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Figure 2.2: Blockchain Based Validation in a Cryptocurrency the right to update the chain with a new block. This competition can take various forms. In Bitcoin, it happens through a process called mining. Miners (i.e. transaction validators) compete to solve a computationally costly problem which is called proof-of-work (PoW).7 The winner of this mining process has the right to update the chain with a new block. The consensus protocol prescribes then that the “longest” history will be accepted as the trusted public record.8 Since transaction validation and mining are costly, a reward structure is needed for mining to take place. In Bitcoin, for example such rewards are currently financed by the creation of new coins and transaction fees.9 The main concern for users when trusting a cryptocurrency is the double spending problem: after having conducted a transaction, a user attempts to convince the validators (and, hence, the general public if the blockchain is trusted) to accept an alternative history in which some payment was not conducted.10 If this attack succeeds, this user will keep both the balances and the product 7Other consensus protocols are being explored which we briefly discuss in the Appendix. 8In general, there is no explicit requirement to follow the consensus protocol in the sense that validators and users can trust an alternative history or blockchain that is not the longest one. Well-designed cryptocurrency, however, try to ensure that there are sufficient incentives to work with the longest history. For example, in Bitcoin the reward paid to a successful miner is contained in the new block itself. Should a different chain be adopted at a later stage, this reward will be obsolete. For a game-theoretic analysis of the incentives to build on the longest chain, see Biais et. al. (2017). 9Huberman et al. (2017) explore the reward structure of cryptocurrencies from the perspective of the mining game, but without modelling the double spending problem. 10While basic cryptography ensures that people cannot spend others’ balances, a miner can exclude from a block 7PDF Image | The Economics of Cryptocurrencies Bitcoin and Beyond
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