.us/reader034/viewer/2022050206/5f599d2db78ce75ba940e39c/html5/thumbnails/40.jpg)
Pushing the protocol to its limits
Node A
Node B
block
verification
inv
getd
ata block
diff verification
inv
getd
ata block
diff verification
inv
getd
ata
inv
getd
ata block
![Page 41: Information Propagation in the Bitcoin Network · 6 8 10 12 Forks Blockchain forks 1.69%. Blockchain Forks 180000 182000 184000 186000 188000 190000 Blockchain Height 0 2 4 6 8 10](https://reader034.vdocuments.us/reader034/viewer/2022050206/5f599d2db78ce75ba940e39c/html5/thumbnails/41.jpg)
Did it work?
180000 182000 184000 186000 188000 190000Blockchain Height
0
2
4
6
8
10
12
Fork
sBlockchain forks
1.69%
![Page 42: Information Propagation in the Bitcoin Network · 6 8 10 12 Forks Blockchain forks 1.69%. Blockchain Forks 180000 182000 184000 186000 188000 190000 Blockchain Height 0 2 4 6 8 10](https://reader034.vdocuments.us/reader034/viewer/2022050206/5f599d2db78ce75ba940e39c/html5/thumbnails/42.jpg)
Did it work?
200000 202000 204000 206000 208000 210000Blockchain Height
0
2
4
6
8
10
12
Fork
sBlockchain forks (influenced)
1.69%
0.78%
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What does this mean?
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What does this mean?
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Conclusion
0 10 20 30 40 50 60Time since first observation [s]
0.00
0.02
0.04
0.06
0.08
0.10
0.12
Block propagation
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Conclusion
0 10 20 30 40 50 60Time since first observation [s]
0.00
0.02
0.04
0.06
0.08
0.10
0.12
Block propagation
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Conclusion
0 10 20 30 40 50 60Time since first observation [s]
0.00
0.02
0.04
0.06
0.08
0.10
0.12
Block propagation
![Page 48: Information Propagation in the Bitcoin Network · 6 8 10 12 Forks Blockchain forks 1.69%. Blockchain Forks 180000 182000 184000 186000 188000 190000 Blockchain Height 0 2 4 6 8 10](https://reader034.vdocuments.us/reader034/viewer/2022050206/5f599d2db78ce75ba940e39c/html5/thumbnails/48.jpg)
Thank you, questions?
Authors:Christian DeckerRoger Wattenhofer
ETH Zurich – Distributed Computing Group – www.disco.ethz.ch