id sid tid token lemma pos randomwalker-info-585 1 1 On on IN randomwalker-info-585 1 2 the the DT randomwalker-info-585 1 3 Instability Instability NNP randomwalker-info-585 1 4 of of IN randomwalker-info-585 1 5 Bitcoin Bitcoin NNP randomwalker-info-585 1 6 Without without IN randomwalker-info-585 1 7 the the DT randomwalker-info-585 1 8 Block Block NNP randomwalker-info-585 1 9 Reward Reward NNP randomwalker-info-585 1 10 Miles Miles NNP randomwalker-info-585 1 11 Carlsten Carlsten NNP randomwalker-info-585 1 12 carlsten@cs.princeton.edu carlsten@cs.princeton.edu IN randomwalker-info-585 1 13 Harry Harry NNP randomwalker-info-585 1 14 Kalodner Kalodner NNP randomwalker-info-585 1 15 kalodner@cs.princeton.edu kalodner@cs.princeton.edu NNP randomwalker-info-585 1 16 S. S. NNP randomwalker-info-585 1 17 Matthew Matthew NNP randomwalker-info-585 1 18 Weinberg Weinberg NNP randomwalker-info-585 1 19 smweinberg@princeton.edu smweinberg@princeton.edu -LRB- randomwalker-info-585 1 20 Arvind Arvind NNP randomwalker-info-585 1 21 Narayanan Narayanan NNP randomwalker-info-585 1 22 arvindn@cs.princeton.edu arvindn@cs.princeton.edu IN randomwalker-info-585 1 23 ABSTRACT ABSTRACT NNP randomwalker-info-585 1 24 Bitcoin Bitcoin NNP randomwalker-info-585 1 25 provides provide VBZ randomwalker-info-585 1 26 two two CD randomwalker-info-585 1 27 incentives incentive NNS randomwalker-info-585 1 28 for for IN randomwalker-info-585 1 29 miners miner NNS randomwalker-info-585 1 30 : : : randomwalker-info-585 1 31 block block NN randomwalker-info-585 1 32 rewards reward NNS randomwalker-info-585 1 33 and and CC randomwalker-info-585 1 34 transaction transaction NN randomwalker-info-585 1 35 fees fee NNS randomwalker-info-585 1 36 . . . randomwalker-info-585 2 1 The the DT randomwalker-info-585 2 2 former former JJ randomwalker-info-585 2 3 accounts account NNS randomwalker-info-585 2 4 for for IN randomwalker-info-585 2 5 the the DT randomwalker-info-585 2 6 vast vast JJ randomwalker-info-585 2 7 ma- ma- JJ randomwalker-info-585 2 8 jority jority NN randomwalker-info-585 2 9 of of IN randomwalker-info-585 2 10 miner miner NN randomwalker-info-585 2 11 revenues revenue NNS randomwalker-info-585 2 12 at at IN randomwalker-info-585 2 13 the the DT randomwalker-info-585 2 14 beginning beginning NN randomwalker-info-585 2 15 of of IN randomwalker-info-585 2 16 the the DT randomwalker-info-585 2 17 system system NN randomwalker-info-585 2 18 , , , randomwalker-info-585 2 19 but but CC randomwalker-info-585 2 20 it -PRON- PRP randomwalker-info-585 2 21 is be VBZ randomwalker-info-585 2 22 expected expect VBN randomwalker-info-585 2 23 to to TO randomwalker-info-585 2 24 transition transition VB randomwalker-info-585 2 25 to to IN randomwalker-info-585 2 26 the the DT randomwalker-info-585 2 27 latter latter JJ randomwalker-info-585 2 28 as as IN randomwalker-info-585 2 29 the the DT randomwalker-info-585 2 30 block block NN randomwalker-info-585 2 31 rewards reward NNS randomwalker-info-585 2 32 dwindle dwindle VBP randomwalker-info-585 2 33 . . . randomwalker-info-585 3 1 There there EX randomwalker-info-585 3 2 has have VBZ randomwalker-info-585 3 3 been be VBN randomwalker-info-585 3 4 an an DT randomwalker-info-585 3 5 implicit implicit JJ randomwalker-info-585 3 6 belief belief NN randomwalker-info-585 3 7 that that IN randomwalker-info-585 3 8 whether whether IN randomwalker-info-585 3 9 miners miner NNS randomwalker-info-585 3 10 are be VBP randomwalker-info-585 3 11 paid pay VBN randomwalker-info-585 3 12 by by IN randomwalker-info-585 3 13 block block NN randomwalker-info-585 3 14 rewards reward NNS randomwalker-info-585 3 15 or or CC randomwalker-info-585 3 16 transaction transaction NN randomwalker-info-585 3 17 fees fee NNS randomwalker-info-585 3 18 does do VBZ randomwalker-info-585 3 19 not not RB randomwalker-info-585 3 20 affect affect VB randomwalker-info-585 3 21 the the DT randomwalker-info-585 3 22 security security NN randomwalker-info-585 3 23 of of IN randomwalker-info-585 3 24 the the DT randomwalker-info-585 3 25 block block NN randomwalker-info-585 3 26 chain chain NN randomwalker-info-585 3 27 . . . randomwalker-info-585 4 1 We -PRON- PRP randomwalker-info-585 4 2 show show VBP randomwalker-info-585 4 3 that that IN randomwalker-info-585 4 4 this this DT randomwalker-info-585 4 5 is be VBZ randomwalker-info-585 4 6 not not RB randomwalker-info-585 4 7 the the DT randomwalker-info-585 4 8 case case NN randomwalker-info-585 4 9 . . . randomwalker-info-585 5 1 Our -PRON- PRP$ randomwalker-info-585 5 2 key key JJ randomwalker-info-585 5 3 insight insight NN randomwalker-info-585 5 4 is be VBZ randomwalker-info-585 5 5 that that IN randomwalker-info-585 5 6 with with IN randomwalker-info-585 5 7 only only JJ randomwalker-info-585 5 8 transaction transaction NN randomwalker-info-585 5 9 fees fee NNS randomwalker-info-585 5 10 , , , randomwalker-info-585 5 11 the the DT randomwalker-info-585 5 12 variance variance NN randomwalker-info-585 5 13 of of IN randomwalker-info-585 5 14 the the DT randomwalker-info-585 5 15 block block NN randomwalker-info-585 5 16 reward reward NN randomwalker-info-585 5 17 is be VBZ randomwalker-info-585 5 18 very very RB randomwalker-info-585 5 19 high high JJ randomwalker-info-585 5 20 due due JJ randomwalker-info-585 5 21 to to IN randomwalker-info-585 5 22 the the DT randomwalker-info-585 5 23 exponentially exponentially RB randomwalker-info-585 5 24 distributed distribute VBN randomwalker-info-585 5 25 block block NN randomwalker-info-585 5 26 arrival arrival NN randomwalker-info-585 5 27 time time NN randomwalker-info-585 5 28 , , , randomwalker-info-585 5 29 and and CC randomwalker-info-585 5 30 it -PRON- PRP randomwalker-info-585 5 31 becomes become VBZ randomwalker-info-585 5 32 attractive attractive JJ randomwalker-info-585 5 33 to to TO randomwalker-info-585 5 34 fork fork VB randomwalker-info-585 5 35 a a DT randomwalker-info-585 5 36 “ " `` randomwalker-info-585 5 37 wealthy wealthy JJ randomwalker-info-585 5 38 ” " '' randomwalker-info-585 5 39 block block NN randomwalker-info-585 5 40 to to TO randomwalker-info-585 5 41 “ " `` randomwalker-info-585 5 42 steal steal VB randomwalker-info-585 5 43 ” " '' randomwalker-info-585 5 44 the the DT randomwalker-info-585 5 45 rewards reward NNS randomwalker-info-585 5 46 therein therein RB randomwalker-info-585 5 47 . . . randomwalker-info-585 6 1 We -PRON- PRP randomwalker-info-585 6 2 show show VBP randomwalker-info-585 6 3 that that IN randomwalker-info-585 6 4 this this DT randomwalker-info-585 6 5 results result VBZ randomwalker-info-585 6 6 in in IN randomwalker-info-585 6 7 an an DT randomwalker-info-585 6 8 equilibrium equilibrium NN randomwalker-info-585 6 9 with with IN randomwalker-info-585 6 10 undesirable undesirable JJ randomwalker-info-585 6 11 properties property NNS randomwalker-info-585 6 12 for for IN randomwalker-info-585 6 13 Bitcoin Bitcoin NNP randomwalker-info-585 6 14 ’s ’s POS randomwalker-info-585 6 15 security security NN randomwalker-info-585 6 16 and and CC randomwalker-info-585 6 17 performance performance NN randomwalker-info-585 6 18 , , , randomwalker-info-585 6 19 and and CC randomwalker-info-585 6 20 even even RB randomwalker-info-585 6 21 non non JJ randomwalker-info-585 6 22 - - JJ randomwalker-info-585 6 23 equilibria equilibria JJ randomwalker-info-585 6 24 in in IN randomwalker-info-585 6 25 some some DT randomwalker-info-585 6 26 circumstances circumstance NNS randomwalker-info-585 6 27 . . . randomwalker-info-585 7 1 We -PRON- PRP randomwalker-info-585 7 2 also also RB randomwalker-info-585 7 3 revisit revisit VBP randomwalker-info-585 7 4 selfish selfish JJ randomwalker-info-585 7 5 mining mining NN randomwalker-info-585 7 6 and and CC randomwalker-info-585 7 7 show show VBP randomwalker-info-585 7 8 that that IN randomwalker-info-585 7 9 it -PRON- PRP randomwalker-info-585 7 10 can can MD randomwalker-info-585 7 11 be be VB randomwalker-info-585 7 12 made make VBN randomwalker-info-585 7 13 profitable profitable JJ randomwalker-info-585 7 14 for for IN randomwalker-info-585 7 15 a a DT randomwalker-info-585 7 16 miner miner NN randomwalker-info-585 7 17 with with IN randomwalker-info-585 7 18 an an DT randomwalker-info-585 7 19 arbitrarily arbitrarily RB randomwalker-info-585 7 20 low low JJ randomwalker-info-585 7 21 hash hash NN randomwalker-info-585 7 22 power power NN randomwalker-info-585 7 23 share share NN randomwalker-info-585 7 24 , , , randomwalker-info-585 7 25 and and CC randomwalker-info-585 7 26 who who WP randomwalker-info-585 7 27 is be VBZ randomwalker-info-585 7 28 arbitrarily arbitrarily RB randomwalker-info-585 7 29 poorly poorly RB randomwalker-info-585 7 30 connected connect VBN randomwalker-info-585 7 31 within within IN randomwalker-info-585 7 32 the the DT randomwalker-info-585 7 33 network network NN randomwalker-info-585 7 34 . . . randomwalker-info-585 8 1 Our -PRON- PRP$ randomwalker-info-585 8 2 results result NNS randomwalker-info-585 8 3 are be VBP randomwalker-info-585 8 4 derived derive VBN randomwalker-info-585 8 5 from from IN randomwalker-info-585 8 6 theoretical theoretical JJ randomwalker-info-585 8 7 analysis analysis NN randomwalker-info-585 8 8 and and CC randomwalker-info-585 8 9 confirmed confirm VBN randomwalker-info-585 8 10 by by IN randomwalker-info-585 8 11 a a DT randomwalker-info-585 8 12 new new JJ randomwalker-info-585 8 13 Bitcoin Bitcoin NNP randomwalker-info-585 8 14 mining mining NN randomwalker-info-585 8 15 simulator simulator NN randomwalker-info-585 8 16 that that WDT randomwalker-info-585 8 17 may may MD randomwalker-info-585 8 18 be be VB randomwalker-info-585 8 19 of of IN randomwalker-info-585 8 20 independent independent JJ randomwalker-info-585 8 21 interest interest NN randomwalker-info-585 8 22 . . . randomwalker-info-585 9 1 We -PRON- PRP randomwalker-info-585 9 2 discuss discuss VBP randomwalker-info-585 9 3 the the DT randomwalker-info-585 9 4 troubling troubling JJ randomwalker-info-585 9 5 implications implication NNS randomwalker-info-585 9 6 of of IN randomwalker-info-585 9 7 our -PRON- PRP$ randomwalker-info-585 9 8 results result NNS randomwalker-info-585 9 9 for for IN randomwalker-info-585 9 10 Bitcoin Bitcoin NNP randomwalker-info-585 9 11 ’s ’s POS randomwalker-info-585 9 12 future future JJ randomwalker-info-585 9 13 security security NN randomwalker-info-585 9 14 and and CC randomwalker-info-585 9 15 draw draw VB randomwalker-info-585 9 16 lessons lesson NNS randomwalker-info-585 9 17 for for IN randomwalker-info-585 9 18 the the DT randomwalker-info-585 9 19 design design NN randomwalker-info-585 9 20 of of IN randomwalker-info-585 9 21 new new JJ randomwalker-info-585 9 22 cryptocurrencies cryptocurrencie NNS randomwalker-info-585 9 23 . . . randomwalker-info-585 10 1 1 1 LS randomwalker-info-585 10 2 . . . randomwalker-info-585 11 1 INTRODUCTION introduction VB randomwalker-info-585 11 2 The the DT randomwalker-info-585 11 3 security security NN randomwalker-info-585 11 4 of of IN randomwalker-info-585 11 5 Bitcoin Bitcoin NNP randomwalker-info-585 11 6 ’s ’s POS randomwalker-info-585 11 7 consensus consensus NN randomwalker-info-585 11 8 protocol protocol NN randomwalker-info-585 11 9 relies rely VBZ randomwalker-info-585 11 10 on on IN randomwalker-info-585 11 11 min- min- NNP randomwalker-info-585 11 12 ers ers NNP randomwalker-info-585 11 13 behaving behave VBG randomwalker-info-585 11 14 correctly correctly RB randomwalker-info-585 11 15 . . . randomwalker-info-585 12 1 They -PRON- PRP randomwalker-info-585 12 2 are be VBP randomwalker-info-585 12 3 incentivized incentivize VBN randomwalker-info-585 12 4 to to TO randomwalker-info-585 12 5 do do VB randomwalker-info-585 12 6 so so RB randomwalker-info-585 12 7 via via IN randomwalker-info-585 12 8 mining mining NN randomwalker-info-585 12 9 revenues revenue NNS randomwalker-info-585 12 10 under under IN randomwalker-info-585 12 11 the the DT randomwalker-info-585 12 12 assumption assumption NN randomwalker-info-585 12 13 that that IN randomwalker-info-585 12 14 they -PRON- PRP randomwalker-info-585 12 15 are be VBP randomwalker-info-585 12 16 ratio- ratio- VBG randomwalker-info-585 12 17 nal nal NNP randomwalker-info-585 12 18 entities entity NNS randomwalker-info-585 12 19 . . . randomwalker-info-585 13 1 Any any DT randomwalker-info-585 13 2 deviant deviant NN randomwalker-info-585 13 3 miner miner NN randomwalker-info-585 13 4 behavior behavior NN randomwalker-info-585 13 5 that that WDT randomwalker-info-585 13 6 outperforms outperform VBZ randomwalker-info-585 13 7 the the DT randomwalker-info-585 13 8 default default NN randomwalker-info-585 13 9 is be VBZ randomwalker-info-585 13 10 thus thus RB randomwalker-info-585 13 11 a a DT randomwalker-info-585 13 12 serious serious JJ randomwalker-info-585 13 13 threat threat NN randomwalker-info-585 13 14 to to IN randomwalker-info-585 13 15 the the DT randomwalker-info-585 13 16 security security NN randomwalker-info-585 13 17 of of IN randomwalker-info-585 13 18 Bitcoin Bitcoin NNP randomwalker-info-585 13 19 . . . randomwalker-info-585 14 1 Miners miner NNS randomwalker-info-585 14 2 receive receive VBP randomwalker-info-585 14 3 two two CD randomwalker-info-585 14 4 types type NNS randomwalker-info-585 14 5 of of IN randomwalker-info-585 14 6 revenue revenue NN randomwalker-info-585 14 7 : : : randomwalker-info-585 14 8 block block NN randomwalker-info-585 14 9 rewards reward NNS randomwalker-info-585 14 10 and and CC randomwalker-info-585 14 11 transaction transaction NN randomwalker-info-585 14 12 fees fee NNS randomwalker-info-585 14 13 . . . randomwalker-info-585 15 1 The the DT randomwalker-info-585 15 2 former former JJ randomwalker-info-585 15 3 account account NN randomwalker-info-585 15 4 for for IN randomwalker-info-585 15 5 the the DT randomwalker-info-585 15 6 vast vast JJ randomwalker-info-585 15 7 majority majority NN randomwalker-info-585 15 8 of of IN randomwalker-info-585 15 9 miner miner NN randomwalker-info-585 15 10 revenues revenue NNS randomwalker-info-585 15 11 at at IN randomwalker-info-585 15 12 the the DT randomwalker-info-585 15 13 beginning beginning NN randomwalker-info-585 15 14 of of IN randomwalker-info-585 15 15 the the DT randomwalker-info-585 15 16 system system NN randomwalker-info-585 15 17 , , , randomwalker-info-585 15 18 but but CC randomwalker-info-585 15 19 it -PRON- PRP randomwalker-info-585 15 20 is be VBZ randomwalker-info-585 15 21 expected expect VBN randomwalker-info-585 15 22 to to TO randomwalker-info-585 15 23 transition transition VB randomwalker-info-585 15 24 to to IN randomwalker-info-585 15 25 the the DT randomwalker-info-585 15 26 latter latter JJ randomwalker-info-585 15 27 as as IN randomwalker-info-585 15 28 the the DT randomwalker-info-585 15 29 block block NN randomwalker-info-585 15 30 rewards reward NNS randomwalker-info-585 15 31 dwindle dwindle NN randomwalker-info-585 15 32 ( ( -LRB- randomwalker-info-585 15 33 specifically specifically RB randomwalker-info-585 15 34 , , , randomwalker-info-585 15 35 they -PRON- PRP randomwalker-info-585 15 36 halve halve VBP randomwalker-info-585 15 37 every every DT randomwalker-info-585 15 38 four four CD randomwalker-info-585 15 39 years year NNS randomwalker-info-585 15 40 ) ) -RRB- randomwalker-info-585 15 41 . . . randomwalker-info-585 16 1 There there EX randomwalker-info-585 16 2 has have VBZ randomwalker-info-585 16 3 been be VBN randomwalker-info-585 16 4 an an DT randomwalker-info-585 16 5 unexamined unexamined JJ randomwalker-info-585 16 6 belief belief NN randomwalker-info-585 16 7 that that IN randomwalker-info-585 16 8 in in IN randomwalker-info-585 16 9 terms term NNS randomwalker-info-585 16 10 of of IN randomwalker-info-585 16 11 the the DT randomwalker-info-585 16 12 security security NN randomwalker-info-585 16 13 of of IN randomwalker-info-585 16 14 the the DT randomwalker-info-585 16 15 block block NN randomwalker-info-585 16 16 chain chain NN randomwalker-info-585 16 17 ( ( -LRB- randomwalker-info-585 16 18 including include VBG randomwalker-info-585 16 19 incentives incentive NNS randomwalker-info-585 16 20 of of IN randomwalker-info-585 16 21 the the DT randomwalker-info-585 16 22 mining mining NN randomwalker-info-585 16 23 game game NN randomwalker-info-585 16 24 ) ) -RRB- randomwalker-info-585 16 25 , , , randomwalker-info-585 16 26 it -PRON- PRP randomwalker-info-585 16 27 is be VBZ randomwalker-info-585 16 28 immaterial immaterial JJ randomwalker-info-585 16 29 whether whether IN randomwalker-info-585 16 30 miners miner NNS randomwalker-info-585 16 31 receive receive VB randomwalker-info-585 16 32 ( ( -LRB- randomwalker-info-585 16 33 say say VBP randomwalker-info-585 16 34 ) ) -RRB- randomwalker-info-585 16 35 25 25 CD randomwalker-info-585 16 36 bitcoins bitcoin NNS randomwalker-info-585 16 37 in in IN randomwalker-info-585 16 38 each each DT randomwalker-info-585 16 39 block block NN randomwalker-info-585 16 40 as as IN randomwalker-info-585 16 41 a a DT randomwalker-info-585 16 42 block block NN randomwalker-info-585 16 43 reward reward NN randomwalker-info-585 16 44 or or CC randomwalker-info-585 16 45 25 25 CD randomwalker-info-585 16 46 bitcoins bitcoin NNS randomwalker-info-585 16 47 in in IN randomwalker-info-585 16 48 expectation expectation NN randomwalker-info-585 16 49 as as IN randomwalker-info-585 16 50 transaction transaction NN randomwalker-info-585 16 51 fees fee NNS randomwalker-info-585 16 52 . . . randomwalker-info-585 17 1 Illustrative illustrative JJ randomwalker-info-585 17 2 example example NN randomwalker-info-585 17 3 ( ( -LRB- randomwalker-info-585 17 4 Figure figure NN randomwalker-info-585 17 5 1 1 CD randomwalker-info-585 17 6 ) ) -RRB- randomwalker-info-585 17 7 . . . randomwalker-info-585 18 1 Imagine imagine VB randomwalker-info-585 18 2 a a DT randomwalker-info-585 18 3 popula- popula- NN randomwalker-info-585 18 4 This this DT randomwalker-info-585 18 5 is be VBZ randomwalker-info-585 18 6 an an DT randomwalker-info-585 18 7 extended extended JJ randomwalker-info-585 18 8 version version NN randomwalker-info-585 18 9 of of IN randomwalker-info-585 18 10 our -PRON- PRP$ randomwalker-info-585 18 11 paper paper NN randomwalker-info-585 18 12 that that WDT randomwalker-info-585 18 13 appeared appear VBD randomwalker-info-585 18 14 at at IN randomwalker-info-585 18 15 ACM ACM NNP randomwalker-info-585 18 16 CCS CCS NNP randomwalker-info-585 18 17 2016 2016 CD randomwalker-info-585 18 18 . . . randomwalker-info-585 19 1 Some some DT randomwalker-info-585 19 2 of of IN randomwalker-info-585 19 3 the the DT randomwalker-info-585 19 4 figures figure NNS randomwalker-info-585 19 5 have have VBP randomwalker-info-585 19 6 been be VBN randomwalker-info-585 19 7 updated update VBN randomwalker-info-585 19 8 with with IN randomwalker-info-585 19 9 more more RBR randomwalker-info-585 19 10 accurate accurate JJ randomwalker-info-585 19 11 versions version NNS randomwalker-info-585 19 12 due due JJ randomwalker-info-585 19 13 to to IN randomwalker-info-585 19 14 improvements improvement NNS randomwalker-info-585 19 15 to to IN randomwalker-info-585 19 16 our -PRON- PRP$ randomwalker-info-585 19 17 simulator simulator NN randomwalker-info-585 19 18 . . . randomwalker-info-585 20 1 Figure figure NN randomwalker-info-585 20 2 1 1 CD randomwalker-info-585 20 3 : : : randomwalker-info-585 20 4 One one CD randomwalker-info-585 20 5 possible possible JJ randomwalker-info-585 20 6 state state NN randomwalker-info-585 20 7 of of IN randomwalker-info-585 20 8 the the DT randomwalker-info-585 20 9 block block NN randomwalker-info-585 20 10 chain chain NN randomwalker-info-585 20 11 and and CC randomwalker-info-585 20 12 two two CD randomwalker-info-585 20 13 possible possible JJ randomwalker-info-585 20 14 actions action NNS randomwalker-info-585 20 15 a a DT randomwalker-info-585 20 16 miner miner NN randomwalker-info-585 20 17 could could MD randomwalker-info-585 20 18 take take VB randomwalker-info-585 20 19 . . . randomwalker-info-585 21 1 tion tion NN randomwalker-info-585 21 2 of of IN randomwalker-info-585 21 3 rational rational JJ randomwalker-info-585 21 4 , , , randomwalker-info-585 21 5 self self NN randomwalker-info-585 21 6 - - HYPH randomwalker-info-585 21 7 interested interested JJ randomwalker-info-585 21 8 miners miner NNS randomwalker-info-585 21 9 . . . randomwalker-info-585 22 1 Consider consider VB randomwalker-info-585 22 2 a a DT randomwalker-info-585 22 3 block block NN randomwalker-info-585 22 4 chain chain NN randomwalker-info-585 22 5 with with IN randomwalker-info-585 22 6 blocks block NNS randomwalker-info-585 22 7 of of IN randomwalker-info-585 22 8 exponentially exponentially RB randomwalker-info-585 22 9 distributed distribute VBN randomwalker-info-585 22 10 rewards reward NNS randomwalker-info-585 22 11 , , , randomwalker-info-585 22 12 as as IN randomwalker-info-585 22 13 we -PRON- PRP randomwalker-info-585 22 14 expect expect VBP randomwalker-info-585 22 15 when when WRB randomwalker-info-585 22 16 the the DT randomwalker-info-585 22 17 fixed fix VBN randomwalker-info-585 22 18 block block NN randomwalker-info-585 22 19 reward reward NN randomwalker-info-585 22 20 runs run VBZ randomwalker-info-585 22 21 out out RP randomwalker-info-585 22 22 . . . randomwalker-info-585 23 1 A a DT randomwalker-info-585 23 2 miner miner NN randomwalker-info-585 23 3 has have VBZ randomwalker-info-585 23 4 numerous numerous JJ randomwalker-info-585 23 5 options option NNS randomwalker-info-585 23 6 to to TO randomwalker-info-585 23 7 consider consider VB randomwalker-info-585 23 8 when when WRB randomwalker-info-585 23 9 mining mining NN randomwalker-info-585 23 10 , , , randomwalker-info-585 23 11 but but CC randomwalker-info-585 23 12 let let VB randomwalker-info-585 23 13 ’s -PRON- PRP randomwalker-info-585 23 14 fo- fo- DT randomwalker-info-585 23 15 cus cus VB randomwalker-info-585 23 16 on on IN randomwalker-info-585 23 17 just just RB randomwalker-info-585 23 18 two two CD randomwalker-info-585 23 19 possibilities possibility NNS randomwalker-info-585 23 20 . . . randomwalker-info-585 24 1 She -PRON- PRP randomwalker-info-585 24 2 could could MD randomwalker-info-585 24 3 extend extend VB randomwalker-info-585 24 4 the the DT randomwalker-info-585 24 5 longest long JJS randomwalker-info-585 24 6 chain chain NN randomwalker-info-585 24 7 ( ( -LRB- randomwalker-info-585 24 8 Option Option NNP randomwalker-info-585 24 9 One one CD randomwalker-info-585 24 10 ) ) -RRB- randomwalker-info-585 24 11 , , , randomwalker-info-585 24 12 obtaining obtain VBG randomwalker-info-585 24 13 a a DT randomwalker-info-585 24 14 reward reward NN randomwalker-info-585 24 15 of of IN randomwalker-info-585 24 16 5 5 CD randomwalker-info-585 24 17 and and CC randomwalker-info-585 24 18 leaving leave VBG randomwalker-info-585 24 19 a a DT randomwalker-info-585 24 20 reward reward NN randomwalker-info-585 24 21 of of IN randomwalker-info-585 24 22 0 0 CD randomwalker-info-585 24 23 for for IN randomwalker-info-585 24 24 the the DT randomwalker-info-585 24 25 next next JJ randomwalker-info-585 24 26 miner miner NN randomwalker-info-585 24 27 ( ( -LRB- randomwalker-info-585 24 28 at at IN randomwalker-info-585 24 29 least least JJS randomwalker-info-585 24 30 until until IN randomwalker-info-585 24 31 more more JJR randomwalker-info-585 24 32 transac- transac- NN randomwalker-info-585 24 33 tions tion NNS randomwalker-info-585 24 34 arrive arrive VBP randomwalker-info-585 24 35 ) ) -RRB- randomwalker-info-585 24 36 . . . randomwalker-info-585 25 1 Alternatively alternatively RB randomwalker-info-585 25 2 , , , randomwalker-info-585 25 3 she -PRON- PRP randomwalker-info-585 25 4 could could MD randomwalker-info-585 25 5 fork fork VB randomwalker-info-585 25 6 it -PRON- PRP randomwalker-info-585 25 7 ( ( -LRB- randomwalker-info-585 25 8 Option Option NNP randomwalker-info-585 25 9 Two two CD randomwalker-info-585 25 10 ) ) -RRB- randomwalker-info-585 25 11 , , , randomwalker-info-585 25 12 obtaining obtain VBG randomwalker-info-585 25 13 reward reward NN randomwalker-info-585 25 14 of of IN randomwalker-info-585 25 15 55 55 CD randomwalker-info-585 25 16 while while IN randomwalker-info-585 25 17 leaving leave VBG randomwalker-info-585 25 18 a a DT randomwalker-info-585 25 19 reward reward NN randomwalker-info-585 25 20 of of IN randomwalker-info-585 25 21 50 50 CD randomwalker-info-585 25 22 Bitcoin Bitcoin NNP randomwalker-info-585 25 23 unclaimed unclaimed JJ randomwalker-info-585 25 24 . . . randomwalker-info-585 26 1 The the DT randomwalker-info-585 26 2 Bitcoin Bitcoin NNP randomwalker-info-585 26 3 protocol protocol NN randomwalker-info-585 26 4 dictates dictate VBZ randomwalker-info-585 26 5 Option Option NNP randomwalker-info-585 26 6 One one CD randomwalker-info-585 26 7 , , , randomwalker-info-585 26 8 but but CC randomwalker-info-585 26 9 a a DT randomwalker-info-585 26 10 quick quick JJ randomwalker-info-585 26 11 reasoning reasoning NN randomwalker-info-585 26 12 suggests suggest VBZ randomwalker-info-585 26 13 that that IN randomwalker-info-585 26 14 Option Option NNP randomwalker-info-585 26 15 Two two CD randomwalker-info-585 26 16 is be VBZ randomwalker-info-585 26 17 better well JJR randomwalker-info-585 26 18 . . . randomwalker-info-585 27 1 To to TO randomwalker-info-585 27 2 reason reason VB randomwalker-info-585 27 3 about about IN randomwalker-info-585 27 4 this this DT randomwalker-info-585 27 5 correctly correctly RB randomwalker-info-585 27 6 , , , randomwalker-info-585 27 7 we -PRON- PRP randomwalker-info-585 27 8 must must MD randomwalker-info-585 27 9 consider consider VB randomwalker-info-585 27 10 which which WDT randomwalker-info-585 27 11 strategies strategy NNS randomwalker-info-585 27 12 the the DT randomwalker-info-585 27 13 other other JJ randomwalker-info-585 27 14 miners miner NNS randomwalker-info-585 27 15 are be VBP randomwalker-info-585 27 16 using use VBG randomwalker-info-585 27 17 . . . randomwalker-info-585 28 1 For for IN randomwalker-info-585 28 2 instance instance NN randomwalker-info-585 28 3 , , , randomwalker-info-585 28 4 if if IN randomwalker-info-585 28 5 all all DT randomwalker-info-585 28 6 other other JJ randomwalker-info-585 28 7 miners miner NNS randomwalker-info-585 28 8 follow follow VBP randomwalker-info-585 28 9 the the DT randomwalker-info-585 28 10 heuristic heuristic NN randomwalker-info-585 28 11 of of IN randomwalker-info-585 28 12 mining mining NN randomwalker-info-585 28 13 on on IN randomwalker-info-585 28 14 the the DT randomwalker-info-585 28 15 block block NN randomwalker-info-585 28 16 they -PRON- PRP randomwalker-info-585 28 17 heard hear VBD randomwalker-info-585 28 18 about about IN randomwalker-info-585 28 19 first first RB randomwalker-info-585 28 20 in in IN randomwalker-info-585 28 21 the the DT randomwalker-info-585 28 22 case case NN randomwalker-info-585 28 23 of of IN randomwalker-info-585 28 24 a a DT randomwalker-info-585 28 25 1-block 1-block CD randomwalker-info-585 28 26 fork fork NN randomwalker-info-585 28 27 ( ( -LRB- randomwalker-info-585 28 28 and and CC randomwalker-info-585 28 29 if if IN randomwalker-info-585 28 30 there there EX randomwalker-info-585 28 31 is be VBZ randomwalker-info-585 28 32 no no DT randomwalker-info-585 28 33 latency latency NN randomwalker-info-585 28 34 in in IN randomwalker-info-585 28 35 the the DT randomwalker-info-585 28 36 network network NN randomwalker-info-585 28 37 ) ) -RRB- randomwalker-info-585 28 38 , , , randomwalker-info-585 28 39 then then RB randomwalker-info-585 28 40 forking forking NN randomwalker-info-585 28 41 is be VBZ randomwalker-info-585 28 42 ineffective ineffective JJ randomwalker-info-585 28 43 , , , randomwalker-info-585 28 44 and and CC randomwalker-info-585 28 45 Option option NN randomwalker-info-585 28 46 One one CD randomwalker-info-585 28 47 is be VBZ randomwalker-info-585 28 48 clearly clearly RB randomwalker-info-585 28 49 superior superior JJ randomwalker-info-585 28 50 . . . randomwalker-info-585 29 1 On on IN randomwalker-info-585 29 2 the the DT randomwalker-info-585 29 3 other other JJ randomwalker-info-585 29 4 hand hand NN randomwalker-info-585 29 5 , , , randomwalker-info-585 29 6 since since IN randomwalker-info-585 29 7 other other JJ randomwalker-info-585 29 8 miners miner NNS randomwalker-info-585 29 9 are be VBP randomwalker-info-585 29 10 rational rational JJ randomwalker-info-585 29 11 , , , randomwalker-info-585 29 12 perhaps perhaps RB randomwalker-info-585 29 13 they -PRON- PRP randomwalker-info-585 29 14 will will MD randomwalker-info-585 29 15 choose choose VB randomwalker-info-585 29 16 to to TO randomwalker-info-585 29 17 build build VB randomwalker-info-585 29 18 on on IN randomwalker-info-585 29 19 the the DT randomwalker-info-585 29 20 fork fork NN randomwalker-info-585 29 21 instead instead RB randomwalker-info-585 29 22 of of IN randomwalker-info-585 29 23 the the DT randomwalker-info-585 29 24 older old JJR randomwalker-info-585 29 25 block block NN randomwalker-info-585 29 26 , , , randomwalker-info-585 29 27 in in IN randomwalker-info-585 29 28 which which WDT randomwalker-info-585 29 29 case case NN randomwalker-info-585 29 30 Option option NN randomwalker-info-585 29 31 Two two CD randomwalker-info-585 29 32 would would MD randomwalker-info-585 29 33 yield yield VB randomwalker-info-585 29 34 more more JJR randomwalker-info-585 29 35 rewards reward NNS randomwalker-info-585 29 36 . . . randomwalker-info-585 30 1 Examples example NNS randomwalker-info-585 30 2 like like IN randomwalker-info-585 30 3 these these DT randomwalker-info-585 30 4 reveal reveal VBP randomwalker-info-585 30 5 novel novel JJ randomwalker-info-585 30 6 incentive incentive NN randomwalker-info-585 30 7 issues issue NNS randomwalker-info-585 30 8 that that WDT randomwalker-info-585 30 9 sim- sim- VBP randomwalker-info-585 30 10 ply ply UH randomwalker-info-585 30 11 do do VBP randomwalker-info-585 30 12 n’t not RB randomwalker-info-585 30 13 arise arise VB randomwalker-info-585 30 14 when when WRB randomwalker-info-585 30 15 block block NN randomwalker-info-585 30 16 rewards reward NNS randomwalker-info-585 30 17 are be VBP randomwalker-info-585 30 18 fixed fix VBN randomwalker-info-585 30 19 . . . randomwalker-info-585 31 1 The the DT randomwalker-info-585 31 2 goal goal NN randomwalker-info-585 31 3 of of IN randomwalker-info-585 31 4 this this DT randomwalker-info-585 31 5 paper paper NN randomwalker-info-585 31 6 is be VBZ randomwalker-info-585 31 7 to to TO randomwalker-info-585 31 8 understand understand VB randomwalker-info-585 31 9 the the DT randomwalker-info-585 31 10 potential potential JJ randomwalker-info-585 31 11 impact impact NN randomwalker-info-585 31 12 on on IN randomwalker-info-585 31 13 Bitcoin Bitcoin NNP randomwalker-info-585 31 14 ’s ’s POS randomwalker-info-585 31 15 sta- sta- NN randomwalker-info-585 31 16 bility bility NN randomwalker-info-585 31 17 by by IN randomwalker-info-585 31 18 investigating investigate VBG randomwalker-info-585 31 19 the the DT randomwalker-info-585 31 20 mining mining NN randomwalker-info-585 31 21 game game NN randomwalker-info-585 31 22 in in IN randomwalker-info-585 31 23 the the DT randomwalker-info-585 31 24 regime regime NN randomwalker-info-585 31 25 where where WRB randomwalker-info-585 31 26 the the DT randomwalker-info-585 31 27 block block NN randomwalker-info-585 31 28 reward reward NN randomwalker-info-585 31 29 has have VBZ randomwalker-info-585 31 30 dwindled dwindle VBN randomwalker-info-585 31 31 to to IN randomwalker-info-585 31 32 a a DT randomwalker-info-585 31 33 negligible negligible JJ randomwalker-info-585 31 34 amount amount NN randomwalker-info-585 31 35 , , , randomwalker-info-585 31 36 and and CC randomwalker-info-585 31 37 transaction transaction NN randomwalker-info-585 31 38 fees fee NNS randomwalker-info-585 31 39 dominate dominate VBP randomwalker-info-585 31 40 mining mining NN randomwalker-info-585 31 41 rewards reward NNS randomwalker-info-585 31 42 . . . randomwalker-info-585 32 1 We -PRON- PRP randomwalker-info-585 32 2 find find VBP randomwalker-info-585 32 3 new new JJ randomwalker-info-585 32 4 and and CC randomwalker-info-585 32 5 surprising surprising JJ randomwalker-info-585 32 6 incentive incentive NN randomwalker-info-585 32 7 issues issue NNS randomwalker-info-585 32 8 in in IN randomwalker-info-585 32 9 a a DT randomwalker-info-585 32 10 transaction transaction NN randomwalker-info-585 32 11 - - HYPH randomwalker-info-585 32 12 fee fee NN randomwalker-info-585 32 13 regime regime NN randomwalker-info-585 32 14 , , , randomwalker-info-585 32 15 even even RB randomwalker-info-585 32 16 assuming assume VBG randomwalker-info-585 32 17 that that IN randomwalker-info-585 32 18 transactions transaction NNS randomwalker-info-585 32 19 ( ( -LRB- randomwalker-info-585 32 20 and and CC randomwalker-info-585 32 21 associated associate VBN randomwalker-info-585 32 22 fees fee NNS randomwalker-info-585 32 23 ) ) -RRB- randomwalker-info-585 32 24 arrive arrive VBP randomwalker-info-585 32 25 at at IN randomwalker-info-585 32 26 a a DT randomwalker-info-585 32 27 steady steady JJ randomwalker-info-585 32 28 rate rate NN randomwalker-info-585 32 29 . . . randomwalker-info-585 33 1 To to TO randomwalker-info-585 33 2 be be VB randomwalker-info-585 33 3 clear clear JJ randomwalker-info-585 33 4 : : : randomwalker-info-585 33 5 the the DT randomwalker-info-585 33 6 incentive incentive NN randomwalker-info-585 33 7 issues issue NNS randomwalker-info-585 33 8 we -PRON- PRP randomwalker-info-585 33 9 uncover uncover VBP randomwalker-info-585 33 10 arise arise VBP randomwalker-info-585 33 11 not not RB randomwalker-info-585 33 12 because because IN randomwalker-info-585 33 13 transaction transaction NN randomwalker-info-585 33 14 fees fee NNS randomwalker-info-585 33 15 may may MD randomwalker-info-585 33 16 arrive arrive VB randomwalker-info-585 33 17 erratically erratically RB randomwalker-info-585 33 18 , , , randomwalker-info-585 33 19 but but CC randomwalker-info-585 33 20 because because IN randomwalker-info-585 33 21 the the DT randomwalker-info-585 33 22 time time NN randomwalker-info-585 33 23 - - HYPH randomwalker-info-585 33 24 varying vary VBG randomwalker-info-585 33 25 nature nature NN randomwalker-info-585 33 26 of of IN randomwalker-info-585 33 27 transaction transaction NN randomwalker-info-585 33 28 fees fee NNS randomwalker-info-585 33 29 allows allow VBZ randomwalker-info-585 33 30 for for IN randomwalker-info-585 33 31 a a DT randomwalker-info-585 33 32 richer rich JJR randomwalker-info-585 33 33 set set NN randomwalker-info-585 33 34 of of IN randomwalker-info-585 33 35 strategic strategic JJ randomwalker-info-585 33 36 deviations deviation NNS randomwalker-info-585 33 37 that that WDT randomwalker-info-585 33 38 do do VBP randomwalker-info-585 33 39 n’t not RB randomwalker-info-585 33 40 arise arise VB randomwalker-info-585 33 41 in in IN randomwalker-info-585 33 42 the the DT randomwalker-info-585 33 43 block block NN randomwalker-info-585 33 44 - - HYPH randomwalker-info-585 33 45 reward reward NN randomwalker-info-585 33 46 model model NN randomwalker-info-585 33 47 . . . randomwalker-info-585 34 1 At at IN randomwalker-info-585 34 2 a a DT randomwalker-info-585 34 3 high high JJ randomwalker-info-585 34 4 level level NN randomwalker-info-585 34 5 , , , randomwalker-info-585 34 6 there there EX randomwalker-info-585 34 7 is be VBZ randomwalker-info-585 34 8 an an DT randomwalker-info-585 34 9 analogy analogy NN randomwalker-info-585 34 10 with with IN randomwalker-info-585 34 11 pool pool NN randomwalker-info-585 34 12 hopping hopping NN randomwalker-info-585 34 13 [ [ -LRB- randomwalker-info-585 34 14 22 22 CD randomwalker-info-585 34 15 ] ] -RRB- randomwalker-info-585 34 16 . . . randomwalker-info-585 35 1 With with IN randomwalker-info-585 35 2 certain certain JJ randomwalker-info-585 35 3 mining mining NN randomwalker-info-585 35 4 pool pool NN randomwalker-info-585 35 5 reward reward NN randomwalker-info-585 35 6 schemes scheme NNS randomwalker-info-585 35 7 , , , randomwalker-info-585 35 8 the the DT randomwalker-info-585 35 9 miner miner NN randomwalker-info-585 35 10 ’s ’s , randomwalker-info-585 35 11 ex- ex- XX randomwalker-info-585 35 12 pected pecte VBD randomwalker-info-585 35 13 reward reward NN randomwalker-info-585 35 14 for for IN randomwalker-info-585 35 15 participation participation NN randomwalker-info-585 35 16 varies varie NNS randomwalker-info-585 35 17 over over IN randomwalker-info-585 35 18 time time NN randomwalker-info-585 35 19 , , , randomwalker-info-585 35 20 depend- depend- NNP randomwalker-info-585 35 21 ing ing NNP randomwalker-info-585 35 22 on on IN randomwalker-info-585 35 23 how how WRB randomwalker-info-585 35 24 many many JJ randomwalker-info-585 35 25 shares share NNS randomwalker-info-585 35 26 have have VBP randomwalker-info-585 35 27 been be VBN randomwalker-info-585 35 28 contributed contribute VBN randomwalker-info-585 35 29 since since IN randomwalker-info-585 35 30 the the DT randomwalker-info-585 35 31 pool pool NN randomwalker-info-585 35 32 found find VBD randomwalker-info-585 35 33 its -PRON- PRP$ randomwalker-info-585 35 34 last last JJ randomwalker-info-585 35 35 block block NN randomwalker-info-585 35 36 . . . randomwalker-info-585 36 1 The the DT randomwalker-info-585 36 2 concern concern NN randomwalker-info-585 36 3 is be VBZ randomwalker-info-585 36 4 that that IN randomwalker-info-585 36 5 miners miner NNS randomwalker-info-585 36 6 would would MD randomwalker-info-585 36 7 respond respond VB randomwalker-info-585 36 8 by by IN randomwalker-info-585 36 9 “ " `` randomwalker-info-585 36 10 hopping hopping NN randomwalker-info-585 36 11 ” " '' randomwalker-info-585 36 12 in in IN randomwalker-info-585 36 13 real real JJ randomwalker-info-585 36 14 time time NN randomwalker-info-585 36 15 to to IN randomwalker-info-585 36 16 the the DT randomwalker-info-585 36 17 pool pool NN randomwalker-info-585 36 18 that that WDT randomwalker-info-585 36 19 max- max- NN randomwalker-info-585 36 20 imizes imize VBZ randomwalker-info-585 36 21 their -PRON- PRP$ randomwalker-info-585 36 22 expected expect VBN randomwalker-info-585 36 23 rewards reward NNS randomwalker-info-585 36 24 . . . randomwalker-info-585 37 1 For for IN randomwalker-info-585 37 2 another another DT randomwalker-info-585 37 3 illustration illustration NN randomwalker-info-585 37 4 of of IN randomwalker-info-585 37 5 this this DT randomwalker-info-585 37 6 theme theme NN randomwalker-info-585 37 7 , , , randomwalker-info-585 37 8 consider consider VB randomwalker-info-585 37 9 a a DT randomwalker-info-585 37 10 future future NN randomwalker-info-585 37 11 where where WRB randomwalker-info-585 37 12 there there EX randomwalker-info-585 37 13 are be VBP randomwalker-info-585 37 14 multiple multiple JJ randomwalker-info-585 37 15 cryp- cryp- JJ randomwalker-info-585 37 16 tocurrencies tocurrencie NNS randomwalker-info-585 37 17 with with IN randomwalker-info-585 37 18 time time NN randomwalker-info-585 37 19 - - HYPH randomwalker-info-585 37 20 varying vary VBG randomwalker-info-585 37 21 rewards reward NNS randomwalker-info-585 37 22 which which WDT randomwalker-info-585 37 23 can can MD randomwalker-info-585 37 24 be be VB randomwalker-info-585 37 25 mined mine VBN randomwalker-info-585 37 26 by by IN randomwalker-info-585 37 27 the the DT randomwalker-info-585 37 28 same same JJ randomwalker-info-585 37 29 hardware hardware NN randomwalker-info-585 37 30 . . . randomwalker-info-585 38 1 Perhaps perhaps RB randomwalker-info-585 38 2 this this DT randomwalker-info-585 38 3 will will MD randomwalker-info-585 38 4 give give VB randomwalker-info-585 38 5 rise rise NN randomwalker-info-585 38 6 to to IN randomwalker-info-585 38 7 coin- coin- NN randomwalker-info-585 38 8 hopping hopping NN randomwalker-info-585 38 9 , , , randomwalker-info-585 38 10 i.e. i.e. FW randomwalker-info-585 38 11 , , , randomwalker-info-585 38 12 miners miner NNS randomwalker-info-585 38 13 hopping hop VBG randomwalker-info-585 38 14 to to IN randomwalker-info-585 38 15 the the DT randomwalker-info-585 38 16 cryptocurrency cryptocurrency NN randomwalker-info-585 38 17 with with IN randomwalker-info-585 38 18 the the DT randomwalker-info-585 38 19 largest large JJS randomwalker-info-585 38 20 transaction transaction NN randomwalker-info-585 38 21 fee fee NN randomwalker-info-585 38 22 pool pool NN randomwalker-info-585 38 23 . . . randomwalker-info-585 39 1 Contribution contribution NN randomwalker-info-585 39 2 1 1 CD randomwalker-info-585 39 3 : : : randomwalker-info-585 39 4 A a DT randomwalker-info-585 39 5 mining mining NN randomwalker-info-585 39 6 strategy strategy NN randomwalker-info-585 39 7 simulator simulator NN randomwalker-info-585 39 8 . . . randomwalker-info-585 40 1 While while IN randomwalker-info-585 40 2 we -PRON- PRP randomwalker-info-585 40 3 establish establish VBP randomwalker-info-585 40 4 a a DT randomwalker-info-585 40 5 number number NN randomwalker-info-585 40 6 of of IN randomwalker-info-585 40 7 theoretical theoretical JJ randomwalker-info-585 40 8 results result NNS randomwalker-info-585 40 9 in in IN randomwalker-info-585 40 10 Sections section NNS randomwalker-info-585 40 11 5 5 CD randomwalker-info-585 40 12 and and CC randomwalker-info-585 40 13 6 6 CD randomwalker-info-585 40 14 , , , randomwalker-info-585 40 15 the the DT randomwalker-info-585 40 16 variety variety NN randomwalker-info-585 40 17 of of IN randomwalker-info-585 40 18 possible possible JJ randomwalker-info-585 40 19 parameters parameter NNS randomwalker-info-585 40 20 and and CC randomwalker-info-585 40 21 assumptions assumption NNS randomwalker-info-585 40 22 makes make VBZ randomwalker-info-585 40 23 it -PRON- PRP randomwalker-info-585 40 24 completely completely RB randomwalker-info-585 40 25 infeasible infeasible JJ randomwalker-info-585 40 26 to to TO randomwalker-info-585 40 27 pose pose VB randomwalker-info-585 40 28 a a DT randomwalker-info-585 40 29 perfectly perfectly RB randomwalker-info-585 40 30 accurate accurate JJ randomwalker-info-585 40 31 Game Game NNP randomwalker-info-585 40 32 - - HYPH randomwalker-info-585 40 33 Theoretic theoretic JJ randomwalker-info-585 40 34 model model NN randomwalker-info-585 40 35 of of IN randomwalker-info-585 40 36 Bitcoin Bitcoin NNP randomwalker-info-585 40 37 that that WDT randomwalker-info-585 40 38 is be VBZ randomwalker-info-585 40 39 also also RB randomwalker-info-585 40 40 tractable tractable JJ randomwalker-info-585 40 41 . . . randomwalker-info-585 41 1 To to TO randomwalker-info-585 41 2 fill fill VB randomwalker-info-585 41 3 the the DT randomwalker-info-585 41 4 gaps gap NNS randomwalker-info-585 41 5 and and CC randomwalker-info-585 41 6 to to TO randomwalker-info-585 41 7 confirm confirm VB randomwalker-info-585 41 8 our -PRON- PRP$ randomwalker-info-585 41 9 theoretical theoretical JJ randomwalker-info-585 41 10 results result NNS randomwalker-info-585 41 11 , , , randomwalker-info-585 41 12 we -PRON- PRP randomwalker-info-585 41 13 ’ve have VB randomwalker-info-585 41 14 built build VBN randomwalker-info-585 41 15 a a DT randomwalker-info-585 41 16 mining mining NN randomwalker-info-585 41 17 strategy strategy NN randomwalker-info-585 41 18 simulator simulator NN randomwalker-info-585 41 19 . . . randomwalker-info-585 42 1 Theoretical theoretical JJ randomwalker-info-585 42 2 results result NNS randomwalker-info-585 42 3 in in IN randomwalker-info-585 42 4 simple simple JJ randomwalker-info-585 42 5 yet yet CC randomwalker-info-585 42 6 principled principle VBN randomwalker-info-585 42 7 models model NNS randomwalker-info-585 42 8 provide provide VB randomwalker-info-585 42 9 good good JJ randomwalker-info-585 42 10 intuition intuition NN randomwalker-info-585 42 11 to to TO randomwalker-info-585 42 12 guide guide VB randomwalker-info-585 42 13 practice practice NN randomwalker-info-585 42 14 , , , randomwalker-info-585 42 15 and and CC randomwalker-info-585 42 16 simulations simulation NNS randomwalker-info-585 42 17 of of IN randomwalker-info-585 42 18 more more JJR randomwalker-info-585 42 19 complex complex JJ randomwalker-info-585 42 20 scenarios scenario NNS randomwalker-info-585 42 21 confirm confirm VBP randomwalker-info-585 42 22 that that IN randomwalker-info-585 42 23 these these DT randomwalker-info-585 42 24 results result NNS randomwalker-info-585 42 25 have have VBP randomwalker-info-585 42 26 applicability applicability NN randomwalker-info-585 42 27 to to IN randomwalker-info-585 42 28 more more RBR randomwalker-info-585 42 29 realistic realistic JJ randomwalker-info-585 42 30 models model NNS randomwalker-info-585 42 31 where where WRB randomwalker-info-585 42 32 mathematical mathematical JJ randomwalker-info-585 42 33 proofs proof NNS randomwalker-info-585 42 34 are be VBP randomwalker-info-585 42 35 intractable intractable JJ randomwalker-info-585 42 36 . . . randomwalker-info-585 43 1 Miners miner NNS randomwalker-info-585 43 2 in in IN randomwalker-info-585 43 3 our -PRON- PRP$ randomwalker-info-585 43 4 simulation simulation NN randomwalker-info-585 43 5 learn learn VBP randomwalker-info-585 43 6 over over IN randomwalker-info-585 43 7 time time NN randomwalker-info-585 43 8 which which WDT randomwalker-info-585 43 9 strate- strate- VBZ randomwalker-info-585 43 10 gies gy NNS randomwalker-info-585 43 11 are be VBP randomwalker-info-585 43 12 successful successful JJ randomwalker-info-585 43 13 using use VBG randomwalker-info-585 43 14 no no DT randomwalker-info-585 43 15 - - HYPH randomwalker-info-585 43 16 regret regret NN randomwalker-info-585 43 17 learning learning NN randomwalker-info-585 43 18 algorithms algorithm NNS randomwalker-info-585 43 19 that that WDT randomwalker-info-585 43 20 iteratively iteratively RB randomwalker-info-585 43 21 update update VBP randomwalker-info-585 43 22 a a DT randomwalker-info-585 43 23 probability probability NN randomwalker-info-585 43 24 distribution distribution NN randomwalker-info-585 43 25 over over IN randomwalker-info-585 43 26 strategies strategy NNS randomwalker-info-585 43 27 ( ( -LRB- randomwalker-info-585 43 28 Section section NN randomwalker-info-585 43 29 4.2 4.2 CD randomwalker-info-585 43 30 ) ) -RRB- randomwalker-info-585 43 31 . . . randomwalker-info-585 44 1 Our -PRON- PRP$ randomwalker-info-585 44 2 simulator simulator NN randomwalker-info-585 44 3 is be VBZ randomwalker-info-585 44 4 versatile versatile JJ randomwalker-info-585 44 5 and and CC randomwalker-info-585 44 6 allows allow VBZ randomwalker-info-585 44 7 model- model- NNP randomwalker-info-585 44 8 ing e VBG randomwalker-info-585 44 9 different different JJ randomwalker-info-585 44 10 numbers number NNS randomwalker-info-585 44 11 of of IN randomwalker-info-585 44 12 miners miner NNS randomwalker-info-585 44 13 , , , randomwalker-info-585 44 14 hash hash NN randomwalker-info-585 44 15 power power NN randomwalker-info-585 44 16 distributions distribution NNS randomwalker-info-585 44 17 , , , randomwalker-info-585 44 18 network network NN randomwalker-info-585 44 19 latencies latency NNS randomwalker-info-585 44 20 , , , randomwalker-info-585 44 21 and and CC randomwalker-info-585 44 22 reward reward NN randomwalker-info-585 44 23 schemes scheme NNS randomwalker-info-585 44 24 . . . randomwalker-info-585 45 1 We -PRON- PRP randomwalker-info-585 45 2 show show VBP randomwalker-info-585 45 3 how how WRB randomwalker-info-585 45 4 it -PRON- PRP randomwalker-info-585 45 5 allows allow VBZ randomwalker-info-585 45 6 researchers researcher NNS randomwalker-info-585 45 7 to to TO randomwalker-info-585 45 8 quickly quickly RB randomwalker-info-585 45 9 prototype prototype VB randomwalker-info-585 45 10 and and CC randomwalker-info-585 45 11 study study VB randomwalker-info-585 45 12 new new JJ randomwalker-info-585 45 13 set- set- JJ randomwalker-info-585 45 14 tings ting NNS randomwalker-info-585 45 15 within within IN randomwalker-info-585 45 16 this this DT randomwalker-info-585 45 17 parameter parameter NN randomwalker-info-585 45 18 space space NN randomwalker-info-585 45 19 . . . randomwalker-info-585 46 1 The the DT randomwalker-info-585 46 2 simulator simulator NN randomwalker-info-585 46 3 does do VBZ randomwalker-info-585 46 4 have have VB randomwalker-info-585 46 5 limitations limitation NNS randomwalker-info-585 46 6 : : : randomwalker-info-585 46 7 it -PRON- PRP randomwalker-info-585 46 8 can can MD randomwalker-info-585 46 9 not not RB randomwalker-info-585 46 10 model model VB randomwalker-info-585 46 11 mining mining NN randomwalker-info-585 46 12 pools pool NNS randomwalker-info-585 46 13 or or CC randomwalker-info-585 46 14 a a DT randomwalker-info-585 46 15 non non JJ randomwalker-info-585 46 16 - - JJ randomwalker-info-585 46 17 constant constant JJ randomwalker-info-585 46 18 arrival arrival NN randomwalker-info-585 46 19 rate rate NN randomwalker-info-585 46 20 of of IN randomwalker-info-585 46 21 transactions transaction NNS randomwalker-info-585 46 22 . . . randomwalker-info-585 47 1 We -PRON- PRP randomwalker-info-585 47 2 have have VBP randomwalker-info-585 47 3 made make VBN randomwalker-info-585 47 4 the the DT randomwalker-info-585 47 5 simulator simulator NN randomwalker-info-585 47 6 open open JJ randomwalker-info-585 47 7 source.1 source.1 NN randomwalker-info-585 47 8 In in IN randomwalker-info-585 47 9 addition addition NN randomwalker-info-585 47 10 to to IN randomwalker-info-585 47 11 the the DT randomwalker-info-585 47 12 versatility versatility NN randomwalker-info-585 47 13 of of IN randomwalker-info-585 47 14 settings setting NNS randomwalker-info-585 47 15 , , , randomwalker-info-585 47 16 our -PRON- PRP$ randomwalker-info-585 47 17 simulator simulator NN randomwalker-info-585 47 18 allows allow VBZ randomwalker-info-585 47 19 exploring explore VBG randomwalker-info-585 47 20 a a DT randomwalker-info-585 47 21 large large JJ randomwalker-info-585 47 22 space space NN randomwalker-info-585 47 23 of of IN randomwalker-info-585 47 24 mining mining NN randomwalker-info-585 47 25 strategies strategy NNS randomwalker-info-585 47 26 , , , randomwalker-info-585 47 27 defined define VBN randomwalker-info-585 47 28 by by IN randomwalker-info-585 47 29 the the DT randomwalker-info-585 47 30 miner miner NN randomwalker-info-585 47 31 ’s ’s POS randomwalker-info-585 47 32 responses response NNS randomwalker-info-585 47 33 to to IN randomwalker-info-585 47 34 three three CD randomwalker-info-585 47 35 questions question NNS randomwalker-info-585 47 36 : : : randomwalker-info-585 47 37 which which WDT randomwalker-info-585 47 38 block block NN randomwalker-info-585 47 39 to to TO randomwalker-info-585 47 40 extend extend VB randomwalker-info-585 47 41 , , , randomwalker-info-585 47 42 how how WRB randomwalker-info-585 47 43 much much JJ randomwalker-info-585 47 44 of of IN randomwalker-info-585 47 45 the the DT randomwalker-info-585 47 46 outstanding outstanding JJ randomwalker-info-585 47 47 transactions transaction NNS randomwalker-info-585 47 48 to to TO randomwalker-info-585 47 49 include include VB randomwalker-info-585 47 50 in in IN randomwalker-info-585 47 51 the the DT randomwalker-info-585 47 52 block block NN randomwalker-info-585 47 53 , , , randomwalker-info-585 47 54 and and CC randomwalker-info-585 47 55 when when WRB randomwalker-info-585 47 56 to to TO randomwalker-info-585 47 57 publish publish VB randomwalker-info-585 47 58 found find VBN randomwalker-info-585 47 59 blocks block NNS randomwalker-info-585 47 60 . . . randomwalker-info-585 48 1 We -PRON- PRP randomwalker-info-585 48 2 define define VBP randomwalker-info-585 48 3 a a DT randomwalker-info-585 48 4 formal formal JJ randomwalker-info-585 48 5 language language NN randomwalker-info-585 48 6 to to TO randomwalker-info-585 48 7 compactly compactly RB randomwalker-info-585 48 8 express express VB randomwalker-info-585 48 9 any any DT randomwalker-info-585 48 10 strategy strategy NN randomwalker-info-585 48 11 in in IN randomwalker-info-585 48 12 this this DT randomwalker-info-585 48 13 space space NN randomwalker-info-585 48 14 ( ( -LRB- randomwalker-info-585 48 15 Section section NN randomwalker-info-585 48 16 4 4 CD randomwalker-info-585 48 17 ) ) -RRB- randomwalker-info-585 48 18 . . . randomwalker-info-585 49 1 Contribution contribution NN randomwalker-info-585 49 2 2 2 CD randomwalker-info-585 49 3 : : : randomwalker-info-585 49 4 Undercutting undercut VBG randomwalker-info-585 49 5 attacks attack NNS randomwalker-info-585 49 6 . . . randomwalker-info-585 50 1 The the DT randomwalker-info-585 50 2 focus focus NN randomwalker-info-585 50 3 of of IN randomwalker-info-585 50 4 this this DT randomwalker-info-585 50 5 paper paper NN randomwalker-info-585 50 6 is be VBZ randomwalker-info-585 50 7 on on IN randomwalker-info-585 50 8 analyzing analyze VBG randomwalker-info-585 50 9 deviant deviant NN randomwalker-info-585 50 10 mining mining NN randomwalker-info-585 50 11 strategies strategy NNS randomwalker-info-585 50 12 in in IN randomwalker-info-585 50 13 the the DT randomwalker-info-585 50 14 transaction transaction NN randomwalker-info-585 50 15 - - HYPH randomwalker-info-585 50 16 fee fee NN randomwalker-info-585 50 17 regime regime NN randomwalker-info-585 50 18 that that WDT randomwalker-info-585 50 19 can can MD randomwalker-info-585 50 20 harm harm VB randomwalker-info-585 50 21 Bitcoin Bitcoin NNP randomwalker-info-585 50 22 ’s ’s POS randomwalker-info-585 50 23 security security NN randomwalker-info-585 50 24 . . . randomwalker-info-585 51 1 We -PRON- PRP randomwalker-info-585 51 2 begin begin VBP randomwalker-info-585 51 3 with with IN randomwalker-info-585 51 4 the the DT randomwalker-info-585 51 5 observation observation NN randomwalker-info-585 51 6 that that IN randomwalker-info-585 51 7 if if IN randomwalker-info-585 51 8 there there EX randomwalker-info-585 51 9 is be VBZ randomwalker-info-585 51 10 a a DT randomwalker-info-585 51 11 1-block 1-block CD randomwalker-info-585 51 12 fork fork NN randomwalker-info-585 51 13 , , , randomwalker-info-585 51 14 it -PRON- PRP randomwalker-info-585 51 15 is be VBZ randomwalker-info-585 51 16 more more RBR randomwalker-info-585 51 17 profitable profitable JJ randomwalker-info-585 51 18 for for IN randomwalker-info-585 51 19 the the DT randomwalker-info-585 51 20 next next JJ randomwalker-info-585 51 21 miner miner NN randomwalker-info-585 51 22 to to TO randomwalker-info-585 51 23 break break VB randomwalker-info-585 51 24 the the DT randomwalker-info-585 51 25 tie tie NN randomwalker-info-585 51 26 by by IN randomwalker-info-585 51 27 extending extend VBG randomwalker-info-585 51 28 the the DT randomwalker-info-585 51 29 block block NN randomwalker-info-585 51 30 that that WDT randomwalker-info-585 51 31 leaves leave VBZ randomwalker-info-585 51 32 the the DT randomwalker-info-585 51 33 most most RBS randomwalker-info-585 51 34 available available JJ randomwalker-info-585 51 35 transaction transaction NN randomwalker-info-585 51 36 fees fee NNS randomwalker-info-585 51 37 rather rather RB randomwalker-info-585 51 38 than than IN randomwalker-info-585 51 39 the the DT randomwalker-info-585 51 40 oldest oldest RBS randomwalker-info-585 51 41 - - HYPH randomwalker-info-585 51 42 seen see VBN randomwalker-info-585 51 43 block block NN randomwalker-info-585 51 44 . . . randomwalker-info-585 52 1 We -PRON- PRP randomwalker-info-585 52 2 call call VBP randomwalker-info-585 52 3 this this DT randomwalker-info-585 52 4 strategy strategy NN randomwalker-info-585 52 5 PettyCompliant PettyCompliant NNP randomwalker-info-585 52 6 . . . randomwalker-info-585 53 1 Once once IN randomwalker-info-585 53 2 any any DT randomwalker-info-585 53 3 non non JJ randomwalker-info-585 53 4 - - JJ randomwalker-info-585 53 5 zero zero JJ randomwalker-info-585 53 6 fraction fraction NN randomwalker-info-585 53 7 of of IN randomwalker-info-585 53 8 miners miner NNS randomwalker-info-585 53 9 is be VBZ randomwalker-info-585 53 10 PettyCompli- PettyCompli- NNP randomwalker-info-585 53 11 ant ant NNP randomwalker-info-585 53 12 , , , randomwalker-info-585 53 13 it -PRON- PRP randomwalker-info-585 53 14 enables enable VBZ randomwalker-info-585 53 15 various various JJ randomwalker-info-585 53 16 strategies strategy NNS randomwalker-info-585 53 17 that that WDT randomwalker-info-585 53 18 are be VBP randomwalker-info-585 53 19 more more RBR randomwalker-info-585 53 20 aggressive aggressive JJ randomwalker-info-585 53 21 and and CC randomwalker-info-585 53 22 harmful harmful JJ randomwalker-info-585 53 23 to to IN randomwalker-info-585 53 24 Bitcoin Bitcoin NNP randomwalker-info-585 53 25 consensus consensus NN randomwalker-info-585 53 26 . . . randomwalker-info-585 54 1 We -PRON- PRP randomwalker-info-585 54 2 call call VBP randomwalker-info-585 54 3 this this DT randomwalker-info-585 54 4 the the DT randomwalker-info-585 54 5 undercut- undercut- JJ randomwalker-info-585 54 6 ting ting NNP randomwalker-info-585 54 7 attack attack NN randomwalker-info-585 54 8 , , , randomwalker-info-585 54 9 where where WRB randomwalker-info-585 54 10 miners miner NNS randomwalker-info-585 54 11 will will MD randomwalker-info-585 54 12 actively actively RB randomwalker-info-585 54 13 fork fork VB randomwalker-info-585 54 14 the the DT randomwalker-info-585 54 15 head head NN randomwalker-info-585 54 16 of of IN randomwalker-info-585 54 17 the the DT randomwalker-info-585 54 18 chain chain NN randomwalker-info-585 54 19 and and CC randomwalker-info-585 54 20 leave leave VB randomwalker-info-585 54 21 transactions transaction NNS randomwalker-info-585 54 22 unclaimed unclaime VBN randomwalker-info-585 54 23 in in IN randomwalker-info-585 54 24 the the DT randomwalker-info-585 54 25 hope hope NN randomwalker-info-585 