Difficulty Control for Blockchain-Based Consensus Systems
Crypto-currencies like Bitcoin have recently attracted a lot of interest. A crucial ingredient into such systems is the \mining" of a Nakamoto blockchain. We model mining as a Poisson process with time-dependent intensity and use this model to derive predictions about block times for various hash-rate scenarios (exponentially rising hash rate being the most important). We also analyse Bitcoin's method to update the network diffculty" as a mechanism to keep block times stable...
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