scholarly journals Unobtrusive monitoring: Statistical dissemination latency estimation in Bitcoin’s peer-to-peer network

PLoS ONE ◽  
2020 ◽  
Vol 15 (12) ◽  
pp. e0243475
Author(s):  
David Mödinger ◽  
Jan-Hendrik Lorenz ◽  
Rens W. van der Heijden ◽  
Franz J. Hauck
Keyword(s):  
Bayesian Model ◽  
Large Scale ◽  
Risk Estimation ◽  
Peer To Peer ◽  
Third Party ◽  
Network Resources ◽  
Connection Number ◽  
Peer Network ◽  
Time Required ◽  
Peer To Peer Network

The cryptocurrency system Bitcoin uses a peer-to-peer network to distribute new transactions to all participants. For risk estimation and usability aspects of Bitcoin applications, it is necessary to know the time required to disseminate a transaction within the network. Unfortunately, this time is not immediately obvious and hard to acquire. Measuring the dissemination latency requires many connections into the Bitcoin network, wasting network resources. Some third parties operate that way and publish large scale measurements. Relying on these measurements introduces a dependency and requires additional trust. This work describes how to unobtrusively acquire reliable estimates of the dissemination latencies for transactions without involving a third party. The dissemination latency is modelled with a lognormal distribution, and we estimate their parameters using a Bayesian model that can be updated dynamically. Our approach provides reliable estimates even when using only eight connections, the minimum connection number used by the default Bitcoin client. We provide an implementation of our approach as well as datasets for modelling and evaluation. Our approach, while slightly underestimating the latency distribution, is largely congruent with observed dissemination latencies.

Has Bitcoin Achieved the Characteristics of Money?

2019 ◽  
pp. 246-254
Author(s):  
Donovan Peter Chan Wai Loon ◽  
Sameer Kumar
Keyword(s):  
Financial Institutions ◽  
Peer To Peer ◽  
Third Party ◽  
Pricing Mechanism ◽  
Goods And Services ◽  
Peer Network ◽  
Peer To Peer Network

Bitcoin is a peer-to-peer network that facilitates transactions between parties minus the proof requirement of an appointed third party (i.e., banks or financial institutions). Accurate understanding into the implementation of bitcoin can be acquired from data of the universal record of bitcoin transactions. Although data from numerous websites show that bitcoin daily transactions count has reached capacities of tens of thousands, it is widely believed that most of these transactions comprise activities between speculators and only a few are actually used for trading of goods and services. The chapter explores if bitcoin has achieved the characteristics of money. For it to survive, bitcoin must overcome the problems of its unconventional pricing mechanism, shortage of vendors who accept it, and the circuitous way of obtaining it.

scholarly journals A Decentralized E-Voting System Based on Blockchain Network

2019 ◽  
Vol 8 (12) ◽  
pp. 3650-3652
Keyword(s):  
Peer To Peer ◽  
Third Party ◽  
Electronic Voting ◽  
Smart Contracts ◽  
Blockchain Technology ◽  
Peer Network ◽  
Voting System ◽  
Electronic Voting System ◽  
Peer To Peer Network

This paper describes a decentralized electronic voting system using blockchain technology with peer-to-peer network rather than the centralized voting system of server-client structure. In the proposed system, an Ethereum-based private blockchain network is configured and decentralized applications are implemented to store and distribute voting data to all nodes participating in the network to create secure and reliable electronic voting system. Smart contracts for electronic voting are implemented using the Solidity language and distributed to a configured network so that all users can view and vote on elections, and voting data are shared and contrasted by all users in the network, which makes it possible to build a safer and more reliable electronic voting system without third party involvement.

Has Bitcoin Achieved the Characteristics of Money?

2018 ◽  
pp. 2784-2790
Author(s):  
Donovan Peter Chan Wai Loon ◽  
Sameer Kumar
Keyword(s):  
Financial Institutions ◽  
Peer To Peer ◽  
Third Party ◽  
Pricing Mechanism ◽  
Goods And Services ◽  
Peer Network ◽  
Peer To Peer Network

Bitcoin is a peer-to-peer network that facilitates transactions between parties minus the proof requirement of an appointed third party; i.e. banks or financial institutions. Accurate understanding into the implementation of bitcoin can be acquired from data of the universal record of bitcoin transactions. Although, data from numerous websites show that bitcoin daily transactions count has reached capacities of tens of thousands, it is widely believed that most of these transactions comprise of activities between speculators, and only a few are actually used for trading of goods and services. The paper looks if bitcoin has achieved the characteristics of money. For it to survive, bitcoin must overcome the problems of its unconventional pricing mechanism, shortage of vendors who accept it, and the circuitous way of obtaining it.

Peer-to-Peer Network-Based Image Retrieval

2013 ◽  
pp. 377-399
Author(s):  
Chun-Rong Su ◽  
Jiann-Jone Chen
Keyword(s):  
Image Retrieval ◽  
Large Scale ◽  
Recall Rate ◽  
Peer To Peer ◽  
P2p Network ◽  
Peer Network ◽  
The One ◽  
Peer To Peer Network ◽  
Query Model ◽  
Query Scope

Performing Content-Based Image Retrieval (CBIR) in Internet connected databases through Peer-to-Peer (P2P) network (P2P-CBIR) helps to effectively explore the large-scale image database distributed over connected peers. Decentralized unstructured P2P framework is adopted in our system to compromise with the structured one while still reserving flexible routing control when peers join/leave or network fails. The P2P- CBIR search engine is designed to provide multi-instance query with multi-feature types to effectively reduce network traffic while maintaining high retrieval accuracy. In addition, the proposed P2P-CBIR system is also designed in the way to provide scalable retrieval function, which can adaptively control the query scope and progressively refine the accuracy of retrieved results. To reflect the most updated local database characteristics for the P2P-CBIR users, reconfiguring system at each regular interval time can effectively reduce trivial peer routing and retrieval operations due to imprecise configuration. Experiments demonstrated that the average recall rate of the proposedP2P-CBIR with reconfiguration is higher than the one without about 20%, and the latter outperforms previous methods, i.e., firework query model (FQM) and breadth-first search (BFS) about 20% and 120%, respectively, under the same range of TTL values.

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