54 26 of of IN randomwalker-info-585 54 27 incen- incen- NN randomwalker-info-585 54 28 tivizing tivize VBG randomwalker-info-585 54 29 PettyCompliant PettyCompliant NNP randomwalker-info-585 54 30 miners miner NNS randomwalker-info-585 54 31 to to TO randomwalker-info-585 54 32 build build VB randomwalker-info-585 54 33 on on IN randomwalker-info-585 54 34 their -PRON- PRP$ randomwalker-info-585 54 35 block block NN randomwalker-info-585 54 36 . . . randomwalker-info-585 55 1 In in IN randomwalker-info-585 55 2 some some DT randomwalker-info-585 55 3 scenarios scenario NNS randomwalker-info-585 55 4 , , , randomwalker-info-585 55 5 our -PRON- PRP$ randomwalker-info-585 55 6 simulation simulation NN randomwalker-info-585 55 7 reveals reveal VBZ randomwalker-info-585 55 8 a a DT randomwalker-info-585 55 9 non non JJ randomwalker-info-585 55 10 - - JJ randomwalker-info-585 55 11 equilibrium equilibrium JJ randomwalker-info-585 55 12 with with IN randomwalker-info-585 55 13 increasingly increasingly RB randomwalker-info-585 55 14 aggressive aggressive JJ randomwalker-info-585 55 15 undercutting undercutting NN randomwalker-info-585 55 16 . . . randomwalker-info-585 56 1 But but CC randomwalker-info-585 56 2 with with IN randomwalker-info-585 56 3 an an DT randomwalker-info-585 56 4 ex- ex- JJ randomwalker-info-585 56 5 panded panded JJ randomwalker-info-585 56 6 strategy strategy NN randomwalker-info-585 56 7 space space NN randomwalker-info-585 56 8 , , , randomwalker-info-585 56 9 and and CC randomwalker-info-585 56 10 suitable suitable JJ randomwalker-info-585 56 11 assumptions assumption NNS randomwalker-info-585 56 12 , , , randomwalker-info-585 56 13 we -PRON- PRP randomwalker-info-585 56 14 are be VBP randomwalker-info-585 56 15 able able JJ randomwalker-info-585 56 16 to to TO randomwalker-info-585 56 17 prove prove VB randomwalker-info-585 56 18 that that IN randomwalker-info-585 56 19 an an DT randomwalker-info-585 56 20 equilibrium equilibrium NN randomwalker-info-585 56 21 exists exist VBZ randomwalker-info-585 56 22 . . . randomwalker-info-585 57 1 However however RB randomwalker-info-585 57 2 , , , randomwalker-info-585 57 3 it -PRON- PRP randomwalker-info-585 57 4 is be VBZ randomwalker-info-585 57 5 one one CD randomwalker-info-585 57 6 where where WRB randomwalker-info-585 57 7 miners miner NNS randomwalker-info-585 57 8 include include VBP randomwalker-info-585 57 9 only only RB randomwalker-info-585 57 10 a a DT randomwalker-info-585 57 11 fraction fraction NN randomwalker-info-585 57 12 of of IN randomwalker-info-585 57 13 available available JJ randomwalker-info-585 57 14 transactions transaction NNS randomwalker-info-585 57 15 1https://github.com/citp/mining 1https://github.com/citp/mine VBG randomwalker-info-585 57 16 simulator simulator NN randomwalker-info-585 57 17 into into IN randomwalker-info-585 57 18 their -PRON- PRP$ randomwalker-info-585 57 19 blocks block NNS randomwalker-info-585 57 20 . . . randomwalker-info-585 58 1 This this DT randomwalker-info-585 58 2 results result VBZ randomwalker-info-585 58 3 in in IN randomwalker-info-585 58 4 a a DT randomwalker-info-585 58 5 backlog backlog NN randomwalker-info-585 58 6 of of IN randomwalker-info-585 58 7 transactions transaction NNS randomwalker-info-585 58 8 whose whose WP$ randomwalker-info-585 58 9 size size NN randomwalker-info-585 58 10 grows grow VBZ randomwalker-info-585 58 11 indefinitely indefinitely RB randomwalker-info-585 58 12 with with IN randomwalker-info-585 58 13 time time NN randomwalker-info-585 58 14 . . . randomwalker-info-585 59 1 We -PRON- PRP randomwalker-info-585 59 2 confirm confirm VBP randomwalker-info-585 59 3 this this DT randomwalker-info-585 59 4 result result NN randomwalker-info-585 59 5 using use VBG randomwalker-info-585 59 6 simulation simulation NN randomwalker-info-585 59 7 . . . randomwalker-info-585 60 1 Accurately accurately RB randomwalker-info-585 60 2 predicting predict VBG randomwalker-info-585 60 3 the the DT randomwalker-info-585 60 4 steady steady JJ randomwalker-info-585 60 5 - - HYPH randomwalker-info-585 60 6 state state NN randomwalker-info-585 60 7 mining mining NN randomwalker-info-585 60 8 behavior behavior NN randomwalker-info-585 60 9 requires require VBZ randomwalker-info-585 60 10 modeling model VBG randomwalker-info-585 60 11 a a DT randomwalker-info-585 60 12 vast vast JJ randomwalker-info-585 60 13 number number NN randomwalker-info-585 60 14 of of IN randomwalker-info-585 60 15 variables variable NNS randomwalker-info-585 60 16 such such JJ randomwalker-info-585 60 17 as as IN randomwalker-info-585 60 18 miners miner NNS randomwalker-info-585 60 19 ’ ’ POS randomwalker-info-585 60 20 cost cost NN randomwalker-info-585 60 21 structure structure NN randomwalker-info-585 60 22 , , , randomwalker-info-585 60 23 and and CC randomwalker-info-585 60 24 is be VBZ randomwalker-info-585 60 25 not not RB randomwalker-info-585 60 26 the the DT randomwalker-info-585 60 27 goal goal NN randomwalker-info-585 60 28 of of IN randomwalker-info-585 60 29 our -PRON- PRP$ randomwalker-info-585 60 30 work work NN randomwalker-info-585 60 31 . . . randomwalker-info-585 61 1 Instead instead RB randomwalker-info-585 61 2 , , , randomwalker-info-585 61 3 our -PRON- PRP$ randomwalker-info-585 61 4 results result NNS randomwalker-info-585 61 5 can can MD randomwalker-info-585 61 6 be be VB randomwalker-info-585 61 7 seen see VBN randomwalker-info-585 61 8 as as IN randomwalker-info-585 61 9 an an DT randomwalker-info-585 61 10 informal informal JJ randomwalker-info-585 61 11 “ " `` randomwalker-info-585 61 12 lower low JJR randomwalker-info-585 61 13 bound bound NN randomwalker-info-585 61 14 ” " '' randomwalker-info-585 61 15 on on IN randomwalker-info-585 61 16 the the DT randomwalker-info-585 61 17 departures departure NNS randomwalker-info-585 61 18 from from IN randomwalker-info-585 61 19 compliant compliant JJ randomwalker-info-585 61 20 behavior behavior NN randomwalker-info-585 61 21 that that WDT randomwalker-info-585 61 22 are be VBP randomwalker-info-585 61 23 likely likely JJ randomwalker-info-585 61 24 in in IN randomwalker-info-585 61 25 a a DT randomwalker-info-585 61 26 transaction transaction NN randomwalker-info-585 61 27 - - HYPH randomwalker-info-585 61 28 fee fee NN randomwalker-info-585 61 29 regime regime NN randomwalker-info-585 61 30 . . . randomwalker-info-585 62 1 We -PRON- PRP randomwalker-info-585 62 2 can can MD randomwalker-info-585 62 3 realistically realistically RB randomwalker-info-585 62 4 predict predict VB randomwalker-info-585 62 5 that that IN randomwalker-info-585 62 6 PettyCompliant PettyCompliant NNP randomwalker-info-585 62 7 miners miner NNS randomwalker-info-585 62 8 will will MD randomwalker-info-585 62 9 arise arise VB randomwalker-info-585 62 10 , , , randomwalker-info-585 62 11 and and CC randomwalker-info-585 62 12 that that IN randomwalker-info-585 62 13 the the DT randomwalker-info-585 62 14 existence existence NN randomwalker-info-585 62 15 of of IN randomwalker-info-585 62 16 such such JJ randomwalker-info-585 62 17 miners miner NNS randomwalker-info-585 62 18 opens open VBZ randomwalker-info-585 62 19 the the DT randomwalker-info-585 62 20 field field NN randomwalker-info-585 62 21 for for IN randomwalker-info-585 62 22 various various JJ randomwalker-info-585 62 23 more more RBR randomwalker-info-585 62 24 aggressive aggressive JJ randomwalker-info-585 62 25 strategies strategy NNS randomwalker-info-585 62 26 ( ( -LRB- randomwalker-info-585 62 27 Section section NN randomwalker-info-585 62 28 5 5 CD randomwalker-info-585 62 29 ) ) -RRB- randomwalker-info-585 62 30 . . . randomwalker-info-585 63 1 Contribution contribution NN randomwalker-info-585 63 2 3 3 CD randomwalker-info-585 63 3 : : : randomwalker-info-585 63 4 Revisiting revisit VBG randomwalker-info-585 63 5 selfish selfish JJ randomwalker-info-585 63 6 mining mining NN randomwalker-info-585 63 7 . . . randomwalker-info-585 64 1 We -PRON- PRP randomwalker-info-585 64 2 re- re- RB randomwalker-info-585 64 3 visit visit VBP randomwalker-info-585 64 4 the the DT randomwalker-info-585 64 5 selfish selfish JJ randomwalker-info-585 64 6 mining mining NN randomwalker-info-585 64 7 strategy strategy NN randomwalker-info-585 64 8 of of IN randomwalker-info-585 64 9 Eyal Eyal NNP randomwalker-info-585 64 10 and and CC randomwalker-info-585 64 11 Sirer Sirer NNP randomwalker-info-585 64 12 [ [ -LRB- randomwalker-info-585 64 13 9 9 CD randomwalker-info-585 64 14 ] ] -RRB- randomwalker-info-585 64 15 and and CC randomwalker-info-585 64 16 show show VBP randomwalker-info-585 64 17 that that IN randomwalker-info-585 64 18 , , , randomwalker-info-585 64 19 contrary contrary JJ randomwalker-info-585 64 20 to to IN randomwalker-info-585 64 21 intuition intuition NN randomwalker-info-585 64 22 , , , randomwalker-info-585 64 23 it -PRON- PRP randomwalker-info-585 64 24 performs perform VBZ randomwalker-info-585 64 25 even even RB randomwalker-info-585 64 26 better well RBR randomwalker-info-585 64 27 in in IN randomwalker-info-585 64 28 the the DT randomwalker-info-585 64 29 transaction transaction NN randomwalker-info-585 64 30 - - HYPH randomwalker-info-585 64 31 fee fee NN randomwalker-info-585 64 32 regime regime NN randomwalker-info-585 64 33 than than IN randomwalker-info-585 64 34 in in IN randomwalker-info-585 64 35 the the DT randomwalker-info-585 64 36 block block NN randomwalker-info-585 64 37 - - HYPH randomwalker-info-585 64 38 reward reward NN randomwalker-info-585 64 39 regime regime NN randomwalker-info-585 64 40 . . . randomwalker-info-585 65 1 Next next RB randomwalker-info-585 65 2 , , , randomwalker-info-585 65 3 we -PRON- PRP randomwalker-info-585 65 4 propose propose VBP randomwalker-info-585 65 5 a a DT randomwalker-info-585 65 6 more more RBR randomwalker-info-585 65 7 sophisticated sophisticated JJ randomwalker-info-585 65 8 selfish selfish JJ randomwalker-info-585 65 9 mining mining NN randomwalker-info-585 65 10 strat- strat- NN randomwalker-info-585 65 11 egy egy NN randomwalker-info-585 65 12 that that WDT randomwalker-info-585 65 13 accounts account VBZ randomwalker-info-585 65 14 for for IN randomwalker-info-585 65 15 the the DT randomwalker-info-585 65 16 non non JJ randomwalker-info-585 65 17 - - JJ randomwalker-info-585 65 18 uniformity uniformity JJ randomwalker-info-585 65 19 of of IN randomwalker-info-585 65 20 rewards reward NNS randomwalker-info-585 65 21 and and CC randomwalker-info-585 65 22 out- out- NNP randomwalker-info-585 65 23 performs perform VBZ randomwalker-info-585 65 24 both both CC randomwalker-info-585 65 25 default default NN randomwalker-info-585 65 26 mining mining NN randomwalker-info-585 65 27 and and CC randomwalker-info-585 65 28 “ " `` randomwalker-info-585 65 29 classic classic JJ randomwalker-info-585 65 30 ” " '' randomwalker-info-585 65 31 selfish selfish JJ randomwalker-info-585 65 32 mining mining NN randomwalker-info-585 65 33 . . . randomwalker-info-585 66 1 Worse bad JJR randomwalker-info-585 66 2 , , , randomwalker-info-585 66 3 unlike unlike IN randomwalker-info-585 66 4 classic classic JJ randomwalker-info-585 66 5 selfish selfish JJ randomwalker-info-585 66 6 mining mining NN randomwalker-info-585 66 7 , , , randomwalker-info-585 66 8 this this DT randomwalker-info-585 66 9 strategy strategy NN randomwalker-info-585 66 10 works work VBZ randomwalker-info-585 66 11 for for IN randomwalker-info-585 66 12 miners miner NNS randomwalker-info-585 66 13 with with IN randomwalker-info-585 66 14 arbitrarily arbitrarily RB randomwalker-info-585 66 15 low low JJ randomwalker-info-585 66 16 hash hash NN randomwalker-info-585 66 17 power power NN randomwalker-info-585 66 18 and and CC randomwalker-info-585 66 19 regardless regardless RB randomwalker-info-585 66 20 of of IN randomwalker-info-585 66 21 their -PRON- PRP$ randomwalker-info-585 66 22 connectedness connectedness NN randomwalker-info-585 66 23 in in IN randomwalker-info-585 66 24 the the DT randomwalker-info-585 66 25 Bitcoin Bitcoin NNP randomwalker-info-585 66 26 network network NN randomwalker-info-585 66 27 . . . randomwalker-info-585 67 1 Moreover moreover RB randomwalker-info-585 67 2 , , , randomwalker-info-585 67 3 the the DT randomwalker-info-585 67 4 attack attack NN randomwalker-info-585 67 5 is be VBZ randomwalker-info-585 67 6 profitable profitable JJ randomwalker-info-585 67 7 as as RB randomwalker-info-585 67 8 soon soon RB randomwalker-info-585 67 9 as as IN randomwalker-info-585 67 10 it -PRON- PRP randomwalker-info-585 67 11 is be VBZ randomwalker-info-585 67 12 deployed deploy VBN randomwalker-info-585 67 13 , , , randomwalker-info-585 67 14 whereas whereas IN randomwalker-info-585 67 15 classic classic JJ randomwalker-info-585 67 16 selfish selfish JJ randomwalker-info-585 67 17 mining mining NN randomwalker-info-585 67 18 only only RB randomwalker-info-585 67 19 becomes become VBZ randomwalker-info-585 67 20 profitable profitable JJ randomwalker-info-585 67 21 after after IN randomwalker-info-585 67 22 a a DT randomwalker-info-585 67 23 two two CD randomwalker-info-585 67 24 - - HYPH randomwalker-info-585 67 25 week week NN randomwalker-info-585 67 26 dif- dif- CC randomwalker-info-585 67 27 ficulty ficulty NN randomwalker-info-585 67 28 adjustment adjustment NN randomwalker-info-585 67 29 period period NN randomwalker-info-585 67 30 , , , randomwalker-info-585 67 31 arguably arguably RB randomwalker-info-585 67 32 giving give VBG randomwalker-info-585 67 33 the the DT randomwalker-info-585 67 34 community community NN randomwalker-info-585 67 35 a a DT randomwalker-info-585 67 36 crucial crucial JJ randomwalker-info-585 67 37 window window NN randomwalker-info-585 67 38 of of IN randomwalker-info-585 67 39 time time NN randomwalker-info-585 67 40 to to TO randomwalker-info-585 67 41 detect detect VB randomwalker-info-585 67 42 and and CC randomwalker-info-585 67 43 respond respond VB randomwalker-info-585 67 44 to to IN randomwalker-info-585 67 45 such such PDT randomwalker-info-585 67 46 an an DT randomwalker-info-585 67 47 attack attack NN randomwalker-info-585 67 48 [ [ -LRB- randomwalker-info-585 67 49 10 10 CD randomwalker-info-585 67 50 ] ] -RRB- randomwalker-info-585 67 51 . . . randomwalker-info-585 68 1 We -PRON- PRP randomwalker-info-585 68 2 validate validate VBP randomwalker-info-585 68 3 these these DT randomwalker-info-585 68 4 results result NNS randomwalker-info-585 68 5 via via IN randomwalker-info-585 68 6 both both DT randomwalker-info-585 68 7 theory theory NN randomwalker-info-585 68 8 and and CC randomwalker-info-585 68 9 simulation simulation NN randomwalker-info-585 68 10 ( ( -LRB- randomwalker-info-585 68 11 Section section NN randomwalker-info-585 68 12 6 6 CD randomwalker-info-585 68 13 ) ) -RRB- randomwalker-info-585 68 14 . . . randomwalker-info-585 69 1 Impact impact VB randomwalker-info-585 69 2 on on IN randomwalker-info-585 69 3 Bitcoin Bitcoin NNP randomwalker-info-585 69 4 security security NN randomwalker-info-585 69 5 . . . randomwalker-info-585 70 1 If if IN randomwalker-info-585 70 2 any any DT randomwalker-info-585 70 3 of of IN randomwalker-info-585 70 4 the the DT randomwalker-info-585 70 5 deviant deviant NN randomwalker-info-585 70 6 min- min- JJ randomwalker-info-585 70 7 ing ing NNP randomwalker-info-585 70 8 strategies strategy NNS randomwalker-info-585 70 9 we -PRON- PRP randomwalker-info-585 70 10 explore explore VBP randomwalker-info-585 70 11 were be VBD randomwalker-info-585 70 12 to to TO randomwalker-info-585 70 13 be be VB randomwalker-info-585 70 14 deployed deploy VBN randomwalker-info-585 70 15 , , , randomwalker-info-585 70 16 the the DT randomwalker-info-585 70 17 impact impact NN randomwalker-info-585 70 18 on on IN randomwalker-info-585 70 19 Bitcoin Bitcoin NNP randomwalker-info-585 70 20 ’s ’s POS randomwalker-info-585 70 21 security security NN randomwalker-info-585 70 22 would would MD randomwalker-info-585 70 23 be be VB randomwalker-info-585 70 24 serious serious JJ randomwalker-info-585 70 25 . . . randomwalker-info-585 71 1 At at IN randomwalker-info-585 71 2 best well RBS randomwalker-info-585 71 3 , , , randomwalker-info-585 71 4 the the DT randomwalker-info-585 71 5 block block NN randomwalker-info-585 71 6 chain chain NN randomwalker-info-585 71 7 will will MD randomwalker-info-585 71 8 have have VB randomwalker-info-585 71 9 a a DT randomwalker-info-585 71 10 significant significant JJ randomwalker-info-585 71 11 fraction fraction NN randomwalker-info-585 71 12 of of IN randomwalker-info-585 71 13 stale stale JJ randomwalker-info-585 71 14 or or CC randomwalker-info-585 71 15 orphaned orphan VBN randomwalker-info-585 71 16 blocks block NNS randomwalker-info-585 71 17 due due JJ randomwalker-info-585 71 18 to to IN randomwalker-info-585 71 19 constant constant JJ randomwalker-info-585 71 20 forks fork NNS randomwalker-info-585 71 21 , , , randomwalker-info-585 71 22 making make VBG randomwalker-info-585 71 23 51 51 CD randomwalker-info-585 71 24 % % NN randomwalker-info-585 71 25 attacks attack NNS randomwalker-info-585 71 26 much much RB randomwalker-info-585 71 27 eas- eas- RB randomwalker-info-585 71 28 ier ier RBR randomwalker-info-585 71 29 and and CC randomwalker-info-585 71 30 increasing increase VBG randomwalker-info-585 71 31 the the DT randomwalker-info-585 71 32 transaction transaction NN randomwalker-info-585 71 33 confirmation confirmation NN randomwalker-info-585 71 34 time time NN randomwalker-info-585 71 35 . . . randomwalker-info-585 72 1 At at RB randomwalker-info-585 72 2 worst worst RBS randomwalker-info-585 72 3 , , , randomwalker-info-585 72 4 consensus consensus NN randomwalker-info-585 72 5 will will MD randomwalker-info-585 72 6 break break VB randomwalker-info-585 72 7 down down RP randomwalker-info-585 72 8 due due IN randomwalker-info-585 72 9 to to IN randomwalker-info-585 72 10 block block NN randomwalker-info-585 72 11 withholding withholding NN randomwalker-info-585 72 12 or or CC randomwalker-info-585 72 13 increasingly increasingly RB randomwalker-info-585 72 14 aggressive aggressive JJ randomwalker-info-585 72 15 undercutting undercutting NN randomwalker-info-585 72 16 . . . randomwalker-info-585 73 1 This this DT randomwalker-info-585 73 2 suggests suggest VBZ randomwalker-info-585 73 3 a a DT randomwalker-info-585 73 4 fundamental fundamental JJ randomwalker-info-585 73 5 rethinking rethinking NN randomwalker-info-585 73 6 of of IN randomwalker-info-585 73 7 the the DT randomwalker-info-585 73 8 role role NN randomwalker-info-585 73 9 of of IN randomwalker-info-585 73 10 block block NN randomwalker-info-585 73 11 rewards reward NNS randomwalker-info-585 73 12 in in IN randomwalker-info-585 73 13 cryptocurrency cryptocurrency NN randomwalker-info-585 73 14 design design NN randomwalker-info-585 73 15 . . . randomwalker-info-585 74 1 Nakamoto Nakamoto NNP randomwalker-info-585 74 2 appears appear VBZ randomwalker-info-585 74 3 to to TO randomwalker-info-585 74 4 have have VB randomwalker-info-585 74 5 viewed view VBN randomwalker-info-585 74 6 the the DT randomwalker-info-585 74 7 block block NN randomwalker-info-585 74 8 reward reward NN randomwalker-info-585 74 9 as as IN randomwalker-info-585 74 10 a a DT randomwalker-info-585 74 11 necessary necessary JJ randomwalker-info-585 74 12 but but CC randomwalker-info-585 74 13 temporary temporary JJ randomwalker-info-585 74 14 evil evil NN randomwalker-info-585 74 15 to to TO randomwalker-info-585 74 16 achieve achieve VB randomwalker-info-585 74 17 an an DT randomwalker-info-585 74 18 initial initial JJ randomwalker-info-585 74 19 allocation allocation NN randomwalker-info-585 74 20 of of IN randomwalker-info-585 74 21 bitcoins bitcoin NNS randomwalker-info-585 74 22 in in IN randomwalker-info-585 74 23 the the DT randomwalker-info-585 74 24 absence absence NN randomwalker-info-585 74 25 of of IN randomwalker-info-585 74 26 a a DT randomwalker-info-585 74 27 central central JJ randomwalker-info-585 74 28 authority authority NN randomwalker-info-585 74 29 , , , randomwalker-info-585 74 30 with with IN randomwalker-info-585 74 31 the the DT randomwalker-info-585 74 32 transaction transaction NN randomwalker-info-585 74 33 fee fee NN randomwalker-info-585 74 34 regime regime NN randomwalker-info-585 74 35 being be VBG randomwalker-info-585 74 36 the the DT randomwalker-info-585 74 37 ideal ideal NN randomwalker-info-585 74 38 , , , randomwalker-info-585 74 39 inflation inflation NN randomwalker-info-585 74 40 - - HYPH randomwalker-info-585 74 41 free free JJ randomwalker-info-585 74 42 steady steady JJ randomwalker-info-585 74 43 state state NN randomwalker-info-585 74 44 of of IN randomwalker-info-585 74 45 the the DT randomwalker-info-585 74 46 system system NN randomwalker-info-585 74 47 . . . randomwalker-info-585 75 1 But but CC randomwalker-info-585 75 2 our -PRON- PRP$ randomwalker-info-585 75 3 work work NN randomwalker-info-585 75 4 shows show VBZ randomwalker-info-585 75 5 that that IN randomwalker-info-585 75 6 incentivizing incentivize VBG randomwalker-info-585 75 7 compliant compliant JJ randomwalker-info-585 75 8 miner miner NN randomwalker-info-585 75 9 behavior behavior NN randomwalker-info-585 75 10 in in IN randomwalker-info-585 75 11 the the DT randomwalker-info-585 75 12 transaction transaction NN randomwalker-info-585 75 13 fee fee NN randomwalker-info-585 75 14 regime regime NN randomwalker-info-585 75 15 is be VBZ randomwalker-info-585 75 16 a a DT randomwalker-info-585 75 17 significantly significantly RB randomwalker-info-585 75 18 more more RBR randomwalker-info-585 75 19 daunting daunting JJ randomwalker-info-585 75 20 task task NN randomwalker-info-585 75 21 than than IN randomwalker-info-585 75 22 in in IN randomwalker-info-585 75 23 the the DT randomwalker-info-585 75 24 block block NN randomwalker-info-585 75 25 reward reward NN randomwalker-info-585 75 26 regime regime NN randomwalker-info-585 75 27 . . . randomwalker-info-585 76 1 Perhaps perhaps RB randomwalker-info-585 76 2 instead instead RB randomwalker-info-585 76 3 , , , randomwalker-info-585 76 4 de- de- XX randomwalker-info-585 76 5 signers signer NNS randomwalker-info-585 76 6 of of IN randomwalker-info-585 76 7 new new JJ randomwalker-info-585 76 8 cryptocurrencies cryptocurrencie NNS randomwalker-info-585 76 9 must must MD randomwalker-info-585 76 10 resign resign VB randomwalker-info-585 76 11 themselves -PRON- PRP randomwalker-info-585 76 12 to to IN randomwalker-info-585 76 13 the the DT randomwalker-info-585 76 14 inevitability inevitability NN randomwalker-info-585 76 15 of of IN randomwalker-info-585 76 16 monetary monetary JJ randomwalker-info-585 76 17 inflation inflation NN randomwalker-info-585 76 18 and and CC randomwalker-info-585 76 19 make make VB randomwalker-info-585 76 20 the the DT randomwalker-info-585 76 21 block block NN randomwalker-info-585 76 22 reward reward NN randomwalker-info-585 76 23 permanent permanent JJ randomwalker-info-585 76 24 . . . randomwalker-info-585 77 1 Transaction transaction NN randomwalker-info-585 77 2 fees fee NNS randomwalker-info-585 77 3 would would MD randomwalker-info-585 77 4 still still RB randomwalker-info-585 77 5 exist exist VB randomwalker-info-585 77 6 , , , randomwalker-info-585 77 7 but but CC randomwalker-info-585 77 8 merely merely RB randomwalker-info-585 77 9 as as IN randomwalker-info-585 77 10 an an DT randomwalker-info-585 77 11 incentive incentive NN randomwalker-info-585 77 12 for for IN randomwalker-info-585 77 13 miners miner NNS randomwalker-info-585 77 14 to to TO randomwalker-info-585 77 15 include include VB randomwalker-info-585 77 16 transactions transaction NNS randomwalker-info-585 77 17 in in IN randomwalker-info-585 77 18 their -PRON- PRP$ randomwalker-info-585 77 19 blocks block NNS randomwalker-info-585 77 20 . . . randomwalker-info-585 78 1 2 2 LS randomwalker-info-585 78 2 . . . randomwalker-info-585 79 1 RELATED related JJ randomwalker-info-585 79 2 WORK work NN randomwalker-info-585 79 3 Several several JJ randomwalker-info-585 79 4 recent recent JJ randomwalker-info-585 79 5 works work NNS randomwalker-info-585 79 6 analyze analyze VBP randomwalker-info-585 79 7 incentives incentive NNS randomwalker-info-585 79 8 in in IN randomwalker-info-585 79 9 Bitcoin Bitcoin NNP randomwalker-info-585 79 10 min- min- JJ randomwalker-info-585 79 11 ing ing NN randomwalker-info-585 79 12 . . . randomwalker-info-585 80 1 Some some DT randomwalker-info-585 80 2 examples example NNS randomwalker-info-585 80 3 include include VBP randomwalker-info-585 80 4 [ [ -LRB- randomwalker-info-585 80 5 12 12 CD randomwalker-info-585 80 6 ] ] -RRB- randomwalker-info-585 80 7 and and CC randomwalker-info-585 80 8 [ [ -LRB- randomwalker-info-585 80 9 8 8 CD randomwalker-info-585 80 10 ] ] -RRB- randomwalker-info-585 80 11 , , , randomwalker-info-585 80 12 which which WDT randomwalker-info-585 80 13 analyze analyze VBP randomwalker-info-585 80 14 how how WRB randomwalker-info-585 80 15 strategic strategic JJ randomwalker-info-585 80 16 mining mining NN randomwalker-info-585 80 17 pools pool NNS randomwalker-info-585 80 18 may may MD randomwalker-info-585 80 19 attack attack VB randomwalker-info-585 80 20 competing compete VBG randomwalker-info-585 80 21 pools pool NNS randomwalker-info-585 80 22 in in IN randomwalker-info-585 80 23 vari- vari- NNP randomwalker-info-585 80 24 ous ous JJ randomwalker-info-585 80 25 ways way NNS randomwalker-info-585 80 26 , , , randomwalker-info-585 80 27 and and CC randomwalker-info-585 80 28 [ [ -LRB- randomwalker-info-585 80 29 16 16 CD randomwalker-info-585 80 30 ] ] -RRB- randomwalker-info-585 80 31 , , , randomwalker-info-585 80 32 which which WDT randomwalker-info-585 80 33 analyzes analyze VBZ randomwalker-info-585 80 34 how how WRB randomwalker-info-585 80 35 strategic strategic JJ randomwalker-info-585 80 36 Ethereum ethereum JJ randomwalker-info-585 80 37 miners miner NNS randomwalker-info-585 80 38 can can MD randomwalker-info-585 80 39 trick trick VB randomwalker-info-585 80 40 others other NNS randomwalker-info-585 80 41 into into IN randomwalker-info-585 80 42 wasting waste VBG randomwalker-info-585 80 43 their -PRON- PRP$ randomwalker-info-585 80 44 computational computational JJ randomwalker-info-585 80 45 power power NN randomwalker-info-585 80 46 verifying verify VBG randomwalker-info-585 80 47 the the DT randomwalker-info-585 80 48 validity validity NN randomwalker-info-585 80 49 of of IN randomwalker-info-585 80 50 complex complex JJ randomwalker-info-585 80 51 scripts script NNS randomwalker-info-585 80 52 . . . randomwalker-info-585 81 1 Understand- Understand- NNP randomwalker-info-585 81 2 ing ing NNP randomwalker-info-585 81 3 miner miner NN randomwalker-info-585 81 4 incentives incentive VBZ randomwalker-info-585 81 5 in in IN randomwalker-info-585 81 6 the the DT randomwalker-info-585 81 7 Bitcoin Bitcoin NNP randomwalker-info-585 81 8 system system NN randomwalker-info-585 81 9 is be VBZ randomwalker-info-585 81 10 important important JJ randomwalker-info-585 81 11 — — : randomwalker-info-585 81 12 there there EX randomwalker-info-585 81 13 is be VBZ randomwalker-info-585 81 14 empirical empirical JJ randomwalker-info-585 81 15 evidence evidence NN randomwalker-info-585 81 16 that that IN randomwalker-info-585 81 17 miners miner NNS randomwalker-info-585 81 18 / / SYM randomwalker-info-585 81 19 mining mining NN randomwalker-info-585 81 20 pools pool NNS randomwalker-info-585 81 21 are be VBP randomwalker-info-585 81 22 willing willing JJ randomwalker-info-585 81 23 to to TO randomwalker-info-585 81 24 attack attack VB randomwalker-info-585 81 25 others other NNS randomwalker-info-585 81 26 in in IN randomwalker-info-585 81 27 order order NN randomwalker-info-585 81 28 to to TO randomwalker-info-585 81 29 maximize maximize VB randomwalker-info-585 81 30 their -PRON- PRP$ randomwalker-info-585 81 31 own own JJ randomwalker-info-585 81 32 prof- prof- NN randomwalker-info-585 81 33 its -PRON- PRP$ randomwalker-info-585 81 34 ( ( -LRB- randomwalker-info-585 81 35 e.g. e.g. RB randomwalker-info-585 82 1 launching launch VBG randomwalker-info-585 82 2 DDoS DDoS NNP randomwalker-info-585 82 3 attacks attack NNS randomwalker-info-585 82 4 against against IN randomwalker-info-585 82 5 other other JJ randomwalker-info-585 82 6 pools pool NNS randomwalker-info-585 82 7 ) ) -RRB- randomwalker-info-585 82 8 [ [ -LRB- randomwalker-info-585 82 9 24 24 CD randomwalker-info-585 82 10 ] ] -RRB- randomwalker-info-585 82 11 . . . randomwalker-info-585 83 1 Eyal Eyal NNP randomwalker-info-585 83 2 and and CC randomwalker-info-585 83 3 Sirer Sirer NNP randomwalker-info-585 83 4 develop develop VBP randomwalker-info-585 83 5 the the DT randomwalker-info-585 83 6 selfish selfish JJ randomwalker-info-585 83 7 mining mining NN randomwalker-info-585 83 8 attack attack NN randomwalker-info-585 83 9 [ [ -LRB- randomwalker-info-585 83 10 9 9 CD randomwalker-info-585 83 11 ] ] -RRB- randomwalker-info-585 83 12 , , , randomwalker-info-585 83 13 a a DT randomwalker-info-585 83 14 de- de- RB randomwalker-info-585 83 15 viant viant JJ randomwalker-info-585 83 16 mining mining NN randomwalker-info-585 83 17 strategy strategy NN randomwalker-info-585 83 18 that that WDT randomwalker-info-585 83 19 enables enable VBZ randomwalker-info-585 83 20 miners miner NNS randomwalker-info-585 83 21 to to TO randomwalker-info-585 83 22 get get VB randomwalker-info-585 83 23 more more JJR randomwalker-info-585 83 24 than than IN randomwalker-info-585 83 25 their -PRON- PRP$ randomwalker-info-585 83 26 fair fair JJ randomwalker-info-585 83 27 share share NN randomwalker-info-585 83 28 of of IN randomwalker-info-585 83 29 rewards reward NNS randomwalker-info-585 83 30 . . . randomwalker-info-585 84 1 We -PRON- PRP randomwalker-info-585 84 2 build build VBP randomwalker-info-585 84 3 on on IN randomwalker-info-585 84 4 their -PRON- PRP$ randomwalker-info-585 84 5 results result NNS randomwalker-info-585 84 6 in in IN randomwalker-info-585 84 7 Sec- Sec- NNP randomwalker-info-585 84 8 tion tion NN randomwalker-info-585 84 9 6 6 CD randomwalker-info-585 84 10 . . . randomwalker-info-585 85 1 Other other JJ randomwalker-info-585 85 2 works work NNS randomwalker-info-585 85 3 , , , randomwalker-info-585 85 4 notably notably RB randomwalker-info-585 85 5 Sapirshtein Sapirshtein NNP randomwalker-info-585 85 6 et et FW randomwalker-info-585 85 7 al al NNP randomwalker-info-585 85 8 . . . randomwalker-info-585 86 1 [ [ -LRB- randomwalker-info-585 86 2 23 23 CD randomwalker-info-585 86 3 ] ] -RRB- randomwalker-info-585 86 4 have have VBP randomwalker-info-585 86 5 analyzed analyze VBN randomwalker-info-585 86 6 selfish selfish JJ randomwalker-info-585 86 7 mining mining NN randomwalker-info-585 86 8 in in IN randomwalker-info-585 86 9 more more JJR randomwalker-info-585 86 10 detail detail NN randomwalker-info-585 86 11 using use VBG randomwalker-info-585 86 12 Markov Markov NNP randomwalker-info-585 86 13 Deci- Deci- NNP randomwalker-info-585 86 14 sion sion NN randomwalker-info-585 86 15 Processes process NNS randomwalker-info-585 86 16 ( ( -LRB- randomwalker-info-585 86 17 MDP MDP NNP randomwalker-info-585 86 18 ) ) -RRB- randomwalker-info-585 86 19 . . . randomwalker-info-585 87 1 In in IN randomwalker-info-585 87 2 an an DT randomwalker-info-585 87 3 MDP MDP NNP randomwalker-info-585 87 4 , , , randomwalker-info-585 87 5 a a DT randomwalker-info-585 87 6 player player NN randomwalker-info-585 87 7 moves move VBZ randomwalker-info-585 87 8 through through IN randomwalker-info-585 87 9 a a DT randomwalker-info-585 87 10 discrete discrete JJ randomwalker-info-585 87 11 state state NN randomwalker-info-585 87 12 space space NN randomwalker-info-585 87 13 and and CC randomwalker-info-585 87 14 tries try VBZ randomwalker-info-585 87 15 to to TO randomwalker-info-585 87 16 maximize maximize VB randomwalker-info-585 87 17 reward reward NN randomwalker-info-585 87 18 ( ( -LRB- randomwalker-info-585 87 19 the the DT randomwalker-info-585 87 20 state- state- NNP randomwalker-info-585 87 21 transition transition NNP randomwalker-info-585 87 22 function function NNP randomwalker-info-585 87 23 and and CC randomwalker-info-585 87 24 reward reward NN randomwalker-info-585 87 25 function function NN randomwalker-info-585 87 26 are be VBP randomwalker-info-585 87 27 probabilistic probabilistic JJ randomwalker-info-585 87 28 ) ) -RRB- randomwalker-info-585 87 29 . . . randomwalker-info-585 88 1 This this DT randomwalker-info-585 88 2 makes make VBZ randomwalker-info-585 88 3 it -PRON- PRP randomwalker-info-585 88 4 a a DT randomwalker-info-585 88 5 good good JJ randomwalker-info-585 88 6 fit fit NN randomwalker-info-585 88 7 for for IN randomwalker-info-585 88 8 modeling model VBG randomwalker-info-585 88 9 Bitcoin Bitcoin NNP randomwalker-info-585 88 10 mining mining NN randomwalker-info-585 88 11 . . . randomwalker-info-585 89 1 In in IN randomwalker-info-585 89 2 the the DT randomwalker-info-585 89 3 fixed fix VBN randomwalker-info-585 89 4 - - HYPH randomwalker-info-585 89 5 reward reward NN randomwalker-info-585 89 6 model model NN randomwalker-info-585 89 7 , , , randomwalker-info-585 89 8 states state NNS randomwalker-info-585 89 9 are be VBP randomwalker-info-585 89 10 discrete discrete JJ randomwalker-info-585 89 11 . . . randomwalker-info-585 90 1 In in IN randomwalker-info-585 90 2 the the DT randomwalker-info-585 90 3 transaction transaction NN randomwalker-info-585 90 4 fees fee NNS randomwalker-info-585 90 5 model model NN randomwalker-info-585 90 6 , , , randomwalker-info-585 90 7 states state NNS randomwalker-info-585 90 8 are be VBP randomwalker-info-585 90 9 continuous continuous JJ randomwalker-info-585 90 10 , , , randomwalker-info-585 90 11 so so IN randomwalker-info-585 90 12 we -PRON- PRP randomwalker-info-585 90 13 can can MD randomwalker-info-585 90 14 not not RB randomwalker-info-585 90 15 apply apply VB randomwalker-info-585 90 16 MDP MDP NNP randomwalker-info-585 90 17 machinery machinery NN randomwalker-info-585 90 18 directly directly RB randomwalker-info-585 90 19 . . . randomwalker-info-585 91 1 Still still RB randomwalker-info-585 91 2 , , , randomwalker-info-585 91 3 our -PRON- PRP$ randomwalker-info-585 91 4 analysis analysis NN randomwalker-info-585 91 5 takes take VBZ randomwalker-info-585 91 6 an an DT randomwalker-info-585 91 7 MDP MDP NNP randomwalker-info-585 91 8 - - HYPH randomwalker-info-585 91 9 like like JJ randomwalker-info-585 91 10 approach approach NN randomwalker-info-585 91 11 . . . randomwalker-info-585 92 1 In in IN randomwalker-info-585 92 2 more more JJR randomwalker-info-585 92 3 recent recent JJ randomwalker-info-585 92 4 work work NN randomwalker-info-585 92 5 , , , randomwalker-info-585 92 6 Kiayias Kiayias NNP randomwalker-info-585 92 7 et et NNP randomwalker-info-585 92 8 . . . randomwalker-info-585 93 1 al al NNP randomwalker-info-585 93 2 . . . randomwalker-info-585 94 1 [ [ -LRB- randomwalker-info-585 94 2 13 13 CD randomwalker-info-585 94 3 ] ] -RRB- randomwalker-info-585 94 4 perform perform VBP randomwalker-info-585 94 5 a a DT randomwalker-info-585 94 6 theoretical theoretical JJ randomwalker-info-585 94 7 analysis analysis NN randomwalker-info-585 94 8 of of IN randomwalker-info-585 94 9 various various JJ randomwalker-info-585 94 10 selfish selfish JJ randomwalker-info-585 94 11 mining mining NN randomwalker-info-585 94 12 strategies strategy NNS randomwalker-info-585 94 13 in in IN randomwalker-info-585 94 14 the the DT randomwalker-info-585 94 15 fixed fix VBN randomwalker-info-585 94 16 - - HYPH randomwalker-info-585 94 17 reward reward NN randomwalker-info-585 94 18 model model NN randomwalker-info-585 94 19 , , , randomwalker-info-585 94 20 and and CC randomwalker-info-585 94 21 proves prove VBZ randomwalker-info-585 94 22 that that IN randomwalker-info-585 94 23 when when WRB randomwalker-info-585 94 24 miners miner NNS randomwalker-info-585 94 25 are be VBP randomwalker-info-585 94 26 sufficiently sufficiently RB randomwalker-info-585 94 27 small small JJ randomwalker-info-585 94 28 , , , randomwalker-info-585 94 29 the the DT randomwalker-info-585 94 30 default default NN randomwalker-info-585 94 31 mining mining NN randomwalker-info-585 94 32 behavior behavior NN randomwalker-info-585 94 33 is be VBZ randomwalker-info-585 94 34 an an DT randomwalker-info-585 94 35 equilib- equilib- JJ randomwalker-info-585 94 36 rium rium NN randomwalker-info-585 94 37 . . . randomwalker-info-585 95 1 There there EX randomwalker-info-585 95 2 is be VBZ randomwalker-info-585 95 3 some some DT randomwalker-info-585 95 4 work work NN randomwalker-info-585 95 5 on on IN randomwalker-info-585 95 6 understanding understand VBG randomwalker-info-585 95 7 the the DT randomwalker-info-585 95 8 market market NN randomwalker-info-585 95 9 for for IN randomwalker-info-585 95 10 trans- trans- JJ randomwalker-info-585 95 11 action action NN randomwalker-info-585 95 12 fees fee NNS randomwalker-info-585 95 13 and and CC randomwalker-info-585 95 14 its -PRON- PRP$ randomwalker-info-585 95 15 relation relation NN randomwalker-info-585 95 16 to to IN randomwalker-info-585 95 17 the the DT randomwalker-info-585 95 18 block block NN randomwalker-info-585 95 19 size size NN randomwalker-info-585 95 20 ( ( -LRB- randomwalker-info-585 95 21 i.e. i.e. FW randomwalker-info-585 96 1 what what WDT randomwalker-info-585 96 2 fees fee NNS randomwalker-info-585 96 3 will will MD randomwalker-info-585 96 4 users user NNS randomwalker-info-585 96 5 have have VB randomwalker-info-585 96 6 to to TO randomwalker-info-585 96 7 pay pay VB randomwalker-info-585 96 8 in in IN randomwalker-info-585 96 9 order order NN randomwalker-info-585 96 10 for for IN randomwalker-info-585 96 11 transactions transaction NNS randomwalker-info-585 96 12 to to TO randomwalker-info-585 96 13 be be VB randomwalker-info-585 96 14 in- in- RB randomwalker-info-585 96 15 cluded clude VBN randomwalker-info-585 96 16 in in IN randomwalker-info-585 96 17 a a DT randomwalker-info-585 96 18 block block NN randomwalker-info-585 96 19 ? ? . randomwalker-info-585 96 20 ) ) -RRB- randomwalker-info-585 97 1 [ [ -LRB- randomwalker-info-585 97 2 14 14 CD randomwalker-info-585 97 3 , , , randomwalker-info-585 97 4 11 11 CD randomwalker-info-585 97 5 , , , randomwalker-info-585 97 6 21 21 CD randomwalker-info-585 97 7 , , , randomwalker-info-585 97 8 18 18 CD randomwalker-info-585 97 9 ] ] -RRB- randomwalker-info-585 97 10 . . . randomwalker-info-585 98 1 Our -PRON- PRP$ randomwalker-info-585 98 2 work work NN randomwalker-info-585 98 3 avoids avoid VBZ randomwalker-info-585 98 4 this this DT randomwalker-info-585 98 5 discussion discussion NN randomwalker-info-585 98 6 ; ; : randomwalker-info-585 98 7 we -PRON- PRP randomwalker-info-585 98 8 show show VBP randomwalker-info-585 98 9 that that IN randomwalker-info-585 98 10 undesirable undesirable JJ randomwalker-info-585 98 11 behavior behavior NN randomwalker-info-585 98 12 emerges emerge VBZ randomwalker-info-585 98 13 even even RB randomwalker-info-585 98 14 if if IN randomwalker-info-585 98 15 the the DT randomwalker-info-585 98 16 market market NN randomwalker-info-585 98 17 reaches reach VBZ randomwalker-info-585 98 18 an an DT randomwalker-info-585 98 19 equilibrium equilibrium NN randomwalker-info-585 98 20 where where WRB randomwalker-info-585 98 21 transaction transaction NN randomwalker-info-585 98 22 fees fee NNS randomwalker-info-585 98 23 are be VBP randomwalker-info-585 98 24 non non JJ randomwalker-info-585 98 25 - - JJ randomwalker-info-585 98 26 negligible negligible JJ randomwalker-info-585 98 27 , , , randomwalker-info-585 98 28 and and CC randomwalker-info-585 98 29 arrive arrive VB randomwalker-info-585 98 30 steadily steadily RB randomwalker-info-585 98 31 and and CC randomwalker-info-585 98 32 reliably reliably RB randomwalker-info-585 98 33 . . . randomwalker-info-585 99 1 Inter- Inter- NNP randomwalker-info-585 99 2 estingly estingly RB randomwalker-info-585 99 3 , , , randomwalker-info-585 99 4 Möser Möser NNP randomwalker-info-585 99 5 and and CC randomwalker-info-585 99 6 Böhme Böhme NNP randomwalker-info-585 99 7 reach reach VBP randomwalker-info-585 99 8 the the DT randomwalker-info-585 99 9 same same JJ randomwalker-info-585 99 10 conclusion conclusion NN randomwalker-info-585 99 11 as as IN randomwalker-info-585 99 12 us -PRON- PRP randomwalker-info-585 99 13 ( ( -LRB- randomwalker-info-585 99 14 that that IN randomwalker-info-585 99 15 monetary monetary JJ randomwalker-info-585 99 16 inflation inflation NN randomwalker-info-585 99 17 is be VBZ randomwalker-info-585 99 18 a a DT randomwalker-info-585 99 19 preferable preferable JJ randomwalker-info-585 99 20 mechanism mechanism NN randomwalker-info-585 99 21 to to IN randomwalker-info-585 99 22 trans- trans- JJ randomwalker-info-585 99 23 action action NN randomwalker-info-585 99 24 fees fee NNS randomwalker-info-585 99 25 ) ) -RRB- randomwalker-info-585 99 26 through through IN randomwalker-info-585 99 27 very very RB randomwalker-info-585 99 28 different different JJ randomwalker-info-585 99 29 methods method NNS randomwalker-info-585 99 30 [ [ -LRB- randomwalker-info-585 99 31 18 18 CD randomwalker-info-585 99 32 ] ] -RRB- randomwalker-info-585 99 33 . . . randomwalker-info-585 100 1 On on IN randomwalker-info-585 100 2 the the DT randomwalker-info-585 100 3 simulation simulation NN randomwalker-info-585 100 4 side side NN randomwalker-info-585 100 5 , , , randomwalker-info-585 100 6 numerous numerous JJ randomwalker-info-585 100 7 prior prior JJ randomwalker-info-585 100 8 works work NNS randomwalker-info-585 100 9 have have VBP randomwalker-info-585 100 10 devel- devel- FW randomwalker-info-585 100 11 oped ope VBN randomwalker-info-585 100 12 simulators simulator NNS randomwalker-info-585 100 13 for for IN randomwalker-info-585 100 14 some some DT randomwalker-info-585 100 15 aspect aspect NN randomwalker-info-585 100 16 of of IN randomwalker-info-585 100 17 Bitcoin Bitcoin NNP randomwalker-info-585 100 18 . . . randomwalker-info-585 101 1 Some some DT randomwalker-info-585 101 2 simulators simulator NNS randomwalker-info-585 101 3 are be VBP randomwalker-info-585 101 4 aimed aim VBN randomwalker-info-585 101 5 at at IN randomwalker-info-585 101 6 aspects aspect NNS randomwalker-info-585 101 7 of of IN randomwalker-info-585 101 8 Bitcoin Bitcoin NNP randomwalker-info-585 101 9 aside aside RB randomwalker-info-585 101 10 from from IN randomwalker-info-585 101 11 strategic strategic JJ randomwalker-info-585 101 12 min- min- JJ randomwalker-info-585 101 13 ing ing NN randomwalker-info-585 101 14 , , , randomwalker-info-585 101 15 such such JJ randomwalker-info-585 101 16 as as IN randomwalker-info-585 101 17 privacy privacy NN randomwalker-info-585 101 18 [ [ -LRB- randomwalker-info-585 101 19 3 3 CD randomwalker-info-585 101 20 ] ] -RRB- randomwalker-info-585 101 21 , , , randomwalker-info-585 101 22 or or CC randomwalker-info-585 101 23 the the DT randomwalker-info-585 101 24 peer peer NN randomwalker-info-585 101 25 - - HYPH randomwalker-info-585 101 26 to to IN randomwalker-info-585 101 27 - - HYPH randomwalker-info-585 101 28 peer peer NN randomwalker-info-585 101 29 network network NN randomwalker-info-585 101 30 [ [ -LRB- randomwalker-info-585 101 31 17 17 CD randomwalker-info-585 101 32 ] ] -RRB- randomwalker-info-585 101 33 . . . randomwalker-info-585 102 1 Those those DT randomwalker-info-585 102 2 developed develop VBN randomwalker-info-585 102 3 in in IN randomwalker-info-585 102 4 [ [ -LRB- randomwalker-info-585 102 5 9 9 CD randomwalker-info-585 102 6 ] ] -RRB- randomwalker-info-585 102 7 and and CC randomwalker-info-585 102 8 [ [ -LRB- randomwalker-info-585 102 9 8 8 CD randomwalker-info-585 102 10 ] ] -RRB- randomwalker-info-585 102 11 also also RB randomwalker-info-585 102 12 focus focus VB randomwalker-info-585 102 13 on on IN randomwalker-info-585 102 14 simulating simulate VBG randomwalker-info-585 102 15 de- de- RB randomwalker-info-585 102 16 viant viant JJ randomwalker-info-585 102 17 mining mining NN randomwalker-info-585 102 18 strategies strategy NNS randomwalker-info-585 102 19 , , , randomwalker-info-585 102 20 but but CC randomwalker-info-585 102 21 our -PRON- PRP$ randomwalker-info-585 102 22 understanding understanding NN randomwalker-info-585 102 23 is be VBZ randomwalker-info-585 102 24 that that IN randomwalker-info-585 102 25 these these DT randomwalker-info-585 102 26 simulators simulator NNS randomwalker-info-585 102 27 are be VBP randomwalker-info-585 102 28 tailor tailor NN randomwalker-info-585 102 29 - - HYPH randomwalker-info-585 102 30 made make VBN randomwalker-info-585 102 31 for for IN randomwalker-info-585 102 32 the the DT randomwalker-info-585 102 33 specific specific JJ randomwalker-info-585 102 34 deviant deviant NN randomwalker-info-585 102 35 strategies strategy NNS randomwalker-info-585 102 36 they -PRON- PRP randomwalker-info-585 102 37 wish wish VBP randomwalker-info-585 102 38 to to TO randomwalker-info-585 102 39 test test VB randomwalker-info-585 102 40 . . . randomwalker-info-585 103 1 In in IN randomwalker-info-585 103 2 comparison comparison NN randomwalker-info-585 103 3 , , , randomwalker-info-585 103 4 our -PRON- PRP$ randomwalker-info-585 103 5 simulator simulator NN randomwalker-info-585 103 6 allows allow VBZ randomwalker-info-585 103 7 for for IN randomwalker-info-585 103 8 easy easy JJ randomwalker-info-585 103 9 implementation implementation NN randomwalker-info-585 103 10 of of IN randomwalker-info-585 103 11 a a DT randomwalker-info-585 103 12 broad broad JJ randomwalker-info-585 103 13 range range NN randomwalker-info-585 103 14 of of IN randomwalker-info-585 103 15 strategies strategy NNS randomwalker-info-585 103 16 in in IN randomwalker-info-585 103 17 var- var- NN randomwalker-info-585 103 18 ious ious JJ randomwalker-info-585 103 19 environments environment NNS randomwalker-info-585 103 20 . . . randomwalker-info-585 104 1 Indeed indeed RB randomwalker-info-585 104 2 , , , randomwalker-info-585 104 3 the the DT randomwalker-info-585 104 4 versatility versatility NN randomwalker-info-585 104 5 of of IN randomwalker-info-585 104 6 our -PRON- PRP$ randomwalker-info-585 104 7 simulator simulator NN randomwalker-info-585 104 8 is be VBZ randomwalker-info-585 104 9 crucial crucial JJ randomwalker-info-585 104 10 for for IN randomwalker-info-585 104 11 getting get VBG randomwalker-info-585 104 12 intuition intuition NN randomwalker-info-585 104 13 for for IN randomwalker-info-585 104 14 every every DT randomwalker-info-585 104 15 result result NN randomwalker-info-585 104 16 in in IN randomwalker-info-585 104 17 this this DT randomwalker-info-585 104 18 paper paper NN randomwalker-info-585 104 19 . . . randomwalker-info-585 105 1 We -PRON- PRP randomwalker-info-585 105 2 have have VBP randomwalker-info-585 105 3 made make VBN randomwalker-info-585 105 4 it -PRON- PRP randomwalker-info-585 105 5 open open JJ randomwalker-info-585 105 6 - - HYPH randomwalker-info-585 105 7 source source NN randomwalker-info-585 105 8 and and CC randomwalker-info-585 105 9 hope hope VB randomwalker-info-585 105 10 it -PRON- PRP randomwalker-info-585 105 11 will will MD randomwalker-info-585 105 12 be be VB randomwalker-info-585 105 13 a a DT randomwalker-info-585 105 14 useful useful JJ randomwalker-info-585 105 15 tool tool NN randomwalker-info-585 105 16 for for IN randomwalker-info-585 105 17 future future JJ randomwalker-info-585 105 18 research research NN randomwalker-info-585 105 19 on on IN randomwalker-info-585 105 20 strategic strategic JJ randomwalker-info-585 105 21 miner miner NN randomwalker-info-585 105 22 behavior behavior NN randomwalker-info-585 105 23 . . . randomwalker-info-585 106 1 3 3 LS randomwalker-info-585 106 2 . . . randomwalker-info-585 107 1 MODEL MODEL NNP randomwalker-info-585 107 2 AND and CC randomwalker-info-585 107 3 STRATEGIES strategy NNS randomwalker-info-585 107 4 In in IN randomwalker-info-585 107 5 this this DT randomwalker-info-585 107 6 section section NN randomwalker-info-585 107 7 , , , randomwalker-info-585 107 8 we -PRON- PRP randomwalker-info-585 107 9 cover cover VBP randomwalker-info-585 107 10 the the DT randomwalker-info-585 107 11 model model NN randomwalker-info-585 107 12 of of IN randomwalker-info-585 107 13 Bitcoin Bitcoin NNP randomwalker-info-585 107 14 that that WDT randomwalker-info-585 107 15 we -PRON- PRP randomwalker-info-585 107 16 investigate investigate VBP randomwalker-info-585 107 17 . . . randomwalker-info-585 108 1 We -PRON- PRP randomwalker-info-585 108 2 will will MD randomwalker-info-585 108 3 use use VB randomwalker-info-585 108 4 this this DT randomwalker-info-585 108 5 model model NN randomwalker-info-585 108 6 to to TO randomwalker-info-585 108 7 quickly quickly RB randomwalker-info-585 108 8 illustrate illustrate VB randomwalker-info-585 108 9 how how WRB randomwalker-info-585 108 10 the the DT randomwalker-info-585 108 11 switch switch NN randomwalker-info-585 108 12 to to IN randomwalker-info-585 108 13 transaction transaction NN randomwalker-info-585 108 14 - - HYPH randomwalker-info-585 108 15 fee fee NN randomwalker-info-585 108 16 dominated dominate VBN randomwalker-info-585 108 17 rewards reward NNS randomwalker-info-585 108 18 may may MD randomwalker-info-585 108 19 lead lead VB randomwalker-info-585 108 20 to to IN randomwalker-info-585 108 21 interesting interesting JJ randomwalker-info-585 108 22 and and CC randomwalker-info-585 108 23 potentially potentially RB randomwalker-info-585 108 24 harmful harmful JJ randomwalker-info-585 108 25 effects effect NNS randomwalker-info-585 108 26 for for IN randomwalker-info-585 108 27 Bitcoin Bitcoin NNP randomwalker-info-585 108 28 . . . randomwalker-info-585 109 1 We -PRON- PRP randomwalker-info-585 109 2 also also RB randomwalker-info-585 109 3 introduce introduce VBP randomwalker-info-585 109 4 a a DT randomwalker-info-585 109 5 formal formal JJ randomwalker-info-585 109 6 language language NN randomwalker-info-585 109 7 for for IN randomwalker-info-585 109 8 describing describe VBG randomwalker-info-585 109 9 Bitcoin Bitcoin NNP randomwalker-info-585 109 10 strategies strategy NNS randomwalker-info-585 109 11 that that IN randomwalker-info-585 109 12 we -PRON- PRP randomwalker-info-585 109 13 will will MD randomwalker-info-585 109 14 use use VB randomwalker-info-585 109 15 throughout throughout IN randomwalker-info-585 109 16 the the DT randomwalker-info-585 109 17 paper paper NN randomwalker-info-585 109 18 . . . randomwalker-info-585 110 1 3.1 3.1 CD randomwalker-info-585 110 2 Model model NN randomwalker-info-585 110 3 of of IN randomwalker-info-585 110 4 the the DT randomwalker-info-585 110 5 system system NN randomwalker-info-585 110 6 Briefly briefly RB randomwalker-info-585 110 7 , , , randomwalker-info-585 110 8 let let VB randomwalker-info-585 110 9 us -PRON- PRP randomwalker-info-585 110 10 describe describe VB randomwalker-info-585 110 11 the the DT randomwalker-info-585 110 12 theme theme NN randomwalker-info-585 110 13 of of IN randomwalker-info-585 110 14 our -PRON- PRP$ randomwalker-info-585 110 15 model model NN randomwalker-info-585 110 16 before before IN randomwalker-info-585 110 17 get- get- JJ randomwalker-info-585 110 18 ting ting NNP randomwalker-info-585 110 19 into into IN randomwalker-info-585 110 20 specific specific JJ randomwalker-info-585 110 21 details detail NNS randomwalker-info-585 110 22 . . . randomwalker-info-585 111 1 The the DT randomwalker-info-585 111 2 goal goal NN randomwalker-info-585 111 3 of of IN randomwalker-info-585 111 4 this this DT randomwalker-info-585 111 5 work work NN randomwalker-info-585 111 6 is be VBZ randomwalker-info-585 111 7 not not RB randomwalker-info-585 111 8 to to TO randomwalker-info-585 111 9 accurately accurately RB randomwalker-info-585 111 10 predict predict VB randomwalker-info-585 111 11 exactly exactly RB randomwalker-info-585 111 12 what what WP randomwalker-info-585 111 13 mining mining NN randomwalker-info-585 111 14 behavior behavior NN randomwalker-info-585 111 15 will will MD randomwalker-info-585 111 16 arise arise VB randomwalker-info-585 111 17 in in IN randomwalker-info-585 111 18 practice practice NN randomwalker-info-585 111 19 , , , randomwalker-info-585 111 20 but but CC randomwalker-info-585 111 21 instead instead RB randomwalker-info-585 111 22 to to TO randomwalker-info-585 111 23 uncover uncover VB randomwalker-info-585 111 24 incentive incentive NN randomwalker-info-585 111 25 issues issue NNS randomwalker-info-585 111 26 that that WDT randomwalker-info-585 111 27 arise arise VBP randomwalker-info-585 111 28 solely solely RB randomwalker-info-585 111 29 due due IN randomwalker-info-585 111 30 to to IN randomwalker-info-585 111 31 the the DT randomwalker-info-585 111 32 time time NN randomwalker-info-585 111 33 - - HYPH randomwalker-info-585 111 34 varying vary VBG randomwalker-info-585 111 35 nature nature NN randomwalker-info-585 111 36 of of IN randomwalker-info-585 111 37 transaction transaction NN randomwalker-info-585 111 38 fees fee NNS randomwalker-info-585 111 39 ver- ver- VBP randomwalker-info-585 111 40 sus sus NNP randomwalker-info-585 111 41 block block NN randomwalker-info-585 111 42 rewards reward NNS randomwalker-info-585 111 43 . . . randomwalker-info-585 112 1 To to IN randomwalker-info-585 112 2 this this DT randomwalker-info-585 112 3 end end NN randomwalker-info-585 112 4 , , , randomwalker-info-585 112 5 our -PRON- PRP$ randomwalker-info-585 112 6 model model NN randomwalker-info-585 112 7 is be VBZ randomwalker-info-585 112 8 intentionally intentionally RB randomwalker-info-585 112 9 simple simple JJ randomwalker-info-585 112 10 because because IN randomwalker-info-585 112 11 we -PRON- PRP randomwalker-info-585 112 12 want want VBP randomwalker-info-585 112 13 to to TO randomwalker-info-585 112 14 isolate isolate VB randomwalker-info-585 112 15 the the DT randomwalker-info-585 112 16 effects effect NNS randomwalker-info-585 112 17 of of IN randomwalker-info-585 112 18 time time NN randomwalker-info-585 112 19 - - HYPH randomwalker-info-585 112 20 varying vary VBG randomwalker-info-585 112 21 versus versus IN randomwalker-info-585 112 22 fixed fix VBN randomwalker-info-585 112 23 rewards reward NNS randomwalker-info-585 112 24 . . . randomwalker-info-585 113 1 As as IN randomwalker-info-585 113 2 an an DT randomwalker-info-585 113 3 example example NN randomwalker-info-585 113 4 , , , randomwalker-info-585 113 5 we -PRON- PRP randomwalker-info-585 113 6 will will MD randomwalker-info-585 113 7 assume assume VB randomwalker-info-585 113 8 that that IN randomwalker-info-585 113 9 transactions transaction NNS randomwalker-info-585 113 10 ( ( -LRB- randomwalker-info-585 113 11 and and CC randomwalker-info-585 113 12 their -PRON- PRP$ randomwalker-info-585 113 13 associated associate VBN randomwalker-info-585 113 14 fees fee NNS randomwalker-info-585 113 15 ) ) -RRB- randomwalker-info-585 113 16 arrive arrive VBP randomwalker-info-585 113 17 at at IN randomwalker-info-585 113 18 a a DT randomwalker-info-585 113 19 constant constant JJ randomwalker-info-585 113 20 and and CC randomwalker-info-585 113 21 continuous continuous JJ randomwalker-info-585 113 22 rate rate NN randomwalker-info-585 113 23 . . . randomwalker-info-585 114 1 We -PRON- PRP randomwalker-info-585 114 2 make make VBP randomwalker-info-585 114 3 this this DT randomwalker-info-585 114 4 assumption assumption NN randomwalker-info-585 114 5 not not RB randomwalker-info-585 114 6 be- be- RB randomwalker-info-585 114 7 cause cause IN randomwalker-info-585 114 8 we -PRON- PRP randomwalker-info-585 114 9 necessarily necessarily RB randomwalker-info-585 114 10 predict predict VBP randomwalker-info-585 114 11 it -PRON- PRP randomwalker-info-585 114 12 will will MD randomwalker-info-585 114 13 hold hold VB randomwalker-info-585 114 14 in in IN randomwalker-info-585 114 15 practice practice NN randomwalker-info-585 114 16 , , , randomwalker-info-585 114 17 but but CC randomwalker-info-585 114 18 because because IN randomwalker-info-585 114 19 without without IN randomwalker-info-585 114 20 it -PRON- PRP randomwalker-info-585 114 21 we -PRON- PRP randomwalker-info-585 114 22 ca can MD randomwalker-info-585 114 23 n’t not RB randomwalker-info-585 114 24 guarantee guarantee VB randomwalker-info-585 114 25 that that IN randomwalker-info-585 114 26 we -PRON- PRP randomwalker-info-585 114 27 ’ve have VB randomwalker-info-585 114 28 isolated isolate VBN randomwalker-info-585 114 29 time time NN randomwalker-info-585 114 30 - - HYPH randomwalker-info-585 114 31 varying vary VBG randomwalker-info-585 114 32 transaction transaction NN randomwalker-info-585 114 33 fees fee NNS randomwalker-info-585 114 34 as as IN randomwalker-info-585 114 35 the the DT randomwalker-info-585 114 36 cause cause NN randomwalker-info-585 114 37 for for IN randomwalker-info-585 114 38 any any DT randomwalker-info-585 114 39 incentive incentive NN randomwalker-info-585 114 40 issues issue NNS randomwalker-info-585 114 41 we -PRON- PRP randomwalker-info-585 114 42 uncover uncover VBP randomwalker-info-585 114 43 . . . randomwalker-info-585 115 1 Put put VB randomwalker-info-585 115 2 another another DT randomwalker-info-585 115 3 way way NN randomwalker-info-585 115 4 , , , randomwalker-info-585 115 5 our -PRON- PRP$ randomwalker-info-585 115 6 results result NNS randomwalker-info-585 115 7 are be VBP randomwalker-info-585 115 8 only only RB randomwalker-info-585 115 9 made make VBN randomwalker-info-585 115 10 stronger strong JJR randomwalker-info-585 115 11 by by IN randomwalker-info-585 115 12 simplifying simplify VBG randomwalker-info-585 115 13 assumptions assumption NNS randomwalker-info-585 115 14 , , , randomwalker-info-585 115 15 because because IN randomwalker-info-585 115 16 we -PRON- PRP randomwalker-info-585 