Abstract:
Mining in proof-of-work blockchains is a lucrative practice, and revenue driven mining strategies in these blockchains, adversarial or otherwise, have been extensively ex...Show MoreMetadata
Abstract:
Mining in proof-of-work blockchains is a lucrative practice, and revenue driven mining strategies in these blockchains, adversarial or otherwise, have been extensively explored. We present a new revenue maximization attack suite named ProphetChain, where a rational attacker leverages Blockchain Denial-of-Service (BDoS) to paralyze the blockchain network, with the intent of forcing the victim miners to pay a ransom before the network can regain liveness. We detail the ProphetChain attacks, and outline an analytical framework for optimal ransom transaction valuation as a function of the advantage of the attacker in the blockchain system.
Date of Conference: 04-08 January 2022
Date Added to IEEE Xplore: 13 January 2022
ISBN Information: