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ProphetChain: Hostaging the Blockchain with Ransom Block Release | IEEE Conference Publication | IEEE Xplore

ProphetChain: Hostaging the Blockchain with Ransom Block Release


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 More

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
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Conference Location: Bangalore, India

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