115 17 are be VBP randomwalker-info-585 115 18 claiming claim VBG randomwalker-info-585 115 19 that that DT randomwalker-info-585 115 20 weird weird JJ randomwalker-info-585 115 21 and and CC randomwalker-info-585 115 22 undesirable undesirable JJ randomwalker-info-585 115 23 consequences consequence NNS randomwalker-info-585 115 24 arise arise VBP randomwalker-info-585 115 25 even even RB randomwalker-info-585 115 26 if if IN randomwalker-info-585 115 27 one one PRP randomwalker-info-585 115 28 is be VBZ randomwalker-info-585 115 29 willing willing JJ randomwalker-info-585 115 30 to to TO randomwalker-info-585 115 31 grant grant VB randomwalker-info-585 115 32 simplifying simplifying NN randomwalker-info-585 115 33 assumptions assumption NNS randomwalker-info-585 115 34 . . . randomwalker-info-585 116 1 Getting get VBG randomwalker-info-585 116 2 to to IN randomwalker-info-585 116 3 details detail NNS randomwalker-info-585 116 4 , , , randomwalker-info-585 116 5 the the DT randomwalker-info-585 116 6 model model NN randomwalker-info-585 116 7 of of IN randomwalker-info-585 116 8 Bitcoin Bitcoin NNP randomwalker-info-585 116 9 that that WDT randomwalker-info-585 116 10 we -PRON- PRP randomwalker-info-585 116 11 analyze analyze VBP randomwalker-info-585 116 12 is be VBZ randomwalker-info-585 116 13 after after IN randomwalker-info-585 116 14 the the DT randomwalker-info-585 116 15 block block NN randomwalker-info-585 116 16 reward reward NN randomwalker-info-585 116 17 has have VBZ randomwalker-info-585 116 18 dropped drop VBN randomwalker-info-585 116 19 to to IN randomwalker-info-585 116 20 zero zero CD randomwalker-info-585 116 21 . . . randomwalker-info-585 117 1 That that RB randomwalker-info-585 117 2 is is RB randomwalker-info-585 117 3 , , , randomwalker-info-585 117 4 trans- trans- JJ randomwalker-info-585 117 5 action action NN randomwalker-info-585 117 6 fees fee NNS randomwalker-info-585 117 7 are be VBP randomwalker-info-585 117 8 the the DT randomwalker-info-585 117 9 only only JJ randomwalker-info-585 117 10 source source NN randomwalker-info-585 117 11 of of IN randomwalker-info-585 117 12 revenue revenue NN randomwalker-info-585 117 13 for for IN randomwalker-info-585 117 14 miners miner NNS randomwalker-info-585 117 15 , , , randomwalker-info-585 117 16 and and CC randomwalker-info-585 117 17 we -PRON- PRP randomwalker-info-585 117 18 model model VBP randomwalker-info-585 117 19 available available JJ randomwalker-info-585 117 20 transaction transaction NN randomwalker-info-585 117 21 fees fee NNS randomwalker-info-585 117 22 as as IN randomwalker-info-585 117 23 arriving arrive VBG randomwalker-info-585 117 24 to to IN randomwalker-info-585 117 25 the the DT randomwalker-info-585 117 26 Bit- Bit- NNP randomwalker-info-585 117 27 coin coin NN randomwalker-info-585 117 28 system system NN randomwalker-info-585 117 29 at at IN randomwalker-info-585 117 30 a a DT randomwalker-info-585 117 31 constant constant JJ randomwalker-info-585 117 32 rate rate NN randomwalker-info-585 117 33 . . . randomwalker-info-585 118 1 Specifically specifically RB randomwalker-info-585 118 2 , , , randomwalker-info-585 118 3 we -PRON- PRP randomwalker-info-585 118 4 assume assume VBP randomwalker-info-585 118 5 that that IN randomwalker-info-585 118 6 for for IN randomwalker-info-585 118 7 any any DT randomwalker-info-585 118 8 time time NN randomwalker-info-585 118 9 interval interval NN randomwalker-info-585 118 10 I -PRON- PRP randomwalker-info-585 118 11 of of IN randomwalker-info-585 118 12 length length NN randomwalker-info-585 118 13 t t NN randomwalker-info-585 118 14 , , , randomwalker-info-585 118 15 the the DT randomwalker-info-585 118 16 total total JJ randomwalker-info-585 118 17 sum sum NN randomwalker-info-585 118 18 of of IN randomwalker-info-585 118 19 transac- transac- NN randomwalker-info-585 118 20 tion tion NN randomwalker-info-585 118 21 fees fee NNS randomwalker-info-585 118 22 for for IN randomwalker-info-585 118 23 transactions transaction NNS randomwalker-info-585 118 24 announced announce VBN randomwalker-info-585 118 25 during during IN randomwalker-info-585 118 26 I -PRON- PRP randomwalker-info-585 118 27 is be VBZ randomwalker-info-585 118 28 t t NN randomwalker-info-585 118 29 ( ( -LRB- randomwalker-info-585 118 30 the the DT randomwalker-info-585 118 31 choice choice NN randomwalker-info-585 118 32 of of IN randomwalker-info-585 118 33 t t NNP randomwalker-info-585 118 34 instead instead RB randomwalker-info-585 118 35 of of IN randomwalker-info-585 118 36 ct ct NNP randomwalker-info-585 118 37 for for IN randomwalker-info-585 118 38 some some DT randomwalker-info-585 118 39 constant constant JJ randomwalker-info-585 118 40 c c NN randomwalker-info-585 118 41 is be VBZ randomwalker-info-585 118 42 just just RB randomwalker-info-585 118 43 normalization normalization NN randomwalker-info-585 118 44 ) ) -RRB- randomwalker-info-585 118 45 . . . randomwalker-info-585 119 1 This this DT randomwalker-info-585 119 2 is be VBZ randomwalker-info-585 119 3 different different JJ randomwalker-info-585 119 4 from from IN randomwalker-info-585 119 5 Bitcoin Bitcoin NNP randomwalker-info-585 119 6 as as IN randomwalker-info-585 119 7 it -PRON- PRP randomwalker-info-585 119 8 is be VBZ randomwalker-info-585 119 9 today today NN randomwalker-info-585 119 10 with with IN randomwalker-info-585 119 11 a a DT randomwalker-info-585 119 12 large large JJ randomwalker-info-585 119 13 block block NN randomwalker-info-585 119 14 reward reward NN randomwalker-info-585 119 15 compared compare VBN randomwalker-info-585 119 16 to to IN randomwalker-info-585 119 17 the the DT randomwalker-info-585 119 18 small small JJ randomwalker-info-585 119 19 transaction transaction NN randomwalker-info-585 119 20 fees fee NNS randomwalker-info-585 119 21 , , , randomwalker-info-585 119 22 but but CC randomwalker-info-585 119 23 this this DT randomwalker-info-585 119 24 sce- sce- NN randomwalker-info-585 119 25 nario nario NN randomwalker-info-585 119 26 is be VBZ randomwalker-info-585 119 27 consistent consistent JJ randomwalker-info-585 119 28 with with IN randomwalker-info-585 119 29 the the DT randomwalker-info-585 119 30 vision vision NN randomwalker-info-585 119 31 of of IN randomwalker-info-585 119 32 the the DT randomwalker-info-585 119 33 long long JJ randomwalker-info-585 119 34 - - HYPH randomwalker-info-585 119 35 term term NN randomwalker-info-585 119 36 steady steady JJ randomwalker-info-585 119 37 state state NN randomwalker-info-585 119 38 behaviour behaviour NN randomwalker-info-585 119 39 of of IN randomwalker-info-585 119 40 Bitcoin Bitcoin NNP randomwalker-info-585 119 41 after after IN randomwalker-info-585 119 42 all all DT randomwalker-info-585 119 43 Bitcoins Bitcoins NNPS randomwalker-info-585 119 44 have have VBP randomwalker-info-585 119 45 eventually eventually RB randomwalker-info-585 119 46 been be VBN randomwalker-info-585 119 47 minted mint VBN randomwalker-info-585 119 48 . . . randomwalker-info-585 120 1 We -PRON- PRP randomwalker-info-585 120 2 also also RB randomwalker-info-585 120 3 assume assume VBP randomwalker-info-585 120 4 that that IN randomwalker-info-585 120 5 the the DT randomwalker-info-585 120 6 difficulty difficulty NN randomwalker-info-585 120 7 is be VBZ randomwalker-info-585 120 8 set set VBN randomwalker-info-585 120 9 so so IN randomwalker-info-585 120 10 that that IN randomwalker-info-585 120 11 a a DT randomwalker-info-585 120 12 hash hash NN randomwalker-info-585 120 13 puz- puz- NN randomwalker-info-585 120 14 zle zle NN randomwalker-info-585 120 15 is be VBZ randomwalker-info-585 120 16 solved solve VBN randomwalker-info-585 120 17 by by IN randomwalker-info-585 120 18 someone someone NN randomwalker-info-585 120 19 in in IN randomwalker-info-585 120 20 the the DT randomwalker-info-585 120 21 network network NN randomwalker-info-585 120 22 every every DT randomwalker-info-585 120 23 one one CD randomwalker-info-585 120 24 time time NN randomwalker-info-585 120 25 unit unit NN randomwalker-info-585 120 26 in in IN randomwalker-info-585 120 27 expectation expectation NN randomwalker-info-585 120 28 ( ( -LRB- randomwalker-info-585 120 29 this this DT randomwalker-info-585 120 30 is be VBZ randomwalker-info-585 120 31 again again RB randomwalker-info-585 120 32 just just RB randomwalker-info-585 120 33 a a DT randomwalker-info-585 120 34 normalization normalization NN randomwalker-info-585 120 35 ) ) -RRB- randomwalker-info-585 120 36 . . . randomwalker-info-585 121 1 Addition- Addition- NNP randomwalker-info-585 121 2 ally ally NN randomwalker-info-585 121 3 , , , randomwalker-info-585 121 4 for for IN randomwalker-info-585 121 5 simplicity simplicity NN randomwalker-info-585 121 6 , , , randomwalker-info-585 121 7 in in IN randomwalker-info-585 121 8 our -PRON- PRP$ randomwalker-info-585 121 9 theoretical theoretical JJ randomwalker-info-585 121 10 results result NNS randomwalker-info-585 121 11 and and CC randomwalker-info-585 121 12 reported report VBD randomwalker-info-585 121 13 simulations simulation NNS randomwalker-info-585 121 14 we -PRON- PRP randomwalker-info-585 121 15 model model VBP randomwalker-info-585 121 16 the the DT randomwalker-info-585 121 17 network network NN randomwalker-info-585 121 18 having have VBG randomwalker-info-585 121 19 no no DT randomwalker-info-585 121 20 latency latency NN randomwalker-info-585 121 21 ( ( -LRB- randomwalker-info-585 121 22 unless unless IN randomwalker-info-585 121 23 otherwise otherwise RB randomwalker-info-585 121 24 stated state VBN randomwalker-info-585 121 25 ) ) -RRB- randomwalker-info-585 121 26 . . . randomwalker-info-585 122 1 Once once RB randomwalker-info-585 122 2 a a DT randomwalker-info-585 122 3 miner miner NN randomwalker-info-585 122 4 publishes publish VBZ randomwalker-info-585 122 5 a a DT randomwalker-info-585 122 6 block block NN randomwalker-info-585 122 7 , , , randomwalker-info-585 122 8 all all DT randomwalker-info-585 122 9 other other JJ randomwalker-info-585 122 10 miners miner NNS randomwalker-info-585 122 11 immediately immediately RB randomwalker-info-585 122 12 gain gain VBP randomwalker-info-585 122 13 knowledge knowledge NN randomwalker-info-585 122 14 of of IN randomwalker-info-585 122 15 it -PRON- PRP randomwalker-info-585 122 16 . . . randomwalker-info-585 123 1 Similarly similarly RB randomwalker-info-585 123 2 , , , randomwalker-info-585 123 3 once once RB randomwalker-info-585 123 4 a a DT randomwalker-info-585 123 5 transaction transaction NN randomwalker-info-585 123 6 is be VBZ randomwalker-info-585 123 7 announced announce VBN randomwalker-info-585 123 8 , , , randomwalker-info-585 123 9 all all DT randomwalker-info-585 123 10 miners miner NNS randomwalker-info-585 123 11 immediately immediately RB randomwalker-info-585 123 12 learn learn VBP randomwalker-info-585 123 13 of of IN randomwalker-info-585 123 14 its -PRON- PRP$ randomwalker-info-585 123 15 existence existence NN randomwalker-info-585 123 16 . . . randomwalker-info-585 124 1 However however RB randomwalker-info-585 124 2 , , , randomwalker-info-585 124 3 our -PRON- PRP$ randomwalker-info-585 124 4 simulator simulator NN randomwalker-info-585 124 5 is be VBZ randomwalker-info-585 124 6 capable capable JJ randomwalker-info-585 124 7 of of IN randomwalker-info-585 124 8 simulating simulate VBG randomwalker-info-585 124 9 latency latency NN randomwalker-info-585 124 10 of of IN randomwalker-info-585 124 11 both both DT randomwalker-info-585 124 12 types type NNS randomwalker-info-585 124 13 , , , randomwalker-info-585 124 14 and and CC randomwalker-info-585 124 15 we -PRON- PRP randomwalker-info-585 124 16 do do VBP randomwalker-info-585 124 17 not not RB randomwalker-info-585 124 18 see see VB randomwalker-info-585 124 19 any any DT randomwalker-info-585 124 20 substantive substantive JJ randomwalker-info-585 124 21 change change NN randomwalker-info-585 124 22 in in IN randomwalker-info-585 124 23 our -PRON- PRP$ randomwalker-info-585 124 24 results result NNS randomwalker-info-585 124 25 as as IN randomwalker-info-585 124 26 latency latency NN randomwalker-info-585 124 27 changes change VBZ randomwalker-info-585 124 28 . . . randomwalker-info-585 125 1 Finally finally RB randomwalker-info-585 125 2 , , , randomwalker-info-585 125 3 we -PRON- PRP randomwalker-info-585 125 4 assume assume VBP randomwalker-info-585 125 5 that that IN randomwalker-info-585 125 6 when when WRB randomwalker-info-585 125 7 there there EX randomwalker-info-585 125 8 are be VBP randomwalker-info-585 125 9 R r NN randomwalker-info-585 125 10 transaction transaction NN randomwalker-info-585 125 11 fees fee NNS randomwalker-info-585 125 12 available available JJ randomwalker-info-585 125 13 , , , randomwalker-info-585 125 14 the the DT randomwalker-info-585 125 15 miner miner NN randomwalker-info-585 125 16 can can MD randomwalker-info-585 125 17 choose choose VB randomwalker-info-585 125 18 to to TO randomwalker-info-585 125 19 include include VB randomwalker-info-585 125 20 any any DT randomwalker-info-585 125 21 real real RB randomwalker-info-585 125 22 - - HYPH randomwalker-info-585 125 23 valued value VBN randomwalker-info-585 125 24 number number NN randomwalker-info-585 125 25 of of IN randomwalker-info-585 125 26 transaction transaction NN randomwalker-info-585 125 27 fees fee NNS randomwalker-info-585 125 28 between between IN randomwalker-info-585 125 29 0 0 CD randomwalker-info-585 125 30 and and CC randomwalker-info-585 125 31 R r NN randomwalker-info-585 125 32 in in IN randomwalker-info-585 125 33 their -PRON- PRP$ randomwalker-info-585 125 34 block block NN randomwalker-info-585 125 35 . . . randomwalker-info-585 126 1 That that RB randomwalker-info-585 126 2 is is RB randomwalker-info-585 126 3 , , , randomwalker-info-585 126 4 transactions transaction NNS randomwalker-info-585 126 5 are be VBP randomwalker-info-585 126 6 fine fine RB randomwalker-info-585 126 7 - - HYPH randomwalker-info-585 126 8 grained grained JJ randomwalker-info-585 126 9 enough enough RB randomwalker-info-585 126 10 that that IN randomwalker-info-585 126 11 a a DT randomwalker-info-585 126 12 miner miner NN randomwalker-info-585 126 13 can can MD randomwalker-info-585 126 14 selectively selectively RB randomwalker-info-585 126 15 choose choose VB randomwalker-info-585 126 16 a a DT randomwalker-info-585 126 17 set set NN randomwalker-info-585 126 18 of of IN randomwalker-info-585 126 19 transactions transaction NNS randomwalker-info-585 126 20 whose whose WP$ randomwalker-info-585 126 21 fees fee NNS randomwalker-info-585 126 22 are be VBP randomwalker-info-585 126 23 very very RB randomwalker-info-585 126 24 close close JJ randomwalker-info-585 126 25 to to IN randomwalker-info-585 126 26 whatever whatever WDT randomwalker-info-585 126 27 real real RB randomwalker-info-585 126 28 - - HYPH randomwalker-info-585 126 29 valued value VBN randomwalker-info-585 126 30 target target NN randomwalker-info-585 126 31 they -PRON- PRP randomwalker-info-585 126 32 have have VBP randomwalker-info-585 126 33 in in IN randomwalker-info-585 126 34 mind mind NN randomwalker-info-585 126 35 . . . randomwalker-info-585 127 1 We -PRON- PRP randomwalker-info-585 127 2 believe believe VBP randomwalker-info-585 127 3 this this DT randomwalker-info-585 127 4 is be VBZ randomwalker-info-585 127 5 a a DT randomwalker-info-585 127 6 reasonable reasonable JJ randomwalker-info-585 127 7 approximation approximation NN randomwalker-info-585 127 8 due due IN randomwalker-info-585 127 9 to to IN randomwalker-info-585 127 10 the the DT randomwalker-info-585 127 11 large large JJ randomwalker-info-585 127 12 number number NN randomwalker-info-585 127 13 of of IN randomwalker-info-585 127 14 transactions transaction NNS randomwalker-info-585 127 15 per per IN randomwalker-info-585 127 16 block block NN randomwalker-info-585 127 17 . . . randomwalker-info-585 128 1 We -PRON- PRP randomwalker-info-585 128 2 also also RB randomwalker-info-585 128 3 assume assume VBP randomwalker-info-585 128 4 that that IN randomwalker-info-585 128 5 miners miner NNS randomwalker-info-585 128 6 always always RB randomwalker-info-585 128 7 have have VBP randomwalker-info-585 128 8 space space NN randomwalker-info-585 128 9 to to TO randomwalker-info-585 128 10 include include VB randomwalker-info-585 128 11 all all DT randomwalker-info-585 128 12 available available JJ randomwalker-info-585 128 13 transactions transaction NNS randomwalker-info-585 128 14 . . . randomwalker-info-585 129 1 If if IN randomwalker-info-585 129 2 the the DT randomwalker-info-585 129 3 block block NN randomwalker-info-585 129 4 size size NN randomwalker-info-585 129 5 is be VBZ randomwalker-info-585 129 6 not not RB randomwalker-info-585 129 7 large large JJ randomwalker-info-585 129 8 enough enough RB randomwalker-info-585 129 9 to to TO randomwalker-info-585 129 10 meet meet VB randomwalker-info-585 129 11 demand demand NN randomwalker-info-585 129 12 for for IN randomwalker-info-585 129 13 transactions transaction NNS randomwalker-info-585 129 14 , , , randomwalker-info-585 129 15 we -PRON- PRP randomwalker-info-585 129 16 believe believe VBP randomwalker-info-585 129 17 the the DT randomwalker-info-585 129 18 qualitative qualitative JJ randomwalker-info-585 129 19 content content NN randomwalker-info-585 129 20 of of IN randomwalker-info-585 129 21 all all PDT randomwalker-info-585 129 22 our -PRON- PRP$ randomwalker-info-585 129 23 results result NNS randomwalker-info-585 129 24 continue continue VBP randomwalker-info-585 129 25 to to TO randomwalker-info-585 129 26 hold hold VB randomwalker-info-585 129 27 , , , randomwalker-info-585 129 28 but but CC randomwalker-info-585 129 29 the the DT randomwalker-info-585 129 30 quantitative quantitative JJ randomwalker-info-585 129 31 impact impact NN randomwalker-info-585 129 32 is be VBZ randomwalker-info-585 129 33 mitigated mitigate VBN randomwalker-info-585 129 34 . . . randomwalker-info-585 130 1 This this DT randomwalker-info-585 130 2 belief belief NN randomwalker-info-585 130 3 is be VBZ randomwalker-info-585 130 4 supported support VBN randomwalker-info-585 130 5 by by IN randomwalker-info-585 130 6 the the DT randomwalker-info-585 130 7 following follow VBG randomwalker-info-585 130 8 data datum NNS randomwalker-info-585 130 9 , , , randomwalker-info-585 130 10 taken take VBN randomwalker-info-585 130 11 from from IN randomwalker-info-585 130 12 the the DT randomwalker-info-585 130 13 most most RBS randomwalker-info-585 130 14 recent recent JJ randomwalker-info-585 130 15 1000 1000 CD randomwalker-info-585 130 16 blocks block NNS randomwalker-info-585 130 17 ( ( -LRB- randomwalker-info-585 130 18 roughly roughly RB randomwalker-info-585 130 19 one one CD randomwalker-info-585 130 20 week week NN randomwalker-info-585 130 21 ’s ’s , randomwalker-info-585 130 22 worth worth JJ randomwalker-info-585 130 23 ) ) -RRB- randomwalker-info-585 130 24 as as IN randomwalker-info-585 130 25 of of IN randomwalker-info-585 130 26 July July NNP randomwalker-info-585 130 27 11 11 CD randomwalker-info-585 130 28 , , , randomwalker-info-585 130 29 2016 2016 CD randomwalker-info-585 130 30 : : : randomwalker-info-585 130 31 of of IN randomwalker-info-585 130 32 these these DT randomwalker-info-585 130 33 1000 1000 CD randomwalker-info-585 130 34 blocks block NNS randomwalker-info-585 130 35 , , , randomwalker-info-585 130 36 702 702 CD randomwalker-info-585 130 37 are be VBP randomwalker-info-585 130 38 full full JJ randomwalker-info-585 130 39 . . . randomwalker-info-585 131 1 Of of IN randomwalker-info-585 131 2 the the DT randomwalker-info-585 131 3 full full JJ randomwalker-info-585 131 4 blocks block NNS randomwalker-info-585 131 5 , , , randomwalker-info-585 131 6 the the DT randomwalker-info-585 131 7 total total JJ randomwalker-info-585 131 8 sum sum NN randomwalker-info-585 131 9 of of IN randomwalker-info-585 131 10 transaction transaction NN randomwalker-info-585 131 11 fees fee NNS randomwalker-info-585 131 12 ranges range VBZ randomwalker-info-585 131 13 from from IN randomwalker-info-585 131 14 0.03 0.03 CD randomwalker-info-585 131 15 BTC BTC NNP randomwalker-info-585 131 16 to to IN randomwalker-info-585 131 17 4.51 4.51 CD randomwalker-info-585 131 18 BTC BTC NNP randomwalker-info-585 131 19 . . . randomwalker-info-585 132 1 The the DT randomwalker-info-585 132 2 mean mean NN randomwalker-info-585 132 3 is be VBZ randomwalker-info-585 132 4 0.49 0.49 CD randomwalker-info-585 132 5 BTC BTC NNP randomwalker-info-585 132 6 and and CC randomwalker-info-585 132 7 the the DT randomwalker-info-585 132 8 standard standard JJ randomwalker-info-585 132 9 deviation deviation NN randomwalker-info-585 132 10 is be VBZ randomwalker-info-585 132 11 0.25 0.25 CD randomwalker-info-585 132 12 BTC BTC NNP randomwalker-info-585 132 13 , , , randomwalker-info-585 132 14 more more JJR randomwalker-info-585 132 15 than than IN randomwalker-info-585 132 16 half half PDT randomwalker-info-585 132 17 the the DT randomwalker-info-585 132 18 mean mean NN randomwalker-info-585 132 19 . . . randomwalker-info-585 133 1 It -PRON- PRP randomwalker-info-585 133 2 ’s ’ VBZ randomwalker-info-585 133 3 unclear unclear JJ randomwalker-info-585 133 4 how how WRB randomwalker-info-585 133 5 to to TO randomwalker-info-585 133 6 extrapolate extrapolate VB randomwalker-info-585 133 7 these these DT randomwalker-info-585 133 8 data datum NNS randomwalker-info-585 133 9 to to IN randomwalker-info-585 133 10 the the DT randomwalker-info-585 133 11 future future NN randomwalker-info-585 133 12 , , , randomwalker-info-585 133 13 but but CC randomwalker-info-585 133 14 it -PRON- PRP randomwalker-info-585 133 15 is be VBZ randomwalker-info-585 133 16 clear clear JJ randomwalker-info-585 133 17 that that IN randomwalker-info-585 133 18 there there EX randomwalker-info-585 133 19 will will MD randomwalker-info-585 133 20 indeed indeed RB randomwalker-info-585 133 21 be be VB randomwalker-info-585 133 22 fluctuation fluctuation NN randomwalker-info-585 133 23 in in IN randomwalker-info-585 133 24 the the DT randomwalker-info-585 133 25 available available JJ randomwalker-info-585 133 26 fees fee NNS randomwalker-info-585 133 27 that that WDT randomwalker-info-585 133 28 fit fit VBP randomwalker-info-585 133 29 in in IN randomwalker-info-585 133 30 a a DT randomwalker-info-585 133 31 block block NN randomwalker-info-585 133 32 . . . randomwalker-info-585 134 1 So so RB randomwalker-info-585 134 2 if if IN randomwalker-info-585 134 3 the the DT randomwalker-info-585 134 4 block block NN randomwalker-info-585 134 5 size size NN randomwalker-info-585 134 6 is be VBZ randomwalker-info-585 134 7 not not RB randomwalker-info-585 134 8 large large JJ randomwalker-info-585 134 9 enough enough RB randomwalker-info-585 134 10 to to TO randomwalker-info-585 134 11 meet meet VB randomwalker-info-585 134 12 demand demand NN randomwalker-info-585 134 13 for for IN randomwalker-info-585 134 14 trans- trans- JJ randomwalker-info-585 134 15 actions action NNS randomwalker-info-585 134 16 , , , randomwalker-info-585 134 17 even even RB randomwalker-info-585 134 18 though though IN randomwalker-info-585 134 19 the the DT randomwalker-info-585 134 20 available available JJ randomwalker-info-585 134 21 fees fee NNS randomwalker-info-585 134 22 immediately immediately RB randomwalker-info-585 134 23 after after IN randomwalker-info-585 134 24 a a DT randomwalker-info-585 134 25 block block NN randomwalker-info-585 134 26 is be VBZ randomwalker-info-585 134 27 found find VBN randomwalker-info-585 134 28 will will MD randomwalker-info-585 134 29 not not RB randomwalker-info-585 134 30 be be VB randomwalker-info-585 134 31 zero zero CD randomwalker-info-585 134 32 ( ( -LRB- randomwalker-info-585 134 33 as as IN randomwalker-info-585 134 34 in in IN randomwalker-info-585 134 35 our -PRON- PRP$ randomwalker-info-585 134 36 analysis analysis NN randomwalker-info-585 134 37 ) ) -RRB- randomwalker-info-585 134 38 , , , randomwalker-info-585 134 39 they -PRON- PRP randomwalker-info-585 134 40 may may MD randomwalker-info-585 134 41 be be VB randomwalker-info-585 134 42 significantly significantly RB randomwalker-info-585 134 43 lower low JJR randomwalker-info-585 134 44 than than IN randomwalker-info-585 134 45 ( ( -LRB- randomwalker-info-585 134 46 say say VB randomwalker-info-585 134 47 ) ) -RRB- randomwalker-info-585 134 48 ten ten CD randomwalker-info-585 134 49 minutes minute NNS randomwalker-info-585 134 50 later later RB randomwalker-info-585 134 51 . . . randomwalker-info-585 135 1 So so RB randomwalker-info-585 135 2 even even RB randomwalker-info-585 135 3 though though IN randomwalker-info-585 135 4 our -PRON- PRP$ randomwalker-info-585 135 5 exact exact JJ randomwalker-info-585 135 6 analysis analysis NN randomwalker-info-585 135 7 will will MD randomwalker-info-585 135 8 not not RB randomwalker-info-585 135 9 apply apply VB randomwalker-info-585 135 10 in in IN randomwalker-info-585 135 11 this this DT randomwalker-info-585 135 12 setting setting NN randomwalker-info-585 135 13 , , , randomwalker-info-585 135 14 the the DT randomwalker-info-585 135 15 intuition intuition NN randomwalker-info-585 135 16 does do VBZ randomwalker-info-585 135 17 carry carry VB randomwalker-info-585 135 18 over over RP randomwalker-info-585 135 19 . . . randomwalker-info-585 136 1 3.2 3.2 CD randomwalker-info-585 136 2 What what WP randomwalker-info-585 136 3 could could MD randomwalker-info-585 136 4 go go VB randomwalker-info-585 136 5 wrong wrong JJ randomwalker-info-585 136 6 ? ? . randomwalker-info-585 137 1 The the DT randomwalker-info-585 137 2 mining mining NN randomwalker-info-585 137 3 gap gap NN randomwalker-info-585 137 4 Without without IN randomwalker-info-585 137 5 a a DT randomwalker-info-585 137 6 block block NN randomwalker-info-585 137 7 reward reward NN randomwalker-info-585 137 8 , , , randomwalker-info-585 137 9 immediately immediately RB randomwalker-info-585 137 10 after after IN randomwalker-info-585 137 11 a a DT randomwalker-info-585 137 12 block block NN randomwalker-info-585 137 13 is be VBZ randomwalker-info-585 137 14 found find VBN randomwalker-info-585 137 15 there there EX randomwalker-info-585 137 16 is be VBZ randomwalker-info-585 137 17 zero zero CD randomwalker-info-585 137 18 expected expect VBN randomwalker-info-585 137 19 reward reward NN randomwalker-info-585 137 20 for for IN randomwalker-info-585 137 21 min- min- RB randomwalker-info-585 137 22 ing ing NNP randomwalker-info-585 137 23 but but CC randomwalker-info-585 137 24 nonzero nonzero NNP randomwalker-info-585 137 25 electricity electricity NN randomwalker-info-585 137 26 cost cost NN randomwalker-info-585 137 27 , , , randomwalker-info-585 137 28 making make VBG randomwalker-info-585 137 29 it -PRON- PRP randomwalker-info-585 137 30 unprof- unprof- JJ randomwalker-info-585 137 31 itable itable JJ randomwalker-info-585 137 32 for for IN randomwalker-info-585 137 33 any any DT randomwalker-info-585 137 34 miner miner NN randomwalker-info-585 137 35 to to IN randomwalker-info-585 137 36 mine -PRON- PRP randomwalker-info-585 137 37 . . . randomwalker-info-585 138 1 In in IN randomwalker-info-585 138 2 order order NN randomwalker-info-585 138 3 to to TO randomwalker-info-585 138 4 provide provide VB randomwalker-info-585 138 5 insight insight NN randomwalker-info-585 138 6 as as IN randomwalker-info-585 138 7 to to IN randomwalker-info-585 138 8 how how WRB randomwalker-info-585 138 9 time time NN randomwalker-info-585 138 10 - - HYPH randomwalker-info-585 138 11 varying vary VBG randomwalker-info-585 138 12 rewards reward NNS randomwalker-info-585 138 13 Figure figure NN randomwalker-info-585 138 14 2 2 CD randomwalker-info-585 138 15 : : : randomwalker-info-585 138 16 Illustration illustration NN randomwalker-info-585 138 17 of of IN randomwalker-info-585 138 18 Mining Mining NNP randomwalker-info-585 138 19 Gaps Gaps NNP randomwalker-info-585 138 20 . . . randomwalker-info-585 139 1 Miners miner NNS randomwalker-info-585 139 2 will will MD randomwalker-info-585 139 3 only only RB randomwalker-info-585 139 4 mine mine VB randomwalker-info-585 139 5 when when WRB randomwalker-info-585 139 6 the the DT randomwalker-info-585 139 7 instantaneous instantaneous JJ randomwalker-info-585 139 8 expected expect VBN randomwalker-info-585 139 9 reward reward NN randomwalker-info-585 139 10 exceeds exceed VBZ randomwalker-info-585 139 11 the the DT randomwalker-info-585 139 12 instantaneous instantaneous JJ randomwalker-info-585 139 13 cost cost NN randomwalker-info-585 139 14 . . . randomwalker-info-585 140 1 could could MD randomwalker-info-585 140 2 be be VB randomwalker-info-585 140 3 harmful harmful JJ randomwalker-info-585 140 4 for for IN randomwalker-info-585 140 5 Bitcoin Bitcoin NNP randomwalker-info-585 140 6 , , , randomwalker-info-585 140 7 let let VB randomwalker-info-585 140 8 ’s -PRON- PRP randomwalker-info-585 140 9 walk walk VB randomwalker-info-585 140 10 through through IN randomwalker-info-585 140 11 an an DT randomwalker-info-585 140 12 example example NN randomwalker-info-585 140 13 . . . randomwalker-info-585 141 1 Imagine imagine VB randomwalker-info-585 141 2 that that IN randomwalker-info-585 141 3 we -PRON- PRP randomwalker-info-585 141 4 are be VBP randomwalker-info-585 141 5 in in IN randomwalker-info-585 141 6 the the DT randomwalker-info-585 141 7 model model NN randomwalker-info-585 141 8 previously previously RB randomwalker-info-585 141 9 described describe VBN randomwalker-info-585 141 10 , , , randomwalker-info-585 141 11 that that IN randomwalker-info-585 141 12 all all DT randomwalker-info-585 141 13 miners miner NNS randomwalker-info-585 141 14 are be VBP randomwalker-info-585 141 15 using use VBG randomwalker-info-585 141 16 the the DT randomwalker-info-585 141 17 default default NN randomwalker-info-585 141 18 compliant compliant JJ randomwalker-info-585 141 19 strategy strategy NN randomwalker-info-585 141 20 ( ( -LRB- randomwalker-info-585 141 21 mine mine NN randomwalker-info-585 141 22 on on IN randomwalker-info-585 141 23 top top NN randomwalker-info-585 141 24 of of IN randomwalker-info-585 141 25 the the DT randomwalker-info-585 141 26 longest long JJS randomwalker-info-585 141 27 chain chain NN randomwalker-info-585 141 28 , , , randomwalker-info-585 141 29 authorize authorize VBP randomwalker-info-585 141 30 all all DT randomwalker-info-585 141 31 available available JJ randomwalker-info-585 141 32 transactions transaction NNS randomwalker-info-585 141 33 , , , randomwalker-info-585 141 34 publish publish VB randomwalker-info-585 141 35 immediately immediately RB randomwalker-info-585 141 36 ) ) -RRB- randomwalker-info-585 141 37 , , , randomwalker-info-585 141 38 but but CC randomwalker-info-585 141 39 also also RB randomwalker-info-585 141 40 that that IN randomwalker-info-585 141 41 that that IN randomwalker-info-585 141 42 miners miner NNS randomwalker-info-585 141 43 have have VBP randomwalker-info-585 141 44 some some DT randomwalker-info-585 141 45 cost cost NN randomwalker-info-585 141 46 in in IN randomwalker-info-585 141 47 electricity electricity NN randomwalker-info-585 141 48 to to TO randomwalker-info-585 141 49 run run VB randomwalker-info-585 141 50 their -PRON- PRP$ randomwalker-info-585 141 51 mining mining NN randomwalker-info-585 141 52 rigs rig NNS randomwalker-info-585 141 53 ( ( -LRB- randomwalker-info-585 141 54 i.e. i.e. FW randomwalker-info-585 141 55 , , , randomwalker-info-585 141 56 running run VBG randomwalker-info-585 141 57 one one CD randomwalker-info-585 141 58 rig rig NN randomwalker-info-585 141 59 for for IN randomwalker-info-585 141 60 t t NN randomwalker-info-585 141 61 units unit NNS randomwalker-info-585 141 62 of of IN randomwalker-info-585 141 63 time time NN randomwalker-info-585 141 64 costs cost NNS randomwalker-info-585 141 65 pt pt IN randomwalker-info-585 141 66 Bitcoin Bitcoin NNP randomwalker-info-585 141 67 worth worth NN randomwalker-info-585 141 68 of of IN randomwalker-info-585 141 69 electricity electricity NN randomwalker-info-585 141 70 ) ) -RRB- randomwalker-info-585 141 71 . . . randomwalker-info-585 142 1 Now now RB randomwalker-info-585 142 2 , , , randomwalker-info-585 142 3 immediately immediately RB randomwalker-info-585 142 4 after after IN randomwalker-info-585 142 5 a a DT randomwalker-info-585 142 6 block block NN randomwalker-info-585 142 7 is be VBZ randomwalker-info-585 142 8 found find VBN randomwalker-info-585 142 9 , , , randomwalker-info-585 142 10 there there EX randomwalker-info-585 142 11 will will MD randomwalker-info-585 142 12 be be VB randomwalker-info-585 142 13 no no DT randomwalker-info-585 142 14 more more JJR randomwalker-info-585 142 15 transactions transaction NNS randomwalker-info-585 142 16 in in IN randomwalker-info-585 142 17 the the DT randomwalker-info-585 142 18 network network NN randomwalker-info-585 142 19 to to TO randomwalker-info-585 142 20 be be VB randomwalker-info-585 142 21 claimed claim VBN randomwalker-info-585 142 22 by by IN randomwalker-info-585 142 23 a a DT randomwalker-info-585 142 24 miner miner NN randomwalker-info-585 142 25 making make VBG randomwalker-info-585 142 26 the the DT randomwalker-info-585 142 27 next next JJ randomwalker-info-585 142 28 block block NN randomwalker-info-585 142 29 . . . randomwalker-info-585 143 1 This this DT randomwalker-info-585 143 2 means mean VBZ randomwalker-info-585 143 3 that that IN randomwalker-info-585 143 4 for for IN randomwalker-info-585 143 5 the the DT randomwalker-info-585 143 6 instant instant JJ randomwalker-info-585 143 7 fol- fol- NN randomwalker-info-585 143 8 lowing low VBG randomwalker-info-585 143 9 the the DT randomwalker-info-585 143 10 discovery discovery NN randomwalker-info-585 143 11 of of IN randomwalker-info-585 143 12 a a DT randomwalker-info-585 143 13 new new JJ randomwalker-info-585 143 14 block block NN randomwalker-info-585 143 15 , , , randomwalker-info-585 143 16 there there EX randomwalker-info-585 143 17 is be VBZ randomwalker-info-585 143 18 actually actually RB randomwalker-info-585 143 19 zero zero CD randomwalker-info-585 143 20 expected expect VBN randomwalker-info-585 143 21 reward reward NN randomwalker-info-585 143 22 for for IN randomwalker-info-585 143 23 mining mining NN randomwalker-info-585 143 24 , , , randomwalker-info-585 143 25 but but CC randomwalker-info-585 143 26 a a DT randomwalker-info-585 143 27 non non JJ randomwalker-info-585 143 28 - - JJ randomwalker-info-585 143 29 zero zero JJ randomwalker-info-585 143 30 electricity electricity NN randomwalker-info-585 143 31 cost cost NN randomwalker-info-585 143 32 for for IN randomwalker-info-585 143 33 doing do VBG randomwalker-info-585 143 34 so so RB randomwalker-info-585 143 35 ! ! . randomwalker-info-585 144 1 Figure figure NN randomwalker-info-585 144 2 2 2 CD randomwalker-info-585 144 3 shows show VBZ randomwalker-info-585 144 4 how how WRB randomwalker-info-585 144 5 to to TO randomwalker-info-585 144 6 extend extend VB randomwalker-info-585 144 7 this this DT randomwalker-info-585 144 8 reasoning reasoning NN randomwalker-info-585 144 9 to to IN randomwalker-info-585 144 10 the the DT randomwalker-info-585 144 11 time time NN randomwalker-info-585 144 12 period period NN randomwalker-info-585 144 13 beyond beyond IN randomwalker-info-585 144 14 . . . randomwalker-info-585 145 1 Essentially essentially RB randomwalker-info-585 145 2 , , , randomwalker-info-585 145 3 every every DT randomwalker-info-585 145 4 instant instant NN randomwalker-info-585 145 5 your -PRON- PRP$ randomwalker-info-585 145 6 rig rig NN randomwalker-info-585 145 7 is be VBZ randomwalker-info-585 145 8 running run VBG randomwalker-info-585 145 9 , , , randomwalker-info-585 145 10 you -PRON- PRP randomwalker-info-585 145 11 claim claim VBP randomwalker-info-585 145 12 some some DT randomwalker-info-585 145 13 expected expected JJ randomwalker-info-585 145 14 reward reward NN randomwalker-info-585 145 15 , , , randomwalker-info-585 145 16 which which WDT randomwalker-info-585 145 17 increases increase VBZ randomwalker-info-585 145 18 depending depend VBG randomwalker-info-585 145 19 on on IN randomwalker-info-585 145 20 the the DT randomwalker-info-585 145 21 available available JJ randomwalker-info-585 145 22 transaction transaction NN randomwalker-info-585 145 23 fees fee NNS randomwalker-info-585 145 24 . . . randomwalker-info-585 146 1 But but CC randomwalker-info-585 146 2 every every DT randomwalker-info-585 146 3 in- in- JJ randomwalker-info-585 146 4 stant stant JJ randomwalker-info-585 146 5 your -PRON- PRP$ randomwalker-info-585 146 6 rig rig NN randomwalker-info-585 146 7 is be VBZ randomwalker-info-585 146 8 running run VBG randomwalker-info-585 146 9 , , , randomwalker-info-585 146 10 you -PRON- PRP randomwalker-info-585 146 11 also also RB randomwalker-info-585 146 12 have have VBP randomwalker-info-585 146 13 to to TO randomwalker-info-585 146 14 pay pay VB randomwalker-info-585 146 15 a a DT randomwalker-info-585 146 16 constant constant JJ randomwalker-info-585 146 17 amount amount NN randomwalker-info-585 146 18 for for IN randomwalker-info-585 146 19 electricity electricity NN randomwalker-info-585 146 20 . . . randomwalker-info-585 147 1 So so RB randomwalker-info-585 147 2 the the DT randomwalker-info-585 147 3 expected expected JJ randomwalker-info-585 147 4 reward reward NN randomwalker-info-585 147 5 for for IN randomwalker-info-585 147 6 running run VBG randomwalker-info-585 147 7 your -PRON- PRP$ randomwalker-info-585 147 8 rig rig NN randomwalker-info-585 147 9 wo will MD randomwalker-info-585 147 10 n’t not RB randomwalker-info-585 147 11 exceed exceed VB randomwalker-info-585 147 12 the the DT randomwalker-info-585 147 13 cost cost NN randomwalker-info-585 147 14 of of IN randomwalker-info-585 147 15 electricity electricity NN randomwalker-info-585 147 16 until until IN randomwalker-info-585 147 17 some some DT randomwalker-info-585 147 18 min- min- JJ randomwalker-info-585 147 19 imum imum JJ randomwalker-info-585 147 20 number number NN randomwalker-info-585 147 21 of of IN randomwalker-info-585 147 22 transaction transaction NN randomwalker-info-585 147 23 fees fee NNS randomwalker-info-585 147 24 are be VBP randomwalker-info-585 147 25 available available JJ randomwalker-info-585 147 26 to to TO randomwalker-info-585 147 27 include include VB randomwalker-info-585 147 28 . . . randomwalker-info-585 148 1 If if IN randomwalker-info-585 148 2 a a DT randomwalker-info-585 148 3 is be VBZ randomwalker-info-585 148 4 the the DT randomwalker-info-585 148 5 fraction fraction NN randomwalker-info-585 148 6 of of IN randomwalker-info-585 148 7 the the DT randomwalker-info-585 148 8 total total JJ randomwalker-info-585 148 9 ( ( -LRB- randomwalker-info-585 148 10 effective effective JJ randomwalker-info-585 148 11 ) ) -RRB- randomwalker-info-585 148 12 hash hash NN randomwalker-info-585 148 13 power power NN randomwalker-info-585 148 14 that that IN randomwalker-info-585 148 15 a a DT randomwalker-info-585 148 16 single single JJ randomwalker-info-585 148 17 rig rig NN randomwalker-info-585 148 18 generates generate NNS randomwalker-info-585 148 19 , , , randomwalker-info-585 148 20 then then RB randomwalker-info-585 148 21 a a DT randomwalker-info-585 148 22 miner miner NN randomwalker-info-585 148 23 must must MD randomwalker-info-585 148 24 wait wait VB randomwalker-info-585 148 25 t t NNP randomwalker-info-585 148 26 = = SYM randomwalker-info-585 148 27 p p NN randomwalker-info-585 148 28 / / SYM randomwalker-info-585 148 29 a a DT randomwalker-info-585 148 30 time time NN randomwalker-info-585 148 31 steps step NNS randomwalker-info-585 148 32 after after IN randomwalker-info-585 148 33 a a DT randomwalker-info-585 148 34 block block NN randomwalker-info-585 148 35 is be VBZ randomwalker-info-585 148 36 found find VBN randomwalker-info-585 148 37 before before IN randomwalker-info-585 148 38 mining mining NN randomwalker-info-585 148 39 becomes become VBZ randomwalker-info-585 148 40 profitable profitable JJ randomwalker-info-585 148 41 again again RB randomwalker-info-585 148 42 . . . randomwalker-info-585 149 1 In in IN randomwalker-info-585 149 2 Appendix Appendix NNP randomwalker-info-585 149 3 A A NNP randomwalker-info-585 149 4 , , , randomwalker-info-585 149 5 we -PRON- PRP randomwalker-info-585 149 6 discuss discuss VBP randomwalker-info-585 149 7 in in IN randomwalker-info-585 149 8 more more JJR randomwalker-info-585 149 9 detail detail NN randomwalker-info-585 149 10 the the DT randomwalker-info-585 149 11 effects effect NNS randomwalker-info-585 149 12 of of IN randomwalker-info-585 149 13 such such PDT randomwalker-info-585 149 14 a a DT randomwalker-info-585 149 15 mining mining NN randomwalker-info-585 149 16 gap gap NN randomwalker-info-585 149 17 , , , randomwalker-info-585 149 18 and and CC randomwalker-info-585 149 19 find find VB randomwalker-info-585 149 20 that that IN randomwalker-info-585 149 21 it -PRON- PRP randomwalker-info-585 149 22 leads lead VBZ randomwalker-info-585 149 23 to to IN randomwalker-info-585 149 24 miners miner NNS randomwalker-info-585 149 25 mining mining NN randomwalker-info-585 149 26 for for IN randomwalker-info-585 149 27 a a DT randomwalker-info-585 149 28 smaller small JJR randomwalker-info-585 149 29 and and CC randomwalker-info-585 149 30 smaller small JJR randomwalker-info-585 149 31 fraction fraction NN randomwalker-info-585 149 32 of of IN randomwalker-info-585 149 33 the the DT randomwalker-info-585 149 34 time time NN randomwalker-info-585 149 35 between between IN randomwalker-info-585 149 36 the the DT randomwalker-info-585 149 37 ar- ar- NN randomwalker-info-585 149 38 rival rival NN randomwalker-info-585 149 39 of of IN randomwalker-info-585 149 40 blocks block NNS randomwalker-info-585 149 41 ( ( -LRB- randomwalker-info-585 149 42 with with IN randomwalker-info-585 149 43 the the DT randomwalker-info-585 149 44 difficulty difficulty NN randomwalker-info-585 149 45 dropping drop VBG randomwalker-info-585 149 46 to to TO randomwalker-info-585 149 47 compensate compensate VB randomwalker-info-585 149 48 ) ) -RRB- randomwalker-info-585 149 49 . . . randomwalker-info-585 150 1 Clearly clearly RB randomwalker-info-585 150 2 , , , randomwalker-info-585 150 3 this this DT randomwalker-info-585 150 4 would would MD randomwalker-info-585 150 5 have have VB randomwalker-info-585 150 6 a a DT randomwalker-info-585 150 7 negative negative JJ randomwalker-info-585 150 8 impact impact NN randomwalker-info-585 150 9 for for IN randomwalker-info-585 150 10 Bitcoin Bitcoin NNP randomwalker-info-585 150 11 secu- secu- NN randomwalker-info-585 150 12 rity rity NN randomwalker-info-585 150 13 , , , randomwalker-info-585 150 14 as as IN randomwalker-info-585 150 15 the the DT randomwalker-info-585 150 16 effective effective JJ randomwalker-info-585 150 17 hash hash NN randomwalker-info-585 150 18 power power NN randomwalker-info-585 150 19 in in IN randomwalker-info-585 150 20 the the DT randomwalker-info-585 150 21 network network NN randomwalker-info-585 150 22 would would MD randomwalker-info-585 150 23 drop drop VB randomwalker-info-585 150 24 , , , randomwalker-info-585 150 25 and and CC randomwalker-info-585 150 26 it -PRON- PRP randomwalker-info-585 150 27 would would MD randomwalker-info-585 150 28 become become VB randomwalker-info-585 150 29 easier easy JJR randomwalker-info-585 150 30 for for IN randomwalker-info-585 150 31 a a DT randomwalker-info-585 150 32 malicious malicious JJ randomwalker-info-585 150 33 miner miner NN randomwalker-info-585 150 34 to to TO randomwalker-info-585 150 35 fork fork VB randomwalker-info-585 150 36 . . . randomwalker-info-585 151 1 Of of RB randomwalker-info-585 151 2 course course RB randomwalker-info-585 151 3 , , , randomwalker-info-585 151 4 turning turn VBG randomwalker-info-585 151 5 a a DT randomwalker-info-585 151 6 rig rig NN randomwalker-info-585 151 7 on on IN randomwalker-info-585 151 8 and and CC randomwalker-info-585 151 9 off off IN randomwalker-info-585 151 10 every every DT randomwalker-info-585 151 11 ten ten CD randomwalker-info-585 151 12 minutes minute NNS randomwalker-info-585 151 13 may may MD randomwalker-info-585 151 14 be be VB randomwalker-info-585 151 15 practically practically RB randomwalker-info-585 151 16 infeasible infeasible JJ randomwalker-info-585 151 17 . . . randomwalker-info-585 152 1 Nevertheless nevertheless RB randomwalker-info-585 152 2 , , , randomwalker-info-585 152 3 this this DT randomwalker-info-585 152 4 analysis analysis NN randomwalker-info-585 152 5 illustrates illustrate VBZ randomwalker-info-585 152 6 that that IN randomwalker-info-585 152 7 strategic strategic JJ randomwalker-info-585 152 8 miners miner NNS randomwalker-info-585 152 9 might may MD randomwalker-info-585 152 10 look look VB randomwalker-info-585 152 11 for for IN randomwalker-info-585 152 12 ways way NNS randomwalker-info-585 152 13 to to TO randomwalker-info-585 152 14 deviate deviate VB randomwalker-info-585 152 15 when when WRB randomwalker-info-585 152 16 the the DT randomwalker-info-585 152 17 default default NN randomwalker-info-585 152 18 protocol protocol NN randomwalker-info-585 152 19 would would MD randomwalker-info-585 152 20 have have VB randomwalker-info-585 152 21 them -PRON- PRP randomwalker-info-585 152 22 wasting waste VBG randomwalker-info-585 152 23 electricity electricity NN randomwalker-info-585 152 24 to to TO randomwalker-info-585 152 25 mine -PRON- PRP randomwalker-info-585 152 26 a a DT randomwalker-info-585 152 27 near near JJ randomwalker-info-585 152 28 - - HYPH randomwalker-info-585 152 29 valueless valueless NN randomwalker-info-585 152 30 block block NN randomwalker-info-585 152 31 . . . randomwalker-info-585 153 1 3.3 3.3 CD randomwalker-info-585 153 2 Formal formal JJ randomwalker-info-585 153 3 language language NN randomwalker-info-585 153 4 for for IN randomwalker-info-585 153 5 mining mining NN randomwalker-info-585 153 6 strategies strategy NNS randomwalker-info-585 153 7 In in IN randomwalker-info-585 153 8 the the DT randomwalker-info-585 153 9 rest rest NN randomwalker-info-585 153 10 of of IN randomwalker-info-585 153 11 this this DT randomwalker-info-585 153 12 paper paper NN randomwalker-info-585 153 13 , , , randomwalker-info-585 153 14 we -PRON- PRP randomwalker-info-585 153 15 focus focus VBP randomwalker-info-585 153 16 on on IN randomwalker-info-585 153 17 mining mining NN randomwalker-info-585 153 18 strategies strategy NNS randomwalker-info-585 153 19 that that WDT randomwalker-info-585 153 20 always always RB randomwalker-info-585 153 21 mine -PRON- PRP randomwalker-info-585 153 22 within within IN randomwalker-info-585 153 23 the the DT randomwalker-info-585 153 24 same same JJ randomwalker-info-585 153 25 cryptocurrency cryptocurrency NN randomwalker-info-585 153 26 , , , randomwalker-info-585 153 27 but but CC randomwalker-info-585 153 28 may may MD randomwalker-info-585 153 29 deviate deviate VB randomwalker-info-585 153 30 from from IN randomwalker-info-585 153 31 the the DT randomwalker-info-585 153 32 default default NN randomwalker-info-585 153 33 protocol protocol NN randomwalker-info-585 153 34 in in IN randomwalker-info-585 153 35 choosing choose VBG randomwalker-info-585 153 36 how how WRB randomwalker-info-585 153 37 to to TO randomwalker-info-585 153 38 build build VB randomwalker-info-585 153 39 blocks block NNS randomwalker-info-585 153 40 and and CC randomwalker-info-585 153 41 what what WP randomwalker-info-585 153 42 to to TO randomwalker-info-585 153 43 do do VB randomwalker-info-585 153 44 with with IN randomwalker-info-585 153 45 them -PRON- PRP randomwalker-info-585 153 46 once once IN randomwalker-info-585 153 47 they -PRON- PRP randomwalker-info-585 153 48 ’re be VBZ randomwalker-info-585 153 49 found find VBN randomwalker-info-585 153 50 . . . randomwalker-info-585 154 1 We -PRON- PRP randomwalker-info-585 154 2 consider consider VBP randomwalker-info-585 154 3 a a DT randomwalker-info-585 154 4 variety variety NN randomwalker-info-585 154 5 of of IN randomwalker-info-585 154 6 known known JJ randomwalker-info-585 154 7 and and CC randomwalker-info-585 154 8 novel novel JJ randomwalker-info-585 154 9 Bitcoin Bitcoin NNP randomwalker-info-585 154 10 mining mining NN randomwalker-info-585 154 11 strate- strate- XX randomwalker-info-585 154 12 gies gy NNS randomwalker-info-585 154 13 . . . randomwalker-info-585 155 1 All all DT randomwalker-info-585 155 2 of of IN randomwalker-info-585 155 3 these these DT randomwalker-info-585 155 4 can can MD randomwalker-info-585 155 5 be be VB randomwalker-info-585 155 6 formalized formalize VBN randomwalker-info-585 155 7 into into IN randomwalker-info-585 155 8 the the DT randomwalker-info-585 155 9 same same JJ randomwalker-info-585 155 10 general general JJ randomwalker-info-585 155 11 structure structure NN randomwalker-info-585 155 12 . . . randomwalker-info-585 156 1 At at IN randomwalker-info-585 156 2 each each DT randomwalker-info-585 156 3 instant instant NN randomwalker-info-585 156 4 , , , randomwalker-info-585 156 5 every every DT randomwalker-info-585 156 6 miner miner NN randomwalker-info-585 156 7 makes make VBZ randomwalker-info-585 156 8 several several JJ randomwalker-info-585 156 9 dis- dis- IN randomwalker-info-585 156 10 tinct tinct JJ randomwalker-info-585 156 11 decisions decision NNS randomwalker-info-585 156 12 : : : randomwalker-info-585 156 13 • • ADD randomwalker-info-585 156 14 Which which WDT randomwalker-info-585 156 15 block block NN randomwalker-info-585 156 16 to to TO randomwalker-info-585 156 17 extend extend VB randomwalker-info-585 156 18 . . . randomwalker-info-585 157 1 • • VB randomwalker-info-585 157 2 How how WRB randomwalker-info-585 157 3 much much JJ randomwalker-info-585 157 4 of of IN randomwalker-info-585 157 5 the the DT randomwalker-info-585 157 6 available available JJ randomwalker-info-585 157 7 transactions transaction NNS randomwalker-info-585 157 8 ( ( -LRB- randomwalker-info-585 157 9 and and CC randomwalker-info-585 157 10 associated associate VBN randomwalker-info-585 157 11 fees fee NNS randomwalker-info-585 157 12 ) ) -RRB- randomwalker-info-585 157 13 to to TO randomwalker-info-585 157 14 include include VB randomwalker-info-585 157 15 in in IN randomwalker-info-585 157 16 the the DT randomwalker-info-585 157 17 block block NN randomwalker-info-585 157 18 they -PRON- PRP randomwalker-info-585 157 19 are be VBP randomwalker-info-585 157 20 solving solve VBG randomwalker-info-585 157 21 . . . randomwalker-info-585 158 1 • • VB randomwalker-info-585 158 2 For for IN randomwalker-info-585 158 3 each each DT randomwalker-info-585 158 4 unpublished unpublished JJ randomwalker-info-585 158 5 block block NN randomwalker-info-585 158 6 , , , randomwalker-info-585 158 7 whether whether IN randomwalker-info-585 158 8 or or CC randomwalker-info-585 158 9 not not RB randomwalker-info-585 158 10 to to TO randomwalker-info-585 158 11 publish publish VB randomwalker-info-585 158 12 . . . randomwalker-info-585 159 1 The the DT randomwalker-info-585 159 2 first first JJ randomwalker-info-585 159 3 decision decision NN randomwalker-info-585 159 4 is be VBZ randomwalker-info-585 159 5 which which WDT randomwalker-info-585 159 6 block block NN randomwalker-info-585 159 7 to to TO randomwalker-info-585 159 8 extend extend VB randomwalker-info-585 159 9 . . . randomwalker-info-585 160 1 As as IN randomwalker-info-585 160 2 an an DT randomwalker-info-585 160 3 ex- ex- JJ randomwalker-info-585 160 4 ample ample NN randomwalker-info-585 160 5 , , , randomwalker-info-585 160 6 the the DT randomwalker-info-585 160 7 default default NN randomwalker-info-585 160 8 compliant compliant JJ randomwalker-info-585 160 9 miner miner NN randomwalker-info-585 160 10 chooses choose NNS randomwalker-info-585 160 11 to to IN randomwalker-info-585 160 12 mine -PRON- PRP randomwalker-info-585 160 13 on on IN randomwalker-info-585 160 14 the the DT randomwalker-info-585 160 15 longest long JJS randomwalker-info-585 160 16 chain chain NN randomwalker-info-585 160 17 that that IN randomwalker-info-585 160 18 they -PRON- PRP randomwalker-info-585 160 19 are be VBP randomwalker-info-585 160 20 aware aware JJ randomwalker-info-585 160 21 of of IN randomwalker-info-585 160 22 , , , randomwalker-info-585 160 23 and and CC randomwalker-info-585 160 24 in in IN randomwalker-info-585 160 25 the the DT randomwalker-info-585 160 26 case case NN randomwalker-info-585 160 27 of of IN randomwalker-info-585 160 28 multi- multi- NNP randomwalker-info-585 160 29 ple ple NN randomwalker-info-585 160 30 blocks block NNS randomwalker-info-585 160 31 that that WDT randomwalker-info-585 160 32 are be VBP randomwalker-info-585 160 33 tied tie VBN randomwalker-info-585 160 34 for for IN randomwalker-info-585 160 35 the the DT randomwalker-info-585 160 36 longest long JJS randomwalker-info-585 160 37 chain chain NN randomwalker-info-585 160 38 , , , randomwalker-info-585 160 39 they -PRON- PRP randomwalker-info-585 160 40 will will MD randomwalker-info-585 160 41 favor favor VB randomwalker-info-585 160 42 mining mining NN randomwalker-info-585 160 43 on on IN randomwalker-info-585 160 44 the the DT randomwalker-info-585 160 45 first first JJ randomwalker-info-585 160 46 of of IN randomwalker-info-585 160 47 these these DT randomwalker-info-585 160 48 blocks block NNS randomwalker-info-585 160 49 that that WDT randomwalker-info-585 160 50 they -PRON- PRP randomwalker-info-585 160 51 became become VBD randomwalker-info-585 160 52 aware aware JJ randomwalker-info-585 160 53 of of IN randomwalker-info-585 160 54 . . . randomwalker-info-585 161 1 This this DT randomwalker-info-585 161 2 decision decision NN randomwalker-info-585 161 3 forms form VBZ randomwalker-info-585 161 4 the the DT randomwalker-info-585 161 5 basis basis NN randomwalker-info-585 161 6 for for IN randomwalker-info-585 161 7 how how WRB randomwalker-info-585 161 8 a a DT randomwalker-info-585 161 9 mining mining NN randomwalker-info-585 161 10 strat- strat- NN randomwalker-info-585 161 11 egy egy NN randomwalker-info-585 161 12 will will MD randomwalker-info-585 161 13 determine determine VB randomwalker-info-585 161 14 which which WDT randomwalker-info-585 161 15 side side NN randomwalker-info-585 161 16 of of IN randomwalker-info-585 161 17 a a DT randomwalker-info-585 161 18 fork fork NN randomwalker-info-585 161 19 it -PRON- PRP randomwalker-info-585 161 20 wants want VBZ randomwalker-info-585 161 21 to to TO randomwalker-info-585 161 22 support support VB randomwalker-info-585 161 23 , , , randomwalker-info-585 161 24 or or CC randomwalker-info-585 161 25 , , , randomwalker-info-585 161 26 alternatively alternatively RB randomwalker-info-585 161 27 , , , randomwalker-info-585 161 28 if if IN randomwalker-info-585 161 29 the the DT randomwalker-info-585 161 30 miner miner NN randomwalker-info-585 161 31 wants want VBZ randomwalker-info-585 161 32 to to TO randomwalker-info-585 161 33 create create VB randomwalker-info-585 161 34 a a DT randomwalker-info-585 161 35 new new JJ randomwalker-info-585 161 36 fork fork NN randomwalker-info-585 161 37 . . . randomwalker-info-585 162 1 The the DT randomwalker-info-585 162 2 next next JJ randomwalker-info-585 162 3 decision decision NN randomwalker-info-585 162 4 is be VBZ randomwalker-info-585 162 5 how how WRB randomwalker-info-585 162 6 much much JJ randomwalker-info-585 162 7 of of IN randomwalker-info-585 162 8 the the DT randomwalker-info-585 162 9 available available JJ randomwalker-info-585 162 10 transaction transaction NN randomwalker-info-585 162 11 fees fee NNS randomwalker-info-585 162 12 to to TO randomwalker-info-585 162 13 claim claim VB randomwalker-info-585 162 14 . . . randomwalker-info-585 163 1 Again again RB randomwalker-info-585 163 2 , , , randomwalker-info-585 163 3 as as IN randomwalker-info-585 163 4 an an DT randomwalker-info-585 163 5 example example NN randomwalker-info-585 163 6 , , , randomwalker-info-585 163 7 the the DT randomwalker-info-585 163 8 default default NN randomwalker-info-585 163 9 compliant compliant JJ randomwalker-info-585 163 10 miner miner NN randomwalker-info-585 163 11 will will MD randomwalker-info-585 163 12 include include VB randomwalker-info-585 163 13 all all DT randomwalker-info-585 163 14 of of IN randomwalker-info-585 163 15 the the DT randomwalker-info-585 163 16 unclaimed unclaimed JJ randomwalker-info-585 163 17 transaction transaction NN randomwalker-info-585 163 18 fees fee NNS randomwalker-info-585 163 19 they -PRON- PRP randomwalker-info-585 163 20 are be VBP randomwalker-info-585 163 21 aware aware JJ randomwalker-info-585 163 22 of of IN randomwalker-info-585 163 23 in in IN randomwalker-info-585 163 24 their -PRON- PRP$ randomwalker-info-585 163 25 block block NN randomwalker-info-585 163 26 . . . randomwalker-info-585 164 1 The the DT randomwalker-info-585 164 2 final final JJ randomwalker-info-585 164 3 decision decision NN randomwalker-info-585 164 4 is be VBZ randomwalker-info-585 164 5 when when WRB randomwalker-info-585 164 6 to to TO randomwalker-info-585 164 7 publish publish VB randomwalker-info-585 164 8 blocks block NNS randomwalker-info-585 164 9 . . . randomwalker-info-585 165 1 When when WRB randomwalker-info-585 165 2 a a DT randomwalker-info-585 165 3 miner miner NN randomwalker-info-585 165 4 mines mine VBZ randomwalker-info-585 165 5 a a DT randomwalker-info-585 165 6 block block NN randomwalker-info-585 165 7 , , , randomwalker-info-585 165 8 only only RB randomwalker-info-585 165 9 they -PRON- PRP randomwalker-info-585 165 10 are be VBP randomwalker-info-585 165 11 aware aware JJ randomwalker-info-585 165 12 of of IN randomwalker-info-585 165 13 its -PRON- PRP$ randomwalker-info-585 165 14 existence existence NN randomwalker-info-585 165 15 . . . randomwalker-info-585 166 1 At at IN randomwalker-info-585 166 2 each each DT randomwalker-info-585 166 3 moment moment NN randomwalker-info-585 166 4 , , , randomwalker-info-585 166 5 miners miner NNS randomwalker-info-585 166 6 can can MD randomwalker-info-585 166 7 choose choose VB randomwalker-info-585 166 8 whether whether IN randomwalker-info-585 166 9 or or CC randomwalker-info-585 166 10 not not RB randomwalker-info-585 166 11 to to TO randomwalker-info-585 166 12 alert alert VB randomwalker-info-585 166 13 the the DT randomwalker-info-585 166 14 other other JJ randomwalker-info-585 166 15 miners miner NNS randomwalker-info-585 166 16 of of IN randomwalker-info-585 166 17 the the DT randomwalker-info-585 166 18 block block NN randomwalker-info-585 166 19 that that WDT randomwalker-info-585 166 20 they -PRON- PRP randomwalker-info-585 166 21 have have VBP randomwalker-info-585 166 22 found find VBN randomwalker-info-585 166 23 . . . randomwalker-info-585 167 1 This this DT randomwalker-info-585 167 2 allows allow VBZ randomwalker-info-585 167 3 for for IN randomwalker-info-585 167 4 mining mining NN randomwalker-info-585 167 5 strategies strategy NNS randomwalker-info-585 167 6 where where WRB randomwalker-info-585 167 7 miners miner NNS randomwalker-info-585 167 8 intentionally intentionally RB randomwalker-info-585 167 9 choose choose VBP randomwalker-info-585 167 10 to to TO randomwalker-info-585 167 11 not not RB randomwalker-info-585 167 12 reveal reveal VB randomwalker-info-585 167 13 their -PRON- PRP$ randomwalker-info-585 167 14 blocks block NNS randomwalker-info-585 167 15 ( ( -LRB- randomwalker-info-585 167 16 such such JJ randomwalker-info-585 167 17 as as IN randomwalker-info-585 167 18 selfish selfish JJ randomwalker-info-585 167 19 mining mining NN randomwalker-info-585 167 20 [ [ -LRB- randomwalker-info-585 167 21 9 9 CD randomwalker-info-585 167 22 ] ] -RRB- randomwalker-info-585 167 23 ) ) -RRB- randomwalker-info-585 167 24 . . . randomwalker-info-585 168 1 We -PRON- PRP randomwalker-info-585 168 2 define define VBP randomwalker-info-585 168 3 the the DT randomwalker-info-585 168 4 following follow VBG randomwalker-info-585 168 5 concepts concept NNS randomwalker-info-585 168 6 in in IN randomwalker-info-585 168 7 order order NN randomwalker-info-585 168 8 to to IN randomwalker-info-585 168 9 more more RBR randomwalker-info-585 168 10 rig- rig- NN randomwalker-info-585 168 11 orously orously RB randomwalker-info-585 168 12 describe describe VB randomwalker-info-585 168 13 the the DT randomwalker-info-585 168 14 mining mining NN randomwalker-info-585 168 15 strategies strategy NNS randomwalker-info-585 168 16 : : : randomwalker-info-585 168 17 First first RB randomwalker-info-585 168 18 , , , randomwalker-info-585 168 19 for for IN randomwalker-info-585 168 20 a a DT randomwalker-info-585 168 21 set set NN randomwalker-info-585 168 22 of of IN randomwalker-info-585 168 23 transactions transaction NNS randomwalker-info-585 168 24 T t NN randomwalker-info-585 168 25 , , , randomwalker-info-585 168 26 we -PRON- PRP randomwalker-info-585 168 27 will will MD randomwalker-info-585 168 28 abuse abuse VB randomwalker-info-585 168 29 notation notation NN randomwalker-info-585 168 30 and and CC randomwalker-info-585 168 31 use use VB randomwalker-info-585 168 32 T T NNP randomwalker-info-585 168 33 to to TO randomwalker-info-585 168 34 also also RB randomwalker-info-585 168 35 denote denote VB randomwalker-info-585 168 36 the the DT randomwalker-info-585 168 37 total total JJ randomwalker-info-585 168 38 transaction transaction NN randomwalker-info-585 168 39 fees fee NNS randomwalker-info-585 168 40 included include VBN randomwalker-info-585 168 41 for for IN randomwalker-info-585 168 42 transactions transaction NNS randomwalker-info-585 168 43 in in IN randomwalker-info-585 168 44 T. t. NN randomwalker-info-585 168 45 For for IN randomwalker-info-585 168 46 a a DT randomwalker-info-585 168 47 block block NN randomwalker-info-585 168 48 , , , randomwalker-info-585 168 49 B b UH randomwalker-info-585 168 50 , , , randomwalker-info-585 168 51 we -PRON- PRP randomwalker-info-585 168 52 will will MD randomwalker-info-585 168 53 denote denote VB randomwalker-info-585 168 54 Tx(B Tx(B NNP randomwalker-info-585 168 55 ) ) -RRB- randomwalker-info-585 168 56 to to TO randomwalker-info-585 168 57 be be VB randomwalker-info-585 168 58 the the DT randomwalker-info-585 168 59 set set NN randomwalker-info-585 168 60 of of IN randomwalker-info-585 168 61 transactions transaction NNS randomwalker-info-585 168 62 included include VBN randomwalker-info-585 168 63 in in IN randomwalker-info-585 168 64 block block NN randomwalker-info-585 168 65 B B NNP randomwalker-info-585 168 66 , , , randomwalker-info-585 168 67 and and CC randomwalker-info-585 168 68 Rem(B Rem(B NNP randomwalker-info-585 168 69 ) ) -RRB- randomwalker-info-585 168 70 to to TO randomwalker-info-585 168 71 denote denote VB randomwalker-info-585 168 72 the the DT randomwalker-info-585 168 73 remaining remain VBG randomwalker-info-585 168 74 transactions transaction NNS randomwalker-info-585 168 75 after after IN randomwalker-info-585 168 76 block block NNP randomwalker-info-585 168 77 B. B. NNP randomwalker-info-585 169 1 That that RB randomwalker-info-585 169 2 is is RB randomwalker-info-585 169 3 , , , randomwalker-info-585 169 4 Rem(B Rem(B NNP randomwalker-info-585 169 5 ) ) -RRB- randomwalker-info-585 169 6 contains contain VBZ randomwalker-info-585 169 7 all all DT randomwalker-info-585 169 8 announced announce VBN randomwalker-info-585 169 9 transactions transaction NNS randomwalker-info-585 169 10 in in IN randomwalker-info-585 169 11 that that DT randomwalker-info-585 169 12 are be VBP randomwalker-info-585 169 13 not not RB randomwalker-info-585 169 14 included include VBN randomwalker-info-585 169 15 in in IN randomwalker-info-585 169 16 B b NN randomwalker-info-585 169 17 or or CC randomwalker-info-585 169 18 any any DT randomwalker-info-585 169 19 of of IN randomwalker-info-585 169 20 its -PRON- PRP$ randomwalker-info-585 169 21 predecessors predecessor NNS randomwalker-info-585 169 22 ( ( -LRB- randomwalker-info-585 169 23 thus thus RB randomwalker-info-585 169 24 , , , randomwalker-info-585 169 25 this this DT randomwalker-info-585 169 26 is be VBZ randomwalker-info-585 169 27 a a DT randomwalker-info-585 169 28 set set NN randomwalker-info-585 169 29 that that WDT randomwalker-info-585 169 30 varies vary VBZ randomwalker-info-585 169 31 over over IN randomwalker-info-585 169 32 time time NN randomwalker-info-585 169 33 ) ) -RRB- randomwalker-info-585 169 34 . . . randomwalker-info-585 170 1 We -PRON- PRP randomwalker-info-585 170 2 will will MD randomwalker-info-585 170 3 also also RB randomwalker-info-585 170 4 use use VB randomwalker-info-585 170 5 Height(B Height(B NNP randomwalker-info-585 170 6 ) ) -RRB- randomwalker-info-585 170 7 to to TO randomwalker-info-585 170 8 denote denote VB randomwalker-info-585 170 9 the the DT randomwalker-info-585 170 10 height height NN randomwalker-info-585 170 11 of of IN randomwalker-info-585 170 12 a a DT randomwalker-info-585 170 13 block block NN randomwalker-info-585 170 14 ( ( -LRB- randomwalker-info-585 170 15 i.e. i.e. FW randomwalker-info-585 171 1 the the DT randomwalker-info-585 171 2 height height NN randomwalker-info-585 171 3 of of IN randomwalker-info-585 171 4 a a DT randomwalker-info-585 171 5 chain chain NN randomwalker-info-585 171 6 that that WDT randomwalker-info-585 171 7 ends end VBZ randomwalker-info-585 171 8 at at IN randomwalker-info-585 171 9 block block NNP randomwalker-info-585 171 10 B B NNP randomwalker-info-585 171 11 ) ) -RRB- randomwalker-info-585 171 12 , , , randomwalker-info-585 171 13 denoting denote VBG randomwalker-info-585 171 14 by by IN randomwalker-info-585 171 15 H h NN randomwalker-info-585 171 16 the the DT randomwalker-info-585 171 17 height height NN randomwalker-info-585 171 18 of of IN randomwalker-info-585 171 19 the the DT randomwalker-info-585 171 20 current current JJ randomwalker-info-585 171 21 longest long JJS randomwalker-info-585 171 22 chain chain NN randomwalker-info-585 171 23 that that WDT randomwalker-info-585 171 24 has have VBZ randomwalker-info-585 171 25 been be VBN randomwalker-info-585 171 26 announced,2 announced,2 CD randomwalker-info-585 171 27 and and CC randomwalker-info-585 171 28 Owner(B owner(b NN randomwalker-info-585 171 29 ) ) -RRB- randomwalker-info-585 171 30 to to TO randomwalker-info-585 171 31 denote denote VB randomwalker-info-585 171 32 the the DT randomwalker-info-585 171 33 miner miner NN randomwalker-info-585 171 34 that that WDT randomwalker-info-585 171 35 produced produce VBD randomwalker-info-585 171 36 block block NNP randomwalker-info-585 171 37 B. B. NNP randomwalker-info-585 172 1 When when WRB randomwalker-info-585 172 2 a a DT randomwalker-info-585 172 3 miner miner NN randomwalker-info-585 172 4 m m NN randomwalker-info-585 172 5 is be VBZ randomwalker-info-585 172 6 deciding decide VBG randomwalker-info-585 172 7 which which WDT randomwalker-info-585 172 8 block block NN randomwalker-info-585 172 9 of of IN randomwalker-info-585 172 10 height height NN randomwalker-info-585 172 11 i i PRP randomwalker-info-585 172 12 to to TO randomwalker-info-585 172 13 extend extend VB randomwalker-info-585 172 14 in in IN randomwalker-info-585 172 15 the the DT randomwalker-info-585 172 16 case case NN randomwalker-info-585 172 17 of of IN randomwalker-info-585 172 18 a a DT randomwalker-info-585 172 19 tie tie NN randomwalker-info-585 172 20 , , , randomwalker-info-585 172 21 all all DT randomwalker-info-585 172 22 strategies strategy NNS randomwalker-info-585 172 23 considered consider VBN randomwalker-info-585 172 24 in in IN randomwalker-info-585 172 25 this this DT randomwalker-info-585 172 26 pa- pa- NN randomwalker-info-585 172 27 per per IN randomwalker-info-585 172 28 first first RB randomwalker-info-585 172 29 select select VB randomwalker-info-585 172 30 a a DT randomwalker-info-585 172 31 block block NN randomwalker-info-585 172 32 that that IN randomwalker-info-585 172 33 they -PRON- PRP randomwalker-info-585 172 34 themselves -PRON- PRP randomwalker-info-585 172 35 mined mine VBD randomwalker-info-585 172 36 ( ( -LRB- randomwalker-info-585 172 37 Owner(B owner(b NN randomwalker-info-585 172 38 ) ) -RRB- randomwalker-info-585 172 39 = = NFP randomwalker-info-585 172 40 m m NN randomwalker-info-585 172 41 ) ) -RRB- randomwalker-info-585 172 42 . . . randomwalker-info-585 173 1 Also also RB randomwalker-info-585 173 2 , , , randomwalker-info-585 173 3 all all DT randomwalker-info-585 173 4 strategies strategy NNS randomwalker-info-585 173 5 in in IN randomwalker-info-585 173 6 this this DT randomwalker-info-585 173 7 paper paper NN randomwalker-info-585 173 8 avoid avoid NN randomwalker-info-585 173 9 mining mine VBG randomwalker-info-585 173 10 multiple multiple JJ randomwalker-info-585 173 11 blocks block NNS randomwalker-info-585 173 12 at at IN randomwalker-info-585 173 13 the the DT randomwalker-info-585 173 14 same same JJ randomwalker-info-585 173 15 height height NN randomwalker-info-585 173 16 , , , randomwalker-info-585 173 17 so so CC randomwalker-info-585 173 18 if if IN randomwalker-info-585 173 19 a a DT randomwalker-info-585 173 20 block block NN randomwalker-info-585 173 21 with with IN randomwalker-info-585 173 22 Owner(B owner(b NN randomwalker-info-585 173 23 ) ) -RRB- randomwalker-info-585 173 24 = = NFP randomwalker-info-585 173 25 m m NN randomwalker-info-585 173 26 at at IN randomwalker-info-585 173 27 height height NN randomwalker-info-585 173 28 i i PRP randomwalker-info-585 173 29 exists exist VBZ randomwalker-info-585 173 30 , , , randomwalker-info-585 173 31 it -PRON- PRP randomwalker-info-585 173 32 would would MD randomwalker-info-585 173 33 be be VB randomwalker-info-585 173 34 unique unique JJ randomwalker-info-585 173 35 . . . randomwalker-info-585 174 1 If if IN randomwalker-info-585 174 2 m m NNP randomwalker-info-585 174 3 did do VBD randomwalker-info-585 174 4 not not RB randomwalker-info-585 174 5 pro- pro- VB randomwalker-info-585 174 6 duce duce VB randomwalker-info-585 174 7 any any DT randomwalker-info-585 174 8 blocks block NNS randomwalker-info-585 174 9 at at IN randomwalker-info-585 174 10 height height NN randomwalker-info-585 174 11 i i PRP randomwalker-info-585 174 12 , , , randomwalker-info-585 174 13 the the DT randomwalker-info-585 174 14 default default NN randomwalker-info-585 174 15 client client NN randomwalker-info-585 174 16 would would MD randomwalker-info-585 174 17 then then RB randomwalker-info-585 174 18 select select VB randomwalker-info-585 174 19 the the DT randomwalker-info-585 174 20 first first JJ randomwalker-info-585 174 21 block block NN randomwalker-info-585 174 22 that that WDT randomwalker-info-585 174 23 m m NNP randomwalker-info-585 174 24 became become VBD randomwalker-info-585 174 25 aware aware JJ randomwalker-info-585 174 26 of of IN randomwalker-info-585 174 27 . . . randomwalker-info-585 175 1 So so RB randomwalker-info-585 175 2 we -PRON- PRP randomwalker-info-585 175 3 define define VBP randomwalker-info-585 175 4 Oldestmi Oldestmi NNP randomwalker-info-585 175 5 to to TO randomwalker-info-585 175 6 be be VB randomwalker-info-585 175 7 the the DT randomwalker-info-585 175 8 unique unique JJ randomwalker-info-585 175 9 block block NN randomwalker-info-585 175 10 of of IN randomwalker-info-585 175 11 height height NN randomwalker-info-585 175 12 i i PRP randomwalker-info-585 175 13 produced produce VBD randomwalker-info-585 175 14 by by IN randomwalker-info-585 175 15 miner miner NN randomwalker-info-585 175 16 m m NNP randomwalker-info-585 175 17 if if IN randomwalker-info-585 175 18 it -PRON- PRP randomwalker-info-585 175 19 exists exist VBZ randomwalker-info-585 175 20 , , , randomwalker-info-585 175 21 or or CC randomwalker-info-585 175 22 the the DT randomwalker-info-585 175 23 first first JJ randomwalker-info-585 175 24 block block NN randomwalker-info-585 175 25 of of IN randomwalker-info-585 175 26 height height NN randomwalker-info-585 175 27 i i PRP randomwalker-info-585 175 28 that that DT randomwalker-info-585 175 29 m m NNP randomwalker-info-585 175 30 became become VBD randomwalker-info-585 175 31 aware aware JJ randomwalker-info-585 175 32 of of IN randomwalker-info-585 175 33 . . . randomwalker-info-585 176 1 Note note VB randomwalker-info-585 176 2 that that IN randomwalker-info-585 176 3 if if IN randomwalker-info-585 176 4 i i PRP randomwalker-info-585 176 5 = = SYM randomwalker-info-585 176 6 H h NN randomwalker-info-585 176 7 , , , randomwalker-info-585 176 8 then then RB randomwalker-info-585 176 9 this this DT randomwalker-info-585 176 10 is be VBZ randomwalker-info-585 176 11 the the DT randomwalker-info-585 176 12 block block NN randomwalker-info-585 176 13 m m NNP randomwalker-info-585 176 14 would would MD randomwalker-info-585 176 15 extend extend VB randomwalker-info-585 176 16 using use VBG randomwalker-info-585 176 17 the the DT randomwalker-info-585 176 18 default default NN randomwalker-info-585 176 19 strategy strategy NN randomwalker-info-585 176 20 . . . randomwalker-info-585 177 1 We -PRON- PRP randomwalker-info-585 177 2 also also RB randomwalker-info-585 177 3 define define VBP randomwalker-info-585 177 4 Mosti Mosti NNP randomwalker-info-585 177 5 to to TO randomwalker-info-585 177 6 be be VB randomwalker-info-585 177 7 the the DT randomwalker-info-585 177 8 block block NN randomwalker-info-585 177 9 of of IN randomwalker-info-585 177 10 height height NN randomwalker-info-585 177 11 i i PRP randomwalker-info-585 177 12 that that DT randomwalker-info-585 177 13 maximizes maximize VBZ randomwalker-info-585 177 14 the the DT randomwalker-info-585 177 15 remain- remain- NN randomwalker-info-585 177 16 ing ing NNP randomwalker-info-585 177 17 transaction transaction NN randomwalker-info-585 177 18 fees fee NNS randomwalker-info-585 177 19 ( ( -LRB- randomwalker-info-585 177 20 formally formally RB randomwalker-info-585 177 21 : : : randomwalker-info-585 177 22 argmaxB|Height(B)=i{Rem(B argmaxb|height(b)=i{rem(b NN randomwalker-info-585 177 23 ) ) -RRB- randomwalker-info-585 177 24 } } -RRB- randomwalker-info-585 177 25 ) ) -RRB- randomwalker-info-585 177 26 . . . randomwalker-info-585 178 1 Note note VB randomwalker-info-585 178 2 that that IN randomwalker-info-585 178 3 while while IN randomwalker-info-585 178 4 Rem(B Rem(B NNP randomwalker-info-585 178 5 ) ) -RRB- randomwalker-info-585 178 6 changes change VBZ randomwalker-info-585 178 7 over over IN randomwalker-info-585 178 8 time time NN randomwalker-info-585 178 9 , , , randomwalker-info-585 178 10 the the DT randomwalker-info-585 178 11 block block NN randomwalker-info-585 178 12 Mosti Mosti NNP randomwalker-info-585 178 13 can can MD randomwalker-info-585 178 14 only only RB randomwalker-info-585 178 15 change change VB randomwalker-info-585 178 16 if if IN randomwalker-info-585 178 17 a a DT randomwalker-info-585 178 18 new new JJ randomwalker-info-585 178 19 block block NN randomwalker-info-585 178 20 of of IN randomwalker-info-585 178 21 height height NN randomwalker-info-585 178 22 i i PRP randomwalker-info-585 178 23 is be VBZ randomwalker-info-585 178 24 published publish VBN randomwalker-info-585 178 25 . . . randomwalker-info-585 179 1 Fi- fi- RB randomwalker-info-585 179 2 nally nally RB randomwalker-info-585 179 3 , , , randomwalker-info-585 179 4 we -PRON- PRP randomwalker-info-585 179 5 denote denote VBP randomwalker-info-585 179 6 by by IN randomwalker-info-585 179 7 Mostmi Mostmi NNP randomwalker-info-585 179 8 the the DT randomwalker-info-585 179 9 block block NN randomwalker-info-585 179 10 of of IN randomwalker-info-585 179 11 height height NN randomwalker-info-585 179 12 i i PRP randomwalker-info-585 179 13 produced produce VBD randomwalker-info-585 179 14 by by IN randomwalker-info-585 179 15 m m NNP randomwalker-info-585 179 16 ( ( -LRB- randomwalker-info-585 179 17 if if IN randomwalker-info-585 179 18 it -PRON- PRP randomwalker-info-585 179 19 exists exist VBZ randomwalker-info-585 179 20 ) ) -RRB- randomwalker-info-585 179 21 , , , randomwalker-info-585 179 22 or or CC randomwalker-info-585 179 23 the the DT randomwalker-info-585 179 24 block block NN randomwalker-info-585 179 25 of of IN randomwalker-info-585 179 26 height height NN randomwalker-info-585 179 27 i i PRP randomwalker-info-585 179 28 that that DT randomwalker-info-585 179 29 maximizes maximize VBZ randomwalker-info-585 179 30 the the DT randomwalker-info-585 179 31 remaining remain VBG randomwalker-info-585 179 32 transaction transaction NN randomwalker-info-585 179 33 fees fee NNS randomwalker-info-585 179 34 otherwise otherwise RB randomwalker-info-585 179 35 . . . randomwalker-info-585 180 1 2So 2so CD randomwalker-info-585 180 2 for for IN randomwalker-info-585 180 3 instance instance NN randomwalker-info-585 180 4 , , , randomwalker-info-585 180 5 if if IN randomwalker-info-585 180 6 a a DT randomwalker-info-585 180 7 chain chain NN randomwalker-info-585 180 8 of of IN randomwalker-info-585 180 9 height height NN randomwalker-info-585 180 10 2 2 CD randomwalker-info-585 180 11 has have VBZ randomwalker-info-585 180 12 been be VBN randomwalker-info-585 180 13 announced announce VBN randomwalker-info-585 180 14 , , , randomwalker-info-585 180 15 but but CC randomwalker-info-585 180 16 some some DT randomwalker-info-585 180 17 miner miner NN randomwalker-info-585 180 18 is be VBZ randomwalker-info-585 180 19 privately privately RB randomwalker-info-585 180 20 storing store VBG randomwalker-info-585 180 21 a a DT randomwalker-info-585 180 22 chain chain NN randomwalker-info-585 180 23 of of IN randomwalker-info-585 180 24 length length NN randomwalker-info-585 180 25 10 10 CD randomwalker-info-585 180 26 , , , randomwalker-info-585 180 27 we -PRON- PRP randomwalker-info-585 180 28 would would MD randomwalker-info-585 180 29 define define VB randomwalker-info-585 180 30 H h NN randomwalker-info-585 180 31 = = SYM randomwalker-info-585 180 32 2 2 CD randomwalker-info-585 180 33 . . . randomwalker-info-585 181 1 We -PRON- PRP randomwalker-info-585 181 2 can can MD randomwalker-info-585 181 3 now now RB randomwalker-info-585 181 4 formally formally RB randomwalker-info-585 181 5 define define VB randomwalker-info-585 181 6 mining mining NN randomwalker-info-585 181 7 strategies strategy NNS randomwalker-info-585 181 8 we -PRON- PRP randomwalker-info-585 181 9 consider consider VBP randomwalker-info-585 181 10 . . . randomwalker-info-585 182 1 We -PRON- PRP randomwalker-info-585 182 2 model model VBP randomwalker-info-585 182 3 strategies strategy NNS randomwalker-info-585 182 4 as as IN randomwalker-info-585 182 5 time time NN randomwalker-info-585 182 6 - - HYPH randomwalker-info-585 182 7 driven drive VBN randomwalker-info-585 182 8 ( ( -LRB- randomwalker-info-585 182 9 rather rather RB randomwalker-info-585 182 10 than than IN randomwalker-info-585 182 11 event event NN randomwalker-info-585 182 12 - - HYPH randomwalker-info-585 182 13 driven drive VBN randomwalker-info-585 182 14 ) ) -RRB- randomwalker-info-585 182 15 : : : randomwalker-info-585 182 16 in in IN randomwalker-info-585 182 17 every every DT randomwalker-info-585 182 18 infinitesimally infinitesimally RB randomwalker-info-585 182 19 small small JJ randomwalker-info-585 182 20 time time NN randomwalker-info-585 182 21 step step NN randomwalker-info-585 182 22 , , , randomwalker-info-585 182 23 the the DT randomwalker-info-585 182 24 miner miner NN randomwalker-info-585 182 25 must must MD randomwalker-info-585 182 26 de- de- RB randomwalker-info-585 182 27 cide cide VB randomwalker-info-585 182 28 which which WDT randomwalker-info-585 182 29 block block NN randomwalker-info-585 182 30 to to TO randomwalker-info-585 182 31 extend extend VB randomwalker-info-585 182 32 ( ( -LRB- randomwalker-info-585 182 33 denoted denote VBN randomwalker-info-585 182 34 by by IN randomwalker-info-585 182 35 Mining(m Mining(m NNP randomwalker-info-585 182 36 ) ) -RRB- randomwalker-info-585 182 37 ) ) -RRB- randomwalker-info-585 182 38 , , , randomwalker-info-585 182 39 what what WDT randomwalker-info-585 182 40 set set NN randomwalker-info-585 182 41 of of IN randomwalker-info-585 182 42 transactions transaction NNS randomwalker-info-585 182 43 to to TO randomwalker-info-585 182 44 include include VB randomwalker-info-585 182 45 , , , randomwalker-info-585 182 46 and and CC randomwalker-info-585 182 47 for for IN randomwalker-info-585 182 48 each each DT randomwalker-info-585 182 49 of of IN randomwalker-info-585 182 50 their -PRON- PRP$ randomwalker-info-585 182 51 own own JJ randomwalker-info-585 182 52 unpublished unpublished JJ randomwalker-info-585 182 53 blocks block NNS randomwalker-info-585 182 54 , , , randomwalker-info-585 182 55 whether whether IN randomwalker-info-585 182 56 to to TO randomwalker-info-585 182 57 publish publish VB randomwalker-info-585 182 58 . . . randomwalker-info-585 183 1 Note note VB randomwalker-info-585 183 2 that that IN randomwalker-info-585 183 3 by by IN randomwalker-info-585 183 4 pub- pub- NN randomwalker-info-585 183 5 lishing lishe VBG randomwalker-info-585 183 6 a a DT randomwalker-info-585 183 7 block block NN randomwalker-info-585 183 8 B b NN randomwalker-info-585 183 9 , , , randomwalker-info-585 183 10 we -PRON- PRP randomwalker-info-585 183 11 mean mean VBP randomwalker-info-585 183 12 ensuring ensure VBG randomwalker-info-585 183 13 that that IN randomwalker-info-585 183 14 every every DT randomwalker-info-585 183 15 node node NN randomwalker-info-585 183 16 in in IN randomwalker-info-585 183 17 the the DT randomwalker-info-585 183 18 network network NN randomwalker-info-585 183 19 is be VBZ randomwalker-info-585 183 20 aware aware JJ randomwalker-info-585 183 21 of of IN randomwalker-info-585 183 22 B b NN randomwalker-info-585 183 23 and and CC randomwalker-info-585 183 24 all all PDT randomwalker-info-585 183 25 its -PRON- PRP$ randomwalker-info-585 183 26 predecessors predecessor NNS randomwalker-info-585 183 27 , , , randomwalker-info-585 183 28 and and CC randomwalker-info-585 183 29 are be VBP randomwalker-info-585 183 30 n’t not RB randomwalker-info-585 183 31 concerned concerned JJ randomwalker-info-585 183 32 with with IN randomwalker-info-585 183 33 exactly exactly RB randomwalker-info-585 183 34 what what WP randomwalker-info-585 183 35 physical physical JJ randomwalker-info-585 183 36 measures measure NNS randomwalker-info-585 183 37 m m NNP randomwalker-info-585 183 38 takes take VBZ randomwalker-info-585 183 39 to to TO randomwalker-info-585 183 40 ensure ensure VB randomwalker-info-585 183 41 this this DT randomwalker-info-585 183 42 . . . randomwalker-info-585 184 1 In in IN randomwalker-info-585 184 2 this this DT randomwalker-info-585 184 3 language language NN randomwalker-info-585 184 4 , , , randomwalker-info-585 184 5 the the DT randomwalker-info-585 184 6 default default NN randomwalker-info-585 184 7 mining mining NN randomwalker-info-585 184 8 strategy strategy NN randomwalker-info-585 184 9 would would MD randomwalker-info-585 184 10 be be VB randomwalker-info-585 184 11 formalized formalize VBN randomwalker-info-585 184 12 as as IN randomwalker-info-585 184 13 follows follow VBZ randomwalker-info-585 184 14 : : : randomwalker-info-585 184 15 DefaultCompliant defaultcompliant JJ randomwalker-info-585 184 16 : : : randomwalker-info-585 184 17 The the DT randomwalker-info-585 184 18 default default NN randomwalker-info-585 184 19 Bitcoin Bitcoin NNP randomwalker-info-585 184 20 mining mining NN randomwalker-info-585 184 21 strategy strategy NN randomwalker-info-585 184 22 , , , randomwalker-info-585 184 23 including include VBG randomwalker-info-585 184 24 all all DT randomwalker-info-585 184 25 avail- avail- JJ randomwalker-info-585 184 26 able able JJ randomwalker-info-585 184 27 transactions transaction NNS randomwalker-info-585 184 28 , , , randomwalker-info-585 184 29 mining mine VBG randomwalker-info-585 184 30 on on IN randomwalker-info-585 184 31 the the DT randomwalker-info-585 184 32 end end NN randomwalker-info-585 184 33 of of IN randomwalker-info-585 184 34 the the DT randomwalker-info-585 184 35 longest long JJS randomwalker-info-585 184 36 chain chain NN randomwalker-info-585 184 37 , , , randomwalker-info-585 184 38 choosing choose VBG randomwalker-info-585 184 39 the the DT randomwalker-info-585 184 40 older old JJR randomwalker-info-585 184 41 block block NN randomwalker-info-585 184 42 in in IN randomwalker-info-585 184 43 a a DT randomwalker-info-585 184 44 tie tie NN randomwalker-info-585 184 45 , , , randomwalker-info-585 184 46 and and CC randomwalker-info-585 184 47 publishing publish VBG randomwalker-info-585 184 48 all all DT randomwalker-info-585 184 49 blocks block NNS randomwalker-info-585 184 50 . . . randomwalker-info-585 185 1 Which which WDT randomwalker-info-585 185 2 Block Block NNP randomwalker-info-585 185 3 : : : randomwalker-info-585 185 4 Mining(m mining(m LS randomwalker-info-585 185 5 ) ) -RRB- randomwalker-info-585 185 6 = = NFP randomwalker-info-585 185 7 OldestmH OldestmH NNS randomwalker-info-585 185 8 . . . randomwalker-info-585 186 1 How how WRB randomwalker-info-585 186 2 much much JJ randomwalker-info-585 186 3 : : : randomwalker-info-585 186 4 include include VBP randomwalker-info-585 186 5 Rem(Mining(m Rem(Mining(m NNP randomwalker-info-585 186 6 ) ) -RRB- randomwalker-info-585 186 7 ) ) -RRB- randomwalker-info-585 186 8 . . . randomwalker-info-585 187 1 Publish(B Publish(B VBN randomwalker-info-585 187 2 ) ) -RRB- randomwalker-info-585 187 3 ? ? . randomwalker-info-585 188 1 : : : randomwalker-info-585 188 2 yes yes UH randomwalker-info-585 188 3 . . . randomwalker-info-585 189 1 4 4 LS randomwalker-info-585 189 2 . . . randomwalker-info-585 190 1 MINING mining NN randomwalker-info-585 190 2 STRATEGY STRATEGY NNP randomwalker-info-585 190 3 SIMULATOR SIMULATOR VBN randomwalker-info-585 190 4 In in IN randomwalker-info-585 190 5 order order NN randomwalker-info-585 190 6 to to TO randomwalker-info-585 190 7 more more RBR randomwalker-info-585 190 8 clearly clearly RB randomwalker-info-585 190 9 analyze analyze VB randomwalker-info-585 190 10 what what WP randomwalker-info-585 190 11 the the DT randomwalker-info-585 190 12 game game NN randomwalker-info-585 190 13 theoretic theoretic JJ randomwalker-info-585 190 14 landscape landscape NN randomwalker-info-585 190 15 will will MD randomwalker-info-585 190 16 look look VB randomwalker-info-585 190 17 like like IN randomwalker-info-585 190 18 once once RB randomwalker-info-585 190 19 the the DT randomwalker-info-585 190 20 Bitcoin Bitcoin NNP randomwalker-info-585 190 21 mining mining NN randomwalker-info-585 190 22 incentive incentive NN randomwalker-info-585 190 23 be- be- XX randomwalker-info-585 190 24 comes come VBZ randomwalker-info-585 190 25 transaction transaction NN randomwalker-info-585 190 26 fee fee NN randomwalker-info-585 190 27 based base VBN randomwalker-info-585 190 28 instead instead RB randomwalker-info-585 190 29 of of IN randomwalker-info-585 190 30 block block NN randomwalker-info-585 190 31 reward reward NN randomwalker-info-585 190 32 based base VBN randomwalker-info-585 190 33 , , , randomwalker-info-585 190 34 we -PRON- PRP randomwalker-info-585 190 35 have have VBP randomwalker-info-585 190 36 developed develop VBN randomwalker-info-585 190 37 a a DT randomwalker-info-585 190 38 versatile versatile JJ randomwalker-info-585 190 39 Bitcoin Bitcoin NNP randomwalker-info-585 190 40 mining mining NN randomwalker-info-585 190 41 strategy strategy NN randomwalker-info-585 190 42 sim- sim- NN randomwalker-info-585 190 43 ulator.3 ulator.3 UH randomwalker-info-585 190 44 Here here RB randomwalker-info-585 190 45 we -PRON- PRP randomwalker-info-585 190 46 discuss discuss VBP randomwalker-info-585 190 47 the the DT randomwalker-info-585 190 48 strategies strategy NNS randomwalker-info-585 190 49 our -PRON- PRP$ randomwalker-info-585 190 50 simulator simulator NN randomwalker-info-585 190 51 is be VBZ randomwalker-info-585 190 52 ca- ca- VBN randomwalker-info-585 190 53 pable pable JJ randomwalker-info-585 190 54 of of IN randomwalker-info-585 190 55 implementing implement VBG randomwalker-info-585 190 56 , , , randomwalker-info-585 190 57 the the DT randomwalker-info-585 190 58 process process NN randomwalker-info-585 190 59 by by IN randomwalker-info-585 190 60 which which WDT randomwalker-info-585 190 61 our -PRON- PRP$ randomwalker-info-585 190 62 simulator simulator NN randomwalker-info-585 190 63 can can MD randomwalker-info-585 190 64 explore explore VB randomwalker-info-585 190 65 a a DT randomwalker-info-585 190 66 strategy strategy NN randomwalker-info-585 190 67 space space NN randomwalker-info-585 190 68 , , , randomwalker-info-585 190 69 the the DT randomwalker-info-585 190 70 configurable configurable JJ randomwalker-info-585 190 71 parameters parameter NNS randomwalker-info-585 190 72 of of IN randomwalker-info-585 190 73 the the DT randomwalker-info-585 190 74 simulator simulator NN randomwalker-info-585 190 75 , , , randomwalker-info-585 190 76 and and CC randomwalker-info-585 190 77 its -PRON- PRP$ randomwalker-info-585 190 78 limitations limitation NNS randomwalker-info-585 190 79 . . . randomwalker-info-585 191 1 4.1 4.1 CD randomwalker-info-585 191 2 Strategies Strategies NNPS randomwalker-info-585 191 3 , , , randomwalker-info-585 191 4 Rounds Rounds NNPS randomwalker-info-585 191 5 , , , randomwalker-info-585 191 6 and and CC randomwalker-info-585 191 7 Games Games NNPS randomwalker-info-585 191 8 We -PRON- PRP randomwalker-info-585 191 9 first first RB randomwalker-info-585 191 10 describe describe VBP randomwalker-info-585 191 11 the the DT randomwalker-info-585 191 12 basic basic JJ randomwalker-info-585 191 13 units unit NNS randomwalker-info-585 191 14 of of IN randomwalker-info-585 191 15 our -PRON- PRP$ randomwalker-info-585 191 16 simulator simulator NN randomwalker-info-585 191 17 and and CC randomwalker-info-585 191 18 how how WRB randomwalker-info-585 191 19 they -PRON- PRP randomwalker-info-585 191 20 interact interact VBP randomwalker-info-585 191 21 with with IN randomwalker-info-585 191 22 each each DT randomwalker-info-585 191 23 other other JJ randomwalker-info-585 191 24 before before IN randomwalker-info-585 191 25 getting get VBG randomwalker-info-585 191 26 into into IN randomwalker-info-585 191 27 details detail NNS randomwalker-info-585 191 28 . . . randomwalker-info-585 192 1 Strategies strategy NNS randomwalker-info-585 192 2 . . . randomwalker-info-585 193 1 The the DT randomwalker-info-585 193 2 simulator simulator NN randomwalker-info-585 193 3 is be VBZ randomwalker-info-585 193 4 designed design VBN randomwalker-info-585 193 5 in in IN randomwalker-info-585 193 6 such such PDT randomwalker-info-585 193 7 a a DT randomwalker-info-585 193 8 way way NN randomwalker-info-585 193 9 to to TO randomwalker-info-585 193 10 be be VB randomwalker-info-585 193 11 able able JJ randomwalker-info-585 193 12 to to TO randomwalker-info-585 193 13 run run VB randomwalker-info-585 193 14 any any DT randomwalker-info-585 193 15 strategy strategy NN randomwalker-info-585 193 16 that that WDT randomwalker-info-585 193 17 fits fit VBZ randomwalker-info-585 193 18 the the DT randomwalker-info-585 193 19 strategy strategy NN randomwalker-info-585 193 20 space space NN randomwalker-info-585 193 21 detailed detail VBN randomwalker-info-585 193 22 in in IN randomwalker-info-585 193 23 Section Section NNP randomwalker-info-585 193 24 3.3 3.3 CD randomwalker-info-585 193 25 . . . randomwalker-info-585 194 1 That that RB randomwalker-info-585 194 2 is is RB randomwalker-info-585 194 3 , , , randomwalker-info-585 194 4 every every DT randomwalker-info-585 194 5 strategy strategy NN randomwalker-info-585 194 6 is be VBZ randomwalker-info-585 194 7 fully fully RB randomwalker-info-585 194 8 defined define VBN randomwalker-info-585 194 9 by by IN randomwalker-info-585 194 10 a a DT randomwalker-info-585 194 11 function function NN randomwalker-info-585 194 12 that that WDT randomwalker-info-585 194 13 outputs output VBZ randomwalker-info-585 194 14 a a DT randomwalker-info-585 194 15 block block NN randomwalker-info-585 194 16 to to TO randomwalker-info-585 194 17 extend extend VB randomwalker-info-585 194 18 , , , randomwalker-info-585 194 19 a a DT randomwalker-info-585 194 20 set set NN randomwalker-info-585 194 21 of of IN randomwalker-info-585 194 22 trans- trans- JJ randomwalker-info-585 194 23 actions action NNS randomwalker-info-585 194 24 to to TO randomwalker-info-585 194 25 include include VB randomwalker-info-585 194 26 , , , randomwalker-info-585 194 27 and and CC randomwalker-info-585 194 28 a a DT randomwalker-info-585 194 29 rule rule NN randomwalker-info-585 194 30 to to TO randomwalker-info-585 194 31 decide decide VB randomwalker-info-585 194 32 whether whether IN randomwalker-info-585 194 33 to to TO randomwalker-info-585 194 34 publish publish VB randomwalker-info-585 194 35 any any DT randomwalker-info-585 194 36 found find VBN randomwalker-info-585 194 37 blocks block NNS randomwalker-info-585 194 38 . . . randomwalker-info-585 195 1 All all DT randomwalker-info-585 195 2 of of IN randomwalker-info-585 195 3 these these DT randomwalker-info-585 195 4 functions function NNS randomwalker-info-585 195 5 may may MD randomwalker-info-585 195 6 take take VB randomwalker-info-585 195 7 as as RB randomwalker-info-585 195 8 input input NN randomwalker-info-585 195 9 any any DT randomwalker-info-585 195 10 public public JJ randomwalker-info-585 195 11 information information NN randomwalker-info-585 195 12 , , , randomwalker-info-585 195 13 including include VBG randomwalker-info-585 195 14 all all DT randomwalker-info-585 195 15 published publish VBN randomwalker-info-585 195 16 blocks block NNS randomwalker-info-585 195 17 and and CC randomwalker-info-585 195 18 all all DT randomwalker-info-585 195 19 announced announce VBN randomwalker-info-585 195 20 transactions transaction NNS randomwalker-info-585 195 21 . . . randomwalker-info-585 196 1 Rounds round NNS randomwalker-info-585 196 2 . . . randomwalker-info-585 197 1 Our -PRON- PRP$ randomwalker-info-585 197 2 simulator simulator NN randomwalker-info-585 197 3 is be VBZ randomwalker-info-585 197 4 time time NN randomwalker-info-585 197 5 - - HYPH randomwalker-info-585 197 6 driven drive VBN randomwalker-info-585 197 7 , , , randomwalker-info-585 197 8 as as IN randomwalker-info-585 197 9 opposed oppose VBN randomwalker-info-585 197 10 to to TO randomwalker-info-585 197 11 event- event- VB randomwalker-info-585 197 12 driven drive VBN randomwalker-info-585 197 13 . . . randomwalker-info-585 198 1 We -PRON- PRP randomwalker-info-585 198 2 made make VBD randomwalker-info-585 198 3 this this DT randomwalker-info-585 198 4 decision decision NN randomwalker-info-585 198 5 because because IN randomwalker-info-585 198 6 we -PRON- PRP randomwalker-info-585 198 7 want want VBP randomwalker-info-585 198 8 it -PRON- PRP randomwalker-info-585 198 9 to to TO randomwalker-info-585 198 10 be be VB randomwalker-info-585 198 11 easy easy JJ randomwalker-info-585 198 12 to to TO randomwalker-info-585 198 13 add add VB randomwalker-info-585 198 14 new new JJ randomwalker-info-585 198 15 strategies strategy NNS randomwalker-info-585 198 16 to to IN randomwalker-info-585 198 17 the the DT randomwalker-info-585 198 18 simulator simulator NN randomwalker-info-585 198 19 . . . randomwalker-info-585 199 1 In in IN randomwalker-info-585 199 2 an an DT randomwalker-info-585 199 3 event event NN randomwalker-info-585 199 4 - - HYPH randomwalker-info-585 199 5 driven drive VBN randomwalker-info-585 199 6 simulation simulation NN randomwalker-info-585 199 7 , , , randomwalker-info-585 199 8 new new JJ randomwalker-info-585 199 9 strategies strategy NNS randomwalker-info-585 199 10 would would MD randomwalker-info-585 199 11 be be VB randomwalker-info-585 199 12 limited limit VBN randomwalker-info-585 199 13 by by IN randomwalker-info-585 199 14 the the DT randomwalker-info-585 199 15 current current JJ randomwalker-info-585 199 16 list list NN randomwalker-info-585 199 17 of of IN randomwalker-info-585 199 18 possible possible JJ randomwalker-info-585 199 19 events event NNS randomwalker-info-585 199 20 . . . randomwalker-info-585 200 1 However however RB randomwalker-info-585 200 2 , , , randomwalker-info-585 200 3 in in IN randomwalker-info-585 200 4 our -PRON- PRP$ randomwalker-info-585 200 5 time time NN randomwalker-info-585 200 6 - - HYPH randomwalker-info-585 200 7 based base VBN randomwalker-info-585 200 8 simula- simula- NN randomwalker-info-585 200 9 tions tion NNS randomwalker-info-585 200 10 , , , randomwalker-info-585 200 11 any any DT randomwalker-info-585 200 12 strategy strategy NN randomwalker-info-585 200 13 that that WDT randomwalker-info-585 200 14 details detail VBZ randomwalker-info-585 200 15 how how WRB randomwalker-info-585 200 16 to to TO randomwalker-info-585 200 17 make make VB randomwalker-info-585 200 18 the the DT randomwalker-info-585 200 19 decisions decision NNS randomwalker-info-585 200 20 above above IN randomwalker-info-585 200 21 at at IN randomwalker-info-585 200 22 any any DT randomwalker-info-585 200 23 moment moment NN randomwalker-info-585 200 24 can can MD randomwalker-info-585 200 25 be be VB randomwalker-info-585 200 26 easily easily RB randomwalker-info-585 200 27 implemented implement VBN randomwalker-info-585 200 28 . . . randomwalker-info-585 201 1 A a DT randomwalker-info-585 201 2 round round NN randomwalker-info-585 201 3 is be VBZ randomwalker-info-585 201 4 the the DT randomwalker-info-585 201 5 smallest small JJS randomwalker-info-585 201 6 unit unit NN randomwalker-info-585 201 7 of of IN randomwalker-info-585 201 8 time time NN randomwalker-info-585 201 9 in in IN randomwalker-info-585 201 10 our -PRON- PRP$ randomwalker-info-585 201 11 simulator simulator NN randomwalker-info-585 201 12 ( ( -LRB- randomwalker-info-585 201 13 cur- cur- RB randomwalker-info-585 201 14 rently rently RB randomwalker-info-585 201 15 , , , randomwalker-info-585 201 16 1/600 1/600 CD randomwalker-info-585 201 17 of of IN randomwalker-info-585 201 18 the the DT randomwalker-info-585 201 19 time time NN randomwalker-info-585 201 20 it -PRON- PRP randomwalker-info-585 201 21 takes take VBZ randomwalker-info-585 201 22 for for IN randomwalker-info-585 201 23 the the DT randomwalker-info-585 201 24 entire entire JJ randomwalker-info-585 201 25 network network NN randomwalker-info-585 201 26 to to TO randomwalker-info-585 201 27 find find VB randomwalker-info-585 201 28 a a DT randomwalker-info-585 201 29 block block NN randomwalker-info-585 201 30 ) ) -RRB- randomwalker-info-585 201 31 . . . randomwalker-info-585 202 1 During during IN randomwalker-info-585 202 2 a a DT randomwalker-info-585 202 3 round round NN randomwalker-info-585 202 4 , , , randomwalker-info-585 202 5 every every DT randomwalker-info-585 202 6 miner miner NN randomwalker-info-585 202 7 first first RB randomwalker-info-585 202 8 takes take VBZ randomwalker-info-585 202 9 as as RB randomwalker-info-585 202 10 in- in- CD randomwalker-info-585 202 11 put put VBD randomwalker-info-585 202 12 the the DT randomwalker-info-585 202 13 block block NN randomwalker-info-585 202 14 chain chain NN randomwalker-info-585 202 15 ( ( -LRB- randomwalker-info-585 202 16 that that IN randomwalker-info-585 202 17 they -PRON- PRP randomwalker-info-585 202 18 ’re be VBZ randomwalker-info-585 202 19 aware aware JJ randomwalker-info-585 202 20 of of IN randomwalker-info-585 202 21 ) ) -RRB- randomwalker-info-585 202 22 and and CC randomwalker-info-585 202 23 all all DT randomwalker-info-585 202 24 transac- transac- NN randomwalker-info-585 202 25 tions tion NNS randomwalker-info-585 202 26 ( ( -LRB- randomwalker-info-585 202 27 that that IN randomwalker-info-585 202 28 they -PRON- PRP randomwalker-info-585 202 29 ’re be VBZ randomwalker-info-585 202 30 aware aware JJ randomwalker-info-585 202 31 of of IN randomwalker-info-585 202 32 ) ) -RRB- randomwalker-info-585 202 33 and and CC randomwalker-info-585 202 34 decides decide VBZ randomwalker-info-585 202 35 which which WDT randomwalker-info-585 202 36 block block NN randomwalker-info-585 202 37 to to IN randomwalker-info-585 202 38 ( ( -LRB- randomwalker-info-585 202 39 try try VB randomwalker-info-585 202 40 to to TO randomwalker-info-585 202 41 ) ) -RRB- randomwalker-info-585 202 42 extend extend VB randomwalker-info-585 202 43 , , , randomwalker-info-585 202 44 and and CC randomwalker-info-585 202 45 which which WDT randomwalker-info-585 202 46 transactions transaction NNS randomwalker-info-585 202 47 to to TO randomwalker-info-585 202 48 include include VB randomwalker-info-585 202 49 . . . randomwalker-info-585 203 1 Then then RB randomwalker-info-585 203 2 there there EX randomwalker-info-585 203 3 is be VBZ randomwalker-info-585 203 4 a a DT randomwalker-info-585 203 5 random random JJ randomwalker-info-585 203 6 check check NN randomwalker-info-585 203 7 ( ( -LRB- randomwalker-info-585 203 8 as as IN randomwalker-info-585 203 9 a a DT randomwalker-info-585 203 10 function function NN randomwalker-info-585 203 11 of of IN randomwalker-info-585 203 12 that that DT randomwalker-info-585 203 13 miner miner NN randomwalker-info-585 203 14 ’s ’s POS randomwalker-info-585 203 15 hash hash NN randomwalker-info-585 203 16 rate rate NN randomwalker-info-585 203 17 3While 3While NNP randomwalker-info-585 203 18 this this DT randomwalker-info-585 203 19 is be VBZ randomwalker-info-585 203 20 the the DT randomwalker-info-585 203 21 original original JJ randomwalker-info-585 203 22 motivation motivation NN randomwalker-info-585 203 23 for for IN randomwalker-info-585 203 24 developing develop VBG randomwalker-info-585 203 25 our -PRON- PRP$ randomwalker-info-585 203 26 simulator simulator NN randomwalker-info-585 203 27 , , , randomwalker-info-585 203 28 it -PRON- PRP randomwalker-info-585 203 29 is be VBZ randomwalker-info-585 203 30 indeed indeed RB randomwalker-info-585 203 31 capable capable JJ randomwalker-info-585 203 32 of of IN randomwalker-info-585 203 33 simulating simulate VBG randomwalker-info-585 203 34 non non JJ randomwalker-info-585 203 35 - - JJ randomwalker-info-585 203 36 zero zero CD randomwalker-info-585 203 37 block block NN randomwalker-info-585 203 38 reward reward NN randomwalker-info-585 203 39 as as RB randomwalker-info-585 203 40 well well RB randomwalker-info-585 203 41 — — : randomwalker-info-585 203 42 more more RBR randomwalker-info-585 203 43 on on IN randomwalker-info-585 203 44 that that DT randomwalker-info-585 203 45 in in IN randomwalker-info-585 203 46 Section Section NNP randomwalker-info-585 203 47 4.3 4.3 CD randomwalker-info-585 203 48 . . . randomwalker-info-585 203 49 and and CC randomwalker-info-585 203 50 the the DT randomwalker-info-585 203 51 current current JJ randomwalker-info-585 203 52 network network NN randomwalker-info-585 203 53 difficulty difficulty NN randomwalker-info-585 203 54 ) ) -RRB- randomwalker-info-585 203 55 to to TO randomwalker-info-585 203 56 determine determine VB randomwalker-info-585 203 57 whether whether IN randomwalker-info-585 203 58 the the DT randomwalker-info-585 203 59 miner miner NN randomwalker-info-585 203 60 successfully successfully RB randomwalker-info-585 203 61 found find VBD randomwalker-info-585 203 62 a a DT randomwalker-info-585 203 63 block block NN randomwalker-info-585 203 64 or or CC randomwalker-info-585 203 65 not not RB randomwalker-info-585 203 66 . . . randomwalker-info-585 204 1 Then then RB randomwalker-info-585 204 2 , , , randomwalker-info-585 204 3 the the DT randomwalker-info-585 204 4 miner miner NN randomwalker-info-585 204 5 de- de- NNP randomwalker-info-585 204 6 cides cide VBZ randomwalker-info-585 204 7 which which WDT randomwalker-info-585 204 8 unpublished unpublishe VBD randomwalker-info-585 204 9 blocks block NNS randomwalker-info-585 204 10 to to TO randomwalker-info-585 204 11 publish publish VB randomwalker-info-585 204 12 . . . randomwalker-info-585 205 1 The the DT randomwalker-info-585 205 2 duration duration NN randomwalker-info-585 205 3 of of IN randomwalker-info-585 205 4 a a DT randomwalker-info-585 205 5 round round NN randomwalker-info-585 205 6 is be VBZ randomwalker-info-585 205 7 a a DT randomwalker-info-585 205 8 configurable configurable JJ randomwalker-info-585 205 9 parameter parameter NN randomwalker-info-585 205 10 , , , randomwalker-info-585 205 11 which which WDT randomwalker-info-585 205 12 we -PRON- PRP randomwalker-info-585 205 13 discuss discuss VBP randomwalker-info-585 205 14 shortly shortly RB randomwalker-info-585 205 15 in in IN randomwalker-info-585 205 16 Section section NN randomwalker-info-585 205 17 4.3 4.3 CD randomwalker-info-585 205 18 . . . randomwalker-info-585 206 1 Games game NNS randomwalker-info-585 206 2 . . . randomwalker-info-585 207 1 A a DT randomwalker-info-585 207 2 game game NN randomwalker-info-585 207 3 involves involve VBZ randomwalker-info-585 207 4 setting set VBG randomwalker-info-585 207 5 parameters parameter NNS randomwalker-info-585 207 6 such such JJ randomwalker-info-585 207 7 as as IN randomwalker-info-585 207 8 choos- choos- NNP randomwalker-info-585 207 9 ing ing NNP randomwalker-info-585 207 10 a a DT randomwalker-info-585 207 11 number number NN randomwalker-info-585 207 12 of of IN randomwalker-info-585 207 13 miners miner NNS randomwalker-info-585 207 14 , , , randomwalker-info-585 207 15 assigning assign VBG randomwalker-info-585 207 16 their -PRON- PRP$ randomwalker-info-585 207 17 strategies strategy NNS randomwalker-info-585 207 18 and and CC randomwalker-info-585 207 19 hash hash NN randomwalker-info-585 207 20 power power NN randomwalker-info-585 207 21 , , , randomwalker-info-585 207 22 etc etc FW randomwalker-info-585 207 23 . . . randomwalker-info-585 208 1 ( ( -LRB- randomwalker-info-585 208 2 all all DT randomwalker-info-585 208 3 detailed detailed JJ randomwalker-info-585 208 4 in in IN randomwalker-info-585 208 5 Section Section NNP randomwalker-info-585 208 6 4.3 4.3 CD randomwalker-info-585 208 7 ) ) -RRB- randomwalker-info-585 208 8 . . . randomwalker-info-585 209 1 Once once IN randomwalker-info-585 209 2 these these DT randomwalker-info-585 209 3 parame- parame- NN randomwalker-info-585 209 4 ters ter NNS randomwalker-info-585 209 5 are be VBP randomwalker-info-585 209 6 set set VBN randomwalker-info-585 209 7 , , , randomwalker-info-585 209 8 a a DT randomwalker-info-585 209 9 game game NN randomwalker-info-585 209 10 runs run VBZ randomwalker-info-585 209 11 for for IN randomwalker-info-585 209 12 several several JJ randomwalker-info-585 209 13 rounds round NNS randomwalker-info-585 209 14 , , , randomwalker-info-585 209 15 and and CC randomwalker-info-585 209 16 keeps keep VBZ randomwalker-info-585 209 17 track track NN randomwalker-info-585 209 18 of of IN randomwalker-info-585 209 19 the the DT randomwalker-info-585 209 20 rewards reward NNS randomwalker-info-585 209 21 earned earn VBN randomwalker-info-585 209 22 by by IN randomwalker-info-585 209 23 each each DT randomwalker-info-585 209 24 miner miner NN randomwalker-info-585 209 25 . . . randomwalker-info-585 210 1 Simulations simulation NNS randomwalker-info-585 210 2 . . . randomwalker-info-585 211 1 A a DT randomwalker-info-585 211 2 simulation simulation NN randomwalker-info-585 211 3 might may MD randomwalker-info-585 211 4 consist consist VB randomwalker-info-585 211 5 of of IN randomwalker-info-585 211 6 a a DT randomwalker-info-585 211 7 single single JJ randomwalker-info-585 211 8 game game NN randomwalker-info-585 211 9 ( ( -LRB- randomwalker-info-585 211 10 to to TO randomwalker-info-585 211 11 see see VB randomwalker-info-585 211 12 how how WRB randomwalker-info-585 211 13 certain certain JJ randomwalker-info-585 211 14 strategies strategy NNS randomwalker-info-585 211 15 fare fare VBP randomwalker-info-585 211 16 against against IN randomwalker-info-585 211 17 each each DT randomwalker-info-585 211 18 other other JJ randomwalker-info-585 211 19 ) ) -RRB- randomwalker-info-585 211 20 , , , randomwalker-info-585 211 21 or or CC randomwalker-info-585 211 22 several several JJ randomwalker-info-585 211 23 games game NNS randomwalker-info-585 211 24 with with IN randomwalker-info-585 211 25 parameter parameter NN randomwalker-info-585 211 26 adjustments adjustment NNS randomwalker-info-585 211 27 in in IN randomwalker-info-585 211 28 between between IN randomwalker-info-585 211 29 . . . randomwalker-info-585 212 1 For for IN randomwalker-info-585 212 2 example example NN randomwalker-info-585 212 3 , , , randomwalker-info-585 212 4 in in IN randomwalker-info-585 212 5 order order NN randomwalker-info-585 212 6 to to TO randomwalker-info-585 212 7 model model VB randomwalker-info-585 212 8 miners miner NNS randomwalker-info-585 212 9 who who WP randomwalker-info-585 212 10 learn learn VBP randomwalker-info-585 212 11 over over IN randomwalker-info-585 212 12 time time NN randomwalker-info-585 212 13 , , , randomwalker-info-585 212 14 we -PRON- PRP randomwalker-info-585 212 15 have have VBP randomwalker-info-585 212 16 them -PRON- PRP randomwalker-info-585 212 17 play play VB randomwalker-info-585 212 18 several several JJ randomwalker-info-585 212 19 games game NNS randomwalker-info-585 212 20 and and CC randomwalker-info-585 212 21 decide decide VB randomwalker-info-585 212 22 which which WDT randomwalker-info-585 212 23 strategies strategy NNS randomwalker-info-585 212 24 to to TO randomwalker-info-585 212 25 use use VB randomwalker-info-585 212 26 in in IN randomwalker-info-585 212 27 future future JJ randomwalker-info-585 212 28 games game NNS randomwalker-info-585 212 29 based base VBN randomwalker-info-585 212 30 on on IN randomwalker-info-585 212 31 results result NNS randomwalker-info-585 212 32 of of IN randomwalker-info-585 212 33 past past JJ randomwalker-info-585 212 34 games game NNS randomwalker-info-585 212 35 . . . randomwalker-info-585 213 1 In in IN randomwalker-info-585 213 2 principle principle NN randomwalker-info-585 213 3 , , , randomwalker-info-585 213 4 any any DT randomwalker-info-585 213 5 parameters parameter NNS randomwalker-info-585 213 6 can can MD randomwalker-info-585 213 7 be be VB randomwalker-info-585 213 8 adjusted adjust VBN randomwalker-info-585 213 9 between between IN randomwalker-info-585 213 10 games game NNS randomwalker-info-585 213 11 . . . randomwalker-info-585 214 1 4.2 4.2 CD randomwalker-info-585 214 2 Strategy Strategy NNP randomwalker-info-585 214 3 exploration exploration NN randomwalker-info-585 214 4 For for IN randomwalker-info-585 214 5 several several JJ randomwalker-info-585 214 6 of of IN randomwalker-info-585 214 7 our -PRON- PRP$ randomwalker-info-585 214 8 simulations simulation NNS randomwalker-info-585 214 9 we -PRON- PRP randomwalker-info-585 214 10 want want VBP randomwalker-info-585 214 11 miners miner NNS randomwalker-info-585 214 12 to to TO randomwalker-info-585 214 13 utilize utilize VB randomwalker-info-585 214 14 the the DT randomwalker-info-585 214 15 strategies strategy NNS randomwalker-info-585 214 16 that that WDT randomwalker-info-585 214 17 are be VBP randomwalker-info-585 214 18 doing do VBG randomwalker-info-585 214 19 the the DT randomwalker-info-585 214 20 best good JJS randomwalker-info-585 214 21 , , , randomwalker-info-585 214 22 to to TO randomwalker-info-585 214 23 simulate simulate VB randomwalker-info-585 214 24 how how WRB randomwalker-info-585 214 25 strate- strate- FW randomwalker-info-585 214 26 gic gic NNP randomwalker-info-585 214 27 miners miner NNS randomwalker-info-585 214 28 might may MD randomwalker-info-585 214 29 adapt adapt VB randomwalker-info-585 214 30 over over IN randomwalker-info-585 214 31 time time NN randomwalker-info-585 214 32 . . . randomwalker-info-585 215 1 In in IN randomwalker-info-585 215 2 order order NN randomwalker-info-585 215 3 to to TO randomwalker-info-585 215 4 accomplish accomplish VB randomwalker-info-585 215 5 this this DT randomwalker-info-585 215 6 , , , randomwalker-info-585 215 7 we -PRON- PRP randomwalker-info-585 215 8 run run VBP randomwalker-info-585 215 9 several several JJ randomwalker-info-585 215 10 games game NNS randomwalker-info-585 215 11 , , , randomwalker-info-585 215 12 with with IN randomwalker-info-585 215 13 hundreds hundred NNS randomwalker-info-585 215 14 of of IN randomwalker-info-585 215 15 miners miner NNS randomwalker-info-585 215 16 in in IN randomwalker-info-585 215 17 each each DT randomwalker-info-585 215 18 game game NN randomwalker-info-585 215 19 . . . randomwalker-info-585 216 1 Miners miner NNS randomwalker-info-585 216 2 choose choose VBP randomwalker-info-585 216 3 strategies strategy NNS randomwalker-info-585 216 4 proportional proportional JJ randomwalker-info-585 216 5 to to IN randomwalker-info-585 216 6 how how WRB randomwalker-info-585 216 7 success- success- JJ randomwalker-info-585 216 8 ful ful JJ randomwalker-info-585 216 9 those those DT randomwalker-info-585 216 10 strategies strategy NNS randomwalker-info-585 216 11 have have VBP randomwalker-info-585 216 12 historically historically RB randomwalker-info-585 216 13 done do VBN randomwalker-info-585 216 14 . . . randomwalker-info-585 217 1 Formally formally RB randomwalker-info-585 217 2 , , , randomwalker-info-585 217 3 min- min- JJ randomwalker-info-585 217 4 ers er NNS randomwalker-info-585 217 5 in in IN randomwalker-info-585 217 6 our -PRON- PRP$ randomwalker-info-585 217 7 simulator simulator NN randomwalker-info-585 217 8 perform perform VBP randomwalker-info-585 217 9 no no DT randomwalker-info-585 217 10 - - HYPH randomwalker-info-585 217 11 regret regret NN randomwalker-info-585 217 12 learning learning NN randomwalker-info-585 217 13 , , , randomwalker-info-585 217 14 a a DT randomwalker-info-585 217 15 standard standard JJ randomwalker-info-585 217 16 notion notion NN randomwalker-info-585 217 17 of of IN randomwalker-info-585 217 18 learning learning NN randomwalker-info-585 217 19 that that WDT randomwalker-info-585 217 20 is be VBZ randomwalker-info-585 217 21 popular popular JJ randomwalker-info-585 217 22 in in IN randomwalker-info-585 217 23 game game NN randomwalker-info-585 217 24 theoretic theoretic JJ randomwalker-info-585 217 25 con- con- NN randomwalker-info-585 217 26 texts text NNS randomwalker-info-585 217 27 . . . randomwalker-info-585 218 1 This this DT randomwalker-info-585 218 2 is be VBZ randomwalker-info-585 218 3 due due JJ randomwalker-info-585 218 4 to to IN randomwalker-info-585 218 5 the the DT randomwalker-info-585 218 6 fact fact NN randomwalker-info-585 218 7 that that IN randomwalker-info-585 218 8 in in IN randomwalker-info-585 218 9 any any DT randomwalker-info-585 218 10 repeated repeat VBN randomwalker-info-585 218 11 game game NN randomwalker-info-585 218 12 where where WRB randomwalker-info-585 218 13 each each DT randomwalker-info-585 218 14 player player NN randomwalker-info-585 218 15 separately separately RB randomwalker-info-585 218 16 performs perform VBZ randomwalker-info-585 218 17 no no DT randomwalker-info-585 218 18 - - HYPH randomwalker-info-585 218 19 regret regret NN randomwalker-info-585 218 20 learning learning NN randomwalker-info-585 218 21 , , , randomwalker-info-585 218 22 the the DT randomwalker-info-585 218 23 repeated repeat VBN randomwalker-info-585 218 24 play play NN randomwalker-info-585 218 25 converges converge NNS randomwalker-info-585 218 26 to to IN randomwalker-info-585 218 27 a a DT randomwalker-info-585 218 28 coarse coarse RB randomwalker-info-585 218 29 correlated correlate VBN randomwalker-info-585 218 30 equilib- equilib- VBN randomwalker-info-585 218 31 rium rium NN randomwalker-info-585 218 32 [ [ -LRB- randomwalker-info-585 218 33 