Topic: Formalising the Bitcoin protocol (Read 809 times)
Short summary: the protocol works
Formalising the Bitcoin protocol
ABSTRACT
Bitcoin is a new, popular currency which is based on math- ematical and cryptographic principles. The system relies on a decentralized peer-to-peer network of participants in which a majority decides on the validity of transactions. In this paper, the communication protocol used by Bitcoin to communicate between participants is investigated. We formally describe the protocol by specifying it in mCRL2. Using scenario-based veri cation, we verify that the Bit- coin protocol satis es a number of requirements under var- ious scenarios.
Keywords Bitcoin, Cryptocurrency, Formalisation, mCRL2, Scenario- based veri cation
http://referaat.cs.utwente.nl/conference/21/paper/7450/formalising-the-bitcoin-protocol.pdf
ABSTRACT
Bitcoin is a new, popular currency which is based on math- ematical and cryptographic principles. The system relies on a decentralized peer-to-peer network of participants in which a majority decides on the validity of transactions. In this paper, the communication protocol used by Bitcoin to communicate between participants is investigated. We formally describe the protocol by specifying it in mCRL2. Using scenario-based veri cation, we verify that the Bit- coin protocol satis es a number of requirements under var- ious scenarios.
Keywords Bitcoin, Cryptocurrency, Formalisation, mCRL2, Scenario- based veri cation
http://referaat.cs.utwente.nl/conference/21/paper/7450/formalising-the-bitcoin-protocol.pdf
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