Improving protocols and miner strategies for modern cryptocurrencies

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dc.contributor.authorQuinteiro dos Santos, Saulo
dc.contributor.examiningcommitteeAkcora, Cuneyt (Computer Science)
dc.contributor.examiningcommitteeArora, Sandeep (Marketing)
dc.contributor.examiningcommitteeDeters, Ralph (University of Saskatchewan)
dc.contributor.supervisorThulasiram, Ruppa
dc.contributor.supervisorKamali, Shahin
dc.date.accessioned2024-06-27T21:30:05Z
dc.date.available2024-06-27T21:30:05Z
dc.date.issued2024-04-30
dc.date.submitted2024-05-01T19:13:53Zen_US
dc.date.submitted2024-05-02T18:19:42Zen_US
dc.degree.disciplineComputer Science
dc.degree.levelDoctor of Philosophy (Ph.D.)
dc.description.abstractBitcoin, envisioned as a decentralized currency, facilitates secure micro-payments through a distributed consensus and ensures security via its widespread network. However, prioritizing security and decentralization imposes constraints on performance. My thesis explores strategies to boost the blockchain's throughput and performance alongside improving miners' financial incentives. We analyze the effects of increasing block size on throughput and security and how strategic transaction selection by miners before mining can elevate fee collection. We introduce a novel transaction-selection strategy that produces high-quality blocks more efficiently by avoiding traditional sorting and examining the benefits of regularly updating transaction sets to maximize fees. Additionally, we assess the Lightning Network's impact on reducing blockchain load and transaction costs and its potential to lower miners' fee revenues and profits. This study balances the Lightning Network's adoption and integration with third-layer applications to mitigate transaction migration from the blockchain. This thesis contributes to blockchain scalability and efficiency, presenting new transaction selection and block formation strategies that enhance network performance and miners' incentives. It also navigates the economic implications of the Lightning Network, offering a nuanced view of its effects on the blockchain ecosystem.
dc.description.noteOctober 2024
dc.description.sponsorshipMitacs Accelerate Program (Fluidefi), Fellowship directly from my Advisors Grants: Shahin Kamali and Ruppa K. Thulasiram, Graduate Enhancement of Tri-Agency Stipends (GETS)
dc.identifier.urihttp://hdl.handle.net/1993/38264
dc.language.isoeng
dc.subjectBitcoin
dc.subjectCryptocurrencies
dc.subjectBlockchain
dc.subjectSecond Layer Network
dc.titleImproving protocols and miner strategies for modern cryptocurrencies
local.subject.manitobano
oaire.awardTitleUniversity of Manitoba Graduate Fellowship (UMGF)
oaire.awardURIhttps://umanitoba.ca/graduate-studies/funding-awards-and-financial-aid/university-manitoba-graduate-fellowship-umgf
project.funder.identifierhttp://dx.doi.org/10.13039/100010318
project.funder.nameUniversity of Manitoba
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