1 1 CD randomwalker-info-585 218 34 , , , randomwalker-info-585 218 35 2 2 CD randomwalker-info-585 218 36 ] ] -RRB- randomwalker-info-585 218 37 . . . randomwalker-info-585 219 1 Moreover moreover RB randomwalker-info-585 219 2 , , , randomwalker-info-585 219 3 numerous numerous JJ randomwalker-info-585 219 4 simple simple JJ randomwalker-info-585 219 5 no no DT randomwalker-info-585 219 6 - - HYPH randomwalker-info-585 219 7 regret regret NN randomwalker-info-585 219 8 learning learning NN randomwalker-info-585 219 9 algorithms algorithm NNS randomwalker-info-585 219 10 are be VBP randomwalker-info-585 219 11 known know VBN randomwalker-info-585 219 12 that that WDT randomwalker-info-585 219 13 converge converge NN randomwalker-info-585 219 14 quickly quickly RB randomwalker-info-585 219 15 ( ( -LRB- randomwalker-info-585 219 16 i.e. i.e. FW randomwalker-info-585 220 1 in in IN randomwalker-info-585 220 2 a a DT randomwalker-info-585 220 3 num- num- JJ randomwalker-info-585 220 4 ber ber NN randomwalker-info-585 220 5 of of IN randomwalker-info-585 220 6 rounds round NNS randomwalker-info-585 220 7 sublinear sublinear JJ randomwalker-info-585 220 8 in in IN randomwalker-info-585 220 9 the the DT randomwalker-info-585 220 10 number number NN randomwalker-info-585 220 11 of of IN randomwalker-info-585 220 12 possible possible JJ randomwalker-info-585 220 13 strate- strate- NN randomwalker-info-585 220 14 gies gy NNS randomwalker-info-585 220 15 ) ) -RRB- randomwalker-info-585 220 16 [ [ -LRB- randomwalker-info-585 220 17 5 5 CD randomwalker-info-585 220 18 , , , randomwalker-info-585 220 19 6 6 CD randomwalker-info-585 220 20 , , , randomwalker-info-585 220 21 4 4 CD randomwalker-info-585 220 22 , , , randomwalker-info-585 220 23 15 15 CD randomwalker-info-585 220 24 ] ] -RRB- randomwalker-info-585 220 25 . . . randomwalker-info-585 221 1 If if IN randomwalker-info-585 221 2 a a DT randomwalker-info-585 221 3 miner miner NN randomwalker-info-585 221 4 has have VBZ randomwalker-info-585 221 5 no no DT randomwalker-info-585 221 6 regret regret NN randomwalker-info-585 221 7 , , , randomwalker-info-585 221 8 their -PRON- PRP$ randomwalker-info-585 221 9 total total JJ randomwalker-info-585 221 10 re- re- RB randomwalker-info-585 221 11 ward ward RB randomwalker-info-585 221 12 across across IN randomwalker-info-585 221 13 all all DT randomwalker-info-585 221 14 of of IN randomwalker-info-585 221 15 time time NN randomwalker-info-585 221 16 is be VBZ randomwalker-info-585 221 17 at at IN randomwalker-info-585 221 18 least least JJS randomwalker-info-585 221 19 as as RB randomwalker-info-585 221 20 good good JJ randomwalker-info-585 221 21 as as IN randomwalker-info-585 221 22 had have VBD randomwalker-info-585 221 23 they -PRON- PRP randomwalker-info-585 221 24 instead instead RB randomwalker-info-585 221 25 picked pick VBD randomwalker-info-585 221 26 “ " `` randomwalker-info-585 221 27 the the DT randomwalker-info-585 221 28 best good JJS randomwalker-info-585 221 29 ” " '' randomwalker-info-585 221 30 strategy strategy NN randomwalker-info-585 221 31 and and CC randomwalker-info-585 221 32 used use VBD randomwalker-info-585 221 33 it -PRON- PRP randomwalker-info-585 221 34 in in IN randomwalker-info-585 221 35 every every DT randomwalker-info-585 221 36 game game NN randomwalker-info-585 221 37 . . . randomwalker-info-585 222 1 Sim- Sim- NNP randomwalker-info-585 222 2 ilarly ilarly RB randomwalker-info-585 222 3 , , , randomwalker-info-585 222 4 a a DT randomwalker-info-585 222 5 coarse coarse RB randomwalker-info-585 222 6 correlated correlate VBN randomwalker-info-585 222 7 equilibrium equilibrium NN randomwalker-info-585 222 8 is be VBZ randomwalker-info-585 222 9 a a DT randomwalker-info-585 222 10 joint joint JJ randomwalker-info-585 222 11 distribution distribution NN randomwalker-info-585 222 12 over over IN randomwalker-info-585 222 13 strategy strategy NN randomwalker-info-585 222 14 profiles profile NNS randomwalker-info-585 222 15 such such JJ randomwalker-info-585 222 16 that that IN randomwalker-info-585 222 17 every every DT randomwalker-info-585 222 18 miner miner NN randomwalker-info-585 222 19 gets get VBZ randomwalker-info-585 222 20 more more RBR randomwalker-info-585 222 21 ex- ex- DT randomwalker-info-585 222 22 pected pecte VBN randomwalker-info-585 222 23 payoff payoff NN randomwalker-info-585 222 24 by by IN randomwalker-info-585 222 25 following follow VBG randomwalker-info-585 222 26 the the DT randomwalker-info-585 222 27 equilibrium equilibrium NN randomwalker-info-585 222 28 than than IN randomwalker-info-585 222 29 deviating deviate VBG randomwalker-info-585 222 30 to to IN randomwalker-info-585 222 31 any any DT randomwalker-info-585 222 32 possible possible JJ randomwalker-info-585 222 33 strategy strategy NN randomwalker-info-585 222 34 . . . randomwalker-info-585 223 1 These these DT randomwalker-info-585 223 2 learning learn VBG randomwalker-info-585 223 3 algorithms algorithm NNS randomwalker-info-585 223 4 all all DT randomwalker-info-585 223 5 maintain maintain VBP randomwalker-info-585 223 6 a a DT randomwalker-info-585 223 7 weight weight NN randomwalker-info-585 223 8 for for IN randomwalker-info-585 223 9 every every DT randomwalker-info-585 223 10 strategy strategy NN randomwalker-info-585 223 11 , , , randomwalker-info-585 223 12 and and CC randomwalker-info-585 223 13 adjust adjust VB randomwalker-info-585 223 14 the the DT randomwalker-info-585 223 15 weights weight NNS randomwalker-info-585 223 16 of of IN randomwalker-info-585 223 17 the the DT randomwalker-info-585 223 18 strategies strategy NNS randomwalker-info-585 223 19 from from IN randomwalker-info-585 223 20 game game NN randomwalker-info-585 223 21 to to IN randomwalker-info-585 223 22 game game NN randomwalker-info-585 223 23 depending depend VBG randomwalker-info-585 223 24 on on IN randomwalker-info-585 223 25 how how WRB randomwalker-info-585 223 26 well well RB randomwalker-info-585 223 27 they -PRON- PRP randomwalker-info-585 223 28 ’re be VBZ randomwalker-info-585 223 29 doing do VBG randomwalker-info-585 223 30 . . . randomwalker-info-585 224 1 Our -PRON- PRP$ randomwalker-info-585 224 2 simulator simulator NN randomwalker-info-585 224 3 offers offer VBZ randomwalker-info-585 224 4 two two CD randomwalker-info-585 224 5 alternatives alternative NNS randomwalker-info-585 224 6 for for IN randomwalker-info-585 224 7 these these DT randomwalker-info-585 224 8 update update NN randomwalker-info-585 224 9 rules rule NNS randomwalker-info-585 224 10 . . . randomwalker-info-585 225 1 The the DT randomwalker-info-585 225 2 first first JJ randomwalker-info-585 225 3 al- al- JJ randomwalker-info-585 225 4 ternative ternative NN randomwalker-info-585 225 5 is be VBZ randomwalker-info-585 225 6 an an DT randomwalker-info-585 225 7 exact exact JJ randomwalker-info-585 225 8 implementation implementation NN randomwalker-info-585 225 9 of of IN randomwalker-info-585 225 10 the the DT randomwalker-info-585 225 11 EXP3 EXP3 NNP randomwalker-info-585 225 12 algorithm algorithm NN randomwalker-info-585 225 13 for for IN randomwalker-info-585 225 14 learning learn VBG randomwalker-info-585 225 15 with with IN randomwalker-info-585 225 16 adversarial adversarial JJ randomwalker-info-585 225 17 bandits bandit NNS randomwalker-info-585 225 18 [ [ -LRB- randomwalker-info-585 225 19 5 5 CD randomwalker-info-585 225 20 , , , randomwalker-info-585 225 21 6 6 CD randomwalker-info-585 225 22 ] ] -RRB- randomwalker-info-585 225 23 . . . randomwalker-info-585 226 1 This this DT randomwalker-info-585 226 2 update update NN randomwalker-info-585 226 3 rule rule NN randomwalker-info-585 226 4 provides provide VBZ randomwalker-info-585 226 5 a a DT randomwalker-info-585 226 6 theoretical theoretical JJ randomwalker-info-585 226 7 guarantee guarantee NN randomwalker-info-585 226 8 on on IN randomwalker-info-585 226 9 the the DT randomwalker-info-585 226 10 regret regret NN randomwalker-info-585 226 11 of of IN randomwalker-info-585 226 12 each each DT randomwalker-info-585 226 13 miner miner NN randomwalker-info-585 226 14 as as IN randomwalker-info-585 226 15 a a DT randomwalker-info-585 226 16 function function NN randomwalker-info-585 226 17 of of IN randomwalker-info-585 226 18 the the DT randomwalker-info-585 226 19 number number NN randomwalker-info-585 226 20 of of IN randomwalker-info-585 226 21 games game NNS randomwalker-info-585 226 22 played play VBN randomwalker-info-585 226 23 and and CC randomwalker-info-585 226 24 a a DT randomwalker-info-585 226 25 tunable tunable JJ randomwalker-info-585 226 26 parameter parameter NN randomwalker-info-585 226 27 in in IN randomwalker-info-585 226 28 the the DT randomwalker-info-585 226 29 update update NN randomwalker-info-585 226 30 rule rule NN randomwalker-info-585 226 31 , , , randomwalker-info-585 226 32 � � NNP randomwalker-info-585 226 33 . . . randomwalker-info-585 227 1 The the DT randomwalker-info-585 227 2 second second JJ randomwalker-info-585 227 3 alternative alternative NN randomwalker-info-585 227 4 is be VBZ randomwalker-info-585 227 5 based base VBN randomwalker-info-585 227 6 on on IN randomwalker-info-585 227 7 the the DT randomwalker-info-585 227 8 multiplicative multiplicative JJ randomwalker-info-585 227 9 weights weight NNS randomwalker-info-585 227 10 update update NN randomwalker-info-585 227 11 rule rule NN randomwalker-info-585 227 12 ( ( -LRB- randomwalker-info-585 227 13 MWU MWU NNP randomwalker-info-585 227 14 ) ) -RRB- randomwalker-info-585 227 15 for for IN randomwalker-info-585 227 16 learning learn VBG randomwalker-info-585 227 17 with with IN randomwalker-info-585 227 18 experts expert NNS randomwalker-info-585 227 19 [ [ -LRB- randomwalker-info-585 227 20 4 4 CD randomwalker-info-585 227 21 , , , randomwalker-info-585 227 22 15 15 CD randomwalker-info-585 227 23 ] ] -RRB- randomwalker-info-585 227 24 . . . randomwalker-info-585 228 1 We -PRON- PRP randomwalker-info-585 228 2 find find VBP randomwalker-info-585 228 3 that that IN randomwalker-info-585 228 4 MWU MWU NNP randomwalker-info-585 228 5 is be VBZ randomwalker-info-585 228 6 com- com- NN randomwalker-info-585 228 7 putationally putationally RB randomwalker-info-585 228 8 expensive expensive JJ randomwalker-info-585 228 9 , , , randomwalker-info-585 228 10 so so RB randomwalker-info-585 228 11 we -PRON- PRP randomwalker-info-585 228 12 use use VBP randomwalker-info-585 228 13 a a DT randomwalker-info-585 228 14 less less RBR randomwalker-info-585 228 15 expensive expensive JJ randomwalker-info-585 228 16 proxy proxy NN randomwalker-info-585 228 17 in- in- NN randomwalker-info-585 228 18 stead stead NN randomwalker-info-585 228 19 . . . randomwalker-info-585 229 1 That that DT randomwalker-info-585 229 2 means mean VBZ randomwalker-info-585 229 3 there there EX randomwalker-info-585 229 4 is be VBZ randomwalker-info-585 229 5 no no DT randomwalker-info-585 229 6 theoretical theoretical JJ randomwalker-info-585 229 7 guarantee guarantee NN randomwalker-info-585 229 8 on on IN randomwalker-info-585 229 9 the the DT randomwalker-info-585 229 10 regret regret NN randomwalker-info-585 229 11 bounds bound NNS randomwalker-info-585 229 12 . . . randomwalker-info-585 230 1 But but CC randomwalker-info-585 230 2 in in IN randomwalker-info-585 230 3 practice practice NN randomwalker-info-585 230 4 this this DT randomwalker-info-585 230 5 update update NN randomwalker-info-585 230 6 rule rule NN randomwalker-info-585 230 7 is be VBZ randomwalker-info-585 230 8 signifi- signifi- JJ randomwalker-info-585 230 9 cantly cantly RB randomwalker-info-585 230 10 faster fast RBR randomwalker-info-585 230 11 and and CC randomwalker-info-585 230 12 does do VBZ randomwalker-info-585 230 13 converge converge VB randomwalker-info-585 230 14 quickly quickly RB randomwalker-info-585 230 15 to to IN randomwalker-info-585 230 16 coarse coarse RB randomwalker-info-585 230 17 correlated correlate VBN randomwalker-info-585 230 18 equilibrium equilibrium NN randomwalker-info-585 230 19 . . . randomwalker-info-585 231 1 For for IN randomwalker-info-585 231 2 a a DT randomwalker-info-585 231 3 further further JJ randomwalker-info-585 231 4 discussion discussion NN randomwalker-info-585 231 5 of of IN randomwalker-info-585 231 6 these these DT randomwalker-info-585 231 7 update update NN randomwalker-info-585 231 8 rules rule NNS randomwalker-info-585 231 9 , , , randomwalker-info-585 231 10 see see VB randomwalker-info-585 231 11 Appendix Appendix NNP randomwalker-info-585 231 12 B. B. NNP randomwalker-info-585 232 1 All all DT randomwalker-info-585 232 2 of of IN randomwalker-info-585 232 3 the the DT randomwalker-info-585 232 4 figures figure NNS randomwalker-info-585 232 5 included include VBN randomwalker-info-585 232 6 in in IN randomwalker-info-585 232 7 this this DT randomwalker-info-585 232 8 paper paper NN randomwalker-info-585 232 9 were be VBD randomwalker-info-585 232 10 generated generate VBN randomwalker-info-585 232 11 from from IN randomwalker-info-585 232 12 simulations simulation NNS randomwalker-info-585 232 13 using use VBG randomwalker-info-585 232 14 EXP3 EXP3 NNP randomwalker-info-585 232 15 , , , randomwalker-info-585 232 16 so so RB randomwalker-info-585 232 17 they -PRON- PRP randomwalker-info-585 232 18 come come VBP randomwalker-info-585 232 19 with with IN randomwalker-info-585 232 20 a a DT randomwalker-info-585 232 21 theo- theo- JJ randomwalker-info-585 232 22 retical retical JJ randomwalker-info-585 232 23 guarantee guarantee NN randomwalker-info-585 232 24 that that IN randomwalker-info-585 232 25 all all DT randomwalker-info-585 232 26 miners miner NNS randomwalker-info-585 232 27 in in IN randomwalker-info-585 232 28 the the DT randomwalker-info-585 232 29 simulation simulation NN randomwalker-info-585 232 30 have have VBP randomwalker-info-585 232 31 no no DT randomwalker-info-585 232 32 regret regret NN randomwalker-info-585 232 33 . . . randomwalker-info-585 233 1 4.3 4.3 LS randomwalker-info-585 233 2 Versatility versatility NN randomwalker-info-585 233 3 Our -PRON- PRP$ randomwalker-info-585 233 4 simulator simulator NN randomwalker-info-585 233 5 has have VBZ randomwalker-info-585 233 6 many many JJ randomwalker-info-585 233 7 configurable configurable JJ randomwalker-info-585 233 8 parameters parameter NNS randomwalker-info-585 233 9 : : : randomwalker-info-585 233 10 Strategies strategy NNS randomwalker-info-585 233 11 . . . randomwalker-info-585 234 1 Just just RB randomwalker-info-585 234 2 to to TO randomwalker-info-585 234 3 reiterate reiterate VB randomwalker-info-585 234 4 : : : randomwalker-info-585 234 5 every every DT randomwalker-info-585 234 6 miner miner NN randomwalker-info-585 234 7 in in IN randomwalker-info-585 234 8 our -PRON- PRP$ randomwalker-info-585 234 9 simulator simulator NN randomwalker-info-585 234 10 is be VBZ randomwalker-info-585 234 11 assigned assign VBN randomwalker-info-585 234 12 a a DT randomwalker-info-585 234 13 time time NN randomwalker-info-585 234 14 - - HYPH randomwalker-info-585 234 15 driven drive VBN randomwalker-info-585 234 16 strategy strategy NN randomwalker-info-585 234 17 that that WDT randomwalker-info-585 234 18 chooses choose VBZ randomwalker-info-585 234 19 which which WDT randomwalker-info-585 234 20 block block NN randomwalker-info-585 234 21 to to TO randomwalker-info-585 234 22 extend extend VB randomwalker-info-585 234 23 , , , randomwalker-info-585 234 24 how how WRB randomwalker-info-585 234 25 many many JJ randomwalker-info-585 234 26 transactions transaction NNS randomwalker-info-585 234 27 to to TO randomwalker-info-585 234 28 include include VB randomwalker-info-585 234 29 , , , randomwalker-info-585 234 30 and and CC randomwalker-info-585 234 31 whether whether IN randomwalker-info-585 234 32 to to TO randomwalker-info-585 234 33 publish publish VB randomwalker-info-585 234 34 any any DT randomwalker-info-585 234 35 found find VBN randomwalker-info-585 234 36 blocks block NNS randomwalker-info-585 234 37 . . . randomwalker-info-585 235 1 Any any DT randomwalker-info-585 235 2 strategy strategy NN randomwalker-info-585 235 3 that that WDT randomwalker-info-585 235 4 fits fit VBZ randomwalker-info-585 235 5 this this DT randomwalker-info-585 235 6 framework framework NN randomwalker-info-585 235 7 can can MD randomwalker-info-585 235 8 be be VB randomwalker-info-585 235 9 implemented implement VBN randomwalker-info-585 235 10 in in IN randomwalker-info-585 235 11 the the DT randomwalker-info-585 235 12 simulator simulator NN randomwalker-info-585 235 13 . . . randomwalker-info-585 236 1 To to TO randomwalker-info-585 236 2 design design VB randomwalker-info-585 236 3 a a DT randomwalker-info-585 236 4 new new JJ randomwalker-info-585 236 5 strategy strategy NN randomwalker-info-585 236 6 , , , randomwalker-info-585 236 7 a a DT randomwalker-info-585 236 8 user user NN randomwalker-info-585 236 9 would would MD randomwalker-info-585 236 10 create create VB randomwalker-info-585 236 11 a a DT randomwalker-info-585 236 12 new new JJ randomwalker-info-585 236 13 function function NN randomwalker-info-585 236 14 that that WDT randomwalker-info-585 236 15 takes take VBZ randomwalker-info-585 236 16 as as IN randomwalker-info-585 236 17 input input NN randomwalker-info-585 236 18 the the DT randomwalker-info-585 236 19 current current JJ randomwalker-info-585 236 20 public public JJ randomwalker-info-585 236 21 state state NN randomwalker-info-585 236 22 of of IN randomwalker-info-585 236 23 Bitcoin Bitcoin NNP randomwalker-info-585 236 24 network network NN randomwalker-info-585 236 25 ( ( -LRB- randomwalker-info-585 236 26 the the DT randomwalker-info-585 236 27 blockchain blockchain JJ randomwalker-info-585 236 28 and and CC randomwalker-info-585 236 29 available available JJ randomwalker-info-585 236 30 transaction transaction NN randomwalker-info-585 236 31 fees fee NNS randomwalker-info-585 236 32 ) ) -RRB- randomwalker-info-585 236 33 , , , randomwalker-info-585 236 34 and and CC randomwalker-info-585 236 35 the the DT randomwalker-info-585 236 36 miner miner NN randomwalker-info-585 236 37 who who WP randomwalker-info-585 236 38 is be VBZ randomwalker-info-585 236 39 using use VBG randomwalker-info-585 236 40 the the DT randomwalker-info-585 236 41 strategy strategy NN randomwalker-info-585 236 42 . . . randomwalker-info-585 237 1 The the DT randomwalker-info-585 237 2 function function NN randomwalker-info-585 237 3 would would MD randomwalker-info-585 237 4 then then RB randomwalker-info-585 237 5 use use VB randomwalker-info-585 237 6 this this DT randomwalker-info-585 237 7 information information NN randomwalker-info-585 237 8 to to TO randomwalker-info-585 237 9 determine determine VB randomwalker-info-585 237 10 which which WDT randomwalker-info-585 237 11 block block NN randomwalker-info-585 237 12 to to TO randomwalker-info-585 237 13 extend extend VB randomwalker-info-585 237 14 , , , randomwalker-info-585 237 15 and and CC randomwalker-info-585 237 16 how how WRB randomwalker-info-585 237 17 many many JJ randomwalker-info-585 237 18 of of IN randomwalker-info-585 237 19 the the DT randomwalker-info-585 237 20 transaction transaction NN randomwalker-info-585 237 21 fees fee NNS randomwalker-info-585 237 22 to to TO randomwalker-info-585 237 23 include include VB randomwalker-info-585 237 24 in in IN randomwalker-info-585 237 25 the the DT randomwalker-info-585 237 26 next next JJ randomwalker-info-585 237 27 block block NN randomwalker-info-585 237 28 . . . randomwalker-info-585 238 1 Finally finally RB randomwalker-info-585 238 2 , , , randomwalker-info-585 238 3 the the DT randomwalker-info-585 238 4 user user NN randomwalker-info-585 238 5 would would MD randomwalker-info-585 238 6 go go VB randomwalker-info-585 238 7 to to IN randomwalker-info-585 238 8 the the DT randomwalker-info-585 238 9 publication publication NN randomwalker-info-585 238 10 rules rule NNS randomwalker-info-585 238 11 and and CC randomwalker-info-585 238 12 add add VB randomwalker-info-585 238 13 a a DT randomwalker-info-585 238 14 rule rule NN randomwalker-info-585 238 15 for for IN randomwalker-info-585 238 16 how how WRB randomwalker-info-585 238 17 the the DT randomwalker-info-585 238 18 strategy strategy NN randomwalker-info-585 238 19 should should MD randomwalker-info-585 238 20 choose choose VB randomwalker-info-585 238 21 whether whether IN randomwalker-info-585 238 22 or or CC randomwalker-info-585 238 23 not not RB randomwalker-info-585 238 24 to to TO randomwalker-info-585 238 25 publish publish VB randomwalker-info-585 238 26 any any DT randomwalker-info-585 238 27 found find VBN randomwalker-info-585 238 28 blocks block NNS randomwalker-info-585 238 29 . . . randomwalker-info-585 239 1 Hash Hash NNP randomwalker-info-585 239 2 Power Power NNP randomwalker-info-585 239 3 . . . randomwalker-info-585 240 1 Every every DT randomwalker-info-585 240 2 miner miner NN randomwalker-info-585 240 3 m m NN randomwalker-info-585 240 4 is be VBZ randomwalker-info-585 240 5 assigned assign VBN randomwalker-info-585 240 6 a a DT randomwalker-info-585 240 7 hash hash NN randomwalker-info-585 240 8 power power NN randomwalker-info-585 240 9 αm αm XX randomwalker-info-585 240 10 . . . randomwalker-info-585 241 1 Any any DT randomwalker-info-585 241 2 number number NN randomwalker-info-585 241 3 of of IN randomwalker-info-585 241 4 miners miner NNS randomwalker-info-585 241 5 , , , randomwalker-info-585 241 6 and and CC randomwalker-info-585 241 7 any any DT randomwalker-info-585 241 8 αm αm XX randomwalker-info-585 241 9 such such JJ randomwalker-info-585 241 10 that that IN randomwalker-info-585 241 11 ∑ ∑ . randomwalker-info-585 241 12 m m NNP randomwalker-info-585 241 13 αm αm XX randomwalker-info-585 241 14 = = SYM randomwalker-info-585 241 15 1 1 CD randomwalker-info-585 241 16 can can MD randomwalker-info-585 241 17 be be VB randomwalker-info-585 241 18 supported support VBN randomwalker-info-585 241 19 . . . randomwalker-info-585 242 1 Round round JJ randomwalker-info-585 242 2 Duration Duration NNP randomwalker-info-585 242 3 . . . randomwalker-info-585 243 1 The the DT randomwalker-info-585 243 2 size size NN randomwalker-info-585 243 3 of of IN randomwalker-info-585 243 4 a a DT randomwalker-info-585 243 5 round round NN randomwalker-info-585 243 6 can can MD randomwalker-info-585 243 7 be be VB randomwalker-info-585 243 8 set set VBN randomwalker-info-585 243 9 so so IN randomwalker-info-585 243 10 the the DT randomwalker-info-585 243 11 network network NN randomwalker-info-585 243 12 finds find VBZ randomwalker-info-585 243 13 a a DT randomwalker-info-585 243 14 block block NN randomwalker-info-585 243 15 every every DT randomwalker-info-585 243 16 r r NN randomwalker-info-585 243 17 rounds round NNS randomwalker-info-585 243 18 in in IN randomwalker-info-585 243 19 expectation expectation NN randomwalker-info-585 243 20 , , , randomwalker-info-585 243 21 for for IN randomwalker-info-585 243 22 any any DT randomwalker-info-585 243 23 r r NN randomwalker-info-585 243 24 > > NN randomwalker-info-585 243 25 0 0 CD randomwalker-info-585 243 26 . . . randomwalker-info-585 244 1 Rewards reward NNS randomwalker-info-585 244 2 . . . randomwalker-info-585 245 1 At at IN randomwalker-info-585 245 2 the the DT randomwalker-info-585 245 3 end end NN randomwalker-info-585 245 4 of of IN randomwalker-info-585 245 5 each each DT randomwalker-info-585 245 6 game game NN randomwalker-info-585 245 7 , , , randomwalker-info-585 245 8 miners miner NNS randomwalker-info-585 245 9 are be VBP randomwalker-info-585 245 10 rewarded reward VBN randomwalker-info-585 245 11 based base VBN randomwalker-info-585 245 12 on on IN randomwalker-info-585 245 13 their -PRON- PRP$ randomwalker-info-585 245 14 blocks block NNS randomwalker-info-585 245 15 within within IN randomwalker-info-585 245 16 the the DT randomwalker-info-585 245 17 longest long JJS randomwalker-info-585 245 18 chain chain NN randomwalker-info-585 245 19 . . . randomwalker-info-585 246 1 The the DT randomwalker-info-585 246 2 reward reward NN randomwalker-info-585 246 3 they -PRON- PRP randomwalker-info-585 246 4 receive receive VBP randomwalker-info-585 246 5 is be VBZ randomwalker-info-585 246 6 b b NN randomwalker-info-585 246 7 per per IN randomwalker-info-585 246 8 block block NN randomwalker-info-585 246 9 ( ( -LRB- randomwalker-info-585 246 10 fixed fix VBN randomwalker-info-585 246 11 reward reward NN randomwalker-info-585 246 12 ) ) -RRB- randomwalker-info-585 246 13 , , , randomwalker-info-585 246 14 plus plus CC randomwalker-info-585 246 15 any any DT randomwalker-info-585 246 16 trans- trans- JJ randomwalker-info-585 246 17 action action NN randomwalker-info-585 246 18 fees fee NNS randomwalker-info-585 246 19 . . . randomwalker-info-585 247 1 a a DT randomwalker-info-585 247 2 transaction transaction NN randomwalker-info-585 247 3 fees fee NNS randomwalker-info-585 247 4 accrue accrue VBP randomwalker-info-585 247 5 in in IN randomwalker-info-585 247 6 the the DT randomwalker-info-585 247 7 system system NN randomwalker-info-585 247 8 every every DT randomwalker-info-585 247 9 round round NN randomwalker-info-585 247 10 . . . randomwalker-info-585 248 1 Both both DT randomwalker-info-585 248 2 of of IN randomwalker-info-585 248 3 these these DT randomwalker-info-585 248 4 parameters parameter NNS randomwalker-info-585 248 5 are be VBP randomwalker-info-585 248 6 configurable configurable JJ randomwalker-info-585 248 7 . . . randomwalker-info-585 249 1 Costs cost NNS randomwalker-info-585 249 2 . . . randomwalker-info-585 250 1 There there EX randomwalker-info-585 250 2 is be VBZ randomwalker-info-585 250 3 a a DT randomwalker-info-585 250 4 configurable configurable JJ randomwalker-info-585 250 5 parameter parameter NN randomwalker-info-585 250 6 cm cm VBZ randomwalker-info-585 250 7 for for IN randomwalker-info-585 250 8 every every DT randomwalker-info-585 250 9 miner miner NN randomwalker-info-585 250 10 m m NN randomwalker-info-585 250 11 that that WDT randomwalker-info-585 250 12 denotes denote VBZ randomwalker-info-585 250 13 the the DT randomwalker-info-585 250 14 cost cost NN randomwalker-info-585 250 15 ( ( -LRB- randomwalker-info-585 250 16 i.e. i.e. FW randomwalker-info-585 251 1 in in IN randomwalker-info-585 251 2 electricity electricity NN randomwalker-info-585 251 3 ) ) -RRB- randomwalker-info-585 251 4 for for IN randomwalker-info-585 251 5 miner miner NN randomwalker-info-585 251 6 m m NNP randomwalker-info-585 251 7 to to IN randomwalker-info-585 251 8 mine -PRON- PRP randomwalker-info-585 251 9 . . . randomwalker-info-585 252 1 For for IN randomwalker-info-585 252 2 our -PRON- PRP$ randomwalker-info-585 252 3 simulations simulation NNS randomwalker-info-585 252 4 , , , randomwalker-info-585 252 5 we -PRON- PRP randomwalker-info-585 252 6 always always RB randomwalker-info-585 252 7 set set VBP randomwalker-info-585 252 8 cm cm NNS randomwalker-info-585 252 9 = = NFP randomwalker-info-585 252 10 0 0 NFP randomwalker-info-585 252 11 because because IN randomwalker-info-585 252 12 we -PRON- PRP randomwalker-info-585 252 13 are be VBP randomwalker-info-585 252 14 n’t not RB randomwalker-info-585 252 15 looking look VBG randomwalker-info-585 252 16 at at IN randomwalker-info-585 252 17 this this DT randomwalker-info-585 252 18 aspect aspect NN randomwalker-info-585 252 19 of of IN randomwalker-info-585 252 20 mining mining NN randomwalker-info-585 252 21 . . . randomwalker-info-585 253 1 Latency latency NN randomwalker-info-585 253 2 . . . randomwalker-info-585 254 1 If if IN randomwalker-info-585 254 2 desired desire VBN randomwalker-info-585 254 3 , , , randomwalker-info-585 254 4 latency latency NN randomwalker-info-585 254 5 can can MD randomwalker-info-585 254 6 be be VB randomwalker-info-585 254 7 introduced introduce VBN randomwalker-info-585 254 8 to to IN randomwalker-info-585 254 9 the the DT randomwalker-info-585 254 10 simu- simu- NN randomwalker-info-585 254 11 lation lation NN randomwalker-info-585 254 12 . . . randomwalker-info-585 255 1 There there EX randomwalker-info-585 255 2 is be VBZ randomwalker-info-585 255 3 a a DT randomwalker-info-585 255 4 configurable configurable JJ randomwalker-info-585 255 5 parameter parameter NN randomwalker-info-585 255 6 λ λ NN randomwalker-info-585 255 7 such such JJ randomwalker-info-585 255 8 that that IN randomwalker-info-585 255 9 when when WRB randomwalker-info-585 255 10 blocks block NNS randomwalker-info-585 255 11 are be VBP randomwalker-info-585 255 12 published publish VBN randomwalker-info-585 255 13 , , , randomwalker-info-585 255 14 it -PRON- PRP randomwalker-info-585 255 15 takes take VBZ randomwalker-info-585 255 16 λ λ PRP randomwalker-info-585 255 17 rounds round NNS randomwalker-info-585 255 18 before before IN randomwalker-info-585 255 19 other other JJ randomwalker-info-585 255 20 miners miner NNS randomwalker-info-585 255 21 are be VBP randomwalker-info-585 255 22 aware aware JJ randomwalker-info-585 255 23 of of IN randomwalker-info-585 255 24 this this DT randomwalker-info-585 255 25 blocks blocks NNP randomwalker-info-585 255 26 existence existence NN randomwalker-info-585 255 27 . . . randomwalker-info-585 256 1 Latency latency NN randomwalker-info-585 256 2 in in IN randomwalker-info-585 256 3 hearing hear VBG randomwalker-info-585 256 4 about about IN randomwalker-info-585 256 5 transactions transaction NNS randomwalker-info-585 256 6 can can MD randomwalker-info-585 256 7 also also RB randomwalker-info-585 256 8 be be VB randomwalker-info-585 256 9 implemented implement VBN randomwalker-info-585 256 10 — — : randomwalker-info-585 256 11 it -PRON- PRP randomwalker-info-585 256 12 is be VBZ randomwalker-info-585 256 13 currently currently RB randomwalker-info-585 256 14 easi- easi- JJ randomwalker-info-585 256 15 est est NNP randomwalker-info-585 256 16 to to TO randomwalker-info-585 256 17 do do VB randomwalker-info-585 256 18 this this DT randomwalker-info-585 256 19 by by IN randomwalker-info-585 256 20 modifying modify VBG randomwalker-info-585 256 21 strategies strategy NNS randomwalker-info-585 256 22 to to TO randomwalker-info-585 256 23 randomly randomly VB randomwalker-info-585 256 24 “ " `` randomwalker-info-585 256 25 pretend pretend VB randomwalker-info-585 256 26 ” " '' randomwalker-info-585 256 27 they -PRON- PRP randomwalker-info-585 256 28 have have VBP randomwalker-info-585 256 29 n’t not RB randomwalker-info-585 256 30 heard hear VBN randomwalker-info-585 256 31 of of IN randomwalker-info-585 256 32 some some DT randomwalker-info-585 256 33 transactions transaction NNS randomwalker-info-585 256 34 . . . randomwalker-info-585 257 1 Learning learn VBG randomwalker-info-585 257 2 parameter parameter NN randomwalker-info-585 257 3 . . . randomwalker-info-585 258 1 Our -PRON- PRP$ randomwalker-info-585 258 2 learning learning NN randomwalker-info-585 258 3 rules rule NNS randomwalker-info-585 258 4 are be VBP randomwalker-info-585 258 5 parameter- parameter- RB randomwalker-info-585 258 6 ized ize VBN randomwalker-info-585 258 7 by by IN randomwalker-info-585 258 8 an an DT randomwalker-info-585 258 9 � � NNP randomwalker-info-585 258 10 ∈ ∈ IN randomwalker-info-585 258 11 [ [ -LRB- randomwalker-info-585 258 12 0 0 CD randomwalker-info-585 258 13 , , , randomwalker-info-585 258 14 1/2 1/2 CD randomwalker-info-585 258 15 ] ] -RRB- randomwalker-info-585 258 16 . . . randomwalker-info-585 259 1 For for IN randomwalker-info-585 259 2 EXP3 EXP3 NNP randomwalker-info-585 259 3 , , , randomwalker-info-585 259 4 it -PRON- PRP randomwalker-info-585 259 5 is be VBZ randomwalker-info-585 259 6 customary customary JJ randomwalker-info-585 259 7 to to TO randomwalker-info-585 259 8 set set VB randomwalker-info-585 259 9 � � NNP randomwalker-info-585 259 10 ≈ ≈ IN randomwalker-info-585 259 11 √ √ NNP randomwalker-info-585 259 12 n n CC randomwalker-info-585 259 13 ln ln NNP randomwalker-info-585 259 14 n n NN randomwalker-info-585 259 15 / / SYM randomwalker-info-585 259 16 T T NNP randomwalker-info-585 259 17 , , , randomwalker-info-585 259 18 where where WRB randomwalker-info-585 259 19 n n PRP randomwalker-info-585 259 20 is be VBZ randomwalker-info-585 259 21 the the DT randomwalker-info-585 259 22 number number NN randomwalker-info-585 259 23 of of IN randomwalker-info-585 259 24 strategies strategy NNS randomwalker-info-585 259 25 consid- consid- VBP randomwalker-info-585 259 26 ered ered JJ randomwalker-info-585 259 27 and and CC randomwalker-info-585 259 28 T T NNP randomwalker-info-585 259 29 is be VBZ randomwalker-info-585 259 30 the the DT randomwalker-info-585 259 31 number number NN randomwalker-info-585 259 32 of of IN randomwalker-info-585 259 33 games game NNS randomwalker-info-585 259 34 played play VBN randomwalker-info-585 259 35 . . . randomwalker-info-585 260 1 For for IN randomwalker-info-585 260 2 MWU MWU NNP randomwalker-info-585 260 3 ( ( -LRB- randomwalker-info-585 260 4 and and CC randomwalker-info-585 260 5 our -PRON- PRP$ randomwalker-info-585 260 6 “ " `` randomwalker-info-585 260 7 MWU mwu NN randomwalker-info-585 260 8 - - HYPH randomwalker-info-585 260 9 like like JJ randomwalker-info-585 260 10 ” " '' randomwalker-info-585 260 11 update update NN randomwalker-info-585 260 12 rule rule NN randomwalker-info-585 260 13 ) ) -RRB- randomwalker-info-585 260 14 , , , randomwalker-info-585 260 15 it -PRON- PRP randomwalker-info-585 260 16 is be VBZ randomwalker-info-585 260 17 customary customary JJ randomwalker-info-585 260 18 to to TO randomwalker-info-585 260 19 set set VB randomwalker-info-585 260 20 � � NNP randomwalker-info-585 260 21 ≈√ ≈√ PRP randomwalker-info-585 260 22 ln ln UH randomwalker-info-585 260 23 n n NN randomwalker-info-585 260 24 / / SYM randomwalker-info-585 260 25 T. t. NN randomwalker-info-585 261 1 Larger large JJR randomwalker-info-585 261 2 � � NNP randomwalker-info-585 261 3 encourages encourage VBZ randomwalker-info-585 261 4 beliefs belief NNS randomwalker-info-585 261 5 ( ( -LRB- randomwalker-info-585 261 6 about about IN randomwalker-info-585 261 7 the the DT randomwalker-info-585 261 8 strength strength NN randomwalker-info-585 261 9 of of IN randomwalker-info-585 261 10 strategies strategy NNS randomwalker-info-585 261 11 ) ) -RRB- randomwalker-info-585 261 12 to to TO randomwalker-info-585 261 13 be be VB randomwalker-info-585 261 14 updated update VBN randomwalker-info-585 261 15 rapidly rapidly RB randomwalker-info-585 261 16 in in IN randomwalker-info-585 261 17 response response NN randomwalker-info-585 261 18 to to IN randomwalker-info-585 261 19 recent recent JJ randomwalker-info-585 261 20 games game NNS randomwalker-info-585 261 21 . . . randomwalker-info-585 262 1 Smaller small JJR randomwalker-info-585 262 2 � � NNP randomwalker-info-585 262 3 encourages encourage VBZ randomwalker-info-585 262 4 waiting wait VBG randomwalker-info-585 262 5 for for IN randomwalker-info-585 262 6 more more JJR randomwalker-info-585 262 7 evidence evidence NN randomwalker-info-585 262 8 be- be- XX randomwalker-info-585 262 9 fore fore IN randomwalker-info-585 262 10 updating update VBG randomwalker-info-585 262 11 beliefs belief NNS randomwalker-info-585 262 12 . . . randomwalker-info-585 263 1 Atomic atomic JJ randomwalker-info-585 263 2 versus versus IN randomwalker-info-585 263 3 Non non JJ randomwalker-info-585 263 4 - - JJ randomwalker-info-585 263 5 Atomic atomic JJ randomwalker-info-585 263 6 Miners Miners NNPS randomwalker-info-585 263 7 . . . randomwalker-info-585 264 1 We -PRON- PRP randomwalker-info-585 264 2 say say VBP randomwalker-info-585 264 3 miners miner NNS randomwalker-info-585 264 4 are be VBP randomwalker-info-585 264 5 atomic atomic JJ randomwalker-info-585 264 6 if if IN randomwalker-info-585 264 7 there there EX randomwalker-info-585 264 8 are be VBP randomwalker-info-585 264 9 finitely finitely RB randomwalker-info-585 264 10 many many JJ randomwalker-info-585 264 11 of of IN randomwalker-info-585 264 12 them -PRON- PRP randomwalker-info-585 264 13 , , , randomwalker-info-585 264 14 and and CC randomwalker-info-585 264 15 each each DT randomwalker-info-585 264 16 has have VBZ randomwalker-info-585 264 17 a a DT randomwalker-info-585 264 18 finite finite JJ randomwalker-info-585 264 19 fraction fraction NN randomwalker-info-585 264 20 of of IN randomwalker-info-585 264 21 the the DT randomwalker-info-585 264 22 total total JJ randomwalker-info-585 264 23 hash hash NN randomwalker-info-585 264 24 power power NN randomwalker-info-585 264 25 . . . randomwalker-info-585 265 1 Such such JJ randomwalker-info-585 265 2 miners miner NNS randomwalker-info-585 265 3 may may MD randomwalker-info-585 265 4 have have VB randomwalker-info-585 265 5 an an DT randomwalker-info-585 265 6 interest interest NN randomwalker-info-585 265 7 in in IN randomwalker-info-585 265 8 sacrificing sacrifice VBG randomwalker-info-585 265 9 immediate immediate JJ randomwalker-info-585 265 10 gains gain NNS randomwalker-info-585 265 11 related relate VBN randomwalker-info-585 265 12 to to IN randomwalker-info-585 265 13 a a DT randomwalker-info-585 265 14 block block NN randomwalker-info-585 265 15 mined mine VBN randomwalker-info-585 265 16 now now RB randomwalker-info-585 265 17 in in IN randomwalker-info-585 265 18 order order NN randomwalker-info-585 265 19 to to TO randomwalker-info-585 265 20 achieve achieve VB randomwalker-info-585 265 21 greater great JJR randomwalker-info-585 265 22 gains gain NNS randomwalker-info-585 265 23 for for IN randomwalker-info-585 265 24 blocks block NNS randomwalker-info-585 265 25 mined mine VBN randomwalker-info-585 265 26 in in IN randomwalker-info-585 265 27 the the DT randomwalker-info-585 265 28 future future NN randomwalker-info-585 265 29 . . . randomwalker-info-585 266 1 Non non JJ randomwalker-info-585 266 2 - - JJ randomwalker-info-585 266 3 atomic atomic JJ randomwalker-info-585 266 4 miners miner NNS randomwalker-info-585 266 5 are be VBP randomwalker-info-585 266 6 infinitesimally infinitesimally RB randomwalker-info-585 266 7 small small JJ randomwalker-info-585 266 8 , , , randomwalker-info-585 266 9 but but CC randomwalker-info-585 266 10 there there EX randomwalker-info-585 266 11 are be VBP randomwalker-info-585 266 12 infinitely infinitely RB randomwalker-info-585 266 13 many many JJ randomwalker-info-585 266 14 of of IN randomwalker-info-585 266 15 them -PRON- PRP randomwalker-info-585 266 16 . . . randomwalker-info-585 267 1 When when WRB randomwalker-info-585 267 2 such such JJ randomwalker-info-585 267 3 miners miner NNS randomwalker-info-585 267 4 find find VBP randomwalker-info-585 267 5 a a DT randomwalker-info-585 267 6 block block NN randomwalker-info-585 267 7 , , , randomwalker-info-585 267 8 they -PRON- PRP randomwalker-info-585 267 9 are be VBP randomwalker-info-585 267 10 only only RB randomwalker-info-585 267 11 interested interested JJ randomwalker-info-585 267 12 in in IN randomwalker-info-585 267 13 maximizing maximize VBG randomwalker-info-585 267 14 their -PRON- PRP$ randomwalker-info-585 267 15 gains gain NNS randomwalker-info-585 267 16 related relate VBN randomwalker-info-585 267 17 to to IN randomwalker-info-585 267 18 that that DT randomwalker-info-585 267 19 block block NN randomwalker-info-585 267 20 ( ( -LRB- randomwalker-info-585 267 21 because because IN randomwalker-info-585 267 22 they -PRON- PRP randomwalker-info-585 267 23 will will MD randomwalker-info-585 267 24 never never RB randomwalker-info-585 267 25 find find VB randomwalker-info-585 267 26 another another DT randomwalker-info-585 267 27 block block NN randomwalker-info-585 267 28 in in IN randomwalker-info-585 267 29 the the DT randomwalker-info-585 267 30 future future NN randomwalker-info-585 267 31 ) ) -RRB- randomwalker-info-585 267 32 . . . randomwalker-info-585 268 1 Obviously obviously RB randomwalker-info-585 268 2 our -PRON- PRP$ randomwalker-info-585 268 3 simulation simulation NN randomwalker-info-585 268 4 can can MD randomwalker-info-585 268 5 not not RB randomwalker-info-585 268 6 create create VB randomwalker-info-585 268 7 infinitely infinitely RB randomwalker-info-585 268 8 many many JJ randomwalker-info-585 268 9 miners miner NNS randomwalker-info-585 268 10 , , , randomwalker-info-585 268 11 but but CC randomwalker-info-585 268 12 we -PRON- PRP randomwalker-info-585 268 13 can can MD randomwalker-info-585 268 14 functionally functionally RB randomwalker-info-585 268 15 simulate simulate VB randomwalker-info-585 268 16 them -PRON- PRP randomwalker-info-585 268 17 . . . randomwalker-info-585 269 1 To to TO randomwalker-info-585 269 2 simulate simulate VB randomwalker-info-585 269 3 that that IN randomwalker-info-585 269 4 an an DT randomwalker-info-585 269 5 α α NNP randomwalker-info-585 269 6 fraction fraction NN randomwalker-info-585 269 7 of of IN randomwalker-info-585 269 8 non non JJ randomwalker-info-585 269 9 - - JJ randomwalker-info-585 269 10 atomic atomic JJ randomwalker-info-585 269 11 miners miner NNS randomwalker-info-585 269 12 are be VBP randomwalker-info-585 269 13 using use VBG randomwalker-info-585 269 14 strategy strategy NN randomwalker-info-585 269 15 s s JJ randomwalker-info-585 269 16 , , , randomwalker-info-585 269 17 we -PRON- PRP randomwalker-info-585 269 18 instead instead RB randomwalker-info-585 269 19 create create VBP randomwalker-info-585 269 20 a a DT randomwalker-info-585 269 21 single single JJ randomwalker-info-585 269 22 atomic atomic JJ randomwalker-info-585 269 23 miner miner NN randomwalker-info-585 269 24 with with IN randomwalker-info-585 269 25 an an DT randomwalker-info-585 269 26 α α NNP randomwalker-info-585 269 27 fraction fraction NN randomwalker-info-585 269 28 of of IN randomwalker-info-585 269 29 the the DT randomwalker-info-585 269 30 hash hash NN randomwalker-info-585 269 31 power power NN randomwalker-info-585 269 32 , , , randomwalker-info-585 269 33 and and CC randomwalker-info-585 269 34 ensure ensure VB randomwalker-info-585 269 35 that that IN randomwalker-info-585 269 36 all all DT randomwalker-info-585 269 37 of of IN randomwalker-info-585 269 38 this this DT randomwalker-info-585 269 39 miner miner NN randomwalker-info-585 269 40 ’s ’s POS randomwalker-info-585 269 41 strategic strategic JJ randomwalker-info-585 269 42 decisions decision NNS randomwalker-info-585 269 43 take take VBP randomwalker-info-585 269 44 as as IN randomwalker-info-585 269 45 input input NN randomwalker-info-585 269 46 only only RB randomwalker-info-585 269 47 the the DT randomwalker-info-585 269 48 public public JJ randomwalker-info-585 269 49 information information NN randomwalker-info-585 269 50 available available JJ randomwalker-info-585 269 51 to to IN randomwalker-info-585 269 52 the the DT randomwalker-info-585 269 53 entire entire JJ randomwalker-info-585 269 54 network network NN randomwalker-info-585 269 55 , , , randomwalker-info-585 269 56 and and CC randomwalker-info-585 269 57 does do VBZ randomwalker-info-585 269 58 not not RB randomwalker-info-585 269 59 treat treat VB randomwalker-info-585 269 60 “ " `` randomwalker-info-585 269 61 their -PRON- PRP$ randomwalker-info-585 269 62 own own JJ randomwalker-info-585 269 63 ” " '' randomwalker-info-585 269 64 blocks block VBZ randomwalker-info-585 269 65 any any DT randomwalker-info-585 269 66 differently differently RB randomwalker-info-585 269 67 than than IN randomwalker-info-585 269 68 generic generic JJ randomwalker-info-585 269 69 blocks block NNS randomwalker-info-585 269 70 . . . randomwalker-info-585 270 1 Of of RB randomwalker-info-585 270 2 course course RB randomwalker-info-585 270 3 , , , randomwalker-info-585 270 4 the the DT randomwalker-info-585 270 5 real real JJ randomwalker-info-585 270 6 world world NN randomwalker-info-585 270 7 is be VBZ randomwalker-info-585 270 8 atomic atomic JJ randomwalker-info-585 270 9 . . . randomwalker-info-585 271 1 But but CC randomwalker-info-585 271 2 it -PRON- PRP randomwalker-info-585 271 3 is be VBZ randomwalker-info-585 271 4 extremely extremely RB randomwalker-info-585 271 5 helpful helpful JJ randomwalker-info-585 271 6 to to TO randomwalker-info-585 271 7 compare compare VB randomwalker-info-585 271 8 simulation simulation NN randomwalker-info-585 271 9 results result NNS randomwalker-info-585 271 10 between between IN randomwalker-info-585 271 11 the the DT randomwalker-info-585 271 12 two two CD randomwalker-info-585 271 13 mod- mod- NN randomwalker-info-585 271 14 els el VBZ randomwalker-info-585 271 15 to to TO randomwalker-info-585 271 16 isolate isolate VB randomwalker-info-585 271 17 behavior behavior NN randomwalker-info-585 271 18 that that WDT randomwalker-info-585 271 19 arises arise VBZ randomwalker-info-585 271 20 only only RB randomwalker-info-585 271 21 when when WRB randomwalker-info-585 271 22 miners miner NNS randomwalker-info-585 271 23 are be VBP randomwalker-info-585 271 24 atomic atomic JJ randomwalker-info-585 271 25 ( ( -LRB- randomwalker-info-585 271 26 example example NN randomwalker-info-585 271 27 : : : randomwalker-info-585 271 28 selfish selfish JJ randomwalker-info-585 271 29 mining mining NN randomwalker-info-585 271 30 ) ) -RRB- randomwalker-info-585 271 31 , , , randomwalker-info-585 271 32 as as RB randomwalker-info-585 271 33 intuitively intuitively RB randomwalker-info-585 271 34 this this DT randomwalker-info-585 271 35 behav- behav- JJ randomwalker-info-585 271 36 ior ior NNP randomwalker-info-585 271 37 “ " `` randomwalker-info-585 271 38 gets get VBZ randomwalker-info-585 271 39 worse bad JJR randomwalker-info-585 271 40 ” " '' randomwalker-info-585 271 41 with with IN randomwalker-info-585 271 42 big big JJ randomwalker-info-585 271 43 miners miner NNS randomwalker-info-585 271 44 ( ( -LRB- randomwalker-info-585 271 45 as as IN randomwalker-info-585 271 46 with with IN randomwalker-info-585 271 47 selfish selfish JJ randomwalker-info-585 271 48 mining mining NN randomwalker-info-585 271 49 ) ) -RRB- randomwalker-info-585 271 50 . . . randomwalker-info-585 272 1 4.4 4.4 CD randomwalker-info-585 272 2 Implementation implementation NN randomwalker-info-585 272 3 and and CC randomwalker-info-585 272 4 performance performance NN randomwalker-info-585 272 5 . . . randomwalker-info-585 273 1 The the DT randomwalker-info-585 273 2 simulator simulator NN randomwalker-info-585 273 3 is be VBZ randomwalker-info-585 273 4 written write VBN randomwalker-info-585 273 5 in in IN randomwalker-info-585 273 6 C++ C++ NNP randomwalker-info-585 273 7 , , , randomwalker-info-585 273 8 and and CC randomwalker-info-585 273 9 has have VBZ randomwalker-info-585 273 10 a a DT randomwalker-info-585 273 11 running run VBG randomwalker-info-585 273 12 time time NN randomwalker-info-585 273 13 proportional proportional JJ randomwalker-info-585 273 14 to to IN randomwalker-info-585 273 15 the the DT randomwalker-info-585 273 16 product product NN randomwalker-info-585 273 17 of of IN randomwalker-info-585 273 18 the the DT randomwalker-info-585 273 19 number number NN randomwalker-info-585 273 20 of of IN randomwalker-info-585 273 21 games game NNS randomwalker-info-585 273 22 , , , randomwalker-info-585 273 23 the the DT randomwalker-info-585 273 24 number number NN randomwalker-info-585 273 25 of of IN randomwalker-info-585 273 26 rounds round NNS randomwalker-info-585 273 27 per per IN randomwalker-info-585 273 28 game game NN randomwalker-info-585 273 29 , , , randomwalker-info-585 273 30 and and CC randomwalker-info-585 273 31 the the DT randomwalker-info-585 273 32 number number NN randomwalker-info-585 273 33 of of IN randomwalker-info-585 273 34 miners miner NNS randomwalker-info-585 273 35 . . . randomwalker-info-585 274 1 We -PRON- PRP randomwalker-info-585 274 2 find find VBP randomwalker-info-585 274 3 that that IN randomwalker-info-585 274 4 for for IN randomwalker-info-585 274 5 accurate accurate JJ randomwalker-info-585 274 6 results result NNS randomwalker-info-585 274 7 , , , randomwalker-info-585 274 8 the the DT randomwalker-info-585 274 9 games game NNS randomwalker-info-585 274 10 need need VBP randomwalker-info-585 274 11 to to TO randomwalker-info-585 274 12 include include VB randomwalker-info-585 274 13 enough enough JJ randomwalker-info-585 274 14 rounds round NNS randomwalker-info-585 274 15 so so IN randomwalker-info-585 274 16 that that IN randomwalker-info-585 274 17 that that DT randomwalker-info-585 274 18 for for IN randomwalker-info-585 274 19 every every DT randomwalker-info-585 274 20 strategy strategy NN randomwalker-info-585 274 21 , , , randomwalker-info-585 274 22 the the DT randomwalker-info-585 274 23 miners miner NNS randomwalker-info-585 274 24 using use VBG randomwalker-info-585 274 25 it -PRON- PRP randomwalker-info-585 274 26 together together RB randomwalker-info-585 274 27 find find VBP randomwalker-info-585 274 28 tens ten NNS randomwalker-info-585 274 29 of of IN randomwalker-info-585 274 30 blocks block NNS randomwalker-info-585 274 31 . . . randomwalker-info-585 275 1 We -PRON- PRP randomwalker-info-585 275 2 also also RB randomwalker-info-585 275 3 find find VBP randomwalker-info-585 275 4 that that IN randomwalker-info-585 275 5 it -PRON- PRP randomwalker-info-585 275 6 takes take VBZ randomwalker-info-585 275 7 on on RP randomwalker-info-585 275 8 the the DT randomwalker-info-585 275 9 order order NN randomwalker-info-585 275 10 of of IN randomwalker-info-585 275 11 a a DT randomwalker-info-585 275 12 few few JJ randomwalker-info-585 275 13 hundred hundred CD randomwalker-info-585 275 14 thousand thousand CD randomwalker-info-585 275 15 games game NNS randomwalker-info-585 275 16 for for IN randomwalker-info-585 275 17 our -PRON- PRP$ randomwalker-info-585 275 18 learning learn VBG randomwalker-info-585 275 19 algorithms algorithm NNS randomwalker-info-585 275 20 to to TO randomwalker-info-585 275 21 converge converge VB randomwalker-info-585 275 22 to to IN randomwalker-info-585 275 23 an an DT randomwalker-info-585 275 24 equilibrium equilibrium NN randomwalker-info-585 275 25 . . . randomwalker-info-585 276 1 On on IN randomwalker-info-585 276 2 a a DT randomwalker-info-585 276 3 commodity commodity NN randomwalker-info-585 276 4 laptop laptop NN randomwalker-info-585 276 5 with with IN randomwalker-info-585 276 6 a a DT randomwalker-info-585 276 7 2.7 2.7 CD randomwalker-info-585 276 8 GHz GHz NNS randomwalker-info-585 276 9 Intel Intel NNP randomwalker-info-585 276 10 Core Core NNP randomwalker-info-585 276 11 i5 i5 NNP randomwalker-info-585 276 12 proces- proces- NN randomwalker-info-585 276 13 sor sor NN randomwalker-info-585 276 14 , , , randomwalker-info-585 276 15 running run VBG randomwalker-info-585 276 16 a a DT randomwalker-info-585 276 17 simulation simulation NN randomwalker-info-585 276 18 of of IN randomwalker-info-585 276 19 1000 1000 CD randomwalker-info-585 276 20 games game NNS randomwalker-info-585 276 21 with with IN randomwalker-info-585 276 22 200 200 CD randomwalker-info-585 276 23 miners miner NNS randomwalker-info-585 276 24 , , , randomwalker-info-585 276 25 an an DT randomwalker-info-585 276 26 average average JJ randomwalker-info-585 276 27 interarrival interarrival JJ randomwalker-info-585 276 28 time time NN randomwalker-info-585 276 29 of of IN randomwalker-info-585 276 30 600 600 CD randomwalker-info-585 276 31 rounds round NNS randomwalker-info-585 276 32 , , , randomwalker-info-585 276 33 and and CC randomwalker-info-585 276 34 a a DT randomwalker-info-585 276 35 total total NN randomwalker-info-585 276 36 of of IN randomwalker-info-585 276 37 6,000,000 6,000,000 CD randomwalker-info-585 276 38 rounds round NNS randomwalker-info-585 276 39 ( ( -LRB- randomwalker-info-585 276 40 ≈10,000 ≈10,000 CD randomwalker-info-585 276 41 blocks block NNS randomwalker-info-585 276 42 will will MD randomwalker-info-585 276 43 be be VB randomwalker-info-585 276 44 created create VBN randomwalker-info-585 276 45 ) ) -RRB- randomwalker-info-585 276 46 , , , randomwalker-info-585 276 47 takes take VBZ randomwalker-info-585 276 48 ap- ap- RB randomwalker-info-585 276 49 proximately proximately RB randomwalker-info-585 276 50 22 22 CD randomwalker-info-585 276 51 seconds second NNS randomwalker-info-585 276 52 . . . randomwalker-info-585 277 1 Limitations limitation NNS randomwalker-info-585 277 2 . . . randomwalker-info-585 278 1 A a DT randomwalker-info-585 278 2 current current JJ randomwalker-info-585 278 3 limitation limitation NN randomwalker-info-585 278 4 of of IN randomwalker-info-585 278 5 the the DT randomwalker-info-585 278 6 simulator simulator NN randomwalker-info-585 278 7 is be VBZ randomwalker-info-585 278 8 that that IN randomwalker-info-585 278 9 the the DT randomwalker-info-585 278 10 transaction transaction NN randomwalker-info-585 278 11 fees fee NNS randomwalker-info-585 278 12 can can MD randomwalker-info-585 278 13 only only RB randomwalker-info-585 278 14 be be VB randomwalker-info-585 278 15 modeled model VBN randomwalker-info-585 278 16 as as IN randomwalker-info-585 278 17 coming come VBG randomwalker-info-585 278 18 in in RB randomwalker-info-585 278 19 at at IN randomwalker-info-585 278 20 a a DT randomwalker-info-585 278 21 uniform uniform JJ randomwalker-info-585 278 22 rate rate NN randomwalker-info-585 278 23 in in IN randomwalker-info-585 278 24 time time NN randomwalker-info-585 278 25 . . . randomwalker-info-585 279 1 Additionally additionally RB randomwalker-info-585 279 2 , , , randomwalker-info-585 279 3 the the DT randomwalker-info-585 279 4 simulator simulator NN randomwalker-info-585 279 5 is be VBZ randomwalker-info-585 279 6 not not RB randomwalker-info-585 279 7 capable capable JJ randomwalker-info-585 279 8 of of IN randomwalker-info-585 279 9 modeling model VBG randomwalker-info-585 279 10 mining mining NN randomwalker-info-585 279 11 pool pool NN randomwalker-info-585 279 12 dynamics dynamic NNS randomwalker-info-585 279 13 beyond beyond IN randomwalker-info-585 279 14 treating treat VBG randomwalker-info-585 279 15 them -PRON- PRP randomwalker-info-585 279 16 as as IN randomwalker-info-585 279 17 a a DT randomwalker-info-585 279 18 single single JJ randomwalker-info-585 279 19 miner miner NN randomwalker-info-585 279 20 with with IN randomwalker-info-585 279 21 hash hash NN randomwalker-info-585 279 22 power power NN randomwalker-info-585 279 23 equal equal JJ randomwalker-info-585 279 24 to to IN randomwalker-info-585 279 25 that that DT randomwalker-info-585 279 26 of of IN randomwalker-info-585 279 27 the the DT randomwalker-info-585 279 28 pool pool NN randomwalker-info-585 279 29 . . . randomwalker-info-585 280 1 This this DT randomwalker-info-585 280 2 does do VBZ randomwalker-info-585 280 3 n’t not RB randomwalker-info-585 280 4 allow allow VB randomwalker-info-585 280 5 for for IN randomwalker-info-585 280 6 consideration consideration NN randomwalker-info-585 280 7 of of IN randomwalker-info-585 280 8 attacks attack NNS randomwalker-info-585 280 9 such such JJ randomwalker-info-585 280 10 as as IN randomwalker-info-585 280 11 those those DT randomwalker-info-585 280 12 presented present VBN randomwalker-info-585 280 13 in in IN randomwalker-info-585 280 14 [ [ -LRB- randomwalker-info-585 280 15 8 8 CD randomwalker-info-585 280 16 ] ] -RRB- randomwalker-info-585 280 17 . . . randomwalker-info-585 281 1 5 5 CD randomwalker-info-585 281 2 . . . randomwalker-info-585 282 1 NEW new JJ randomwalker-info-585 282 2 DEVIANT DEVIANT NNP randomwalker-info-585 282 3 MINING mining NN randomwalker-info-585 282 4 BEHAVIOR BEHAVIOR NNP randomwalker-info-585 282 5 In in IN randomwalker-info-585 282 6 this this DT randomwalker-info-585 282 7 section section NN randomwalker-info-585 282 8 , , , randomwalker-info-585 282 9 we -PRON- PRP randomwalker-info-585 282 10 examine examine VBP randomwalker-info-585 282 11 what what WP randomwalker-info-585 282 12 deviant deviant NN randomwalker-info-585 282 13 mining mining NN randomwalker-info-585 282 14 behavior behavior NN randomwalker-info-585 282 15 might may MD randomwalker-info-585 282 16 unfold unfold VB randomwalker-info-585 282 17 in in IN randomwalker-info-585 282 18 the the DT randomwalker-info-585 282 19 transaction transaction NN randomwalker-info-585 282 20 fees fee NNS randomwalker-info-585 282 21 model model NN randomwalker-info-585 282 22 that that WDT randomwalker-info-585 282 23 does do VBZ randomwalker-info-585 282 24 n’t not RB randomwalker-info-585 282 25 arise arise VB randomwalker-info-585 282 26 in in IN randomwalker-info-585 282 27 the the DT randomwalker-info-585 282 28 block block NN randomwalker-info-585 282 29 - - HYPH randomwalker-info-585 282 30 reward reward NN randomwalker-info-585 282 31 model model NN randomwalker-info-585 282 32 . . . randomwalker-info-585 283 1 Specifically specifically RB randomwalker-info-585 283 2 , , , randomwalker-info-585 283 3 we -PRON- PRP randomwalker-info-585 283 4 argue argue VBP randomwalker-info-585 283 5 that that DT randomwalker-info-585 283 6 : : : randomwalker-info-585 283 7 • • VB randomwalker-info-585 283 8 It -PRON- PRP randomwalker-info-585 283 9 is be VBZ randomwalker-info-585 283 10 reasonable reasonable JJ randomwalker-info-585 283 11 to to TO randomwalker-info-585 283 12 expect expect VB randomwalker-info-585 283 13 self self NN randomwalker-info-585 283 14 - - HYPH randomwalker-info-585 283 15 interested interested JJ randomwalker-info-585 283 16 miners miner NNS randomwalker-info-585 283 17 to to TO randomwalker-info-585 283 18 be- be- RB randomwalker-info-585 283 19 come come VB randomwalker-info-585 283 20 PettyCompliant PettyCompliant NNP randomwalker-info-585 283 21 instead instead RB randomwalker-info-585 283 22 of of IN randomwalker-info-585 283 23 DefaultCompli- defaultcompli- NN randomwalker-info-585 283 24 ant ant NN randomwalker-info-585 283 25 once once RB randomwalker-info-585 283 26 transaction transaction NN randomwalker-info-585 283 27 fees fee NNS