Departmental Honors in Mathematics for Senior Thesis on Blockchain Fork Attacks
Department of Mathematics Columbia University
Certification of Witness: Mitigating Blockchain Fork Attacks
Abstract: Bitcoin is a digital cryptocurrency that maintains a published time-ordered record of transactions, termed the blockchain. Bitcoin’s novelty stems from its decentralized system of payments that operates without the need for a third party institution. Although celebrated for its decentralization, we show that the protocol incentivizes centralization through mining pools. Such centralization coupled with malicious schemes such as Selfish Mining, which financially incentivizes withholding solutions to blocks, leave the protocol vulnerable to attack. In order to mitigate these vulnerabilities, we identify the roots of their cause: block races and blockchain forks, and propo