randomwalker-info-585 283 28 take take VBP randomwalker-info-585 283 29 over over RP randomwalker-info-585 283 30 . . . randomwalker-info-585 284 1 • • VB randomwalker-info-585 284 2 The the DT randomwalker-info-585 284 3 existence existence NN randomwalker-info-585 284 4 of of IN randomwalker-info-585 284 5 PettyCompliant PettyCompliant NNP randomwalker-info-585 284 6 miners miner NNS randomwalker-info-585 284 7 in in IN randomwalker-info-585 284 8 the the DT randomwalker-info-585 284 9 net- net- NN randomwalker-info-585 284 10 work work NN randomwalker-info-585 284 11 opens open VBZ randomwalker-info-585 284 12 the the DT randomwalker-info-585 284 13 field field NN randomwalker-info-585 284 14 for for IN randomwalker-info-585 284 15 a a DT randomwalker-info-585 284 16 range range NN randomwalker-info-585 284 17 of of IN randomwalker-info-585 284 18 aggressive aggressive JJ randomwalker-info-585 284 19 strategies strategy NNS randomwalker-info-585 284 20 with with IN randomwalker-info-585 284 21 detrimental detrimental JJ randomwalker-info-585 284 22 effects effect NNS randomwalker-info-585 284 23 to to IN randomwalker-info-585 284 24 Bitcoin Bitcoin NNP randomwalker-info-585 284 25 ’s ’s POS randomwalker-info-585 284 26 stability stability NN randomwalker-info-585 284 27 . . . randomwalker-info-585 285 1 5.1 5.1 CD randomwalker-info-585 285 2 Phase Phase NNP randomwalker-info-585 285 3 One one CD randomwalker-info-585 285 4 : : : randomwalker-info-585 285 5 Petty petty JJ randomwalker-info-585 285 6 compliant compliant JJ randomwalker-info-585 285 7 Observation observation NN randomwalker-info-585 285 8 : : : randomwalker-info-585 285 9 The the DT randomwalker-info-585 285 10 default default NN randomwalker-info-585 285 11 client client NN randomwalker-info-585 285 12 behavior behavior NN randomwalker-info-585 285 13 of of IN randomwalker-info-585 285 14 min- min- NNP randomwalker-info-585 285 15 ing ing NNP randomwalker-info-585 285 16 on on IN randomwalker-info-585 285 17 the the DT randomwalker-info-585 285 18 oldest old JJS randomwalker-info-585 285 19 block block NN randomwalker-info-585 285 20 is be VBZ randomwalker-info-585 285 21 not not RB randomwalker-info-585 285 22 optimal optimal JJ randomwalker-info-585 285 23 . . . randomwalker-info-585 286 1 Miners miner NNS randomwalker-info-585 286 2 can can MD randomwalker-info-585 286 3 do do VB randomwalker-info-585 286 4 strictly strictly RB randomwalker-info-585 286 5 better better RB randomwalker-info-585 286 6 by by IN randomwalker-info-585 286 7 mining mine VBG randomwalker-info-585 286 8 on on IN randomwalker-info-585 286 9 the the DT randomwalker-info-585 286 10 block block NN randomwalker-info-585 286 11 that that WDT randomwalker-info-585 286 12 leaves leave VBZ randomwalker-info-585 286 13 the the DT randomwalker-info-585 286 14 most most JJS randomwalker-info-585 286 15 transactions transaction NNS randomwalker-info-585 286 16 fees fee NNS randomwalker-info-585 286 17 unclaimed unclaimed JJ randomwalker-info-585 286 18 . . . randomwalker-info-585 287 1 Consider consider VB randomwalker-info-585 287 2 the the DT randomwalker-info-585 287 3 case case NN randomwalker-info-585 287 4 where where WRB randomwalker-info-585 287 5 there there EX randomwalker-info-585 287 6 is be VBZ randomwalker-info-585 287 7 a a DT randomwalker-info-585 287 8 fork fork NN randomwalker-info-585 287 9 : : : randomwalker-info-585 287 10 two two CD randomwalker-info-585 287 11 blocks block NNS randomwalker-info-585 287 12 are be VBP randomwalker-info-585 287 13 tied tie VBN randomwalker-info-585 287 14 for for IN randomwalker-info-585 287 15 longest long JJS randomwalker-info-585 287 16 chain chain NN randomwalker-info-585 287 17 . . . randomwalker-info-585 288 1 The the DT randomwalker-info-585 288 2 traditional traditional JJ randomwalker-info-585 288 3 behavior behavior NN randomwalker-info-585 288 4 , , , randomwalker-info-585 288 5 and and CC randomwalker-info-585 288 6 the the DT randomwalker-info-585 288 7 one one CD randomwalker-info-585 288 8 programmed program VBD randomwalker-info-585 288 9 into into IN randomwalker-info-585 288 10 the the DT randomwalker-info-585 288 11 default default NN randomwalker-info-585 288 12 client,4 client,4 NNP randomwalker-info-585 288 13 would would MD randomwalker-info-585 288 14 have have VB randomwalker-info-585 288 15 the the DT randomwalker-info-585 288 16 miner miner NN randomwalker-info-585 288 17 select select VB randomwalker-info-585 288 18 the the DT randomwalker-info-585 288 19 older old JJR randomwalker-info-585 288 20 of of IN randomwalker-info-585 288 21 the the DT randomwalker-info-585 288 22 two two CD randomwalker-info-585 288 23 potential potential JJ randomwalker-info-585 288 24 block block NN randomwalker-info-585 288 25 heads head NNS randomwalker-info-585 288 26 . . . randomwalker-info-585 289 1 However however RB randomwalker-info-585 289 2 , , , randomwalker-info-585 289 3 there there EX randomwalker-info-585 289 4 is be VBZ randomwalker-info-585 289 5 really really RB randomwalker-info-585 289 6 no no DT randomwalker-info-585 289 7 cost cost NN randomwalker-info-585 289 8 for for IN randomwalker-info-585 289 9 that that DT randomwalker-info-585 289 10 miner miner NN randomwalker-info-585 289 11 instead instead RB randomwalker-info-585 289 12 to to TO randomwalker-info-585 289 13 tie tie VB randomwalker-info-585 289 14 - - HYPH randomwalker-info-585 289 15 break break NN randomwalker-info-585 289 16 arbitrarily arbitrarily RB randomwalker-info-585 289 17 . . . randomwalker-info-585 290 1 In in IN randomwalker-info-585 290 2 particular particular JJ randomwalker-info-585 290 3 , , , randomwalker-info-585 290 4 if if IN randomwalker-info-585 290 5 the the DT randomwalker-info-585 290 6 miner miner NN randomwalker-info-585 290 7 is be VBZ randomwalker-info-585 290 8 planning plan VBG randomwalker-info-585 290 9 to to IN randomwalker-info-585 290 10 in- in- RB randomwalker-info-585 290 11 clude clude VB randomwalker-info-585 290 12 all all DT randomwalker-info-585 290 13 unclaimed unclaimed JJ randomwalker-info-585 290 14 transactions transaction NNS randomwalker-info-585 290 15 in in IN randomwalker-info-585 290 16 their -PRON- PRP$ randomwalker-info-585 290 17 block block NN randomwalker-info-585 290 18 , , , randomwalker-info-585 290 19 it -PRON- PRP randomwalker-info-585 290 20 would would MD randomwalker-info-585 290 21 be be VB randomwalker-info-585 290 22 in in IN randomwalker-info-585 290 23 that that DT randomwalker-info-585 290 24 miner miner NN randomwalker-info-585 290 25 ’s ’s POS randomwalker-info-585 290 26 interest interest NN randomwalker-info-585 290 27 not not RB randomwalker-info-585 290 28 to to TO randomwalker-info-585 290 29 mine -PRON- PRP randomwalker-info-585 290 30 on on IN randomwalker-info-585 290 31 the the DT randomwalker-info-585 290 32 oldest old JJS randomwalker-info-585 290 33 block block NN randomwalker-info-585 290 34 , , , randomwalker-info-585 290 35 but but CC randomwalker-info-585 290 36 instead instead RB randomwalker-info-585 290 37 the the DT randomwalker-info-585 290 38 block block NN randomwalker-info-585 290 39 that that WDT randomwalker-info-585 290 40 leaves leave VBZ randomwalker-info-585 290 41 the the DT randomwalker-info-585 290 42 most most RBS randomwalker-info-585 290 43 remaining remaining JJ randomwalker-info-585 290 44 fees fee NNS randomwalker-info-585 290 45 . . . randomwalker-info-585 291 1 Therefore therefore RB randomwalker-info-585 291 2 , , , randomwalker-info-585 291 3 a a DT randomwalker-info-585 291 4 strategic strategic JJ randomwalker-info-585 291 5 miner miner NN randomwalker-info-585 291 6 would would MD randomwalker-info-585 291 7 want want VB randomwalker-info-585 291 8 to to TO randomwalker-info-585 291 9 mine mine VB randomwalker-info-585 291 10 on on IN randomwalker-info-585 291 11 MostmH MostmH NNS randomwalker-info-585 291 12 instead instead RB randomwalker-info-585 291 13 of of IN randomwalker-info-585 291 14 OldestmH OldestmH NNS randomwalker-info-585 291 15 . . . randomwalker-info-585 292 1 We -PRON- PRP randomwalker-info-585 292 2 call call VBP randomwalker-info-585 292 3 this this DT randomwalker-info-585 292 4 strategy strategy NN randomwalker-info-585 292 5 petty petty JJ randomwalker-info-585 292 6 compliant compliant JJ randomwalker-info-585 292 7 , , , randomwalker-info-585 292 8 4Note 4note JJ randomwalker-info-585 292 9 : : : randomwalker-info-585 292 10 this this DT randomwalker-info-585 292 11 is be VBZ randomwalker-info-585 292 12 not not RB randomwalker-info-585 292 13 a a DT randomwalker-info-585 292 14 self self NN randomwalker-info-585 292 15 - - HYPH randomwalker-info-585 292 16 enforcing enforce VBG randomwalker-info-585 292 17 part part NN randomwalker-info-585 292 18 of of IN randomwalker-info-585 292 19 the the DT randomwalker-info-585 292 20 protocol protocol NN randomwalker-info-585 292 21 . . . randomwalker-info-585 293 1 It -PRON- PRP randomwalker-info-585 293 2 ’s ’ VBZ randomwalker-info-585 293 3 purely purely RB randomwalker-info-585 293 4 client client NN randomwalker-info-585 293 5 - - HYPH randomwalker-info-585 293 6 side side NN randomwalker-info-585 293 7 behavior behavior NN randomwalker-info-585 293 8 . . . randomwalker-info-585 294 1 as as IN randomwalker-info-585 294 2 it -PRON- PRP randomwalker-info-585 294 3 is be VBZ randomwalker-info-585 294 4 still still RB randomwalker-info-585 294 5 mining mine VBG randomwalker-info-585 294 6 on on IN randomwalker-info-585 294 7 a a DT randomwalker-info-585 294 8 longest long JJS randomwalker-info-585 294 9 chain chain NN randomwalker-info-585 294 10 , , , randomwalker-info-585 294 11 including include VBG randomwalker-info-585 294 12 all all DT randomwalker-info-585 294 13 available available JJ randomwalker-info-585 294 14 transactions transaction NNS randomwalker-info-585 294 15 , , , randomwalker-info-585 294 16 and and CC randomwalker-info-585 294 17 publishing publish VBG randomwalker-info-585 294 18 all all DT randomwalker-info-585 294 19 blocks block NNS randomwalker-info-585 294 20 that that WDT randomwalker-info-585 294 21 are be VBP randomwalker-info-585 294 22 found find VBN randomwalker-info-585 294 23 ( ( -LRB- randomwalker-info-585 294 24 like like IN randomwalker-info-585 294 25 a a DT randomwalker-info-585 294 26 default default NN randomwalker-info-585 294 27 compliant compliant JJ randomwalker-info-585 294 28 miner miner NN randomwalker-info-585 294 29 ) ) -RRB- randomwalker-info-585 294 30 . . . randomwalker-info-585 295 1 It -PRON- PRP randomwalker-info-585 295 2 is be VBZ randomwalker-info-585 295 3 just just RB randomwalker-info-585 295 4 tie tie NN randomwalker-info-585 295 5 - - HYPH randomwalker-info-585 295 6 breaking breaking NN randomwalker-info-585 295 7 between between IN randomwalker-info-585 295 8 longest long JJS randomwalker-info-585 295 9 chains chain NNS randomwalker-info-585 295 10 in in IN randomwalker-info-585 295 11 a a DT randomwalker-info-585 295 12 “ " `` randomwalker-info-585 295 13 petty petty JJ randomwalker-info-585 295 14 ” " '' randomwalker-info-585 295 15 way way NN randomwalker-info-585 295 16 to to TO randomwalker-info-585 295 17 achieve achieve VB randomwalker-info-585 295 18 greater great JJR randomwalker-info-585 295 19 revenue revenue NN randomwalker-info-585 295 20 . . . randomwalker-info-585 296 1 PettyCompliant pettycompliant NN randomwalker-info-585 296 2 : : : randomwalker-info-585 296 3 Mine -PRON- PRP randomwalker-info-585 296 4 like like IN randomwalker-info-585 296 5 a a DT randomwalker-info-585 296 6 default default NN randomwalker-info-585 296 7 compliant compliant JJ randomwalker-info-585 296 8 miner miner NN randomwalker-info-585 296 9 , , , randomwalker-info-585 296 10 except except IN randomwalker-info-585 296 11 when when WRB randomwalker-info-585 296 12 choos- choos- NNP randomwalker-info-585 296 13 ing ing NNP randomwalker-info-585 296 14 between between IN randomwalker-info-585 296 15 two two CD randomwalker-info-585 296 16 sides side NNS randomwalker-info-585 296 17 in in IN randomwalker-info-585 296 18 a a DT randomwalker-info-585 296 19 fork fork NN randomwalker-info-585 296 20 ; ; : randomwalker-info-585 296 21 mine mine NN randomwalker-info-585 296 22 on on IN randomwalker-info-585 296 23 the the DT randomwalker-info-585 296 24 block block NN randomwalker-info-585 296 25 that that WDT randomwalker-info-585 296 26 has have VBZ randomwalker-info-585 296 27 claimed claim VBN randomwalker-info-585 296 28 the the DT randomwalker-info-585 296 29 fewest few JJS randomwalker-info-585 296 30 transaction transaction NN randomwalker-info-585 296 31 fees fee NNS randomwalker-info-585 296 32 . . . randomwalker-info-585 297 1 Which which WDT randomwalker-info-585 297 2 Block Block NNP randomwalker-info-585 297 3 : : : randomwalker-info-585 297 4 Mining(m mining(m LS randomwalker-info-585 297 5 ) ) -RRB- randomwalker-info-585 297 6 = = NFP randomwalker-info-585 297 7 MostmH MostmH NNS randomwalker-info-585 297 8 . . . randomwalker-info-585 298 1 How how WRB randomwalker-info-585 298 2 much much JJ randomwalker-info-585 298 3 : : : randomwalker-info-585 298 4 include include VBP randomwalker-info-585 298 5 Rem(Mining(m Rem(Mining(m NNP randomwalker-info-585 298 6 ) ) -RRB- randomwalker-info-585 298 7 ) ) -RRB- randomwalker-info-585 298 8 . . . randomwalker-info-585 299 1 Publish(B Publish(B VBN randomwalker-info-585 299 2 ) ) -RRB- randomwalker-info-585 299 3 ? ? . randomwalker-info-585 300 1 yes yes UH randomwalker-info-585 300 2 . . . randomwalker-info-585 301 1 If if IN randomwalker-info-585 301 2 forks fork NNS randomwalker-info-585 301 3 ever ever RB randomwalker-info-585 301 4 exist exist VBP randomwalker-info-585 301 5 , , , randomwalker-info-585 301 6 then then RB randomwalker-info-585 301 7 PettyCompliant PettyCompliant NNP randomwalker-info-585 301 8 strictly strictly RB randomwalker-info-585 301 9 outper- outper- JJ randomwalker-info-585 301 10 forms form NNS randomwalker-info-585 301 11 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 301 12 . . . randomwalker-info-585 302 1 The the DT randomwalker-info-585 302 2 two two CD randomwalker-info-585 302 3 are be VBP randomwalker-info-585 302 4 identical identical JJ randomwalker-info-585 302 5 except except IN randomwalker-info-585 302 6 for for IN randomwalker-info-585 302 7 the the DT randomwalker-info-585 302 8 case case NN randomwalker-info-585 302 9 where where WRB randomwalker-info-585 302 10 the the DT randomwalker-info-585 302 11 miner miner NN randomwalker-info-585 302 12 is be VBZ randomwalker-info-585 302 13 required require VBN randomwalker-info-585 302 14 to to TO randomwalker-info-585 302 15 choose choose VB randomwalker-info-585 302 16 between between IN randomwalker-info-585 302 17 two two CD randomwalker-info-585 302 18 equal equal JJ randomwalker-info-585 302 19 height height NN randomwalker-info-585 302 20 blocks block NNS randomwalker-info-585 302 21 to to IN randomwalker-info-585 302 22 mine -PRON- PRP randomwalker-info-585 302 23 on on RP randomwalker-info-585 302 24 . . . randomwalker-info-585 303 1 In in IN randomwalker-info-585 303 2 this this DT randomwalker-info-585 303 3 case case NN randomwalker-info-585 303 4 PettyCompli- pettycompli- NN randomwalker-info-585 303 5 ant ant NN randomwalker-info-585 303 6 always always RB randomwalker-info-585 303 7 makes make VBZ randomwalker-info-585 303 8 the the DT randomwalker-info-585 303 9 decision decision NN randomwalker-info-585 303 10 to to TO randomwalker-info-585 303 11 mine -PRON- PRP randomwalker-info-585 303 12 in in IN randomwalker-info-585 303 13 a a DT randomwalker-info-585 303 14 location location NN randomwalker-info-585 303 15 that that WDT randomwalker-info-585 303 16 maximizes maximize VBZ randomwalker-info-585 303 17 their -PRON- PRP$ randomwalker-info-585 303 18 rewards reward NNS randomwalker-info-585 303 19 , , , randomwalker-info-585 303 20 and and CC randomwalker-info-585 303 21 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 303 22 might may MD randomwalker-info-585 303 23 not not RB randomwalker-info-585 303 24 . . . randomwalker-info-585 304 1 In in IN randomwalker-info-585 304 2 our -PRON- PRP$ randomwalker-info-585 304 3 mining mining NN randomwalker-info-585 304 4 strategy strategy NN randomwalker-info-585 304 5 simulator simulator NN randomwalker-info-585 304 6 , , , randomwalker-info-585 304 7 we -PRON- PRP randomwalker-info-585 304 8 compare compare VBP randomwalker-info-585 304 9 De- de- UH randomwalker-info-585 304 10 faultCompliant faultcompliant NN randomwalker-info-585 304 11 to to IN randomwalker-info-585 304 12 PettyCompliant PettyCompliant NNP randomwalker-info-585 304 13 and and CC randomwalker-info-585 304 14 do do VB randomwalker-info-585 304 15 in in IN randomwalker-info-585 304 16 fact fact NN randomwalker-info-585 304 17 see see VB randomwalker-info-585 304 18 that that IN randomwalker-info-585 304 19 PettyCompliant PettyCompliant NNP randomwalker-info-585 304 20 outperforms outperform VBZ randomwalker-info-585 304 21 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 304 22 , , , randomwalker-info-585 304 23 regardless regardless RB randomwalker-info-585 304 24 of of IN randomwalker-info-585 304 25 the the DT randomwalker-info-585 304 26 breakdown breakdown NN randomwalker-info-585 304 27 of of IN randomwalker-info-585 304 28 other other JJ randomwalker-info-585 304 29 miners miner NNS randomwalker-info-585 304 30 in in IN randomwalker-info-585 304 31 any any DT randomwalker-info-585 304 32 simula- simula- NN randomwalker-info-585 304 33 tion tion NN randomwalker-info-585 304 34 where where WRB randomwalker-info-585 304 35 there there EX randomwalker-info-585 304 36 is be VBZ randomwalker-info-585 304 37 enough enough JJ randomwalker-info-585 304 38 latency latency NN randomwalker-info-585 304 39 ( ( -LRB- randomwalker-info-585 304 40 in in IN randomwalker-info-585 304 41 learning learning NN randomwalker-info-585 304 42 of of IN randomwalker-info-585 304 43 both both DT randomwalker-info-585 304 44 new new JJ randomwalker-info-585 304 45 blocks block NNS randomwalker-info-585 304 46 and and CC randomwalker-info-585 304 47 transactions transaction NNS randomwalker-info-585 304 48 ) ) -RRB- randomwalker-info-585 304 49 that that IN randomwalker-info-585 304 50 forks fork NNS randomwalker-info-585 304 51 naturally naturally RB randomwalker-info-585 304 52 occur occur VBP randomwalker-info-585 304 53 . . . randomwalker-info-585 305 1 Note note VB randomwalker-info-585 305 2 that that IN randomwalker-info-585 305 3 the the DT randomwalker-info-585 305 4 existence existence NN randomwalker-info-585 305 5 of of IN randomwalker-info-585 305 6 petty petty JJ randomwalker-info-585 305 7 compliant compliant JJ randomwalker-info-585 305 8 miners miner NNS randomwalker-info-585 305 9 is be VBZ randomwalker-info-585 305 10 not not RB randomwalker-info-585 305 11 necessarily necessarily RB randomwalker-info-585 305 12 harmful harmful JJ randomwalker-info-585 305 13 by by IN randomwalker-info-585 305 14 itself -PRON- PRP randomwalker-info-585 305 15 : : : randomwalker-info-585 305 16 so so CC randomwalker-info-585 305 17 what what WP randomwalker-info-585 305 18 if if IN randomwalker-info-585 305 19 miners miner NNS randomwalker-info-585 305 20 are be VBP randomwalker-info-585 305 21 tie- tie- RB randomwalker-info-585 305 22 breaking break VBG randomwalker-info-585 305 23 differently differently RB randomwalker-info-585 305 24 in in IN randomwalker-info-585 305 25 the the DT randomwalker-info-585 305 26 rare rare JJ randomwalker-info-585 305 27 event event NN randomwalker-info-585 305 28 that that WDT randomwalker-info-585 305 29 forks fork NNS randomwalker-info-585 305 30 naturally naturally RB randomwalker-info-585 305 31 occur occur VBP randomwalker-info-585 305 32 ? ? . randomwalker-info-585 306 1 The the DT randomwalker-info-585 306 2 problem problem NN randomwalker-info-585 306 3 arises arise VBZ randomwalker-info-585 306 4 when when WRB randomwalker-info-585 306 5 other other JJ randomwalker-info-585 306 6 strategic strategic JJ randomwalker-info-585 306 7 miners miner NNS randomwalker-info-585 306 8 no- no- RB randomwalker-info-585 306 9 tice tice RB randomwalker-info-585 306 10 the the DT randomwalker-info-585 306 11 existence existence NN randomwalker-info-585 306 12 of of IN randomwalker-info-585 306 13 petty petty JJ randomwalker-info-585 306 14 compliant compliant JJ randomwalker-info-585 306 15 miners miner NNS randomwalker-info-585 306 16 and and CC randomwalker-info-585 306 17 choose choose VB randomwalker-info-585 306 18 to to TO randomwalker-info-585 306 19 exploit exploit VB randomwalker-info-585 306 20 this this DT randomwalker-info-585 306 21 with with IN randomwalker-info-585 306 22 more more RBR randomwalker-info-585 306 23 aggressive aggressive JJ randomwalker-info-585 306 24 tactics tactic NNS randomwalker-info-585 306 25 . . . randomwalker-info-585 307 1 We -PRON- PRP randomwalker-info-585 307 2 ’ll will MD randomwalker-info-585 307 3 see see VB randomwalker-info-585 307 4 some some DT randomwalker-info-585 307 5 examples example NNS randomwalker-info-585 307 6 of of IN randomwalker-info-585 307 7 this this DT randomwalker-info-585 307 8 in in IN randomwalker-info-585 307 9 the the DT randomwalker-info-585 307 10 remainder remainder NN randomwalker-info-585 307 11 of of IN randomwalker-info-585 307 12 this this DT randomwalker-info-585 307 13 section section NN randomwalker-info-585 307 14 . . . randomwalker-info-585 308 1 The the DT randomwalker-info-585 308 2 ex- ex- JJ randomwalker-info-585 308 3 istence istence NN randomwalker-info-585 308 4 of of IN randomwalker-info-585 308 5 PettyCompliant PettyCompliant NNP randomwalker-info-585 308 6 miners miner NNS randomwalker-info-585 308 7 impact impact VB randomwalker-info-585 308 8 other other JJ randomwalker-info-585 308 9 deviant deviant NN randomwalker-info-585 308 10 strategies strategy NNS randomwalker-info-585 308 11 in in IN randomwalker-info-585 308 12 surprising surprising JJ randomwalker-info-585 308 13 ways way NNS randomwalker-info-585 308 14 too too RB randomwalker-info-585 308 15 . . . randomwalker-info-585 309 1 For for IN randomwalker-info-585 309 2 example example NN randomwalker-info-585 309 3 , , , randomwalker-info-585 309 4 a a DT randomwalker-info-585 309 5 selfish selfish JJ randomwalker-info-585 309 6 miner miner NN randomwalker-info-585 309 7 ( ( -LRB- randomwalker-info-585 309 8 discussed discuss VBN randomwalker-info-585 309 9 more more RBR randomwalker-info-585 309 10 in in IN randomwalker-info-585 309 11 Section Section NNP randomwalker-info-585 309 12 6 6 CD randomwalker-info-585 309 13 ) ) -RRB- randomwalker-info-585 309 14 , , , randomwalker-info-585 309 15 performs perform VBZ randomwalker-info-585 309 16 better better RB randomwalker-info-585 309 17 against against IN randomwalker-info-585 309 18 PettyCompliant PettyCompliant NNP randomwalker-info-585 309 19 miners miner NNS randomwalker-info-585 309 20 than than IN randomwalker-info-585 309 21 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 309 22 . . . randomwalker-info-585 310 1 5.2 5.2 CD randomwalker-info-585 310 2 Phase phase NN randomwalker-info-585 310 3 Two two CD randomwalker-info-585 310 4 : : : randomwalker-info-585 310 5 Lazy lazy JJ randomwalker-info-585 310 6 Undercutting undercut VBG randomwalker-info-585 310 7 Observation observation NN randomwalker-info-585 310 8 : : : randomwalker-info-585 310 9 Once once IN randomwalker-info-585 310 10 some some DT randomwalker-info-585 310 11 fraction fraction NN randomwalker-info-585 310 12 of of IN randomwalker-info-585 310 13 miners miner NNS randomwalker-info-585 310 14 is be VBZ randomwalker-info-585 310 15 petty petty JJ randomwalker-info-585 310 16 compliant compliant JJ randomwalker-info-585 310 17 , , , randomwalker-info-585 310 18 other other JJ randomwalker-info-585 310 19 miners miner NNS randomwalker-info-585 310 20 may may MD randomwalker-info-585 310 21 profit profit VB randomwalker-info-585 310 22 by by IN randomwalker-info-585 310 23 in- in- JJ randomwalker-info-585 310 24 tentionally tentionally RB randomwalker-info-585 310 25 forking fork VBG randomwalker-info-585 310 26 the the DT randomwalker-info-585 310 27 chain chain NN randomwalker-info-585 310 28 . . . randomwalker-info-585 311 1 The the DT randomwalker-info-585 311 2 key key JJ randomwalker-info-585 311 3 insight insight NN randomwalker-info-585 311 4 for for IN randomwalker-info-585 311 5 more more RBR randomwalker-info-585 311 6 aggressive aggressive JJ randomwalker-info-585 311 7 strategies strategy NNS randomwalker-info-585 311 8 is be VBZ randomwalker-info-585 311 9 that that IN randomwalker-info-585 311 10 a a DT randomwalker-info-585 311 11 deviant deviant NN randomwalker-info-585 311 12 miner miner NN randomwalker-info-585 311 13 can can MD randomwalker-info-585 311 14 incentivize incentivize VB randomwalker-info-585 311 15 petty petty JJ randomwalker-info-585 311 16 compliant compliant JJ randomwalker-info-585 311 17 miners miner NNS randomwalker-info-585 311 18 to to TO randomwalker-info-585 311 19 ex- ex- RB randomwalker-info-585 311 20 tend tend VB randomwalker-info-585 311 21 their -PRON- PRP$ randomwalker-info-585 311 22 block block NN randomwalker-info-585 311 23 , , , randomwalker-info-585 311 24 even even RB randomwalker-info-585 311 25 if if IN randomwalker-info-585 311 26 an an DT randomwalker-info-585 311 27 older old JJR randomwalker-info-585 311 28 block block NN randomwalker-info-585 311 29 of of IN randomwalker-info-585 311 30 the the DT randomwalker-info-585 311 31 same same JJ randomwalker-info-585 311 32 height height NN randomwalker-info-585 311 33 was be VBD randomwalker-info-585 311 34 discovered discover VBN randomwalker-info-585 311 35 several several JJ randomwalker-info-585 311 36 minutes minute NNS randomwalker-info-585 311 37 earlier early RBR randomwalker-info-585 311 38 , , , randomwalker-info-585 311 39 for for IN randomwalker-info-585 311 40 instance instance NN randomwalker-info-585 311 41 , , , randomwalker-info-585 311 42 by by IN randomwalker-info-585 311 43 ex- ex- XX randomwalker-info-585 311 44 tending tend VBG randomwalker-info-585 311 45 that that DT randomwalker-info-585 311 46 block block NN randomwalker-info-585 311 47 ’s ’s POS randomwalker-info-585 311 48 direct direct JJ randomwalker-info-585 311 49 predecessor predecessor NN randomwalker-info-585 311 50 and and CC randomwalker-info-585 311 51 including include VBG randomwalker-info-585 311 52 slightly slightly RB randomwalker-info-585 311 53 fewer few JJR randomwalker-info-585 311 54 transaction transaction NN randomwalker-info-585 311 55 fees fee NNS randomwalker-info-585 311 56 . . . randomwalker-info-585 312 1 If if IN randomwalker-info-585 312 2 the the DT randomwalker-info-585 312 3 current current JJ randomwalker-info-585 312 4 unauthorized unauthorized JJ randomwalker-info-585 312 5 transac- transac- NN randomwalker-info-585 312 6 tion tion NN randomwalker-info-585 312 7 fees fee NNS randomwalker-info-585 312 8 are be VBP randomwalker-info-585 312 9 substantially substantially RB randomwalker-info-585 312 10 fewer few JJR randomwalker-info-585 312 11 than than IN randomwalker-info-585 312 12 those those DT randomwalker-info-585 312 13 included include VBN randomwalker-info-585 312 14 by by IN randomwalker-info-585 312 15 the the DT randomwalker-info-585 312 16 current current JJ randomwalker-info-585 312 17 MostH MostH NNP randomwalker-info-585 312 18 , , , randomwalker-info-585 312 19 then then RB randomwalker-info-585 312 20 maybe maybe RB randomwalker-info-585 312 21 it -PRON- PRP randomwalker-info-585 312 22 is be VBZ randomwalker-info-585 312 23 in in IN randomwalker-info-585 312 24 a a DT randomwalker-info-585 312 25 miner miner NN randomwalker-info-585 312 26 ’s ’s POS randomwalker-info-585 312 27 interest interest NN randomwalker-info-585 312 28 to to TO randomwalker-info-585 312 29 try try VB randomwalker-info-585 312 30 and and CC randomwalker-info-585 312 31 replace replace VB randomwalker-info-585 312 32 MostH MostH NNP randomwalker-info-585 312 33 with with IN randomwalker-info-585 312 34 a a DT randomwalker-info-585 312 35 new new JJ randomwalker-info-585 312 36 block block NN randomwalker-info-585 312 37 of of IN randomwalker-info-585 312 38 height height NN randomwalker-info-585 312 39 H h NN randomwalker-info-585 312 40 , , , randomwalker-info-585 312 41 instead instead RB randomwalker-info-585 312 42 of of IN randomwalker-info-585 312 43 continuing continue VBG randomwalker-info-585 312 44 on on IN randomwalker-info-585 312 45 top top NN randomwalker-info-585 312 46 of of IN randomwalker-info-585 312 47 it -PRON- PRP randomwalker-info-585 312 48 . . . randomwalker-info-585 313 1 We -PRON- PRP randomwalker-info-585 313 2 call call VBP randomwalker-info-585 313 3 this this DT randomwalker-info-585 313 4 undercutting undercutting NN randomwalker-info-585 313 5 . . . randomwalker-info-585 314 1 So so RB randomwalker-info-585 314 2 what what WP randomwalker-info-585 314 3 might may MD randomwalker-info-585 314 4 a a DT randomwalker-info-585 314 5 strategic strategic JJ randomwalker-info-585 314 6 miner miner NN randomwalker-info-585 314 7 do do VB randomwalker-info-585 314 8 to to TO randomwalker-info-585 314 9 take take VB randomwalker-info-585 314 10 advantage advantage NN randomwalker-info-585 314 11 of of IN randomwalker-info-585 314 12 this this DT randomwalker-info-585 314 13 ? ? . randomwalker-info-585 315 1 They -PRON- PRP randomwalker-info-585 315 2 might may MD randomwalker-info-585 315 3 first first RB randomwalker-info-585 315 4 compare compare VB randomwalker-info-585 315 5 between between IN randomwalker-info-585 315 6 the the DT randomwalker-info-585 315 7 maximum maximum JJ randomwalker-info-585 315 8 rewards reward NNS randomwalker-info-585 315 9 they -PRON- PRP randomwalker-info-585 315 10 could could MD randomwalker-info-585 315 11 get get VB randomwalker-info-585 315 12 by by IN randomwalker-info-585 315 13 continuing continue VBG randomwalker-info-585 315 14 versus versus IN randomwalker-info-585 315 15 undercutting undercutting NN randomwalker-info-585 315 16 ( ( -LRB- randomwalker-info-585 315 17 while while IN randomwalker-info-585 315 18 still still RB randomwalker-info-585 315 19 becoming become VBG randomwalker-info-585 315 20 the the DT randomwalker-info-585 315 21 new new JJ randomwalker-info-585 315 22 MostH MostH NNP randomwalker-info-585 315 23 ) ) -RRB- randomwalker-info-585 315 24 , , , randomwalker-info-585 315 25 and and CC randomwalker-info-585 315 26 mine mine NN randomwalker-info-585 315 27 on on IN randomwalker-info-585 315 28 top top NN randomwalker-info-585 315 29 of of IN randomwalker-info-585 315 30 whichever whichever WDT randomwalker-info-585 315 31 block block NN randomwalker-info-585 315 32 yields yield NNS randomwalker-info-585 315 33 greater great JJR randomwalker-info-585 315 34 rewards reward NNS randomwalker-info-585 315 35 . . . randomwalker-info-585 316 1 Then then RB randomwalker-info-585 316 2 , , , randomwalker-info-585 316 3 to to TO randomwalker-info-585 316 4 protect protect VB randomwalker-info-585 316 5 themselves -PRON- PRP randomwalker-info-585 316 6 with with IN randomwalker-info-585 316 7 certainty certainty NN randomwalker-info-585 316 8 against against IN randomwalker-info-585 316 9 future future JJ randomwalker-info-585 316 10 undercutters undercutter NNS randomwalker-info-585 316 11 using use VBG randomwalker-info-585 316 12 the the DT randomwalker-info-585 316 13 same same JJ randomwalker-info-585 316 14 rule rule NN randomwalker-info-585 316 15 , , , randomwalker-info-585 316 16 they -PRON- PRP randomwalker-info-585 316 17 could could MD randomwalker-info-585 316 18 take take VB randomwalker-info-585 316 19 half half NN randomwalker-info-585 316 20 of of IN randomwalker-info-585 316 21 the the DT randomwalker-info-585 316 22 remaining remain VBG randomwalker-info-585 316 23 transac- transac- NN randomwalker-info-585 316 24 tions tion NNS randomwalker-info-585 316 25 . . . randomwalker-info-585 317 1 Because because IN randomwalker-info-585 317 2 of of IN randomwalker-info-585 317 3 the the DT randomwalker-info-585 317 4 somewhat somewhat RB randomwalker-info-585 317 5 lax lax JJ randomwalker-info-585 317 6 reasoning reasoning NN randomwalker-info-585 317 7 used use VBN randomwalker-info-585 317 8 to to TO randomwalker-info-585 317 9 choose choose VB randomwalker-info-585 317 10 these these DT randomwalker-info-585 317 11 parameters parameter NNS randomwalker-info-585 317 12 , , , randomwalker-info-585 317 13 we -PRON- PRP randomwalker-info-585 317 14 call call VBP randomwalker-info-585 317 15 this this DT randomwalker-info-585 317 16 strategy strategy NN randomwalker-info-585 317 17 LazyFork LazyFork NNP randomwalker-info-585 317 18 . . . randomwalker-info-585 318 1 While while IN randomwalker-info-585 318 2 the the DT randomwalker-info-585 318 3 existence existence NN randomwalker-info-585 318 4 of of IN randomwalker-info-585 318 5 PettyCompliant PettyCompliant NNP randomwalker-info-585 318 6 miners miner NNS randomwalker-info-585 318 7 them- them- NN randomwalker-info-585 318 8 selves self NNS randomwalker-info-585 318 9 is be VBZ randomwalker-info-585 318 10 relatively relatively RB randomwalker-info-585 318 11 benign benign JJ randomwalker-info-585 318 12 , , , randomwalker-info-585 318 13 the the DT randomwalker-info-585 318 14 existence existence NN randomwalker-info-585 318 15 of of IN randomwalker-info-585 318 16 LazyFork LazyFork NNP randomwalker-info-585 318 17 min- min- JJ randomwalker-info-585 318 18 ers er NNS randomwalker-info-585 318 19 would would MD randomwalker-info-585 318 20 be be VB randomwalker-info-585 318 21 bad bad JJ randomwalker-info-585 318 22 : : : randomwalker-info-585 318 23 they -PRON- PRP randomwalker-info-585 318 24 frequently frequently RB randomwalker-info-585 318 25 decide decide VBP randomwalker-info-585 318 26 to to TO randomwalker-info-585 318 27 intentionally intentionally RB randomwalker-info-585 318 28 orphan orphan VB randomwalker-info-585 318 29 blocks block NNS randomwalker-info-585 318 30 in in IN randomwalker-info-585 318 31 order order NN randomwalker-info-585 318 32 to to TO randomwalker-info-585 318 33 achieve achieve VB randomwalker-info-585 318 34 greater great JJR randomwalker-info-585 318 35 rewards reward NNS randomwalker-info-585 318 36 . . . randomwalker-info-585 319 1 In in IN randomwalker-info-585 319 2 addi- addi- JJ randomwalker-info-585 319 3 tion tion NN randomwalker-info-585 319 4 to to IN randomwalker-info-585 319 5 creating create VBG randomwalker-info-585 319 6 uncertainty uncertainty NN randomwalker-info-585 319 7 about about IN randomwalker-info-585 319 8 when when WRB randomwalker-info-585 319 9 blocks block NNS randomwalker-info-585 319 10 are be VBP randomwalker-info-585 319 11 “ " `` randomwalker-info-585 319 12 safely safely RB randomwalker-info-585 319 13 ” " '' randomwalker-info-585 319 14 in in IN randomwalker-info-585 319 15 the the DT randomwalker-info-585 319 16 eventual eventual JJ randomwalker-info-585 319 17 longest long JJS randomwalker-info-585 319 18 chain chain NN randomwalker-info-585 319 19 , , , randomwalker-info-585 319 20 this this DT randomwalker-info-585 319 21 decreases decrease VBZ randomwalker-info-585 319 22 the the DT randomwalker-info-585 319 23 effective effective JJ randomwalker-info-585 319 24 hash hash NN randomwalker-info-585 319 25 power power NN randomwalker-info-585 319 26 of of IN randomwalker-info-585 319 27 the the DT randomwalker-info-585 319 28 network network NN randomwalker-info-585 319 29 and and CC randomwalker-info-585 319 30 makes make VBZ randomwalker-info-585 319 31 Bitcoin Bitcoin NNP randomwalker-info-585 319 32 more more RBR randomwalker-info-585 319 33 prone prone JJ randomwalker-info-585 319 34 to to TO randomwalker-info-585 319 35 double double VB randomwalker-info-585 319 36 spend spend NN randomwalker-info-585 319 37 attacks attack NNS randomwalker-info-585 319 38 . . . randomwalker-info-585 320 1 For for IN randomwalker-info-585 320 2 cleanliness cleanliness NN randomwalker-info-585 320 3 in in IN randomwalker-info-585 320 4 formally formally RB randomwalker-info-585 320 5 defining define VBG randomwalker-info-585 320 6 LazyFork LazyFork NNP randomwalker-info-585 320 7 and and CC randomwalker-info-585 320 8 other other JJ randomwalker-info-585 320 9 undercutting undercutting NN randomwalker-info-585 320 10 strategies strategy NNS randomwalker-info-585 320 11 , , , randomwalker-info-585 320 12 we -PRON- PRP randomwalker-info-585 320 13 introduce introduce VBP randomwalker-info-585 320 14 the the DT randomwalker-info-585 320 15 notation notation NN randomwalker-info-585 320 16 Gapi Gapi NNP randomwalker-info-585 320 17 = = SYM randomwalker-info-585 320 18 Rem(Mosti−1 Rem(Mosti−1 NNP randomwalker-info-585 320 19 ) ) -RRB- randomwalker-info-585 320 20 − − NNP randomwalker-info-585 320 21 Rem(Mosti Rem(Mosti NNP randomwalker-info-585 320 22 ) ) -RRB- randomwalker-info-585 320 23 , , , randomwalker-info-585 320 24 the the DT randomwalker-info-585 320 25 maximum maximum JJ randomwalker-info-585 320 26 transaction transaction NN randomwalker-info-585 320 27 fees fee VBZ randomwalker-info-585 320 28 that that IN randomwalker-info-585 320 29 a a DT randomwalker-info-585 320 30 miner miner NN randomwalker-info-585 320 31 could could MD randomwalker-info-585 320 32 include include VB randomwalker-info-585 320 33 while while IN randomwalker-info-585 320 34 mining mine VBG randomwalker-info-585 320 35 on on IN randomwalker-info-585 320 36 top top NN randomwalker-info-585 320 37 of of IN randomwalker-info-585 320 38 Mosti−1 mosti−1 NN randomwalker-info-585 320 39 to to TO randomwalker-info-585 320 40 become become VB randomwalker-info-585 320 41 the the DT randomwalker-info-585 320 42 new new JJ randomwalker-info-585 320 43 Mosti Mosti NNP randomwalker-info-585 320 44 . . . randomwalker-info-585 321 1 LazyFork LazyFork NNP randomwalker-info-585 321 2 : : : randomwalker-info-585 321 3 Forks fork NNS randomwalker-info-585 321 4 the the DT randomwalker-info-585 321 5 blockchain blockchain NN randomwalker-info-585 321 6 if if IN randomwalker-info-585 321 7 the the DT randomwalker-info-585 321 8 head head NN randomwalker-info-585 321 9 block block NN randomwalker-info-585 321 10 is be VBZ randomwalker-info-585 321 11 more more RBR randomwalker-info-585 321 12 valuable valuable JJ randomwalker-info-585 321 13 than than IN randomwalker-info-585 321 14 the the DT randomwalker-info-585 321 15 unclaimed unclaimed JJ randomwalker-info-585 321 16 transaction transaction NN randomwalker-info-585 321 17 fees fee NNS randomwalker-info-585 321 18 it -PRON- PRP randomwalker-info-585 321 19 leaves leave VBZ randomwalker-info-585 321 20 behind behind RB randomwalker-info-585 321 21 . . . randomwalker-info-585 322 1 Only only RB randomwalker-info-585 322 2 takes take VBZ randomwalker-info-585 322 3 half half NN randomwalker-info-585 322 4 of of IN randomwalker-info-585 322 5 the the DT randomwalker-info-585 322 6 possible possible JJ randomwalker-info-585 322 7 transaction transaction NN randomwalker-info-585 322 8 fees fee NNS randomwalker-info-585 322 9 to to TO randomwalker-info-585 322 10 prevent prevent VB randomwalker-info-585 322 11 other other JJ randomwalker-info-585 322 12 lazy lazy JJ randomwalker-info-585 322 13 forkers forker NNS randomwalker-info-585 322 14 from from IN randomwalker-info-585 322 15 forking fork VBG randomwalker-info-585 322 16 their -PRON- PRP$ randomwalker-info-585 322 17 block block NN randomwalker-info-585 322 18 . . . randomwalker-info-585 323 1 Which which WDT randomwalker-info-585 323 2 Block Block NNP randomwalker-info-585 323 3 : : : randomwalker-info-585 323 4 if if IN randomwalker-info-585 323 5 Owner(MostmH Owner(MostmH NNS randomwalker-info-585 323 6 ) ) -RRB- randomwalker-info-585 323 7 = = NFP randomwalker-info-585 323 8 m m NNP randomwalker-info-585 323 9 or or CC randomwalker-info-585 323 10 Rem(Most Rem(Most NNP randomwalker-info-585 323 11 m m NNP randomwalker-info-585 323 12 H h NN randomwalker-info-585 323 13 ) ) -RRB- randomwalker-info-585 323 14 ≥ ≥ UH randomwalker-info-585 323 15 GapH GapH NNP randomwalker-info-585 323 16 Mining(m mining(m CD randomwalker-info-585 323 17 ) ) -RRB- randomwalker-info-585 323 18 = = NFP randomwalker-info-585 323 19 MostmH MostmH NNS randomwalker-info-585 323 20 . . . randomwalker-info-585 324 1 else else RB randomwalker-info-585 324 2 Mining(m Mining(m NNP randomwalker-info-585 324 3 ) ) -RRB- randomwalker-info-585 324 4 = = NFP randomwalker-info-585 324 5 MostmH−1 MostmH−1 NNP randomwalker-info-585 324 6 . . . randomwalker-info-585 325 1 How how WRB randomwalker-info-585 325 2 much much JJ randomwalker-info-585 325 3 : : : randomwalker-info-585 325 4 include include VB randomwalker-info-585 325 5 Rem(Mining(m))/2 rem(mining(m))/2 CD randomwalker-info-585 325 6 . . . randomwalker-info-585 326 1 Publish(B Publish(B VBN randomwalker-info-585 326 2 ) ) -RRB- randomwalker-info-585 326 3 ? ? . randomwalker-info-585 327 1 : : : randomwalker-info-585 327 2 yes yes UH randomwalker-info-585 327 3 . . . randomwalker-info-585 328 1 5.3 5.3 CD randomwalker-info-585 328 2 Phase phase NN randomwalker-info-585 328 3 Three three CD randomwalker-info-585 328 4 : : : randomwalker-info-585 328 5 Aggressive aggressive JJ randomwalker-info-585 328 6 Undercutting undercutting NN randomwalker-info-585 328 7 Simulation Simulation NNP randomwalker-info-585 328 8 result result NN randomwalker-info-585 328 9 : : : randomwalker-info-585 328 10 increasingly increasingly RB randomwalker-info-585 328 11 aggressive aggressive JJ randomwalker-info-585 328 12 under- under- NN randomwalker-info-585 328 13 cutting cut VBG randomwalker-info-585 328 14 behavior behavior NN randomwalker-info-585 328 15 evolves evolve NNS randomwalker-info-585 328 16 when when WRB randomwalker-info-585 328 17 miners miner NNS randomwalker-info-585 328 18 strategize strategize VBP randomwalker-info-585 328 19 . . . randomwalker-info-585 329 1 Once once IN randomwalker-info-585 329 2 miners miner NNS randomwalker-info-585 329 3 consider consider VBP randomwalker-info-585 329 4 undercutting undercut VBG randomwalker-info-585 329 5 , , , randomwalker-info-585 329 6 they -PRON- PRP randomwalker-info-585 329 7 may may MD randomwalker-info-585 329 8 also also RB randomwalker-info-585 329 9 try try VB randomwalker-info-585 329 10 to to TO randomwalker-info-585 329 11 aggressively aggressively RB randomwalker-info-585 329 12 optimize optimize VB randomwalker-info-585 329 13 the the DT randomwalker-info-585 329 14 tradeoff tradeoff NN randomwalker-info-585 329 15 between between IN randomwalker-info-585 329 16 maximizing maximize VBG randomwalker-info-585 329 17 the the DT randomwalker-info-585 329 18 transaction transaction NN randomwalker-info-585 329 19 fees fee NNS randomwalker-info-585 329 20 included include VBN randomwalker-info-585 329 21 in in IN randomwalker-info-585 329 22 blocks block NNS randomwalker-info-585 329 23 they -PRON- PRP randomwalker-info-585 329 24 mine mine VBP randomwalker-info-585 329 25 and and CC randomwalker-info-585 329 26 minimizing minimize VBG randomwalker-info-585 329 27 the the DT randomwalker-info-585 329 28 chance chance NN randomwalker-info-585 329 29 that that IN randomwalker-info-585 329 30 their -PRON- PRP$ randomwalker-info-585 329 31 block block NN randomwalker-info-585 329 32 will will MD randomwalker-info-585 329 33 be be VB randomwalker-info-585 329 34 undercut undercut JJ randomwalker-info-585 329 35 by by IN randomwalker-info-585 329 36 other other JJ randomwalker-info-585 329 37 miners miner NNS randomwalker-info-585 329 38 in in IN randomwalker-info-585 329 39 the the DT randomwalker-info-585 329 40 system system NN randomwalker-info-585 329 41 ( ( -LRB- randomwalker-info-585 329 42 as as IN randomwalker-info-585 329 43 opposed oppose VBN randomwalker-info-585 329 44 to to IN randomwalker-info-585 329 45 using use VBG randomwalker-info-585 329 46 the the DT randomwalker-info-585 329 47 less less RBR randomwalker-info-585 329 48 - - HYPH randomwalker-info-585 329 49 principled principle VBN randomwalker-info-585 329 50 reason- reason- NN randomwalker-info-585 329 51 ing ing NN randomwalker-info-585 329 52 of of IN randomwalker-info-585 329 53 LazyFork LazyFork NNP randomwalker-info-585 329 54 ) ) -RRB- randomwalker-info-585 329 55 . . . randomwalker-info-585 330 1 We -PRON- PRP randomwalker-info-585 330 2 define define VBP randomwalker-info-585 330 3 these these DT randomwalker-info-585 330 4 strategies strategy NNS randomwalker-info-585 330 5 so so IN randomwalker-info-585 330 6 that that IN randomwalker-info-585 330 7 when when WRB randomwalker-info-585 330 8 they -PRON- PRP randomwalker-info-585 330 9 are be VBP randomwalker-info-585 330 10 presented present VBN randomwalker-info-585 330 11 with with IN randomwalker-info-585 330 12 Rem(Mining(m Rem(Mining(m NNP randomwalker-info-585 330 13 ) ) -RRB- randomwalker-info-585 330 14 ) ) -RRB- randomwalker-info-585 330 15 = = NFP randomwalker-info-585 330 16 x x LS randomwalker-info-585 330 17 , , , randomwalker-info-585 330 18 they -PRON- PRP randomwalker-info-585 330 19 will will MD randomwalker-info-585 330 20 authorize authorize VB randomwalker-info-585 330 21 f(x f(x ADD randomwalker-info-585 330 22 ) ) -RRB- randomwalker-info-585 330 23 transactions transaction NNS randomwalker-info-585 330 24 , , , randomwalker-info-585 330 25 for for IN randomwalker-info-585 330 26 some some DT randomwalker-info-585 330 27 f f NN randomwalker-info-585 330 28 ( ( -LRB- randomwalker-info-585 330 29 · · NFP randomwalker-info-585 330 30 ) ) -RRB- randomwalker-info-585 330 31 with with IN randomwalker-info-585 330 32 f(x f(x NNP randomwalker-info-585 330 33 ) ) -RRB- randomwalker-info-585 330 34 ∈ ∈ IN randomwalker-info-585 330 35 [ [ -LRB- randomwalker-info-585 330 36 0,x 0,x CD randomwalker-info-585 330 37 ] ] -RRB- randomwalker-info-585 330 38 for for IN randomwalker-info-585 330 39 all all DT randomwalker-info-585 330 40 x x NN randomwalker-info-585 330 41 , , , randomwalker-info-585 330 42 and and CC randomwalker-info-585 330 43 call call VB randomwalker-info-585 330 44 them -PRON- PRP randomwalker-info-585 330 45 forkers forker NNS randomwalker-info-585 330 46 . . . randomwalker-info-585 331 1 While while IN randomwalker-info-585 331 2 in in IN randomwalker-info-585 331 3 principle principle NN randomwalker-info-585 331 4 , , , randomwalker-info-585 331 5 forkers forker NNS randomwalker-info-585 331 6 could could MD randomwalker-info-585 331 7 consider consider VB randomwalker-info-585 331 8 going go VBG randomwalker-info-585 331 9 back back RB randomwalker-info-585 331 10 sev- sev- JJ randomwalker-info-585 331 11 eral eral JJ randomwalker-info-585 331 12 blocks block NNS randomwalker-info-585 331 13 to to IN randomwalker-info-585 331 14 undercut undercut VB randomwalker-info-585 331 15 , , , randomwalker-info-585 331 16 the the DT randomwalker-info-585 331 17 strategies strategy NNS randomwalker-info-585 331 18 we -PRON- PRP randomwalker-info-585 331 19 study study VBP randomwalker-info-585 331 20 only only RB randomwalker-info-585 331 21 consider consider VBP randomwalker-info-585 331 22 mining mine VBG randomwalker-info-585 331 23 on on IN randomwalker-info-585 331 24 top top NN randomwalker-info-585 331 25 of of IN randomwalker-info-585 331 26 a a DT randomwalker-info-585 331 27 block block NN randomwalker-info-585 331 28 of of IN randomwalker-info-585 331 29 height height NN randomwalker-info-585 331 30 H h NN randomwalker-info-585 331 31 or or CC randomwalker-info-585 331 32 H h NN randomwalker-info-585 331 33 − − NNP randomwalker-info-585 331 34 1 1 CD randomwalker-info-585 331 35 . . . randomwalker-info-585 332 1 Certainly certainly RB randomwalker-info-585 332 2 , , , randomwalker-info-585 332 3 it -PRON- PRP randomwalker-info-585 332 4 would would MD randomwalker-info-585 332 5 be be VB randomwalker-info-585 332 6 an an DT randomwalker-info-585 332 7 interesting interesting JJ randomwalker-info-585 332 8 direction direction NN randomwalker-info-585 332 9 for for IN randomwalker-info-585 332 10 future future JJ randomwalker-info-585 332 11 work work NN randomwalker-info-585 332 12 to to TO randomwalker-info-585 332 13 see see VB randomwalker-info-585 332 14 if if IN randomwalker-info-585 332 15 any any DT randomwalker-info-585 332 16 additional additional JJ randomwalker-info-585 332 17 gains gain NNS randomwalker-info-585 332 18 can can MD randomwalker-info-585 332 19 be be VB randomwalker-info-585 332 20 achieved achieve VBN randomwalker-info-585 332 21 by by IN randomwalker-info-585 332 22 considering consider VBG randomwalker-info-585 332 23 blocks block NNS randomwalker-info-585 332 24 of of IN randomwalker-info-585 332 25 height height NN randomwalker-info-585 332 26 H h NN randomwalker-info-585 332 27 − − NNP randomwalker-info-585 332 28 2 2 CD randomwalker-info-585 332 29 or or CC randomwalker-info-585 332 30 less less JJR randomwalker-info-585 332 31 , , , randomwalker-info-585 332 32 but but CC randomwalker-info-585 332 33 already already RB randomwalker-info-585 332 34 we -PRON- PRP randomwalker-info-585 332 35 uncover uncover VBP randomwalker-info-585 332 36 interesting interesting JJ randomwalker-info-585 332 37 behavior behavior NN randomwalker-info-585 332 38 when when WRB randomwalker-info-585 332 39 forkers forker NNS randomwalker-info-585 332 40 go go VBP randomwalker-info-585 332 41 back back RB randomwalker-info-585 332 42 just just RB randomwalker-info-585 332 43 a a DT randomwalker-info-585 332 44 single single JJ randomwalker-info-585 332 45 block block NN randomwalker-info-585 332 46 . . . randomwalker-info-585 333 1 A a DT randomwalker-info-585 333 2 function function NN randomwalker-info-585 333 3 forking fork VBG randomwalker-info-585 333 4 miner miner NN randomwalker-info-585 333 5 looks look VBZ randomwalker-info-585 333 6 at at IN randomwalker-info-585 333 7 potential potential JJ randomwalker-info-585 333 8 blocks block NNS randomwalker-info-585 333 9 at at IN randomwalker-info-585 333 10 height height NN randomwalker-info-585 333 11 H h NN randomwalker-info-585 333 12 that that IN randomwalker-info-585 333 13 they -PRON- PRP randomwalker-info-585 333 14 could could MD randomwalker-info-585 333 15 extend extend VB randomwalker-info-585 333 16 , , , randomwalker-info-585 333 17 and and CC randomwalker-info-585 333 18 within within IN randomwalker-info-585 333 19 this this DT randomwalker-info-585 333 20 set set NN randomwalker-info-585 333 21 considers consider NNS randomwalker-info-585 333 22 ex- ex- XX randomwalker-info-585 333 23 tending tend VBG randomwalker-info-585 333 24 only only RB randomwalker-info-585 333 25 MostmH MostmH NNS randomwalker-info-585 333 26 , , , randomwalker-info-585 333 27 since since IN randomwalker-info-585 333 28 it -PRON- PRP randomwalker-info-585 333 29 leaves leave VBZ randomwalker-info-585 333 30 the the DT randomwalker-info-585 333 31 most most RBS randomwalker-info-585 333 32 remaining remaining JJ randomwalker-info-585 333 33 transaction transaction NN randomwalker-info-585 333 34 fees fee NNS randomwalker-info-585 333 35 . . . randomwalker-info-585 334 1 If if IN randomwalker-info-585 334 2 a a DT randomwalker-info-585 334 3 miner miner NN randomwalker-info-585 334 4 indeed indeed RB randomwalker-info-585 334 5 chooses choose VBZ randomwalker-info-585 334 6 to to IN randomwalker-info-585 334 7 mine -PRON- PRP randomwalker-info-585 334 8 on on IN randomwalker-info-585 334 9 top top NN randomwalker-info-585 334 10 of of IN randomwalker-info-585 334 11 MostmH MostmH NNS randomwalker-info-585 334 12 , , , randomwalker-info-585 334 13 we -PRON- PRP randomwalker-info-585 334 14 call call VBP randomwalker-info-585 334 15 this this DT randomwalker-info-585 334 16 continuing continuing NN randomwalker-info-585 334 17 . . . randomwalker-info-585 335 1 They -PRON- PRP randomwalker-info-585 335 2 also also RB randomwalker-info-585 335 3 look look VBP randomwalker-info-585 335 4 at at IN randomwalker-info-585 335 5 poten- poten- NNP randomwalker-info-585 335 6 tial tial JJ randomwalker-info-585 335 7 blocks block NNS randomwalker-info-585 335 8 of of IN randomwalker-info-585 335 9 height height NN randomwalker-info-585 335 10 H−1 h−1 CD randomwalker-info-585 335 11 , , , randomwalker-info-585 335 12 again again RB randomwalker-info-585 335 13 considering consider VBG randomwalker-info-585 335 14 only only RB randomwalker-info-585 335 15 extending extend VBG randomwalker-info-585 335 16 the the DT randomwalker-info-585 335 17 block block NN randomwalker-info-585 335 18 MostmH−1 MostmH−1 NNP randomwalker-info-585 335 19 from from IN randomwalker-info-585 335 20 this this DT randomwalker-info-585 335 21 set set NN randomwalker-info-585 335 22 . . . randomwalker-info-585 336 1 If if IN randomwalker-info-585 336 2 a a DT randomwalker-info-585 336 3 miner miner NN randomwalker-info-585 336 4 indeed indeed RB randomwalker-info-585 336 5 chooses choose VBZ randomwalker-info-585 336 6 to to IN randomwalker-info-585 336 7 mine -PRON- PRP randomwalker-info-585 336 8 on on IN randomwalker-info-585 336 9 top top NN randomwalker-info-585 336 10 of of IN randomwalker-info-585 336 11 MostmH−1 MostmH−1 NNP randomwalker-info-585 336 12 , , , randomwalker-info-585 336 13 we -PRON- PRP randomwalker-info-585 336 14 call call VBP randomwalker-info-585 336 15 this this DT randomwalker-info-585 336 16 undercutting undercutting NN randomwalker-info-585 336 17 . . . randomwalker-info-585 337 1 When when WRB randomwalker-info-585 337 2 deciding decide VBG randomwalker-info-585 337 3 whether whether IN randomwalker-info-585 337 4 to to TO randomwalker-info-585 337 5 continue continue VB randomwalker-info-585 337 6 or or CC randomwalker-info-585 337 7 undercut undercut VB randomwalker-info-585 337 8 , , , randomwalker-info-585 337 9 a a DT randomwalker-info-585 337 10 forker forker NN randomwalker-info-585 337 11 simply simply RB randomwalker-info-585 337 12 observes observe VBZ randomwalker-info-585 337 13 that that IN randomwalker-info-585 337 14 they -PRON- PRP randomwalker-info-585 337 15 will will MD randomwalker-info-585 337 16 choose choose VB randomwalker-info-585 337 17 to to TO randomwalker-info-585 337 18 claim claim VB randomwalker-info-585 337 19 f(Rem(MostmH f(Rem(MostmH . randomwalker-info-585 337 20 ) ) -RRB- randomwalker-info-585 337 21 ) ) -RRB- randomwalker-info-585 337 22 by by IN randomwalker-info-585 337 23 continuing continue VBG randomwalker-info-585 337 24 , , , randomwalker-info-585 337 25 versus versus IN randomwalker-info-585 337 26 min{f(Rem(MostmH−1)),GapH min{f(Rem(MostmH−1)),GapH NNP randomwalker-info-585 337 27 } } -RRB- randomwalker-info-585 337 28 if if IN randomwalker-info-585 337 29 they -PRON- PRP randomwalker-info-585 337 30 undercut undercut VBP randomwalker-info-585 337 31 ( ( -LRB- randomwalker-info-585 337 32 the the DT randomwalker-info-585 337 33 min min NN randomwalker-info-585 337 34 is be VBZ randomwalker-info-585 337 35 taken take VBN randomwalker-info-585 337 36 because because IN randomwalker-info-585 337 37 they -PRON- PRP randomwalker-info-585 337 38 must must MD randomwalker-info-585 337 39 actually actually RB randomwalker-info-585 337 40 un- un- VB randomwalker-info-585 337 41 dercut dercut NN randomwalker-info-585 337 42 in in IN randomwalker-info-585 337 43 order order NN randomwalker-info-585 337 44 to to TO randomwalker-info-585 337 45 incentivize incentivize VB randomwalker-info-585 337 46 future future JJ randomwalker-info-585 337 47 miners miner NNS randomwalker-info-585 337 48 to to TO randomwalker-info-585 337 49 select select VB randomwalker-info-585 337 50 their -PRON- PRP$ randomwalker-info-585 337 51 Figure figure NN randomwalker-info-585 337 52 3 3 CD randomwalker-info-585 337 53 : : : randomwalker-info-585 337 54 Normalized normalized JJ randomwalker-info-585 337 55 weights weight NNS randomwalker-info-585 337 56 of of IN randomwalker-info-585 337 57 different different JJ randomwalker-info-585 337 58 linear linear NN randomwalker-info-585 337 59 co- co- VBD randomwalker-info-585 337 60 efficient efficient JJ randomwalker-info-585 337 61 function function NN randomwalker-info-585 337 62 forking fork VBG randomwalker-info-585 337 63 strategies strategy NNS randomwalker-info-585 337 64 over over IN randomwalker-info-585 337 65 a a DT randomwalker-info-585 337 66 series series NN randomwalker-info-585 337 67 of of IN randomwalker-info-585 337 68 games game NNS randomwalker-info-585 337 69 . . . randomwalker-info-585 338 1 Strategies strategy NNS randomwalker-info-585 338 2 that that WDT randomwalker-info-585 338 3 are be VBP randomwalker-info-585 338 4 slightly slightly RB randomwalker-info-585 338 5 more more JJR randomwalker-info-585 338 6 aggres- aggres- NN randomwalker-info-585 338 7 sive sive JJ randomwalker-info-585 338 8 than than IN randomwalker-info-585 338 9 the the DT randomwalker-info-585 338 10 most most RBS randomwalker-info-585 338 11 common common JJ randomwalker-info-585 338 12 strategy strategy NN randomwalker-info-585 338 13 perform perform VBP randomwalker-info-585 338 14 the the DT randomwalker-info-585 338 15 best good JJS randomwalker-info-585 338 16 and and CC randomwalker-info-585 338 17 have have VBP randomwalker-info-585 338 18 their -PRON- PRP$ randomwalker-info-585 338 19 normalized normalize VBN randomwalker-info-585 338 20 weights weight NNS randomwalker-info-585 338 21 increase increase NN randomwalker-info-585 338 22 . . . randomwalker-info-585 339 1 This this DT randomwalker-info-585 339 2 simulation simulation NN randomwalker-info-585 339 3 had have VBD randomwalker-info-585 339 4 200 200 CD randomwalker-info-585 339 5 miners miner NNS randomwalker-info-585 339 6 , , , randomwalker-info-585 339 7 9 9 CD randomwalker-info-585 339 8 strategies strategy NNS randomwalker-info-585 339 9 , , , randomwalker-info-585 339 10 10,000 10,000 CD randomwalker-info-585 339 11 blocks block NNS randomwalker-info-585 339 12 per per IN randomwalker-info-585 339 13 game game NN randomwalker-info-585 339 14 and and CC randomwalker-info-585 339 15 an an DT randomwalker-info-585 339 16 � � NNP randomwalker-info-585 339 17 value value NN randomwalker-info-585 339 18 of of IN randomwalker-info-585 339 19 .01 .01 NNP randomwalker-info-585 339 20 . . . randomwalker-info-585 339 21 block block NNP randomwalker-info-585 339 22 ) ) -RRB- randomwalker-info-585 339 23 . . . randomwalker-info-585 340 1 So so RB randomwalker-info-585 340 2 for for IN randomwalker-info-585 340 3 a a DT randomwalker-info-585 340 4 given give VBN randomwalker-info-585 340 5 f f NN randomwalker-info-585 340 6 , , , randomwalker-info-585 340 7 we -PRON- PRP randomwalker-info-585 340 8 can can MD randomwalker-info-585 340 9 define define VB randomwalker-info-585 340 10 : : : randomwalker-info-585 340 11 Valcont(f Valcont(f NNP randomwalker-info-585 340 12 ) ) -RRB- randomwalker-info-585 340 13 = = NFP randomwalker-info-585 340 14 f(Rem(Most f(rem(most NN randomwalker-info-585 340 15 m m NN randomwalker-info-585 340 16 H h NN randomwalker-info-585 340 17 ) ) -RRB- randomwalker-info-585 340 18 ) ) -RRB- randomwalker-info-585 340 19 Valunder(f Valunder(f NNP randomwalker-info-585 340 20 ) ) -RRB- randomwalker-info-585 340 21 = = NFP randomwalker-info-585 340 22 min{f(Rem(MostmH−1)),GapH min{f(Rem(MostmH−1)),GapH NNP randomwalker-info-585 340 23 } } -RRB- randomwalker-info-585 340 24 If if IN randomwalker-info-585 340 25 Valcont(f valcont(f NN randomwalker-info-585 340 26 ) ) -RRB- randomwalker-info-585 340 27 > > XX randomwalker-info-585 340 28 Valunder(f Valunder(f NNP randomwalker-info-585 340 29 ) ) -RRB- randomwalker-info-585 340 30 , , , randomwalker-info-585 340 31 then then RB randomwalker-info-585 340 32 more more JJR randomwalker-info-585 340 33 rewards reward NNS randomwalker-info-585 340 34 can can MD randomwalker-info-585 340 35 be be VB randomwalker-info-585 340 36 achieved achieve VBN randomwalker-info-585 340 37 by by IN randomwalker-info-585 340 38 continuing continue VBG randomwalker-info-585 340 39 . . . randomwalker-info-585 341 1 Otherwise otherwise RB randomwalker-info-585 341 2 , , , randomwalker-info-585 341 3 more more JJR randomwalker-info-585 341 4 rewards reward NNS randomwalker-info-585 341 5 can can MD randomwalker-info-585 341 6 be be VB randomwalker-info-585 341 7 achieved achieve VBN randomwalker-info-585 341 8 through through IN randomwalker-info-585 341 9 undercutting undercutting NN randomwalker-info-585 341 10 . . . randomwalker-info-585 342 1 Formally formally RB randomwalker-info-585 342 2 , , , randomwalker-info-585 342 3 for for IN randomwalker-info-585 342 4 any any DT randomwalker-info-585 342 5 function function NN randomwalker-info-585 342 6 f f NN randomwalker-info-585 342 7 ( ( -LRB- randomwalker-info-585 342 8 · · NFP randomwalker-info-585 342 9 ) ) -RRB- randomwalker-info-585 342 10 , , , randomwalker-info-585 342 11 this this DT randomwalker-info-585 342 12 induces induce VBZ randomwalker-info-585 342 13 the the DT randomwalker-info-585 342 14 following follow VBG randomwalker-info-585 342 15 formal formal JJ randomwalker-info-585 342 16 strategy strategy NN randomwalker-info-585 342 17 : : : randomwalker-info-585 342 18 Function function NN randomwalker-info-585 342 19 - - HYPH randomwalker-info-585 342 20 Fork(f Fork(f NNP randomwalker-info-585 342 21 ) ) -RRB- randomwalker-info-585 342 22 : : : randomwalker-info-585 342 23 Always always RB randomwalker-info-585 342 24 takes take VBZ randomwalker-info-585 342 25 a a DT randomwalker-info-585 342 26 certain certain JJ randomwalker-info-585 342 27 function function NN randomwalker-info-585 342 28 , , , randomwalker-info-585 342 29 f f NNP randomwalker-info-585 342 30 ( ( -LRB- randomwalker-info-585 342 31 · · NFP randomwalker-info-585 342 32 ) ) -RRB- randomwalker-info-585 342 33 , , , randomwalker-info-585 342 34 of of IN randomwalker-info-585 342 35 the the DT randomwalker-info-585 342 36 possible possible JJ randomwalker-info-585 342 37 transactions transaction NNS randomwalker-info-585 342 38 it -PRON- PRP randomwalker-info-585 342 39 could could MD randomwalker-info-585 342 40 claim claim VB randomwalker-info-585 342 41 . . . randomwalker-info-585 343 1 Always always RB randomwalker-info-585 343 2 mines mine NNS randomwalker-info-585 343 3 in in IN randomwalker-info-585 343 4 the the DT randomwalker-info-585 343 5 location location NN randomwalker-info-585 343 6 to to TO randomwalker-info-585 343 7 maximize maximize VB randomwalker-info-585 343 8 the the DT randomwalker-info-585 343 9 size size NN randomwalker-info-585 343 10 of of IN randomwalker-info-585 343 11 the the DT randomwalker-info-585 343 12 block block NN randomwalker-info-585 343 13 they -PRON- PRP randomwalker-info-585 343 14 would would MD randomwalker-info-585 343 15 make make VB randomwalker-info-585 343 16 , , , randomwalker-info-585 343 17 with with IN randomwalker-info-585 343 18 the the DT randomwalker-info-585 343 19 constraint constraint NN randomwalker-info-585 343 20 that that IN randomwalker-info-585 343 21 if if IN randomwalker-info-585 343 22 they -PRON- PRP randomwalker-info-585 343 23 fork fork VBP randomwalker-info-585 343 24 , , , randomwalker-info-585 343 25 they -PRON- PRP randomwalker-info-585 343 26 must must MD randomwalker-info-585 343 27 undercut undercut VB randomwalker-info-585 343 28 . . . randomwalker-info-585 344 1 Which which WDT randomwalker-info-585 344 2 Block Block NNP randomwalker-info-585 344 3 : : : randomwalker-info-585 344 4 if if IN randomwalker-info-585 344 5 Owner(MostmH Owner(MostmH NNS randomwalker-info-585 344 6 ) ) -RRB- randomwalker-info-585 344 7 = = NFP randomwalker-info-585 344 8 m m NN randomwalker-info-585 344 9 or or CC randomwalker-info-585 344 10 Valcont(f Valcont(f NNP randomwalker-info-585 344 11 ) ) -RRB- randomwalker-info-585 344 12 > > XX randomwalker-info-585 344 13 Valunder(f Valunder(f NNP randomwalker-info-585 344 14 ) ) -RRB- randomwalker-info-585 344 15 Mining(m Mining(m NNP randomwalker-info-585 344 16 ) ) -RRB- randomwalker-info-585 344 17 = = NFP randomwalker-info-585 344 18 MostmH MostmH NNS randomwalker-info-585 344 19 . . . randomwalker-info-585 345 1 else else RB randomwalker-info-585 345 2 Mining(m Mining(m NNP randomwalker-info-585 345 3 ) ) -RRB- randomwalker-info-585 345 4 = = NFP randomwalker-info-585 345 5 MostmH−1 MostmH−1 NNP randomwalker-info-585 345 6 . . . randomwalker-info-585 346 1 How how WRB randomwalker-info-585 346 2 much much JJ randomwalker-info-585 346 3 : : : randomwalker-info-585 346 4 if if IN randomwalker-info-585 346 5 Mining(m mining(m NN randomwalker-info-585 346 6 ) ) -RRB- randomwalker-info-585 346 7 = = NFP randomwalker-info-585 346 8 MostmH MostmH NNS randomwalker-info-585 346 9 include include VBP randomwalker-info-585 346 10 Valcont(f Valcont(f NNP randomwalker-info-585 346 11 ) ) -RRB- randomwalker-info-585 346 12 . . . randomwalker-info-585 347 1 else else RB randomwalker-info-585 347 2 include include VBP randomwalker-info-585 347 3 Valunder(f Valunder(f NNP randomwalker-info-585 347 4 ) ) -RRB- randomwalker-info-585 347 5 . . . randomwalker-info-585 348 1 Publish(B Publish(B VBN randomwalker-info-585 348 2 ) ) -RRB- randomwalker-info-585 348 3 ? ? . randomwalker-info-585 349 1 : : : randomwalker-info-585 349 2 yes yes UH randomwalker-info-585 349 3 . . . randomwalker-info-585 350 1 Any any DT randomwalker-info-585 350 2 reasonable reasonable JJ randomwalker-info-585 350 3 choice choice NN randomwalker-info-585 350 4 of of IN randomwalker-info-585 350 5 f f NNP randomwalker-info-585 350 6 ( ( -LRB- randomwalker-info-585 350 7 · · NFP randomwalker-info-585 350 8 ) ) -RRB- randomwalker-info-585 350 9 will will MD randomwalker-info-585 350 10 be be VB randomwalker-info-585 350 11 monotonically monotonically RB randomwalker-info-585 350 12 in- in- JJ randomwalker-info-585 350 13 creasing creasing NN randomwalker-info-585 350 14 , , , randomwalker-info-585 350 15 which which WDT randomwalker-info-585 350 16 means mean VBZ randomwalker-info-585 350 17 that that IN randomwalker-info-585 350 18 f(MostmH−1 f(mostmh−1 CD randomwalker-info-585 350 19 ) ) -RRB- randomwalker-info-585 350 20 will will MD randomwalker-info-585 350 21 always always RB randomwalker-info-585 350 22 be be VB randomwalker-info-585 350 23 larger large JJR randomwalker-info-585 350 24 than than IN randomwalker-info-585 350 25 f(MostmH f(MostmH NNP randomwalker-info-585 350 26 ) ) -RRB- randomwalker-info-585 350 27 , , , randomwalker-info-585 350 28 so so IN randomwalker-info-585 350 29 the the DT randomwalker-info-585 350 30 decision decision NN randomwalker-info-585 350 31 on on IN randomwalker-info-585 350 32 whether whether IN randomwalker-info-585 350 33 to to TO randomwalker-info-585 350 34 continue continue VB randomwalker-info-585 350 35 or or CC randomwalker-info-585 350 36 undercut undercut JJ randomwalker-info-585 350 37 will will MD randomwalker-info-585 350 38 come come VB randomwalker-info-585 350 39 down down RP randomwalker-info-585 350 40 to to IN randomwalker-info-585 350 41 a a DT randomwalker-info-585 350 42 comparison comparison NN randomwalker-info-585 350 43 of of IN randomwalker-info-585 350 44 f(MostmH f(MostmH NNP randomwalker-info-585 350 45 ) ) -RRB- randomwalker-info-585 350 46 ver- ver- NNP randomwalker-info-585 350 47 sus sus NNP randomwalker-info-585 350 48 GapH. GapH. . randomwalker-info-585 351 1 One one CD randomwalker-info-585 351 2 natural natural JJ randomwalker-info-585 351 3 family family NN randomwalker-info-585 351 4 of of IN randomwalker-info-585 351 5 f f NNP randomwalker-info-585 351 6 ( ( -LRB- randomwalker-info-585 351 7 · · NFP randomwalker-info-585 351 8 ) ) -RRB- randomwalker-info-585 351 9 to to TO randomwalker-info-585 351 10 consider consider VB randomwalker-info-585 351 11 is be VBZ randomwalker-info-585 351 12 linear linear JJ randomwalker-info-585 351 13 functions function NNS randomwalker-info-585 351 14 ( ( -LRB- randomwalker-info-585 351 15 that that RB randomwalker-info-585 351 16 is is RB randomwalker-info-585 351 17 , , , randomwalker-info-585 351 18 f(x f(x NNP randomwalker-info-585 351 19 ) ) -RRB- randomwalker-info-585 351 20 = = NFP randomwalker-info-585 351 21 kx kx UH randomwalker-info-585 351 22 for for IN randomwalker-info-585 351 23 some some DT randomwalker-info-585 351 24 k k NN randomwalker-info-585 351 25 ∈ ∈ IN randomwalker-info-585 351 26 [ [ -LRB- randomwalker-info-585 351 27 0 0 CD randomwalker-info-585 351 28 , , , randomwalker-info-585 351 29 1 1 CD randomwalker-info-585 351 30 ] ] -RRB- randomwalker-info-585 351 31 ) ) -RRB- randomwalker-info-585 351 32 . . . randomwalker-info-585 352 1 If if IN randomwalker-info-585 352 2 we -PRON- PRP randomwalker-info-585 352 3 take take VBP randomwalker-info-585 352 4 a a DT randomwalker-info-585 352 5 group group NN randomwalker-info-585 352 6 of of IN randomwalker-info-585 352 7 Figure Figure NNP randomwalker-info-585 352 8 4 4 CD randomwalker-info-585 352 9 : : : randomwalker-info-585 352 10 This this DT randomwalker-info-585 352 11 is be VBZ randomwalker-info-585 352 12 a a DT randomwalker-info-585 352 13 simulation simulation NN randomwalker-info-585 352 14 of of IN randomwalker-info-585 352 15 8 8 CD randomwalker-info-585 352 16 atomic atomic JJ randomwalker-info-585 352 17 miners miner NNS randomwalker-info-585 352 18 . . . randomwalker-info-585 353 1 The the DT randomwalker-info-585 353 2 simulation simulation NN randomwalker-info-585 353 3 parameters parameter NNS randomwalker-info-585 353 4 are be VBP randomwalker-info-585 353 5 otherwise otherwise RB randomwalker-info-585 353 6 configured configure VBN randomwalker-info-585 353 7 the the DT randomwalker-info-585 353 8 same same JJ randomwalker-info-585 353 9 way way NN randomwalker-info-585 353 10 as as IN randomwalker-info-585 353 11 Figure figure NN randomwalker-info-585 353 12 3 3 CD randomwalker-info-585 353 13 . . . randomwalker-info-585 354 1 We -PRON- PRP randomwalker-info-585 354 2 see see VBP randomwalker-info-585 354 3 that that IN randomwalker-info-585 354 4 when when WRB randomwalker-info-585 354 5 there there EX randomwalker-info-585 354 6 are be VBP randomwalker-info-585 354 7 a a DT randomwalker-info-585 354 8 small small JJ randomwalker-info-585 354 9 number number NN randomwalker-info-585 354 10 of of IN randomwalker-info-585 354 11 atomic atomic JJ randomwalker-info-585 354 12 miners miner NNS randomwalker-info-585 354 13 the the DT randomwalker-info-585 354 14 more more JJR randomwalker-info-585 354 15 ag- ag- NN randomwalker-info-585 354 16 gressive gressive JJ randomwalker-info-585 354 17 undercutters undercutter NNS randomwalker-info-585 354 18 are be VBP randomwalker-info-585 354 19 no no RB randomwalker-info-585 354 20 longer long RBR randomwalker-info-585 354 21 effective effective JJ randomwalker-info-585 354 22 since since IN randomwalker-info-585 354 23 they -PRON- PRP randomwalker-info-585 354 24 are be VBP randomwalker-info-585 354 25 beaten beat VBN randomwalker-info-585 354 26 by by IN randomwalker-info-585 354 27 more more RBR randomwalker-info-585 354 28 gentle gentle JJ randomwalker-info-585 354 29 forkers forker NNS randomwalker-info-585 354 30 who who WP randomwalker-info-585 354 31 are be VBP randomwalker-info-585 354 32 lucky lucky JJ randomwalker-info-585 354 33 enough enough RB randomwalker-info-585 354 34 to to IN randomwalker-info-585 354 35 mine -PRON- PRP randomwalker-info-585 354 36 two two CD randomwalker-info-585 354 37 blocks block NNS randomwalker-info-585 354 38 in in IN randomwalker-info-585 354 39 a a DT randomwalker-info-585 354 40 row row NN randomwalker-info-585 354 41 . . . randomwalker-info-585 355 1 these these DT randomwalker-info-585 355 2 strategies strategy NNS randomwalker-info-585 355 3 , , , randomwalker-info-585 355 4 and and CC randomwalker-info-585 355 5 let let VB randomwalker-info-585 355 6 non non JJ randomwalker-info-585 355 7 - - JJ randomwalker-info-585 355 8 atomic atomic JJ randomwalker-info-585 355 9 strategic strategic JJ randomwalker-info-585 355 10 miners miner NNS randomwalker-info-585 355 11 learn learn VBP randomwalker-info-585 355 12 over over IN randomwalker-info-585 355 13 many many JJ randomwalker-info-585 355 14 games game NNS randomwalker-info-585 355 15 which which WDT randomwalker-info-585 355 16 perform perform VBP randomwalker-info-585 355 17 best best RB randomwalker-info-585 355 18 , , , randomwalker-info-585 355 19 we -PRON- PRP randomwalker-info-585 355 20 get get VBP randomwalker-info-585 355 21 the the DT randomwalker-info-585 355 22 plot plot NN randomwalker-info-585 355 23 in in IN randomwalker-info-585 355 24 Figure figure NN randomwalker-info-585 355 25 3 3 CD randomwalker-info-585 355 26 . . . randomwalker-info-585 356 1 What what WP randomwalker-info-585 356 2 we -PRON- PRP randomwalker-info-585 356 3 see see VBP randomwalker-info-585 356 4 is be VBZ randomwalker-info-585 356 5 the the DT randomwalker-info-585 356 6 following follow VBG randomwalker-info-585 356 7 : : : randomwalker-info-585 356 8 when when WRB randomwalker-info-585 356 9 the the DT randomwalker-info-585 356 10 majority majority NN randomwalker-info-585 356 11 of of IN randomwalker-info-585 356 12 miners miner NNS randomwalker-info-585 356 13 are be VBP randomwalker-info-585 356 14 using use VBG randomwalker-info-585 356 15 Function function NN randomwalker-info-585 356 16 - - HYPH randomwalker-info-585 356 17 Fork(kx Fork(kx NNP randomwalker-info-585 356 18 ) ) -RRB- randomwalker-info-585 356 19 , , , randomwalker-info-585 356 20 the the DT randomwalker-info-585 356 21 best good JJS randomwalker-info-585 356 22 response response NN randomwalker-info-585 356 23 is be VBZ randomwalker-info-585 356 24 to to TO randomwalker-info-585 356 25 use use VB randomwalker-info-585 356 26 Function Function NNP randomwalker-info-585 356 27 - - HYPH randomwalker-info-585 356 28 Fork(k′x Fork(k′x NNP randomwalker-info-585 356 29 ) ) -RRB- randomwalker-info-585 356 30 , , , randomwalker-info-585 356 31 for for IN randomwalker-info-585 356 32 k′ k′ NNP randomwalker-info-585 356 33 a a DT randomwalker-info-585 356 34 little little JJ randomwalker-info-585 356 35 smaller small JJR randomwalker-info-585 356 36 than than IN randomwalker-info-585 356 37 k k NN randomwalker-info-585 356 38 , , , randomwalker-info-585 356 39 ( ( -LRB- randomwalker-info-585 356 40 i.e. i.e. FW randomwalker-info-585 357 1 to to TO randomwalker-info-585 357 2 undercut undercut VB randomwalker-info-585 357 3 just just RB randomwalker-info-585 357 4 a a DT randomwalker-info-585 357 5 little little JJ randomwalker-info-585 357 6 bit bit NN randomwalker-info-585 357 7 more more RBR randomwalker-info-585 357 8 aggressively aggressively RB randomwalker-info-585 357 9 ) ) -RRB- randomwalker-info-585 357 10 . . . randomwalker-info-585 358 1 So so RB randomwalker-info-585 358 2 eventually eventually RB randomwalker-info-585 358 3 the the DT randomwalker-info-585 358 4 smallest small JJS randomwalker-info-585 358 5 coefficient coefficient NN randomwalker-info-585 358 6 in in IN randomwalker-info-585 358 7 our -PRON- PRP$ randomwalker-info-585 358 8 simulation simulation NN randomwalker-info-585 358 9 becomes become VBZ randomwalker-info-585 358 10 dominant dominant JJ randomwalker-info-585 358 11 . . . randomwalker-info-585 359 1 If if IN randomwalker-info-585 359 2 we -PRON- PRP randomwalker-info-585 359 3 instead instead RB randomwalker-info-585 359 4 consider consider VBP randomwalker-info-585 359 5 atomic atomic JJ randomwalker-info-585 359 6 miners miner NNS randomwalker-info-585 359 7 , , , randomwalker-info-585 359 8 we -PRON- PRP randomwalker-info-585 359 9 observe observe VBP randomwalker-info-585 359 10 the the DT randomwalker-info-585 359 11 be- be- JJ randomwalker-info-585 359 12 havior havior NN randomwalker-info-585 359 13 in in IN randomwalker-info-585 359 14 Figure Figure NNP randomwalker-info-585 359 15 4 4 CD randomwalker-info-585 359 16 — — : randomwalker-info-585 359 17 less less RBR randomwalker-info-585 359 18 aggressive aggressive JJ randomwalker-info-585 359 19 undercutters undercutter NNS randomwalker-info-585 359 20 remain remain VBP randomwalker-info-585 359 21 dominant dominant JJ randomwalker-info-585 359 22 . . . randomwalker-info-585 360 1 This this DT randomwalker-info-585 360 2 is be VBZ randomwalker-info-585 360 3 because because IN randomwalker-info-585 360 4 even even RB randomwalker-info-585 360 5 when when WRB randomwalker-info-585 360 6 other other JJ randomwalker-info-585 360 7 miners miner NNS randomwalker-info-585 360 8 are be VBP randomwalker-info-585 360 9 ag- ag- RB randomwalker-info-585 360 10 gressively gressively RB randomwalker-info-585 360 11 undercutting undercut VBG randomwalker-info-585 360 12 , , , randomwalker-info-585 360 13 each each DT randomwalker-info-585 360 14 miner miner NN randomwalker-info-585 360 15 still still RB randomwalker-info-585 360 16 has have VBZ randomwalker-info-585 360 17 a a DT randomwalker-info-585 360 18 decent decent JJ randomwalker-info-585 360 19 chance chance NN randomwalker-info-585 360 20 to to TO randomwalker-info-585 360 21 get get VB randomwalker-info-585 360 22 their -PRON- PRP$ randomwalker-info-585 360 23 block block NN randomwalker-info-585 360 24 accepted accept VBN randomwalker-info-585 360 25 “ " `` randomwalker-info-585 360 26 for for IN randomwalker-info-585 360 27 free free JJ randomwalker-info-585 360 28 , , , randomwalker-info-585 360 29 ” " '' randomwalker-info-585 360 30 by by IN randomwalker-info-585 360 31 mining mine VBG randomwalker-info-585 360 32 two two CD randomwalker-info-585 360 33 blocks block NNS randomwalker-info-585 360 34 in in IN randomwalker-info-585 360 35 a a DT randomwalker-info-585 360 36 row row NN randomwalker-info-585 360 37 . . . randomwalker-info-585 361 1 Note note VB randomwalker-info-585 361 2 that that IN randomwalker-info-585 361 3 simulation simulation NN randomwalker-info-585 361 4 is be VBZ randomwalker-info-585 361 5 vital vital JJ randomwalker-info-585 361 6 to to IN randomwalker-info-585 361 7 this this DT randomwalker-info-585 361 8 understanding understanding NN randomwalker-info-585 361 9 due due IN randomwalker-info-585 361 10 to to IN randomwalker-info-585 361 11 the the DT randomwalker-info-585 361 12 large large JJ randomwalker-info-585 361 13 number number NN randomwalker-info-585 361 14 of of IN randomwalker-info-585 361 15 parameters parameter NNS randomwalker-info-585 361 16 to to TO randomwalker-info-585 361 17 consider consider VB randomwalker-info-585 361 18 . . . randomwalker-info-585 362 1 5.4 5.4 CD randomwalker-info-585 362 2 An an DT randomwalker-info-585 362 3 Undercutting Undercutting NNP randomwalker-info-585 362 4 Equilibrium Equilibrium NNP randomwalker-info-585 362 5 Analytical analytical JJ randomwalker-info-585 362 6 result result NN randomwalker-info-585 362 7 : : : randomwalker-info-585 362 8 An an DT randomwalker-info-585 362 9 equilibrium equilibrium NN randomwalker-info-585 362 10 exists exist VBZ randomwalker-info-585 362 11 where where WRB randomwalker-info-585 362 12 all all DT randomwalker-info-585 362 13 miners miner NNS randomwalker-info-585 362 14 use use VBP randomwalker-info-585 362 15 the the DT randomwalker-info-585 362 16 same same JJ randomwalker-info-585 362 17 undercutting undercutting NN randomwalker-info-585 362 18 strategy strategy NN randomwalker-info-585 362 19 . . . randomwalker-info-585 363 1 It -PRON- PRP randomwalker-info-585 363 2 in- in- RB randomwalker-info-585 363 3 duces duce VBZ randomwalker-info-585 363 4 a a DT randomwalker-info-585 363 5 growing grow VBG randomwalker-info-585 363 6 backlog backlog NN randomwalker-info-585 363 7 of of IN randomwalker-info-585 363 8 transactions transaction NNS randomwalker-info-585 363 9 . . . randomwalker-info-585 364 1 Linear linear JJ randomwalker-info-585 364 2 function function NN randomwalker-info-585 364 3 - - HYPH randomwalker-info-585 364 4 forking forking NN randomwalker-info-585 364 5 is be VBZ randomwalker-info-585 364 6 of of IN randomwalker-info-585 364 7 course course NN randomwalker-info-585 364 8 a a DT randomwalker-info-585 364 9 natural natural JJ randomwalker-info-585 364 10 class class NN randomwalker-info-585 364 11 of of IN randomwalker-info-585 364 12 strate- strate- NNS randomwalker-info-585 364 13 gies gy NNS randomwalker-info-585 364 14 to to TO randomwalker-info-585 364 15 consider consider VB randomwalker-info-585 364 16 , , , randomwalker-info-585 364 17 but but CC randomwalker-info-585 364 18 our -PRON- PRP$ randomwalker-info-585 364 19 simulations simulation NNS randomwalker-info-585 364 20 in in IN randomwalker-info-585 364 21 the the DT randomwalker-info-585 364 22 previous previous JJ randomwalker-info-585 364 23 section section NN randomwalker-info-585 364 24 show show VBP randomwalker-info-585 364 25 that that IN randomwalker-info-585 364 26 long long JJ randomwalker-info-585 364 27 - - HYPH randomwalker-info-585 364 28 term term NN randomwalker-info-585 364 29 behavior behavior NN randomwalker-info-585 364 30 may may MD randomwalker-info-585 364 31 be be VB randomwalker-info-585 364 32 erratic erratic JJ randomwalker-info-585 364 33 if if IN randomwalker-info-585 364 34 miners miner NNS randomwalker-info-585 364 35 only only RB randomwalker-info-585 364 36 consider consider VBP randomwalker-info-585 364 37 these these DT randomwalker-info-585 364 38 strategies strategy NNS randomwalker-info-585 364 39 . . . randomwalker-info-585 365 1 Our -PRON- PRP$ randomwalker-info-585 365 2 goal goal NN randomwalker-info-585 365 3 in in IN randomwalker-info-585 365 4 this this DT randomwalker-info-585 365 5 section section NN randomwalker-info-585 365 6 is be VBZ randomwalker-info-585 365 7 to to TO randomwalker-info-585 365 8 un- un- VB randomwalker-info-585 365 9 derstand derstand NN randomwalker-info-585 365 10 what what WP randomwalker-info-585 365 11 undercutting undercut VBG randomwalker-info-585 365 12 behavior behavior NN randomwalker-info-585 365 13 is be VBZ randomwalker-info-585 365 14 stable stable JJ randomwalker-info-585 365 15 . . . randomwalker-info-585 366 1 Our -PRON- PRP$ randomwalker-info-585 366 2 approach approach NN randomwalker-info-585 366 3 is be VBZ randomwalker-info-585 366 4 to to TO randomwalker-info-585 366 5 find find VB randomwalker-info-585 366 6 a a DT randomwalker-info-585 366 7 function function NN randomwalker-info-585 366 8 f f NN randomwalker-info-585 366 9 ( ( -LRB- randomwalker-info-585 366 10 · · NFP randomwalker-info-585 366 11 ) ) -RRB- randomwalker-info-585 366 12 such such JJ randomwalker-info-585 366 13 that that IN randomwalker-info-585 366 14 Function- Function- NNP randomwalker-info-585 366 15 Fork(f Fork(f NNS randomwalker-info-585 366 16 ) ) -RRB- randomwalker-info-585 366 17 is be VBZ randomwalker-info-585 366 18 an an DT randomwalker-info-585 366 19 equilibrium equilibrium NN randomwalker-info-585 366 20 . . . randomwalker-info-585 367 1 That that RB randomwalker-info-585 367 2 is is RB randomwalker-info-585 367 3 , , , randomwalker-info-585 367 4 as as RB randomwalker-info-585 367 5 long long RB randomwalker-info-585 367 6 as as IN randomwalker-info-585 367 7 every every DT randomwalker-info-585 367 8 other other JJ randomwalker-info-585 367 9 miner miner NN randomwalker-info-585 367 10 is be VBZ randomwalker-info-585 367 11 using use VBG randomwalker-info-585 367 12 the the DT randomwalker-info-585 367 13 strategy strategy NN randomwalker-info-585 367 14 Function function NN randomwalker-info-585 367 15 - - HYPH randomwalker-info-585 367 16 Fork(f Fork(f NNP randomwalker-info-585 367 17 ) ) -RRB- randomwalker-info-585 367 18 , , , randomwalker-info-585 367 19 it -PRON- PRP randomwalker-info-585 367 20 is be VBZ randomwalker-info-585 367 21 in in IN randomwalker-info-585 367 22 your -PRON- PRP$ randomwalker-info-585 367 23 interest interest NN randomwalker-info-585 367 24 to to TO randomwalker-info-585 367 25 do do VB randomwalker-info-585 367 26 so so RB randomwalker-info-585 367 27 as as RB randomwalker-info-585 367 28 well well RB randomwalker-info-585 367 29 . . . randomwalker-info-585 368 1 In in IN randomwalker-info-585 368 2 other other JJ randomwalker-info-585 368 3 words word NNS randomwalker-info-585 368 4 , , , randomwalker-info-585 368 5 we -PRON- PRP randomwalker-info-585 368 6 would would MD randomwalker-info-585 368 7 like like VB randomwalker-info-585 368 8 to to TO randomwalker-info-585 368 9 find find VB randomwalker-info-585 368 10 an an DT randomwalker-info-585 368 11 f f NN randomwalker-info-585 368 12 such such JJ randomwalker-info-585 368 13 that that IN randomwalker-info-585 368 14 Function Function NNP randomwalker-info-585 368 15 - - HYPH randomwalker-info-585 368 16 fork(f fork(f NNP randomwalker-info-585 368 17 ) ) -RRB- randomwalker-info-585 368 18 is be VBZ randomwalker-info-585 368 19 a a DT randomwalker-info-585 368 20 best good JJS randomwalker-info-585 368 21 - - HYPH randomwalker-info-585 368 22 response response NN randomwalker-info-585 368 23 to to IN randomwalker-info-585 368 24 the the DT randomwalker-info-585 368 25 case case NN randomwalker-info-585 368 26 when when WRB randomwalker-info-585 368 27 all all DT randomwalker-info-585 368 28 other other JJ randomwalker-info-585 368 29 miners miner NNS randomwalker-info-585 368 30 themselves -PRON- PRP randomwalker-info-585 368 31 use use VBP randomwalker-info-585 368 32 Function- Function- NNP randomwalker-info-585 368 33 fork(f fork(f NNP randomwalker-info-585 368 34 ) ) -RRB- randomwalker-info-585 368 35 . . . randomwalker-info-585 369 1 We -PRON- PRP randomwalker-info-585 369 2 provide provide VBP randomwalker-info-585 369 3 now now RB randomwalker-info-585 369 4 intuition intuition NN randomwalker-info-585 369 5 for for IN randomwalker-info-585 369 6 why why WRB randomwalker-info-585 369 7 the the DT randomwalker-info-585 369 8 f f NN randomwalker-info-585 369 9 ( ( -LRB- randomwalker-info-585 369 10 · · NFP randomwalker-info-585 369 11 ) ) -RRB- randomwalker-info-585 369 12 we -PRON- PRP randomwalker-info-585 369 13 present present VBP randomwalker-info-585 369 14 yields yield NNS randomwalker-info-585 369 15 an an DT randomwalker-info-585 369 16 equilibrium equilibrium NN randomwalker-info-585 369 17 . . . randomwalker-info-585 370 1 So so RB randomwalker-info-585 370 2 what what WP randomwalker-info-585 370 3 does do VBZ randomwalker-info-585 370 4 it -PRON- PRP randomwalker-info-585 370 5 mean mean VB randomwalker-info-585 370 6 for for IN randomwalker-info-585 370 7 a a DT randomwalker-info-585 370 8 strategy strategy NN randomwalker-info-585 370 9 to to TO randomwalker-info-585 370 10 be be VB randomwalker-info-585 370 11 a a DT randomwalker-info-585 370 12 best good JJS randomwalker-info-585 370 13 - - HYPH randomwalker-info-585 370 14 response response NN randomwalker-info-585 370 15 to to IN randomwalker-info-585 370 16 other other JJ randomwalker-info-585 370 17 miner miner NN randomwalker-info-585 370 18 behavior behavior NN randomwalker-info-585 370 19 ? ? . randomwalker-info-585 371 1 Recall recall VB randomwalker-info-585 371 2 that that IN randomwalker-info-585 371 3 a a DT randomwalker-info-585 371 4 strategy strategy NN randomwalker-info-585 371 5 proposes propose NNS randomwalker-info-585 371 6 which which WDT randomwalker-info-585 371 7 block block VBP randomwalker-info-585 371 8 to to TO randomwalker-info-585 371 9 extend extend VB randomwalker-info-585 371 10 , , , randomwalker-info-585 371 11 how how WRB randomwalker-info-585 371 12 many many JJ randomwalker-info-585 371 13 transaction transaction NN randomwalker-info-585 371 14 fees fee NNS randomwalker-info-585 371 15 to to TO randomwalker-info-585 371 16 claim claim VB randomwalker-info-585 371 17 , , , randomwalker-info-585 371 18 and and CC randomwalker-info-585 371 19 which which WDT randomwalker-info-585 371 20 blocks block VBZ randomwalker-info-585 371 21 to to TO randomwalker-info-585 371 22 publish publish VB randomwalker-info-585 371 23 as as IN randomwalker-info-585 371 24 a a DT randomwalker-info-585 371 25 function function NN randomwalker-info-585 371 26 of of IN randomwalker-info-585 371 27 the the DT randomwalker-info-585 371 28 currently currently RB randomwalker-info-585 371 29 held hold VBN randomwalker-info-585 371 30 information information NN randomwalker-info-585 371 31 . . . randomwalker-info-585 372 1 A a DT randomwalker-info-585 372 2 strategy strategy NN randomwalker-info-585 372 3 is be VBZ randomwalker-info-585 372 4 a a DT randomwalker-info-585 372 5 best good JJS randomwalker-info-585 372 6 response response NN randomwalker-info-585 372 7 if if IN randomwalker-info-585 372 8 it -PRON- PRP randomwalker-info-585 372 9 maxi- maxi- XX randomwalker-info-585 372 10 mizes mize VBZ randomwalker-info-585 372 11 the the DT randomwalker-info-585 372 12 miner miner NN randomwalker-info-585 372 13 ’s ’s POS randomwalker-info-585 372 14 expected expect VBN randomwalker-info-585 372 15 reward reward NN randomwalker-info-585 372 16 ( ( -LRB- randomwalker-info-585 372 17 taking take VBG randomwalker-info-585 372 18 into into IN randomwalker-info-585 372 19 account account NN randomwalker-info-585 372 20 fu- fu- CD randomwalker-info-585 372 21 ture ture NN randomwalker-info-585 372 22 events event NNS randomwalker-info-585 372 23 , , , randomwalker-info-585 372 24 and and CC randomwalker-info-585 372 25 in in IN randomwalker-info-585 372 26 particular particular JJ randomwalker-info-585 372 27 the the DT randomwalker-info-585 372 28 probability probability NN randomwalker-info-585 372 29 that that WDT randomwalker-info-585 372 30 the the DT randomwalker-info-585 372 31 cur- cur- NN randomwalker-info-585 372 32 rent rent NN randomwalker-info-585 372 33 block block NN randomwalker-info-585 372 34 is be VBZ randomwalker-info-585 372 35 in in IN randomwalker-info-585 372 36 the the DT randomwalker-info-585 372 37 eventual eventual JJ randomwalker-info-585 372 38 longest long JJS randomwalker-info-585 372 39 chain chain NN randomwalker-info-585 372 40 ) ) -RRB- randomwalker-info-585 372 41 over over IN randomwalker-info-585 372 42 all all DT randomwalker-info-585 372 43 potential potential JJ randomwalker-info-585 372 44 strategies strategy NNS randomwalker-info-585 372 45 that that WDT randomwalker-info-585 372 46 miner miner NN randomwalker-info-585 372 47 could could MD randomwalker-info-585 372 48 have have VB randomwalker-info-585 372 49 used use VBN randomwalker-info-585 372 50 instead instead RB randomwalker-info-585 372 51 . . . randomwalker-info-585 373 1 In in IN randomwalker-info-585 373 2 particular particular JJ randomwalker-info-585 373 3 , , , randomwalker-info-585 373 4 a a DT randomwalker-info-585 373 5 best good JJS randomwalker-info-585 373 6 - - HYPH randomwalker-info-585 373 7 response response NN randomwalker-info-585 373 8 must must MD randomwalker-info-585 373 9 be be VB randomwalker-info-585 373 10 at at IN randomwalker-info-585 373 11 least least JJS randomwalker-info-585 373 12 as as RB randomwalker-info-585 373 13 good good JJ randomwalker-info-585 373 14 as as IN randomwalker-info-585 373 15 all all DT randomwalker-info-585 373 16 other other JJ randomwalker-info-585 373 17 strate- strate- JJ randomwalker-info-585 373 18 gies gy NNS randomwalker-info-585 373 19 that that WDT randomwalker-info-585 373 20 mine -PRON- PRP randomwalker-info-585 373 21 at at IN randomwalker-info-585 373 22 the the DT randomwalker-info-585 373 23 same same JJ randomwalker-info-585 373 24 location location NN randomwalker-info-585 373 25 and and CC randomwalker-info-585 373 26 publish publish VB randomwalker-info-585 373 27 the the DT randomwalker-info-585 373 28 same same JJ randomwalker-info-585 373 29 blocks block NNS randomwalker-info-585 373 30 ( ( -LRB- randomwalker-info-585 373 31 but but CC randomwalker-info-585 373 32 differ differ VBP randomwalker-info-585 373 33 in in IN randomwalker-info-585 373 34 which which WDT randomwalker-info-585 373 35 transactions transaction NNS randomwalker-info-585 373 36 to to TO randomwalker-info-585 373 37 include include VB randomwalker-info-585 373 38 ) ) -RRB- randomwalker-info-585 373 39 . . . randomwalker-info-585 374 1 To to TO randomwalker-info-585 374 2 get get VB randomwalker-info-585 374 3 some some DT randomwalker-info-585 374 4 intuition intuition NN randomwalker-info-585 374 5 for for IN randomwalker-info-585 374 6 what what WP randomwalker-info-585 374 7 conditions condition NNS randomwalker-info-585 374 8 a a DT randomwalker-info-585 374 9 potential potential JJ randomwalker-info-585 374 10 equi- equi- JJ randomwalker-info-585 374 11 librium librium NN randomwalker-info-585 374 12 must must MD randomwalker-info-585 374 13 satisfy satisfy VB randomwalker-info-585 374 14 , , , randomwalker-info-585 374 15 let let VB randomwalker-info-585 374 16 ’s -PRON- PRP randomwalker-info-585 374 17 first first RB randomwalker-info-585 374 18 consider consider VB randomwalker-info-585 374 19 the the DT randomwalker-info-585 374 20 decision decision NN randomwalker-info-585 374 21 facing face VBG randomwalker-info-585 374 22 a a DT randomwalker-info-585 374 23 miner miner NN randomwalker-info-585 374 24 who who WP randomwalker-info-585 374 25 has have VBZ randomwalker-info-585 374 26 already already RB randomwalker-info-585 374 27 decided decide VBN randomwalker-info-585 374 28 to to TO randomwalker-info-585 374 29 continue continue VB randomwalker-info-585 374 30 on on IN randomwalker-info-585 374 31 top top NN randomwalker-info-585 374 32 of of IN randomwalker-info-585 374 33 the the DT randomwalker-info-585 374 34 longest long JJS randomwalker-info-585 374 35 chain chain NN randomwalker-info-585 374 36 and and CC randomwalker-info-585 374 37 is be VBZ randomwalker-info-585 374 38 just just RB randomwalker-info-585 374 39 deciding decide VBG randomwalker-info-585 374 40 how how WRB randomwalker-info-585 374 41 many many JJ randomwalker-info-585 374 42 transaction transaction NN randomwalker-info-585 374 43 fees fee NNS randomwalker-info-585 374 44 to to TO randomwalker-info-585 374 45 include include VB randomwalker-info-585 374 46 . . . randomwalker-info-585 375 1 If if IN randomwalker-info-585 375 2 F F NNP randomwalker-info-585 375 3 denotes denote VBZ randomwalker-info-585 375 4 the the DT randomwalker-info-585 375 5 number number NN randomwalker-info-585 375 6 of of IN randomwalker-info-585 375 7 transaction transaction NN randomwalker-info-585 375 8 fees fee NNS randomwalker-info-585 375 9 in- in- RB randomwalker-info-585 375 10 cluded clude VBD randomwalker-info-585 375 11 , , , randomwalker-info-585 375 12 define define VB randomwalker-info-585 375 13 π(F π(F NNP randomwalker-info-585 375 14 , , , randomwalker-info-585 375 15 f f NNP randomwalker-info-585 375 16 , , , randomwalker-info-585 375 17 x x LS randomwalker-info-585 375 18 ) ) -RRB- randomwalker-info-585 375 19 to to TO randomwalker-info-585 375 20 be be VB randomwalker-info-585 375 21 the the DT randomwalker-info-585 375 22 probability probability NN randomwalker-info-585 375 23 that that IN randomwalker-info-585 375 24 this this DT randomwalker-info-585 375 25 block block NN randomwalker-info-585 375 26 is be VBZ randomwalker-info-585 375 27 included include VBN randomwalker-info-585 375 28 in in IN randomwalker-info-585 375 29 the the DT randomwalker-info-585 375 30 eventual eventual JJ randomwalker-info-585 375 31 longest long JJS randomwalker-info-585 375 32 chain chain NN randomwalker-info-585 375 33 , , , randomwalker-info-585 375 34 conditioned condition VBN randomwalker-info-585 375 35 on on IN randomwalker-info-585 375 36 including include VBG randomwalker-info-585 375 37 F F NNP randomwalker-info-585 375 38 BTC BTC NNP randomwalker-info-585 375 39 worth worth NN randomwalker-info-585 375 40 of of IN randomwalker-info-585 375 41 transaction transaction NN randomwalker-info-585 375 42 fees fee NNS randomwalker-info-585 375 43 in in IN randomwalker-info-585 375 44 the the DT randomwalker-info-585 375 45 block block NN randomwalker-info-585 375 46 , , , randomwalker-info-585 375 47 all all DT randomwalker-info-585 375 48 other other JJ randomwalker-info-585 375 49 miners miner NNS randomwalker-info-585 375 50 using use VBG randomwalker-info-585 375 51 strategy strategy NN randomwalker-info-585 375 52 Function Function NNP randomwalker-info-585 375 53 - - HYPH randomwalker-info-585 375 54 Fork(f Fork(f NNP randomwalker-info-585 375 55 ) ) -RRB- randomwalker-info-585 375 56 , , , randomwalker-info-585 375 57 and and CC randomwalker-info-585 375 58 x x SYM randomwalker-info-585 375 59 = = SYM randomwalker-info-585 375 60 Rem(MostmH Rem(MostmH NNP randomwalker-info-585 375 61 ) ) -RRB- randomwalker-info-585 375 62 ( ( -LRB- randomwalker-info-585 375 63 note note VB randomwalker-info-585 375 64 that that IN randomwalker-info-585 375 65 π π NN randomwalker-info-585 375 66 is be VBZ randomwalker-info-585 375 67 well well RB randomwalker-info-585 375 68 - - HYPH randomwalker-info-585 375 69 defined define VBN randomwalker-info-585 375 70 ) ) -RRB- randomwalker-info-585 375 71 . . . randomwalker-info-585 376 1 Then then RB randomwalker-info-585 376 2 the the DT randomwalker-info-585 376 3 miner miner NN randomwalker-info-585 376 4 ’s ’s POS randomwalker-info-585 376 5 expected expect VBN randomwalker-info-585 376 6 reward reward NN randomwalker-info-585 376 7 , , , randomwalker-info-585 376 8 should should MD randomwalker-info-585 376 9 they -PRON- PRP randomwalker-info-585 376 10 be be VB randomwalker-info-585 376 11 fortunate fortunate JJ randomwalker-info-585 376 12 enough enough RB randomwalker-info-585 376 13 to to TO randomwalker-info-585 376 14 find find VB randomwalker-info-585 376 15 a a DT randomwalker-info-585 376 16 block block NN randomwalker-info-585 376 17 right right RB randomwalker-info-585 376 18 now now RB randomwalker-info-585 376 19 would would MD randomwalker-info-585 376 20 be be VB randomwalker-info-585 376 21 F F NNP randomwalker-info-585 376 22 · · NFP randomwalker-info-585 376 23 π(F π(F NNP randomwalker-info-585 376 24 , , , randomwalker-info-585 376 25 f f NNP randomwalker-info-585 376 26 , , , randomwalker-info-585 376 27 x x NNP randomwalker-info-585 376 28 ) ) -RRB- randomwalker-info-585 376 29 . . . randomwalker-info-585 377 1 A a DT randomwalker-info-585 377 2 best good JJS randomwalker-info-585 377 3 - - HYPH randomwalker-info-585 377 4 response response NN randomwalker-info-585 377 5 would would MD randomwalker-info-585 377 6 then then RB randomwalker-info-585 377 7 be be VB randomwalker-info-585 377 8 to to TO randomwalker-info-585 377 9 include include VB randomwalker-info-585 377 10 argmaxF≤x{F argmaxf≤x{f UH randomwalker-info-585 377 11 · · NFP randomwalker-info-585 377 12 π(F π(F NNP randomwalker-info-585 377 13 , , , randomwalker-info-585 377 14 f f NNP randomwalker-info-585 377 15 , , , randomwalker-info-585 377 16 x x NNP randomwalker-info-585 377 17 ) ) -RRB- randomwalker-info-585 377 18 } } -RRB- randomwalker-info-585 377 19 transaction transaction NN randomwalker-info-585 377 20 fees fee NNS randomwalker-info-585 377 21 . . . randomwalker-info-585 378 1 The the DT randomwalker-info-585 378 2 strategy strategy NN randomwalker-info-585 378 3 Function function NN randomwalker-info-585 378 4 - - HYPH randomwalker-info-585 378 5 Fork(f Fork(f NNP randomwalker-info-585 378 6 ) ) -RRB- randomwalker-info-585 378 7 would would MD randomwalker-info-585 378 8 recommend recommend VB randomwalker-info-585 378 9 including include VBG randomwalker-info-585 378 10 f(x f(x NNP randomwalker-info-585 378 11 ) ) -RRB- randomwalker-info-585 378 12 transaction transaction NN randomwalker-info-585 378 13 fees fee NNS randomwalker-info-585 378 14 . . . randomwalker-info-585 379 1 So so RB randomwalker-info-585 379 2 for for IN randomwalker-info-585 379 3 Function function NN randomwalker-info-585 379 4 - - HYPH randomwalker-info-585 379 5 Fork(f Fork(f NNP randomwalker-info-585 379 6 ) ) -RRB- randomwalker-info-585 379 7 to to TO randomwalker-info-585 379 8 be be VB randomwalker-info-585 379 9 a a DT randomwalker-info-585 379 10 best good JJS randomwalker-info-585 379 11 - - HYPH randomwalker-info-585 379 12 response response NN randomwalker-info-585 379 13 to to IN randomwalker-info-585 379 14 other other JJ randomwalker-info-585 379 15 min- min- JJ randomwalker-info-585 379 16 ers er NNS randomwalker-info-585 379 17 using use VBG randomwalker-info-585 379 18 Function Function NNP randomwalker-info-585 379 19 - - HYPH randomwalker-info-585 379 20 fork(f fork(f NNP randomwalker-info-585 379 21 ) ) -RRB- randomwalker-info-585 379 22 , , , randomwalker-info-585 379 23 it -PRON- PRP randomwalker-info-585 379 24 better better RB randomwalker-info-585 379 25 be be VB randomwalker-info-585 379 26 the the DT randomwalker-info-585 379 27 case case NN randomwalker-info-585 379 28 that that IN randomwalker-info-585 379 29 f(x f(x NNP randomwalker-info-585 379 30 ) ) -RRB- randomwalker-info-585 379 31 ∈ ∈ NNP randomwalker-info-585 379 32 argmaxF≤x{F argmaxF≤x{F NFP randomwalker-info-585 379 33 · · NFP randomwalker-info-585 379 34 π(F π(F NNP randomwalker-info-585 379 35 , , , randomwalker-info-585 379 36 f f NNP randomwalker-info-585 379 37 , , , randomwalker-info-585 379 38 x x LS randomwalker-info-585 379 39 ) ) -RRB- randomwalker-info-585 379 40 } } -RRB- randomwalker-info-585 379 41 for for IN randomwalker-info-585 379 42 all all DT randomwalker-info-585 379 43 x. x. NN randomwalker-info-585 380 1 Note note VB randomwalker-info-585 380 2 that that IN randomwalker-info-585 380 3 this this DT randomwalker-info-585 380 4 is be VBZ randomwalker-info-585 380 5 a a DT randomwalker-info-585 380 6 somewhat somewhat RB randomwalker-info-585 380 7 strong strong JJ randomwalker-info-585 380 8 condition condition NN randomwalker-info-585 380 9 on on IN randomwalker-info-585 380 10 f f NNP randomwalker-info-585 380 11 , , , randomwalker-info-585 380 12 as as IN randomwalker-info-585 380 13 the the DT randomwalker-info-585 380 14 fact fact NN randomwalker-info-585 380 15 that that IN randomwalker-info-585 380 16 the the DT randomwalker-info-585 380 17 other other JJ randomwalker-info-585 380 18 miners miner NNS randomwalker-info-585 380 19 are be VBP randomwalker-info-585 380 20 using use VBG randomwalker-info-585 380 21 Function Function NNP randomwalker-info-585 380 22 - - HYPH randomwalker-info-585 380 23 fork(f fork(f NNP randomwalker-info-585 380 24 ) ) -RRB- randomwalker-info-585 380 25 affects affect VBZ randomwalker-info-585 380 26 π(F π(F NNP randomwalker-info-585 380 27 , , , randomwalker-info-585 380 28 f f NNP randomwalker-info-585 380 29 , , , randomwalker-info-585 380 30 x x NNP randomwalker-info-585 380 31 ) ) -RRB- randomwalker-info-585 380 32 , , , randomwalker-info-585 380 33 whereas whereas IN randomwalker-info-585 380 34 we -PRON- PRP randomwalker-info-585 380 35 also also RB randomwalker-info-585 380 36 want want VBP randomwalker-info-585 380 37 this this DT randomwalker-info-585 380 38 miner miner NN randomwalker-info-585 380 39 ’s ’s POS randomwalker-info-585 380 40 best good JJS randomwalker-info-585 380 41 response response NN randomwalker-info-585 380 42 to to TO randomwalker-info-585 380 43 have have VB randomwalker-info-585 380 44 f(x f(x NNS randomwalker-info-585 380 45 ) ) -RRB- randomwalker-info-585 380 46 ∈ ∈ NNP randomwalker-info-585 380 47 argmaxF≤x{F argmaxF≤x{F NFP randomwalker-info-585 380 48 · · NFP randomwalker-info-585 380 49 π(F π(F NNP randomwalker-info-585 380 50 , , , randomwalker-info-585 380 51 f f NNP randomwalker-info-585 380 52 , , , randomwalker-info-585 380 53 x x NNP randomwalker-info-585 380 54 ) ) -RRB- randomwalker-info-585 380 55 } } -RRB- randomwalker-info-585 380 56 . . . randomwalker-info-585 381 1 At at IN randomwalker-info-585 381 2 this this DT randomwalker-info-585 381 3 point point NN randomwalker-info-585 381 4 , , , randomwalker-info-585 381 5 we -PRON- PRP randomwalker-info-585 381 6 show show VBP randomwalker-info-585 381 7 that that IN randomwalker-info-585 381 8 there there EX randomwalker-info-585 381 9 is be VBZ randomwalker-info-585 381 10 a a DT randomwalker-info-585 381 11 continuous continuous JJ randomwalker-info-585 381 12 and and CC randomwalker-info-585 381 13 piece piece NN randomwalker-info-585 381 14 - - JJ randomwalker-info-585 381 15 wise wise JJ randomwalker-info-585 381 16 differentiable differentiable JJ randomwalker-info-585 381 17 function function NN randomwalker-info-585 381 18 f f NNP randomwalker-info-585 381 19 ( ( -LRB- randomwalker-info-585 381 20 · · NFP randomwalker-info-585 381 21 ) ) -RRB- randomwalker-info-585 381 22 that that IN randomwalker-info-585 381 23 satisfies satisfy VBZ randomwalker-info-585 381 24 this this DT randomwalker-info-585 381 25 con- con- NN randomwalker-info-585 381 26 dition dition NN randomwalker-info-585 381 27 . . . randomwalker-info-585 382 1 We -PRON- PRP randomwalker-info-585 382 2 also also RB randomwalker-info-585 382 3 show show VBP randomwalker-info-585 382 4 that that IN randomwalker-info-585 382 5 combined combine VBN randomwalker-info-585 382 6 with with IN randomwalker-info-585 382 7 the the DT randomwalker-info-585 382 8 fact fact NN randomwalker-info-585 382 9 that that IN randomwalker-info-585 382 10 f f NNP randomwalker-info-585 382 11 ( ( -LRB- randomwalker-info-585 382 12 · · NFP randomwalker-info-585 382 13 ) ) -RRB- randomwalker-info-585 382 14 is be VBZ randomwalker-info-585 382 15 monotonically monotonically RB randomwalker-info-585 382 16 non non JJ randomwalker-info-585 382 17 - - JJ randomwalker-info-585 382 18 decreasing decreasing JJ randomwalker-info-585 382 19 , , , randomwalker-info-585 382 20 this this DT randomwalker-info-585 382 21 is be VBZ randomwalker-info-585 382 22 sufficient sufficient JJ randomwalker-info-585 382 23 for for IN randomwalker-info-585 382 24 Function Function NNP randomwalker-info-585 382 25 - - HYPH randomwalker-info-585 382 26 fork(f fork(f NNP randomwalker-info-585 382 27 ) ) -RRB- randomwalker-info-585 382 28 to to TO randomwalker-info-585 382 29 be be VB randomwalker-info-585 382 30 an an DT randomwalker-info-585 382 31 equilibrium equilibrium NN randomwalker-info-585 382 32 under under IN randomwalker-info-585 382 33 some some DT randomwalker-info-585 382 34 as- as- JJ randomwalker-info-585 382 35 sumptions sumption NNS randomwalker-info-585 382 36 ( ( -LRB- randomwalker-info-585 382 37 which which WDT randomwalker-info-585 382 38 we -PRON- PRP randomwalker-info-585 382 39 will will MD randomwalker-info-585 382 40 discuss discuss VB randomwalker-info-585 382 41 post post JJ randomwalker-info-585 382 42 - - JJ randomwalker-info-585 382 43 theorem theorem JJ randomwalker-info-585 382 44 ) ) -RRB- randomwalker-info-585 382 45 . . . randomwalker-info-585 383 1 In in IN randomwalker-info-585 383 2 the the DT randomwalker-info-585 383 3 theorem theorem JJ randomwalker-info-585 383 4 statement statement NN randomwalker-info-585 383 5 below below RB randomwalker-info-585 383 6 , , , randomwalker-info-585 383 7 W0 w0 NN randomwalker-info-585 383 8 is be VBZ randomwalker-info-585 383 9 the the DT randomwalker-info-585 383 10 upper upper JJ randomwalker-info-585 383 11 branch branch NN randomwalker-info-585 383 12 of of IN randomwalker-info-585 383 13 the the DT randomwalker-info-585 383 14 Lambert Lambert NNP randomwalker-info-585 383 15 W W NNP randomwalker-info-585 383 16 function function NN randomwalker-info-585 383 17 which which WDT randomwalker-info-585 383 18 satisfies satisfy VBZ randomwalker-info-585 383 19 W0(xe W0(xe NNS randomwalker-info-585 383 20 x x NNPS randomwalker-info-585 383 21 ) ) -RRB- randomwalker-info-585 383 22 = = NFP randomwalker-info-585 383 23 x x NN randomwalker-info-585 383 24 for for IN randomwalker-info-585 383 25 all all DT randomwalker-info-585 383 26 x x NN randomwalker-info-585 383 27 ∈ ∈ IN randomwalker-info-585 383 28 [ [ -LRB- randomwalker-info-585 383 29 −1 −1 NNP randomwalker-info-585 383 30 / / SYM randomwalker-info-585 383 31 e,∞ e,∞ NNP randomwalker-info-585 383 32 ) ) -RRB- randomwalker-info-585 383 33 , , , randomwalker-info-585 383 34 and and CC randomwalker-info-585 383 35 W0(x w0(x NN randomwalker-info-585 383 36 ) ) -RRB- randomwalker-info-585 383 37 ∈ ∈ VBD randomwalker-info-585 383 38 [ [ -LRB- randomwalker-info-585 383 39 −1,∞ −1,∞ UH randomwalker-info-585 383 40 ) ) -RRB- randomwalker-info-585 383 41 . . . randomwalker-info-585 384 1 The the DT randomwalker-info-585 384 2 “ " `` randomwalker-info-585 384 3 Furthermore furthermore RB randomwalker-info-585 384 4 ... ... : randomwalker-info-585 384 5 ” " '' randomwalker-info-585 384 6 portion portion NN randomwalker-info-585 384 7 of of IN randomwalker-info-585 384 8 the the DT randomwalker-info-585 384 9 theorem theorem NN randomwalker-info-585 384 10 is be VBZ randomwalker-info-585 384 11 proved prove VBN randomwalker-info-585 384 12 by by IN randomwalker-info-585 384 13 showing show VBG randomwalker-info-585 384 14 a a DT randomwalker-info-585 384 15 connection connection NN randomwalker-info-585 384 16 between between IN randomwalker-info-585 384 17 the the DT randomwalker-info-585 384 18 number number NN randomwalker-info-585 384 19 of of IN randomwalker-info-585 384 20 backlogged backlogged JJ randomwalker-info-585 384 21 transactions transaction NNS randomwalker-info-585 384 22 and and CC randomwalker-info-585 384 23 an an DT randomwalker-info-585 384 24 un- un- JJ randomwalker-info-585 384 25 biased biased JJ randomwalker-info-585 384 26 single single JJ randomwalker-info-585 384 27 - - HYPH randomwalker-info-585 384 28 dimensional dimensional JJ randomwalker-info-585 384 29 random random JJ randomwalker-info-585 384 30 walk walk NN randomwalker-info-585 384 31 . . . randomwalker-info-585 385 1 Theorem theorem NN randomwalker-info-585 385 2 5.1 5.1 CD randomwalker-info-585 385 3 . . . randomwalker-info-585 386 1 For for IN randomwalker-info-585 386 2 any any DT randomwalker-info-585 386 3 constant constant JJ randomwalker-info-585 386 4 y y NN randomwalker-info-585 386 5 ≤ ≤ NN randomwalker-info-585 386 6 1/2 1/2 CD randomwalker-info-585 386 7 such such JJ randomwalker-info-585 386 8 that that IN randomwalker-info-585 386 9 2y 2y CD randomwalker-info-585 386 10 − − NNP randomwalker-info-585 386 11 ln(y ln(y NNP randomwalker-info-585 386 12 ) ) -RRB- randomwalker-info-585 386 13 ≥ ≥ UH randomwalker-info-585 386 14 2,5 2,5 CD randomwalker-info-585 386 15 define define NN randomwalker-info-585 386 16 : : : randomwalker-info-585 386 17 f(x f(x NNP randomwalker-info-585 386 18 ) ) -RRB- randomwalker-info-585 386 19 = = NFP randomwalker-info-585 386 20 x x NNPS randomwalker-info-585 386 21 , , , randomwalker-info-585 386 22 ∀ ∀ NNP randomwalker-info-585 386 23 x x NNP randomwalker-info-585 386 24 ≤ ≤ NNP randomwalker-info-585 386 25 y y NNP randomwalker-info-585 386 26 ( ( -LRB- randomwalker-info-585 386 27 1 1 CD randomwalker-info-585 386 28 ) ) -RRB- randomwalker-info-585 386 29 f(x f(x NNP randomwalker-info-585 386 30 ) ) -RRB- randomwalker-info-585 386 31 = = NFP randomwalker-info-585 386 32 −W0(−yex−2y −W0(−yex−2y NNP randomwalker-info-585 386 33 ) ) -RRB- randomwalker-info-585 386 34 , , , randomwalker-info-585 386 35 ∀ ∀ NNP randomwalker-info-585 386 36 y y NNP randomwalker-info-585 386 37 < < XX randomwalker-info-585 386 38 x x NNP randomwalker-info-585 386 39 < < XX randomwalker-info-585 386 40 2y 2y NNP randomwalker-info-585 386 41 − − NNP randomwalker-info-585 386 42 ln(y ln(y NNP randomwalker-info-585 386 43 ) ) -RRB- randomwalker-info-585 386 44 − − NNP randomwalker-info-585 386 45 1 1 CD randomwalker-info-585 386 46 ( ( -LRB- randomwalker-info-585 386 47 2 2 CD randomwalker-info-585 386 48 ) ) -RRB- randomwalker-info-585 386 49 f(x f(x NNP randomwalker-info-585 386 50 ) ) -RRB- randomwalker-info-585 386 51 = = SYM randomwalker-info-585 386 52 1 1 CD randomwalker-info-585 386 53 , , , randomwalker-info-585 386 54 ∀ ∀ NNP randomwalker-info-585 386 55 x x CC randomwalker-info-585 386 56 ≥ ≥ CD randomwalker-info-585 386 57 2y 2y CD randomwalker-info-585 386 58 − − NNP randomwalker-info-585 386 59 ln(y ln(y NNP randomwalker-info-585 386 60 ) ) -RRB- randomwalker-info-585 386 61 − − NNP randomwalker-info-585 386 62 1 1 CD randomwalker-info-585 386 63 ( ( -LRB- randomwalker-info-585 386 64 3 3 CD randomwalker-info-585 386 65 ) ) -RRB- randomwalker-info-585 386 66 Then then RB randomwalker-info-585 386 67 it -PRON- PRP randomwalker-info-585 386 68 is be VBZ randomwalker-info-585 386 69 an an DT randomwalker-info-585 386 70 equilibrium equilibrium NN randomwalker-info-585 386 71 for for IN randomwalker-info-585 386 72 every every DT randomwalker-info-585 386 73 miner miner NN randomwalker-info-585 386 74 to to TO randomwalker-info-585 386 75 use use VB randomwalker-info-585 386 76 the the DT randomwalker-info-585 386 77 strategy strategy NN randomwalker-info-585 386 78 Function Function NNP randomwalker-info-585 386 79 - - HYPH randomwalker-info-585 386 80 fork(f fork(f NNP randomwalker-info-585 386 81 ) ) -RRB- randomwalker-info-585 386 82 as as RB randomwalker-info-585 386 83 long long RB randomwalker-info-585 386 84 as as IN randomwalker-info-585 386 85 : : : randomwalker-info-585 386 86 • • VB randomwalker-info-585 386 87 Every every DT randomwalker-info-585 386 88 miner miner NN randomwalker-info-585 386 89 is be VBZ randomwalker-info-585 386 90 non non JJ randomwalker-info-585 386 91 - - JJ randomwalker-info-585 386 92 atomic atomic JJ randomwalker-info-585 386 93 . . . randomwalker-info-585 387 1 • • NNP randomwalker-info-585 387 2 Miners miner NNS randomwalker-info-585 387 3 may may MD randomwalker-info-585 387 4 only only RB randomwalker-info-585 387 5 mine mine VB randomwalker-info-585 387 6 on on IN randomwalker-info-585 387 7 top top NN randomwalker-info-585 387 8 of of IN randomwalker-info-585 387 9 chains chain NNS randomwalker-info-585 387 10 of of IN randomwalker-info-585 387 11 length length NN randomwalker-info-585 387 12 H h NN randomwalker-info-585 387 13 or or CC randomwalker-info-585 387 14 H− H− NNP randomwalker-info-585 387 15 1 1 CD randomwalker-info-585 387 16 . . . randomwalker-info-585 388 1 Furthermore furthermore RB randomwalker-info-585 388 2 , , , randomwalker-info-585 388 3 in in IN randomwalker-info-585 388 4 any any DT randomwalker-info-585 388 5 such such JJ randomwalker-info-585 388 6 equilibrium equilibrium NN randomwalker-info-585 388 7 , , , randomwalker-info-585 388 8 the the DT randomwalker-info-585 388 9 expected expected JJ randomwalker-info-585 388 10 number number NN randomwalker-info-585 388 11 of of IN randomwalker-info-585 388 12 backlogged backlogged JJ randomwalker-info-585 388 13 transactions transaction NNS randomwalker-info-585 388 14 after after IN randomwalker-info-585 388 15 n n JJ randomwalker-info-585 388 16 time time NN randomwalker-info-585 388 17 steps step NNS randomwalker-info-585 388 18 is be VBZ randomwalker-info-585 388 19 Θ Θ NNP randomwalker-info-585 388 20 ( ( -LRB- randomwalker-info-585 388 21 √ √ NNP randomwalker-info-585 388 22 n n NNP randomwalker-info-585 388 23 ) ) -RRB- randomwalker-info-585 388 24 . . . randomwalker-info-585 389 1 5Such 5Such NNP randomwalker-info-585 389 2 y y NNP randomwalker-info-585 389 3 exist exist VBP randomwalker-info-585 389 4 . . . randomwalker-info-585 390 1 This this DT randomwalker-info-585 390 2 range range NN randomwalker-info-585 390 3 is be VBZ randomwalker-info-585 390 4 ( ( -LRB- randomwalker-info-585 390 5 0,≈ 0,≈ CD randomwalker-info-585 390 6 0.2 0.2 CD randomwalker-info-585 390 7 ] ] -RRB- randomwalker-info-585 390 8 . . . randomwalker-info-585 391 1 Figure figure NN randomwalker-info-585 391 2 5 5 CD randomwalker-info-585 391 3 : : : randomwalker-info-585 391 4 Plot plot NN randomwalker-info-585 391 5 of of IN randomwalker-info-585 391 6 the the DT randomwalker-info-585 391 7 Lambert Lambert NNP randomwalker-info-585 391 8 function function NN randomwalker-info-585 391 9 fork fork NN randomwalker-info-585 391 10 starting start VBG randomwalker-info-585 391 11 with with IN randomwalker-info-585 391 12 a a DT randomwalker-info-585 391 13 weight weight NN randomwalker-info-585 391 14 of of IN randomwalker-info-585 391 15 0.0001 0.0001 CD randomwalker-info-585 391 16 and and CC randomwalker-info-585 391 17 becoming become VBG randomwalker-info-585 391 18 the the DT randomwalker-info-585 391 19 strongest strong JJS randomwalker-info-585 391 20 strategy strategy NN randomwalker-info-585 391 21 in in IN randomwalker-info-585 391 22 a a DT randomwalker-info-585 391 23 learning learning NN randomwalker-info-585 391 24 simulation simulation NN randomwalker-info-585 391 25 with with IN randomwalker-info-585 391 26 � � NNP randomwalker-info-585 391 27 = = SYM randomwalker-info-585 391 28 .01 .01 NFP randomwalker-info-585 391 29 . . . randomwalker-info-585 392 1 This this DT randomwalker-info-585 392 2 simulation simulation NN randomwalker-info-585 392 3 had have VBD randomwalker-info-585 392 4 100 100 CD randomwalker-info-585 392 5 miners miner NNS randomwalker-info-585 392 6 , , , randomwalker-info-585 392 7 and and CC randomwalker-info-585 392 8 10,000 10,000 CD randomwalker-info-585 392 9 blocks block NNS randomwalker-info-585 392 10 per per IN randomwalker-info-585 392 11 game game NN randomwalker-info-585 392 12 . . . randomwalker-info-585 393 1 These these DT randomwalker-info-585 393 2 miners miner NNS randomwalker-info-585 393 3 are be VBP randomwalker-info-585 393 4 non non JJ randomwalker-info-585 393 5 - - JJ randomwalker-info-585 393 6 atomic atomic JJ randomwalker-info-585 393 7 . . . randomwalker-info-585 394 1 A a DT randomwalker-info-585 394 2 proof proof NN randomwalker-info-585 394 3 of of IN randomwalker-info-585 394 4 Theorem theorem NN randomwalker-info-585 394 5 5.1 5.1 CD randomwalker-info-585 394 6 appears appear NNS randomwalker-info-585 394 7 in in IN randomwalker-info-585 394 8 Appendix Appendix NNP randomwalker-info-585 394 9 C. C. NNP randomwalker-info-585 394 10 To to IN randomwalker-info-585 394 11 un- un- VB randomwalker-info-585 394 12 derstand derstand NN randomwalker-info-585 394 13 the the DT randomwalker-info-585 394 14 impact impact NN randomwalker-info-585 394 15 of of IN randomwalker-info-585 394 16 Theorem Theorem NNP randomwalker-info-585 394 17 5.1 5.1 CD randomwalker-info-585 394 18 , , , randomwalker-info-585 394 19 first first RB randomwalker-info-585 394 20 consider consider VB randomwalker-info-585 394 21 the the DT randomwalker-info-585 394 22 block block NN randomwalker-info-585 394 23 reward reward NN randomwalker-info-585 394 24 model model NN randomwalker-info-585 394 25 . . . randomwalker-info-585 395 1 With with IN randomwalker-info-585 395 2 non non JJ randomwalker-info-585 395 3 - - JJ randomwalker-info-585 395 4 atomic atomic JJ randomwalker-info-585 395 5 miners miner NNS randomwalker-info-585 395 6 , , , randomwalker-info-585 395 7 DefaultCompli- defaultcompli- NN randomwalker-info-585 395 8 ant ant NN randomwalker-info-585 395 9 is be VBZ randomwalker-info-585 395 10 trivially trivially RB randomwalker-info-585 395 11 an an DT randomwalker-info-585 395 12 equilibrium equilibrium NN randomwalker-info-585 395 13 , , , randomwalker-info-585 395 14 and and CC randomwalker-info-585 395 15 this this DT randomwalker-info-585 395 16 result result NN randomwalker-info-585 395 17 is be VBZ randomwalker-info-585 395 18 robust robust JJ randomwalker-info-585 395 19 to to IN randomwalker-info-585 395 20 general general JJ randomwalker-info-585 395 21 models model NNS randomwalker-info-585 395 22 of of IN randomwalker-info-585 395 23 latency latency NN randomwalker-info-585 395 24 ( ( -LRB- randomwalker-info-585 395 25 proof proof NN randomwalker-info-585 395 26 in in IN randomwalker-info-585 395 27 Appendix Appendix NNP randomwalker-info-585 395 28 D D NNP randomwalker-info-585 395 29 ) ) -RRB- randomwalker-info-585 395 30 . . . randomwalker-info-585 396 1 But but CC randomwalker-info-585 396 2 as as IN randomwalker-info-585 396 3 we -PRON- PRP randomwalker-info-585 396 4 move move VBP randomwalker-info-585 396 5 to to IN randomwalker-info-585 396 6 atomic atomic JJ randomwalker-info-585 396 7 miners miner NNS randomwalker-info-585 396 8 , , , randomwalker-info-585 396 9 strategies strategy NNS randomwalker-info-585 396 10 like like IN randomwalker-info-585 396 11 selfish selfish JJ randomwalker-info-585 396 12 mining mining NN randomwalker-info-585 396 13 arise arise NN randomwalker-info-585 396 14 and and CC randomwalker-info-585 396 15 equilibria equilibria NN randomwalker-info-585 396 16 get get VB randomwalker-info-585 396 17 messy messy JJ randomwalker-info-585 396 18 ( ( -LRB- randomwalker-info-585 396 19 if if IN randomwalker-info-585 396 20 they -PRON- PRP randomwalker-info-585 396 21 exist exist VBP randomwalker-info-585 396 22 at at RB randomwalker-info-585 396 23 all all RB randomwalker-info-585 396 24 ) ) -RRB- randomwalker-info-585 396 25 . . . randomwalker-info-585 397 1 Now now RB randomwalker-info-585 397 2 , , , randomwalker-info-585 397 3 in in IN randomwalker-info-585 397 4 the the DT randomwalker-info-585 397 5 transaction transaction NN randomwalker-info-585 397 6 - - HYPH randomwalker-info-585 397 7 fee fee NN randomwalker-info-585 397 8 model model NN randomwalker-info-585 397 9 , , , randomwalker-info-585 397 10 even even RB randomwalker-info-585 397 11 when when WRB randomwalker-info-585 397 12 miners miner NNS randomwalker-info-585 397 13 are be VBP randomwalker-info-585 397 14 non non JJ randomwalker-info-585 397 15 - - JJ randomwalker-info-585 397 16 atomic atomic JJ randomwalker-info-585 397 17 , , , randomwalker-info-585 397 18 equilibrium equilibrium NN randomwalker-info-585 397 19 behavior behavior NN randomwalker-info-585 397 20 is be VBZ randomwalker-info-585 397 21 complex complex JJ randomwalker-info-585 397 22 and and CC randomwalker-info-585 397 23 undesirable undesirable JJ randomwalker-info-585 397 24 , , , randomwalker-info-585 397 25 as as IN randomwalker-info-585 397 26 we -PRON- PRP randomwalker-info-585 397 27 have have VBP randomwalker-info-585 397 28 just just RB randomwalker-info-585 397 29 shown show VBN randomwalker-info-585 397 30 . . . randomwalker-info-585 398 1 Therefore therefore RB randomwalker-info-585 398 2 , , , randomwalker-info-585 398 3 we -PRON- PRP randomwalker-info-585 398 4 should should MD randomwalker-info-585 398 5 expect expect VB randomwalker-info-585 398 6 that that DT randomwalker-info-585 398 7 analysis analysis NN randomwalker-info-585 398 8 with with IN randomwalker-info-585 398 9 atomic atomic JJ randomwalker-info-585 398 10 miners miner NNS randomwalker-info-585 398 11 should should MD randomwalker-info-585 398 12 conclude conclude VB randomwalker-info-585 398 13 with with IN randomwalker-info-585 398 14 even even RB randomwalker-info-585 398 15 more more JJR randomwalker-info-585 398 16 chaos chaos NN randomwalker-info-585 398 17 . . . randomwalker-info-585 399 1 Figure figure NN randomwalker-info-585 399 2 5 5 CD randomwalker-info-585 399 3 shows show VBZ randomwalker-info-585 399 4 miners miner NNS randomwalker-info-585 399 5 learning learn VBG randomwalker-info-585 399 6 to to TO randomwalker-info-585 399 7 play play VB randomwalker-info-585 399 8 this this DT randomwalker-info-585 399 9 equilibrium equilibrium NN randomwalker-info-585 399 10 , , , randomwalker-info-585 399 11 even even RB randomwalker-info-585 399 12 with with IN randomwalker-info-585 399 13 various various JJ randomwalker-info-585 399 14 other other JJ randomwalker-info-585 399 15 strategies strategy NNS randomwalker-info-585 399 16 available available JJ randomwalker-info-585 399 17 . . . randomwalker-info-585 400 1 Observe observe VB randomwalker-info-585 400 2 the the DT randomwalker-info-585 400 3 in- in- JJ randomwalker-info-585 400 4 terplay terplay NN randomwalker-info-585 400 5 between between IN randomwalker-info-585 400 6 theory theory NN randomwalker-info-585 400 7 and and CC randomwalker-info-585 400 8 simulation simulation NN randomwalker-info-585 400 9 : : : randomwalker-info-585 400 10 Theorem theorem NN randomwalker-info-585 400 11 5.1 5.1 CD randomwalker-info-585 400 12 guides guide VBZ randomwalker-info-585 400 13 us -PRON- PRP randomwalker-info-585 400 14 towards towards IN randomwalker-info-585 400 15 a a DT randomwalker-info-585 400 16 potentially potentially RB randomwalker-info-585 400 17 strong strong JJ randomwalker-info-585 400 18 strategy strategy NN randomwalker-info-585 400 19 , , , randomwalker-info-585 400 20 but but CC randomwalker-info-585 400 21 it -PRON- PRP randomwalker-info-585 400 22 is be VBZ randomwalker-info-585 400 23 intractable intractable JJ randomwalker-info-585 400 24 to to TO randomwalker-info-585 400 25 prove prove VB randomwalker-info-585 400 26 that that IN randomwalker-info-585 400 27 the the DT randomwalker-info-585 400 28 equilibrium equilibrium NN randomwalker-info-585 400 29 will will MD randomwalker-info-585 400 30 actually actually RB randomwalker-info-585 400 31 arise arise VB randomwalker-info-585 400 32 via via IN randomwalker-info-585 400 33 learning learn VBG randomwalker-info-585 400 34 even even RB randomwalker-info-585 400 35 when when WRB randomwalker-info-585 400 36 ( ( -LRB- randomwalker-info-585 400 37 say say VB randomwalker-info-585 400 38 ) ) -RRB- randomwalker-info-585 400 39 99 99 CD randomwalker-info-585 400 40 % % NN randomwalker-info-585 400 41 of of IN randomwalker-info-585 400 42 miners miner NNS randomwalker-info-585 400 43 are be VBP randomwalker-info-585 400 44 already already RB randomwalker-info-585 400 45 there there RB randomwalker-info-585 400 46 . . . randomwalker-info-585 401 1 Simula- Simula- NNP randomwalker-info-585 401 2 tion tion NN randomwalker-info-585 401 3 fills fill VBZ randomwalker-info-585 401 4 the the DT randomwalker-info-585 401 5 gap gap NN randomwalker-info-585 401 6 and and CC randomwalker-info-585 401 7 shows show VBZ randomwalker-info-585 401 8 an an DT randomwalker-info-585 401 9 equilibrium equilibrium NN randomwalker-info-585 401 10 will will MD randomwalker-info-585 401 11 indeed indeed RB randomwalker-info-585 401 12 even even RB randomwalker-info-585 401 13 when when WRB randomwalker-info-585 401 14 only only RB randomwalker-info-585 401 15 .01 .01 . randomwalker-info-585 401 16 % % NN randomwalker-info-585 401 17 of of IN randomwalker-info-585 401 18 the the DT randomwalker-info-585 401 19 miners miner NNS randomwalker-info-585 401 20 initially initially RB randomwalker-info-585 401 21 use use VBP randomwalker-info-585 401 22 the the DT randomwalker-info-585 401 23 equilibrium equilibrium NN randomwalker-info-585 401 24 strategy.6 strategy.6 NNP randomwalker-info-585 401 25 Simulation Simulation NNP randomwalker-info-585 401 26 alone alone RB randomwalker-info-585 401 27 could could MD randomwalker-info-585 401 28 not not RB randomwalker-info-585 401 29 search search VB randomwalker-info-585 401 30 through through IN randomwalker-info-585 401 31 the the DT randomwalker-info-585 401 32 infinitely infinitely RB randomwalker-info-585 401 33 many many JJ randomwalker-info-585 401 34 possible possible JJ randomwalker-info-585 401 35 strategies strategy NNS randomwalker-info-585 401 36 , , , randomwalker-info-585 401 37 and and CC randomwalker-info-585 401 38 theory theory NN randomwalker-info-585 401 39 alone alone RB randomwalker-info-585 401 40 can can MD randomwalker-info-585 401 41 not not RB randomwalker-info-585 401 42 prove prove VB randomwalker-info-585 401 43 that that IN randomwalker-info-585 401 44 learning learn VBG randomwalker-info-585 401 45 converges converge NNS randomwalker-info-585 401 46 to to IN randomwalker-info-585 401 47 the the DT randomwalker-info-585 401 48 desired desire VBN randomwalker-info-585 401 49 equilibrium equilibrium NN randomwalker-info-585 401 50 . . . randomwalker-info-585 402 1 5.5 5.5 CD randomwalker-info-585 402 2 Undercutting undercut VBG randomwalker-info-585 402 3 Non non JJ randomwalker-info-585 402 4 - - JJ randomwalker-info-585 402 5 strategic strategic JJ randomwalker-info-585 402 6 Miners Miners NNPS randomwalker-info-585 402 7 Analytical Analytical NNP randomwalker-info-585 402 8 and and CC randomwalker-info-585 402 9 simulation simulation NN randomwalker-info-585 402 10 result result NN randomwalker-info-585 402 11 : : : randomwalker-info-585 402 12 even even RB randomwalker-info-585 402 13 if if IN randomwalker-info-585 402 14 66 66 CD randomwalker-info-585 402 15 % % NN randomwalker-info-585 402 16 of of IN randomwalker-info-585 402 17 miners miner NNS randomwalker-info-585 402 18 remain remain VBP randomwalker-info-585 402 19 default default NN randomwalker-info-585 402 20 compliant compliant NN randomwalker-info-585 402 21 , , , randomwalker-info-585 402 22 undercutting undercutting NN randomwalker-info-585 402 23 is be VBZ randomwalker-info-585 402 24 profitable profitable JJ randomwalker-info-585 402 25 . . . randomwalker-info-585 403 1 Our -PRON- PRP$ randomwalker-info-585 403 2 analysis analysis NN randomwalker-info-585 403 3 and and CC randomwalker-info-585 403 4 simulations simulation NNS randomwalker-info-585 403 5 in in IN randomwalker-info-585 403 6 the the DT randomwalker-info-585 403 7 previous previous JJ randomwalker-info-585 403 8 sections section NNS randomwalker-info-585 403 9 as- as- CD randomwalker-info-585 403 10 sumed sum VBD randomwalker-info-585 403 11 that that IN randomwalker-info-585 403 12 all all DT randomwalker-info-585 403 13 miners miner NNS randomwalker-info-585 403 14 were be VBD randomwalker-info-585 403 15 strategic strategic JJ randomwalker-info-585 403 16 learners learner NNS randomwalker-info-585 403 17 . . . randomwalker-info-585 404 1 While while IN randomwalker-info-585 404 2 we -PRON- PRP randomwalker-info-585 404 3 clearly clearly RB randomwalker-info-585 404 4 learn learn VBP randomwalker-info-585 404 5 a a DT randomwalker-info-585 404 6 lot lot NN randomwalker-info-585 404 7 from from IN randomwalker-info-585 404 8 this this DT randomwalker-info-585 404 9 analysis analysis NN randomwalker-info-585 404 10 , , , randomwalker-info-585 404 11 it -PRON- PRP randomwalker-info-585 404 12 is be VBZ randomwalker-info-585 404 13 perhaps perhaps RB randomwalker-info-585 404 14 more more RBR randomwalker-info-585 404 15 realistic realistic JJ randomwalker-info-585 404 16 to to TO randomwalker-info-585 404 17 also also RB randomwalker-info-585 404 18 consider consider VB randomwalker-info-585 404 19 a a DT randomwalker-info-585 404 20 setting setting NN randomwalker-info-585 404 21 where where WRB randomwalker-info-585 404 22 some some DT randomwalker-info-585 404 23 miners miner NNS randomwalker-info-585 404 24 will will MD randomwalker-info-585 404 25 stubbornly stubbornly RB randomwalker-info-585 404 26 ( ( -LRB- randomwalker-info-585 404 27 or or CC randomwalker-info-585 404 28 honestly honestly RB randomwalker-info-585 404 29 , , , randomwalker-info-585 404 30 depending depend VBG randomwalker-info-585 404 31 on on IN randomwalker-info-585 404 32 your -PRON- PRP$ randomwalker-info-585 404 33 perspective perspective NN randomwalker-info-585 404 34 ) ) -RRB- randomwalker-info-585 404 35 , , , randomwalker-info-585 404 36 continue continue VB randomwalker-info-585 404 37 running run VBG randomwalker-info-585 404 38 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 404 39 even even RB randomwalker-info-585 404 40 if if IN randomwalker-info-585 404 41 it -PRON- PRP randomwalker-info-585 404 42 is be VBZ randomwalker-info-585 404 43 subop- subop- JJ randomwalker-info-585 404 44 timal timal JJ randomwalker-info-585 404 45 . . . randomwalker-info-585 405 1 If if IN randomwalker-info-585 405 2 a a DT randomwalker-info-585 405 3 large large JJ randomwalker-info-585 405 4 fraction fraction NN randomwalker-info-585 405 5 of of IN randomwalker-info-585 405 6 the the DT randomwalker-info-585 405 7 miners miner NNS randomwalker-info-585 405 8 are be VBP randomwalker-info-585 405 9 non non JJ randomwalker-info-585 405 10 - - JJ randomwalker-info-585 405 11 strategic strategic JJ randomwalker-info-585 405 12 , , , randomwalker-info-585 405 13 6It 6it CD randomwalker-info-585 405 14 is be VBZ randomwalker-info-585 405 15 hard hard JJ randomwalker-info-585 405 16 to to TO randomwalker-info-585 405 17 see see VB randomwalker-info-585 405 18 in in IN randomwalker-info-585 405 19 Figure Figure NNP randomwalker-info-585 405 20 5 5 CD randomwalker-info-585 405 21 , , , randomwalker-info-585 405 22 but but CC randomwalker-info-585 405 23 the the DT randomwalker-info-585 405 24 weight weight NN randomwalker-info-585 405 25 assigned assign VBN randomwalker-info-585 405 26 to to IN randomwalker-info-585 405 27 “ " `` randomwalker-info-585 405 28 Lambert Lambert NNP randomwalker-info-585 405 29 ” " '' randomwalker-info-585 405 30 is be VBZ randomwalker-info-585 405 31 initially initially RB randomwalker-info-585 405 32 .0001 .0001 . randomwalker-info-585 405 33 . . . randomwalker-info-585 405 34 then then RB randomwalker-info-585 405 35 function function NN randomwalker-info-585 405 36 - - HYPH randomwalker-info-585 405 37 forking forking NN randomwalker-info-585 405 38 becomes become VBZ randomwalker-info-585 405 39 immediately immediately RB randomwalker-info-585 405 40 less less RBR randomwalker-info-585 405 41 profitable profitable JJ randomwalker-info-585 405 42 , , , randomwalker-info-585 405 43 because because IN randomwalker-info-585 405 44 only only RB randomwalker-info-585 405 45 a a DT randomwalker-info-585 405 46 small small JJ randomwalker-info-585 405 47 fraction fraction NN randomwalker-info-585 405 48 of of IN randomwalker-info-585 405 49 the the DT randomwalker-info-585 405 50 network network NN randomwalker-info-585 405 51 will will MD randomwalker-info-585 405 52 actually actually RB randomwalker-info-585 405 53 mine mine VB randomwalker-info-585 405 54 on on IN randomwalker-info-585 405 55 top top NN randomwalker-info-585 405 56 of of IN randomwalker-info-585 405 57 your -PRON- PRP$ randomwalker-info-585 405 58 block block NN randomwalker-info-585 405 59 when when WRB randomwalker-info-585 405 60 you -PRON- PRP randomwalker-info-585 405 61 undercut undercut VBD randomwalker-info-585 405 62 . . . randomwalker-info-585 406 1 In in IN randomwalker-info-585 406 2 particu- particu- NN randomwalker-info-585 406 3 lar lar NN randomwalker-info-585 406 4 , , , randomwalker-info-585 406 5 if if IN randomwalker-info-585 406 6 100 100 CD randomwalker-info-585 406 7 % % NN randomwalker-info-585 406 8 of of IN randomwalker-info-585 406 9 other other JJ randomwalker-info-585 406 10 miners miner NNS randomwalker-info-585 406 11 are be VBP randomwalker-info-585 406 12 non non JJ randomwalker-info-585 406 13 - - JJ randomwalker-info-585 406 14 strategic strategic JJ randomwalker-info-585 406 15 , , , randomwalker-info-585 406 16 undercutting undercutting NN randomwalker-info-585 406 17 serves serve VBZ randomwalker-info-585 406 18 no no DT randomwalker-info-585 406 19 purpose purpose NN randomwalker-info-585 406 20 . . . randomwalker-info-585 407 1 In in IN randomwalker-info-585 407 2 this this DT randomwalker-info-585 407 3 section section NN randomwalker-info-585 407 4 , , , randomwalker-info-585 407 5 we -PRON- PRP randomwalker-info-585 407 6 detail detail VBP randomwalker-info-585 407 7 results result NNS randomwalker-info-585 407 8 from from IN randomwalker-info-585 407 9 our -PRON- PRP$ randomwalker-info-585 407 10 simulation simulation NN randomwalker-info-585 407 11 when when WRB randomwalker-info-585 407 12 varying vary VBG randomwalker-info-585 407 13 fractions fraction NNS randomwalker-info-585 407 14 of of IN randomwalker-info-585 407 15 miners miner NNS randomwalker-info-585 407 16 are be VBP randomwalker-info-585 407 17 non non JJ randomwalker-info-585 407 18 - - JJ randomwalker-info-585 407 19 strategic strategic JJ randomwalker-info-585 407 20 . . . randomwalker-info-585 408 1 In in IN randomwalker-info-585 408 2 these these DT randomwalker-info-585 408 3 sim- sim- JJ randomwalker-info-585 408 4 ulations ulation NNS randomwalker-info-585 408 5 , , , randomwalker-info-585 408 6 we -PRON- PRP randomwalker-info-585 408 7 fix fix VBP randomwalker-info-585 408 8 a a DT randomwalker-info-585 408 9 fraction fraction NN randomwalker-info-585 408 10 of of IN randomwalker-info-585 408 11 the the DT randomwalker-info-585 408 12 network network NN randomwalker-info-585 408 13 to to TO randomwalker-info-585 408 14 always always RB randomwalker-info-585 408 15 mine mine VB randomwalker-info-585 408 16 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 408 17 , , , randomwalker-info-585 408 18 and and CC randomwalker-info-585 408 19 play play VB randomwalker-info-585 408 20 enough enough JJ randomwalker-info-585 408 21 games game NNS randomwalker-info-585 408 22 until until IN randomwalker-info-585 408 23 the the DT randomwalker-info-585 408 24 dis- dis- NN randomwalker-info-585 408 25 tribution tribution NN randomwalker-info-585 408 26 of of IN randomwalker-info-585 408 27 learned learned JJ randomwalker-info-585 408 28 strategies strategy NNS randomwalker-info-585 408 29 stabilize.7Figure stabilize.7Figure NNP randomwalker-info-585 408 30 6 6 CD randomwalker-info-585 408 31 shows show VBZ randomwalker-info-585 408 32 a a DT randomwalker-info-585 408 33 stacked stack VBN randomwalker-info-585 408 34 area area NN randomwalker-info-585 408 35 plot plot NN randomwalker-info-585 408 36 of of IN randomwalker-info-585 408 37 our -PRON- PRP$ randomwalker-info-585 408 38 simulation simulation NN randomwalker-info-585 408 39 results result NNS randomwalker-info-585 408 40 for for IN randomwalker-info-585 408 41 equilibria equilibria NN randomwalker-info-585 408 42 at at IN randomwalker-info-585 408 43 different different JJ randomwalker-info-585 408 44 fractions fraction NNS randomwalker-info-585 408 45 of of IN randomwalker-info-585 408 46 miners miner NNS randomwalker-info-585 408 47 refusing refuse VBG randomwalker-info-585 408 48 to to TO randomwalker-info-585 408 49 abandon abandon VB randomwalker-info-585 408 50 Default- Default- NNP randomwalker-info-585 408 51 Compliant Compliant NNP randomwalker-info-585 408 52 . . . randomwalker-info-585 409 1 There there EX randomwalker-info-585 409 2 are be VBP randomwalker-info-585 409 3 many many JJ randomwalker-info-585 409 4 interesting interesting JJ randomwalker-info-585 409 5 features feature NNS randomwalker-info-585 409 6 of of IN randomwalker-info-585 409 7 the the DT randomwalker-info-585 409 8 plot plot NN randomwalker-info-585 409 9 , , , randomwalker-info-585 409 10 but but CC randomwalker-info-585 409 11 we -PRON- PRP randomwalker-info-585 409 12 focus focus VBP randomwalker-info-585 409 13 on on IN randomwalker-info-585 409 14 one one CD randomwalker-info-585 409 15 : : : randomwalker-info-585 409 16 even even RB randomwalker-info-585 409 17 if if IN randomwalker-info-585 409 18 the the DT randomwalker-info-585 409 19 majority majority NN randomwalker-info-585 409 20 of of IN randomwalker-info-585 409 21 miners miner NNS randomwalker-info-585 409 22 choose choose VBP randomwalker-info-585 409 23 to to TO randomwalker-info-585 409 24 stay stay VB randomwalker-info-585 409 25 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 409 26 ( ( -LRB- randomwalker-info-585 409 27 and and CC randomwalker-info-585 409 28 the the DT randomwalker-info-585 409 29 rest rest NN randomwalker-info-585 409 30 strategize strategize NN randomwalker-info-585 409 31 ) ) -RRB- randomwalker-info-585 409 32 , , , randomwalker-info-585 409 33 then then RB randomwalker-info-585 409 34 forking fork VBG randomwalker-info-585 409 35 strategies strategy NNS randomwalker-info-585 409 36 start start VBP randomwalker-info-585 409 37 to to TO randomwalker-info-585 409 38 become become VB randomwalker-info-585 409 39 viable viable JJ randomwalker-info-585 409 40 . . . randomwalker-info-585 410 1 A a DT randomwalker-info-585 410 2 theoretical theoretical JJ randomwalker-info-585 410 3 analysis analysis NN randomwalker-info-585 410 4 indeed indeed RB randomwalker-info-585 410 5 predicts predict VBZ randomwalker-info-585 410 6 the the DT randomwalker-info-585 410 7 continuing continue VBG randomwalker-info-585 410 8 pres- pres- NN randomwalker-info-585 410 9 ence ence NN randomwalker-info-585 410 10 of of IN randomwalker-info-585 410 11 FunctionFork(x FunctionFork(x NNP randomwalker-info-585 410 12 ) ) -RRB- randomwalker-info-585 410 13 until until IN randomwalker-info-585 410 14 2/3 2/3 CD randomwalker-info-585 410 15 of of IN randomwalker-info-585 410 16 the the DT randomwalker-info-585 410 17 miners miner NNS randomwalker-info-585 410 18 remain remain VBP randomwalker-info-585 410 19 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 410 20 . . . randomwalker-info-585 411 1 To to TO randomwalker-info-585 411 2 see see VB randomwalker-info-585 411 3 this this DT randomwalker-info-585 411 4 , , , randomwalker-info-585 411 5 imagine imagine VB randomwalker-info-585 411 6 that that IN randomwalker-info-585 411 7 every every DT randomwalker-info-585 411 8 miner miner NN randomwalker-info-585 411 9 is be VBZ randomwalker-info-585 411 10 the the DT randomwalker-info-585 411 11 system system NN randomwalker-info-585 411 12 is be VBZ randomwalker-info-585 411 13 currently currently RB randomwalker-info-585 411 14 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 411 15 or or CC randomwalker-info-585 411 16 Petty- Petty- NNP randomwalker-info-585 411 17 Compliant Compliant NNP randomwalker-info-585 411 18 , , , randomwalker-info-585 411 19 and and CC randomwalker-info-585 411 20 we -PRON- PRP randomwalker-info-585 411 21 want want VBP randomwalker-info-585 411 22 to to TO randomwalker-info-585 411 23 see see VB randomwalker-info-585 411 24 if if IN randomwalker-info-585 411 25 it -PRON- PRP randomwalker-info-585 411 26 is be VBZ randomwalker-info-585 411 27 profitable profitable JJ randomwalker-info-585 411 28 for for IN randomwalker-info-585 411 29 a a DT randomwalker-info-585 411 30 Pet- Pet- NNP randomwalker-info-585 411 31 tyCompliant tyCompliant NNP randomwalker-info-585 411 32 miner miner NN randomwalker-info-585 411 33 to to TO randomwalker-info-585 411 34 switch switch VB randomwalker-info-585 411 35 to to IN randomwalker-info-585 411 36 FunctionFork(x FunctionFork(x NNP randomwalker-info-585 411 37 ) ) -RRB- randomwalker-info-585 411 38 . . . randomwalker-info-585 412 1 At at IN randomwalker-info-585 412 2 any any DT randomwalker-info-585 412 3 point point NN randomwalker-info-585 412 4 in in IN randomwalker-info-585 412 5 time time NN randomwalker-info-585 412 6 , , , randomwalker-info-585 412 7 consider consider VB randomwalker-info-585 412 8 the the DT randomwalker-info-585 412 9 current current JJ randomwalker-info-585 412 10 MostH. MostH. NNS randomwalker-info-585 413 1 Then then RB randomwalker-info-585 413 2 if if IN randomwalker-info-585 413 3 the the DT randomwalker-info-585 413 4 miner miner NN randomwalker-info-585 413 5 runs run VBZ randomwalker-info-585 413 6 PettyCompliant PettyCompliant NNP randomwalker-info-585 413 7 , , , randomwalker-info-585 413 8 they -PRON- PRP randomwalker-info-585 413 9 will will MD randomwalker-info-585 413 10 always always RB randomwalker-info-585 413 11 try try VB randomwalker-info-585 413 12 to to TO randomwalker-info-585 413 13 con- con- NNP randomwalker-info-585 413 14 tinue tinue VB randomwalker-info-585 413 15 , , , randomwalker-info-585 413 16 and and CC randomwalker-info-585 413 17 will will MD randomwalker-info-585 413 18 get get VB randomwalker-info-585 413 19 Rem(MostH rem(mosth ADD randomwalker-info-585 413 20 ) ) -RRB- randomwalker-info-585 413 21 should should MD randomwalker-info-585 413 22 they -PRON- PRP randomwalker-info-585 413 23 find find VB randomwalker-info-585 413 24 a a DT randomwalker-info-585 413 25 block block NN randomwalker-info-585 413 26 ( ( -LRB- randomwalker-info-585 413 27 because because IN randomwalker-info-585 413 28 no no DT randomwalker-info-585 413 29 one one NN randomwalker-info-585 413 30 else else RB randomwalker-info-585 413 31 in in IN randomwalker-info-585 413 32 the the DT randomwalker-info-585 413 33 network network NN randomwalker-info-585 413 34 is be VBZ randomwalker-info-585 413 35 undercutting undercut VBG randomwalker-info-585 413 36 ) ) -RRB- randomwalker-info-585 413 37 . . . randomwalker-info-585 414 1 If if IN randomwalker-info-585 414 2 in- in- DT randomwalker-info-585 414 3 stead stead VBP randomwalker-info-585 414 4 they -PRON- PRP randomwalker-info-585 414 5 run run VBP randomwalker-info-585 414 6 FunctionFork(x FunctionFork(x NNP randomwalker-info-585 414 7 ) ) -RRB- randomwalker-info-585 414 8 , , , randomwalker-info-585 414 9 they -PRON- PRP randomwalker-info-585 414 10 will will MD randomwalker-info-585 414 11 continue continue VB randomwalker-info-585 414 12 when- when- NN randomwalker-info-585 414 13 ever ever RB randomwalker-info-585 414 14 Rem(MostH rem(mosth ADD randomwalker-info-585 414 15 ) ) -RRB- randomwalker-info-585 414 16 > > XX randomwalker-info-585 414 17 GapH GapH NNP randomwalker-info-585 414 18 and and CC randomwalker-info-585 414 19 undercut undercut VBD randomwalker-info-585 414 20 otherwise otherwise RB randomwalker-info-585 414 21 . . . randomwalker-info-585 415 1 When when WRB randomwalker-info-585 415 2 they -PRON- PRP randomwalker-info-585 415 3 continue continue VBP randomwalker-info-585 415 4 , , , randomwalker-info-585 415 5 they -PRON- PRP randomwalker-info-585 415 6 will will MD randomwalker-info-585 415 7 always always RB randomwalker-info-585 415 8 get get VB randomwalker-info-585 415 9 Rem(MostH rem(mosth ADD randomwalker-info-585 415 10 ) ) -RRB- randomwalker-info-585 415 11 . . . randomwalker-info-585 416 1 When when WRB randomwalker-info-585 416 2 they -PRON- PRP randomwalker-info-585 416 3 undercut undercut VBD randomwalker-info-585 416 4 , , , randomwalker-info-585 416 5 they -PRON- PRP randomwalker-info-585 416 6 would would MD randomwalker-info-585 416 7 include include VB randomwalker-info-585 416 8 GapH GapH NNP randomwalker-info-585 416 9 transaction transaction NN randomwalker-info-585 416 10 fees fee NNS randomwalker-info-585 416 11 . . . randomwalker-info-585 417 1 If if IN randomwalker-info-585 417 2 the the DT randomwalker-info-585 417 3 next next JJ randomwalker-info-585 417 4 miner miner NN randomwalker-info-585 417 5 to to TO randomwalker-info-585 417 6 find find VB randomwalker-info-585 417 7 a a DT randomwalker-info-585 417 8 block block NN randomwalker-info-585 417 9 is be VBZ randomwalker-info-585 417 10 PettyCompliant PettyCompliant NNP randomwalker-info-585 417 11 ( ( -LRB- randomwalker-info-585 417 12 or or CC randomwalker-info-585 417 13 this this DT randomwalker-info-585 417 14 miner miner NN randomwalker-info-585 417 15 ) ) -RRB- randomwalker-info-585 417 16 , , , randomwalker-info-585 417 17 then then RB randomwalker-info-585 417 18 the the DT randomwalker-info-585 417 19 undercut undercut NN randomwalker-info-585 417 20 will will MD randomwalker-info-585 417 21 be be VB randomwalker-info-585 417 22 successful successful JJ randomwalker-info-585 417 23 and and CC randomwalker-info-585 417 24 the the DT randomwalker-info-585 417 25 miner miner NN randomwalker-info-585 417 26 will will MD randomwalker-info-585 417 27 receive receive VB randomwalker-info-585 417 28 GapH GapH NNP randomwalker-info-585 417 29 in in IN randomwalker-info-585 417 30 rewards reward NNS randomwalker-info-585 417 31 . . . randomwalker-info-585 418 1 But but CC randomwalker-info-585 418 2 if if IN randomwalker-info-585 418 3 the the DT randomwalker-info-585 418 4 next next JJ randomwalker-info-585 418 5 block block NN randomwalker-info-585 418 6 is be VBZ randomwalker-info-585 418 7 found find VBN randomwalker-info-585 418 8 by by IN randomwalker-info-585 418 9 a a DT randomwalker-info-585 418 10 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 418 11 miner miner NN randomwalker-info-585 418 12 , , , randomwalker-info-585 418 13 the the DT randomwalker-info-585 418 14 undercut undercut NN randomwalker-info-585 418 15 fails fail VBZ randomwalker-info-585 418 16 and and CC randomwalker-info-585 418 17 they -PRON- PRP randomwalker-info-585 418 18 get get VBP randomwalker-info-585 418 19 nothing nothing NN randomwalker-info-585 418 20 . . . randomwalker-info-585 419 1 So so CC randomwalker-info-585 419 2 if if IN randomwalker-info-585 419 3 y y NNP randomwalker-info-585 419 4 is be VBZ randomwalker-info-585 419 5 the the DT randomwalker-info-585 419 6 fraction fraction NN randomwalker-info-585 419 7 of of IN randomwalker-info-585 419 8 the the DT randomwalker-info-585 419 9 network network NN randomwalker-info-585 419 10 that that WDT randomwalker-info-585 419 11 remains remain VBZ randomwalker-info-585 419 12 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 419 13 , , , randomwalker-info-585 419 14 we -PRON- PRP randomwalker-info-585 419 15 see see VBP randomwalker-info-585 419 16 that that IN randomwalker-info-585 419 17 the the DT randomwalker-info-585 419 18 expected expect VBN randomwalker-info-585 419 19 reward reward NN randomwalker-info-585 419 20 obtained obtain VBN randomwalker-info-585 419 21 by by IN randomwalker-info-585 419 22 FunctionFork(x FunctionFork(x NNP randomwalker-info-585 419 23 ) ) -RRB- randomwalker-info-585 419 24 is be VBZ randomwalker-info-585 419 25 proportional proportional JJ randomwalker-info-585 419 26 to:8 to:8 . randomwalker-info-585 419 27 We -PRON- PRP randomwalker-info-585 419 28 emphasize emphasize VBP randomwalker-info-585 419 29 that that IN randomwalker-info-585 419 30 while while IN randomwalker-info-585 419 31 the the DT randomwalker-info-585 419 32 theory theory NN randomwalker-info-585 419 33 gives give VBZ randomwalker-info-585 419 34 us -PRON- PRP randomwalker-info-585 419 35 a a DT randomwalker-info-585 419 36 crisp crisp JJ randomwalker-info-585 419 37 un- un- JJ randomwalker-info-585 419 38 derstanding derstanding NN randomwalker-info-585 419 39 of of IN randomwalker-info-585 419 40 what what WP randomwalker-info-585 419 41 should should MD randomwalker-info-585 419 42 happen happen VB randomwalker-info-585 419 43 when when WRB randomwalker-info-585 419 44 exactly exactly RB randomwalker-info-585 419 45 2/3 2/3 CD randomwalker-info-585 419 46 of of IN randomwalker-info-585 419 47 the the DT randomwalker-info-585 419 48 miners miner NNS randomwalker-info-585 419 49 are be VBP randomwalker-info-585 419 50 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 419 51 , , , randomwalker-info-585 419 52 it -PRON- PRP randomwalker-info-585 419 53 is be VBZ randomwalker-info-585 419 54 intractable intractable JJ randomwalker-info-585 419 55 to to TO randomwalker-info-585 419 56 rigor- rigor- VB randomwalker-info-585 419 57 ously ously RB randomwalker-info-585 419 58 analyze analyze VB randomwalker-info-585 419 59 the the DT randomwalker-info-585 419 60 equilibria equilibria NN randomwalker-info-585 419 61 at at IN randomwalker-info-585 419 62 various various JJ randomwalker-info-585 419 63 other other JJ randomwalker-info-585 419 64 fractions fraction NNS randomwalker-info-585 419 65 of of IN randomwalker-info-585 419 66 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 419 67 miners miner NNS randomwalker-info-585 419 68 . . . randomwalker-info-585 420 1 Thus thus RB randomwalker-info-585 420 2 our -PRON- PRP$ randomwalker-info-585 420 3 simulation simulation NN randomwalker-info-585 420 4 both both CC randomwalker-info-585 420 5 con- con- NN randomwalker-info-585 420 6 firms firm NNS randomwalker-info-585 420 7 and and CC randomwalker-info-585 420 8 extends extend VBZ randomwalker-info-585 420 9 our -PRON- PRP$ randomwalker-info-585 420 10 theoretical theoretical JJ randomwalker-info-585 420 11 understanding understanding NN randomwalker-info-585 420 12 ( ( -LRB- randomwalker-info-585 420 13 Figure Figure NNP randomwalker-info-585 420 14 6 6 CD randomwalker-info-585 420 15 ) ) -RRB- randomwalker-info-585 420 16 . . . randomwalker-info-585 421 1 E[Rem(MostH e[rem(mosth LS randomwalker-info-585 421 2 ) ) -RRB- randomwalker-info-585 421 3 · · NFP randomwalker-info-585 421 4 I(Rem(MostH i(rem(mosth NN randomwalker-info-585 421 5 ) ) -RRB- randomwalker-info-585 421 6 > > XX randomwalker-info-585 421 7 GapH GapH NNP randomwalker-info-585 421 8 ) ) -RRB- randomwalker-info-585 421 9 ] ] -RRB- randomwalker-info-585 421 10 + + CC randomwalker-info-585 421 11 ( ( -LRB- randomwalker-info-585 421 12 1 1 CD randomwalker-info-585 421 13 −y −y CD randomwalker-info-585 421 14 ) ) -RRB- randomwalker-info-585 421 15 · · NFP randomwalker-info-585 421 16 E[GapH e[gaph NN randomwalker-info-585 421 17 · · NFP randomwalker-info-585 421 18 I(GapH I(GapH -LRB- randomwalker-info-585 421 19 > > XX randomwalker-info-585 421 20 GapH GapH NNP randomwalker-info-585 421 21 ) ) -RRB- randomwalker-info-585 421 22 ] ] -RRB- randomwalker-info-585 421 23 Finally finally RB randomwalker-info-585 421 24 , , , randomwalker-info-585 421 25 because because IN randomwalker-info-585 421 26 Rem(MostH Rem(MostH NNP randomwalker-info-585 421 27 ) ) -RRB- randomwalker-info-585 421 28 and and CC randomwalker-info-585 421 29 GapH GapH NNP randomwalker-info-585 421 30 are be VBP randomwalker-info-585 421 31 i.i.d i.i.d JJ randomwalker-info-585 421 32 . . . randomwalker-info-585 422 1 exponen- exponen- NNP randomwalker-info-585 422 2 tial tial JJ randomwalker-info-585 422 3 random random JJ randomwalker-info-585 422 4 variables variable NNS randomwalker-info-585 422 5 with with IN randomwalker-info-585 422 6 mean mean NNP randomwalker-info-585 422 7 1 1 CD randomwalker-info-585 422 8 , , , randomwalker-info-585 422 9 we -PRON- PRP randomwalker-info-585 422 10 have have VBP randomwalker-info-585 422 11 that that DT randomwalker-info-585 422 12 E[GapH E[GapH NNP randomwalker-info-585 422 13 · · NFP randomwalker-info-585 422 14 I(GapH I(GapH -LRB- randomwalker-info-585 422 15 > > XX randomwalker-info-585 422 16 Rem(MostH Rem(MostH NNP randomwalker-info-585 422 17 ) ) -RRB- randomwalker-info-585 422 18 ) ) -RRB- randomwalker-info-585 422 19 ] ] -RRB- randomwalker-info-585 422 20 = = NFP randomwalker-info-585 422 21 E[Rem(MostH)·I(Rem(MostH e[rem(mosth)·i(rem(mosth UH randomwalker-info-585 422 22 ) ) -RRB- randomwalker-info-585 422 23 > > XX randomwalker-info-585 422 24 GapH GapH NNP randomwalker-info-585 422 25 ) ) -RRB- randomwalker-info-585 422 26 ] ] -RRB- randomwalker-info-585 422 27 = = SYM randomwalker-info-585 422 28 3/4 3/4 CD randomwalker-info-585 422 29 . . . randomwalker-info-585 423 1 Therefore therefore RB randomwalker-info-585 423 2 , , , randomwalker-info-585 423 3 whenever whenever WRB randomwalker-info-585 423 4 y y NNP randomwalker-info-585 423 5 ≤ ≤ NNP randomwalker-info-585 423 6 2/3 2/3 CD randomwalker-info-585 423 7 , , , randomwalker-info-585 423 8 the the DT randomwalker-info-585 423 9 reward reward NN randomwalker-info-585 423 10 from from IN randomwalker-info-585 423 11 FunctionFork(x FunctionFork(x NNP randomwalker-info-585 423 12 ) ) -RRB- randomwalker-info-585 423 13 is be VBZ randomwalker-info-585 423 14 at at RB randomwalker-info-585 423 15 least least RBS randomwalker-info-585 423 16 one one CD randomwalker-info-585 423 17 , , , randomwalker-info-585 423 18 and and CC randomwalker-info-585 423 19 therefore therefore RB randomwalker-info-585 423 20 it -PRON- PRP randomwalker-info-585 423 21 is be VBZ randomwalker-info-585 423 22 a a DT randomwalker-info-585 423 23 better well JJR randomwalker-info-585 423 24 choice choice NN randomwalker-info-585 423 25 than than IN randomwalker-info-585 423 26 PettyCompliant PettyCompliant NNP randomwalker-info-585 423 27 ( ( -LRB- randomwalker-info-585 423 28 which which WDT randomwalker-info-585 423 29 gets get VBZ randomwalker-info-585 423 30 expected expect VBN randomwalker-info-585 423 31 reward reward NN randomwalker-info-585 423 32 exactly exactly RB randomwalker-info-585 423 33 one one CD randomwalker-info-585 423 34 ) ) -RRB- randomwalker-info-585 423 35 . . . randomwalker-info-585 424 1 7Note 7note VB randomwalker-info-585 424 2 that that IN randomwalker-info-585 424 3 learning learning NN randomwalker-info-585 424 4 is be VBZ randomwalker-info-585 424 5 by by IN randomwalker-info-585 424 6 no no DT randomwalker-info-585 424 7 means means NN randomwalker-info-585 424 8 guaranteed guarantee VBN randomwalker-info-585 424 9 to to TO randomwalker-info-585 424 10 result result VB randomwalker-info-585 424 11 in in IN randomwalker-info-585 424 12 a a DT randomwalker-info-585 424 13 static static JJ randomwalker-info-585 424 14 equilibrium equilibrium NN randomwalker-info-585 424 15 at at RB randomwalker-info-585 424 16 all all RB randomwalker-info-585 424 17 , , , randomwalker-info-585 424 18 although although IN randomwalker-info-585 424 19 in in IN randomwalker-info-585 424 20 these these DT randomwalker-info-585 424 21 simulations simulation NNS randomwalker-info-585 424 22 that that WDT randomwalker-info-585 424 23 happens happen VBZ randomwalker-info-585 424 24 to to TO randomwalker-info-585 424 25 be be VB randomwalker-info-585 424 26 the the DT randomwalker-info-585 424 27 result result NN randomwalker-info-585 424 28 . . . randomwalker-info-585 425 1 8E[X 8E[X NFP randomwalker-info-585 425 2 ] ] -RRB- randomwalker-info-585 425 3 denotes denote VBZ randomwalker-info-585 425 4 the the DT randomwalker-info-585 425 5 expectation expectation NN randomwalker-info-585 425 6 of of IN randomwalker-info-585 425 7 the the DT randomwalker-info-585 425 8 random random JJ randomwalker-info-585 425 9 variable variable JJ randomwalker-info-585 425 10 X x NN randomwalker-info-585 425 11 , , , randomwalker-info-585 425 12 and and CC randomwalker-info-585 425 13 I(E I(E NNP randomwalker-info-585 425 14 ) ) -RRB- randomwalker-info-585 425 15 denotes denote VBZ randomwalker-info-585 425 16 the the DT randomwalker-info-585 425 17 indicator indicator NN randomwalker-info-585 425 18 random random JJ randomwalker-info-585 425 19 variable variable JJ randomwalker-info-585 425 20 for for IN randomwalker-info-585 425 21 event event NN randomwalker-info-585 425 22 E e NN randomwalker-info-585 425 23 ( ( -LRB- randomwalker-info-585 425 24 that that RB randomwalker-info-585 425 25 is is RB randomwalker-info-585 425 26 1 1 CD randomwalker-info-585 425 27 when when WRB randomwalker-info-585 425 28 E e NN randomwalker-info-585 425 29 occurs occur VBZ randomwalker-info-585 425 30 and and CC randomwalker-info-585 425 31 0 0 CD randomwalker-info-585 425 32 otherwise otherwise RB randomwalker-info-585 425 33 ) ) -RRB- randomwalker-info-585 425 34 . . . randomwalker-info-585 426 1 Figure figure NN randomwalker-info-585 426 2 6 6 CD randomwalker-info-585 426 3 : : : randomwalker-info-585 426 4 Stacked stack VBN randomwalker-info-585 426 5 area area NN randomwalker-info-585 426 6 chart chart NN randomwalker-info-585 426 7 showing show VBG randomwalker-info-585 426 8 the the DT randomwalker-info-585 426 9 equilib- equilib- NNP randomwalker-info-585 426 10 rium rium NN randomwalker-info-585 426 11 distributions distribution NNS randomwalker-info-585 426 12 of of IN randomwalker-info-585 426 13 strategies strategy NNS randomwalker-info-585 426 14 covered cover VBN randomwalker-info-585 426 15 thus thus RB randomwalker-info-585 426 16 far far RB randomwalker-info-585 426 17 , , , randomwalker-info-585 426 18 given give VBN randomwalker-info-585 426 19 that that IN randomwalker-info-585 426 20 a a DT randomwalker-info-585 426 21 fraction fraction NN randomwalker-info-585 426 22 of of IN randomwalker-info-585 426 23 miners miner NNS randomwalker-info-585 426 24 will will MD randomwalker-info-585 426 25 always always RB randomwalker-info-585 426 26 use use VB randomwalker-info-585 426 27 the the DT randomwalker-info-585 426 28 de- de- NN randomwalker-info-585 426 29 fault fault NN randomwalker-info-585 426 30 strategy strategy NN randomwalker-info-585 426 31 . . . randomwalker-info-585 427 1 These these DT randomwalker-info-585 427 2 simulations simulation NNS randomwalker-info-585 427 3 involved involve VBD randomwalker-info-585 427 4 100 100 CD randomwalker-info-585 427 5 min- min- JJ randomwalker-info-585 427 6 ers er NNS randomwalker-info-585 427 7 , , , randomwalker-info-585 427 8 with with IN randomwalker-info-585 427 9 10,000 10,000 CD randomwalker-info-585 427 10 blocks block NNS randomwalker-info-585 427 11 per per IN randomwalker-info-585 427 12 game game NN randomwalker-info-585 427 13 . . . randomwalker-info-585 428 1 We -PRON- PRP randomwalker-info-585 428 2 found find VBD randomwalker-info-585 428 3 that that IN randomwalker-info-585 428 4 the the DT randomwalker-info-585 428 5 strategies strategy NNS randomwalker-info-585 428 6 would would MD randomwalker-info-585 428 7 reach reach VB randomwalker-info-585 428 8 an an DT randomwalker-info-585 428 9 equilibrium equilibrium NN randomwalker-info-585 428 10 around around IN randomwalker-info-585 428 11 300000 300000 CD randomwalker-info-585 428 12 games game NNS randomwalker-info-585 428 13 with with IN randomwalker-info-585 428 14 � � NNP randomwalker-info-585 428 15 = = SYM randomwalker-info-585 428 16 0.01 0.01 CD randomwalker-info-585 428 17 . . . randomwalker-info-585 429 1 6 6 CD randomwalker-info-585 429 2 . . . randomwalker-info-585 430 1 SELFISH SELFISH NNP randomwalker-info-585 430 2 MINING mining NN randomwalker-info-585 430 3 WITH with IN randomwalker-info-585 430 4 TRANSACTION transaction NN randomwalker-info-585 430 5 FEES fees RB randomwalker-info-585 430 6 Selfish selfish JJ randomwalker-info-585 430 7 mining mining NN randomwalker-info-585 430 8 is be VBZ randomwalker-info-585 430 9 a a DT randomwalker-info-585 430 10 deviant deviant NN randomwalker-info-585 430 11 strategy strategy NN randomwalker-info-585 430 12 first first RB randomwalker-info-585 430 13 identified identify VBN randomwalker-info-585 430 14 by by IN randomwalker-info-585 430 15 Eyal Eyal NNP randomwalker-info-585 430 16 and and CC randomwalker-info-585 430 17 Sirer Sirer NNP randomwalker-info-585 430 18 [ [ -LRB- randomwalker-info-585 430 19 9 9 CD randomwalker-info-585 430 20 ] ] -RRB- randomwalker-info-585 430 21 . . . randomwalker-info-585 431 1 Essentially essentially RB randomwalker-info-585 431 2 , , , randomwalker-info-585 431 3 a a DT randomwalker-info-585 431 4 selfish selfish JJ randomwalker-info-585 431 5 miner miner NN randomwalker-info-585 431 6 chooses choose VBZ randomwalker-info-585 431 7 not not RB randomwalker-info-585 431 8 to to TO randomwalker-info-585 431 9 release release VB randomwalker-info-585 431 10 blocks block NNS randomwalker-info-585 431 11 immediately immediately RB randomwalker-info-585 431 12 upon upon IN randomwalker-info-585 431 13 being be VBG randomwalker-info-585 431 14 found find VBN randomwalker-info-585 431 15 , , , randomwalker-info-585 431 16 instead instead RB randomwalker-info-585 431 17 with- with- VBP randomwalker-info-585 431 18 holding hold VBG randomwalker-info-585 431 19 them -PRON- PRP randomwalker-info-585 431 20 in in IN randomwalker-info-585 431 21 hopes hope NNS randomwalker-info-585 431 22 of of IN randomwalker-info-585 431 23 tricking trick VBG randomwalker-info-585 431 24 the the DT randomwalker-info-585 431 25 rest rest NN randomwalker-info-585 431 26 of of IN randomwalker-info-585 431 27 the the DT randomwalker-info-585 431 28 network network NN randomwalker-info-585 431 29 into into IN randomwalker-info-585 431 30 wasting waste VBG randomwalker-info-585 431 31 their -PRON- PRP$ randomwalker-info-585 431 32 mining mining NN randomwalker-info-585 431 33 power power NN randomwalker-info-585 431 34 mining mining NN randomwalker-info-585 431 35 blocks block NNS randomwalker-info-585 431 36 that that WDT randomwalker-info-585 431 37 will will MD randomwalker-info-585 431 38 be be VB randomwalker-info-585 431 39 orphaned orphan VBN randomwalker-info-585 431 40 . . . randomwalker-info-585 432 1 We -PRON- PRP randomwalker-info-585 432 2 find find VBP randomwalker-info-585 432 3 that that IN randomwalker-info-585 432 4 the the DT randomwalker-info-585 432 5 selfish selfish JJ randomwalker-info-585 432 6 mining mining NN randomwalker-info-585 432 7 strategy strategy NN randomwalker-info-585 432 8 performs perform VBZ randomwalker-info-585 432 9 even even RB randomwalker-info-585 432 10 better well RBR randomwalker-info-585 432 11 in in IN randomwalker-info-585 432 12 the the DT randomwalker-info-585 432 13 transaction transaction NN randomwalker-info-585 432 14 fees fee NNS randomwalker-info-585 432 15 model model NN randomwalker-info-585 432 16 than than IN randomwalker-info-585 432 17 the the DT randomwalker-info-585 432 18 block block NN randomwalker-info-585 432 19 - - HYPH randomwalker-info-585 432 20 reward reward NN randomwalker-info-585 432 21 model model NN randomwalker-info-585 432 22 . . . randomwalker-info-585 433 1 A a DT randomwalker-info-585 433 2 priori priori JJ randomwalker-info-585 433 3 , , , randomwalker-info-585 433 4 there there EX randomwalker-info-585 433 5 ’s ’ VBZ randomwalker-info-585 433 6 no no DT randomwalker-info-585 433 7 reason reason NN randomwalker-info-585 433 8 to to TO randomwalker-info-585 433 9 expect expect VB randomwalker-info-585 433 10 this this DT randomwalker-info-585 433 11 . . . randomwalker-info-585 434 1 In in IN randomwalker-info-585 434 2 this this DT randomwalker-info-585 434 3 sec- sec- JJ randomwalker-info-585 434 4 tion tion NN randomwalker-info-585 434 5 we -PRON- PRP randomwalker-info-585 434 6 provide provide VBP randomwalker-info-585 434 7 simulation simulation NN randomwalker-info-585 434 8 results result NNS randomwalker-info-585 434 9 , , , randomwalker-info-585 434 10 along along IN randomwalker-info-585 434 11 with with IN randomwalker-info-585 434 12 some some DT randomwalker-info-585 434 13 intuition intuition NN randomwalker-info-585 434 14 and and CC randomwalker-info-585 434 15 a a DT randomwalker-info-585 434 16 theoretical theoretical JJ randomwalker-info-585 434 17 analysis analysis NN randomwalker-info-585 434 18 proving prove VBG randomwalker-info-585 434 19 this this DT randomwalker-info-585 434 20 . . . randomwalker-info-585 435 1 Essentially essentially RB randomwalker-info-585 435 2 what what WP randomwalker-info-585 435 3 winds wind VBZ randomwalker-info-585 435 4 up up RP randomwalker-info-585 435 5 happening happen VBG randomwalker-info-585 435 6 is be VBZ randomwalker-info-585 435 7 that that IN randomwalker-info-585 435 8 while while IN randomwalker-info-585 435 9 the the DT randomwalker-info-585 435 10 selfish selfish JJ randomwalker-info-585 435 11 miner miner NN randomwalker-info-585 435 12 mines mine NNS randomwalker-info-585 435 13 the the DT randomwalker-info-585 435 14 same same JJ randomwalker-info-585 435 15 fraction fraction NN randomwalker-info-585 435 16 of of IN randomwalker-info-585 435 17 blocks block NNS randomwalker-info-585 435 18 in in IN randomwalker-info-585 435 19 either either DT randomwalker-info-585 435 20 reward reward NN randomwalker-info-585 435 21 model model NN randomwalker-info-585 435 22 , , , randomwalker-info-585 435 23 the the DT randomwalker-info-585 435 24 self- self- NNP randomwalker-info-585 435 25 ish ish NNP randomwalker-info-585 435 26 miner miner NNP randomwalker-info-585 435 27 ’s ’s POS randomwalker-info-585 435 28 blocks block NNS randomwalker-info-585 435 29 will will MD randomwalker-info-585 435 30 tend tend VB randomwalker-info-585 435 31 to to TO randomwalker-info-585 435 32 be be VB randomwalker-info-585 435 33 larger large JJR randomwalker-info-585 435 34 . . . randomwalker-info-585 436 1 In in IN randomwalker-info-585 436 2 the the DT randomwalker-info-585 436 3 block block NN randomwalker-info-585 436 4 - - HYPH randomwalker-info-585 436 5 reward reward NN randomwalker-info-585 436 6 model model NN randomwalker-info-585 436 7 , , , randomwalker-info-585 436 8 this this DT randomwalker-info-585 436 9 does do VBZ randomwalker-info-585 436 10 n’t not RB randomwalker-info-585 436 11 matter matter VB randomwalker-info-585 436 12 because because IN randomwalker-info-585 436 13 all all DT randomwalker-info-585 436 14 blocks block NNS randomwalker-info-585 436 15 are be VBP randomwalker-info-585 436 16 worth worth JJ randomwalker-info-585 436 17 the the DT randomwalker-info-585 436 18 same same JJ randomwalker-info-585 436 19 , , , randomwalker-info-585 436 20 but but CC randomwalker-info-585 436 21 in in IN randomwalker-info-585 436 22 the the DT randomwalker-info-585 436 23 transaction transaction NN randomwalker-info-585 436 24 fees fee NNS randomwalker-info-585 436 25 model model NN randomwalker-info-585 436 26 this this DT randomwalker-info-585 436 27 means mean VBZ randomwalker-info-585 436 28 the the DT randomwalker-info-585 436 29 self- self- NNP randomwalker-info-585 436 30 ish ish NNP randomwalker-info-585 436 31 miner miner NNP randomwalker-info-585 436 32 gets get VBZ randomwalker-info-585 436 33 greater great JJR randomwalker-info-585 436 34 reward reward NN randomwalker-info-585 436 35 . . . randomwalker-info-585 437 1 6.1 6.1 CD randomwalker-info-585 437 2 The the DT randomwalker-info-585 437 3 Selfish Selfish NNP randomwalker-info-585 437 4 Mining Mining NNP randomwalker-info-585 437 5 Strategy Strategy NNP randomwalker-info-585 437 6 Analytical Analytical NNP randomwalker-info-585 437 7 and and CC randomwalker-info-585 437 8 simulation simulation NN randomwalker-info-585 437 9 result result NN randomwalker-info-585 437 10 : : : randomwalker-info-585 437 11 selfish selfish JJ randomwalker-info-585 437 12 mining mining NN randomwalker-info-585 437 13 performs perform VBZ randomwalker-info-585 437 14 slightly slightly RB randomwalker-info-585 437 15 better well JJR randomwalker-info-585 437 16 in in IN randomwalker-info-585 437 17 the the DT randomwalker-info-585 437 18 transaction transaction NN randomwalker-info-585 437 19 fee fee NN randomwalker-info-585 437 20 model model NN randomwalker-info-585 437 21 . . . randomwalker-info-585 438 1 The the DT randomwalker-info-585 438 2 goal goal NN randomwalker-info-585 438 3 of of IN randomwalker-info-585 438 4 a a DT randomwalker-info-585 438 5 miner miner NN randomwalker-info-585 438 6 employing employ VBG randomwalker-info-585 438 7 the the DT randomwalker-info-585 438 8 selfish selfish JJ randomwalker-info-585 438 9 mining mining NN randomwalker-info-585 438 10 strategy strategy NN randomwalker-info-585 438 11 is be VBZ randomwalker-info-585 438 12 to to TO randomwalker-info-585 438 13 essentially essentially RB randomwalker-info-585 438 14 trick trick VB randomwalker-info-585 438 15 the the DT randomwalker-info-585 438 16 other other JJ randomwalker-info-585 438 17 miners miner NNS randomwalker-info-585 438 18 in in IN randomwalker-info-585 438 19 the the DT randomwalker-info-585 438 20 Bitcoin Bitcoin NNP randomwalker-info-585 438 21 network network NN randomwalker-info-585 438 22 to to TO randomwalker-info-585 438 23 mine -PRON- PRP randomwalker-info-585 438 24 on on IN randomwalker-info-585 438 25 top top NN randomwalker-info-585 438 26 of of IN randomwalker-info-585 438 27 a a DT randomwalker-info-585 438 28 block block NN randomwalker-info-585 438 29 that that WDT randomwalker-info-585 438 30 will will MD randomwalker-info-585 438 31 be be VB randomwalker-info-585 438 32 orphaned orphan VBN randomwalker-info-585 438 33 . . . randomwalker-info-585 439 1 By by IN randomwalker-info-585 439 2 having have VBG randomwalker-info-585 439 3 other other JJ randomwalker-info-585 439 4 miners miner NNS randomwalker-info-585 439 5 waste waste VB randomwalker-info-585 439 6 their -PRON- PRP$ randomwalker-info-585 439 7 power power NN randomwalker-info-585 439 8 , , , randomwalker-info-585 439 9 the the DT randomwalker-info-585 439 10 selfish selfish JJ randomwalker-info-585 439 11 miner miner NN randomwalker-info-585 439 12 is be VBZ randomwalker-info-585 439 13 capa- capa- NNP randomwalker-info-585 439 14 ble ble NNP randomwalker-info-585 439 15 of of IN randomwalker-info-585 439 16 exaggerating exaggerate VBG randomwalker-info-585 439 17 their -PRON- PRP$ randomwalker-info-585 439 18 own own JJ randomwalker-info-585 439 19 portion portion NN randomwalker-info-585 439 20 of of IN randomwalker-info-585 439 21 the the DT randomwalker-info-585 439 22 overall overall JJ randomwalker-info-585 439 23 network network NN randomwalker-info-585 439 24 hash hash NN randomwalker-info-585 439 25 - - HYPH randomwalker-info-585 439 26 rate rate NN randomwalker-info-585 439 27 . . . randomwalker-info-585 440 1 Selfish selfish JJ randomwalker-info-585 440 2 miners miner NNS randomwalker-info-585 440 3 do do VBP randomwalker-info-585 440 4 this this DT randomwalker-info-585 440 5 by by IN randomwalker-info-585 440 6 maintaining maintain VBG randomwalker-info-585 440 7 a a DT randomwalker-info-585 440 8 chain chain NN randomwalker-info-585 440 9 in in IN randomwalker-info-585 440 10 private private JJ randomwalker-info-585 440 11 that that IN randomwalker-info-585 440 12 only only RB randomwalker-info-585 440 13 they -PRON- PRP randomwalker-info-585 440 14 know know VBP randomwalker-info-585 440 15 about about IN randomwalker-info-585 440 16 . . . randomwalker-info-585 441 1 When when WRB randomwalker-info-585 441 2 the the DT randomwalker-info-585 441 3 selfish selfish JJ randomwalker-info-585 441 4 miner miner NN randomwalker-info-585 441 5 initially initially RB randomwalker-info-585 441 6 finds find VBZ randomwalker-info-585 441 7 a a DT randomwalker-info-585 441 8 block block NN randomwalker-info-585 441 9 , , , randomwalker-info-585 441 10 they -PRON- PRP randomwalker-info-585 441 11 will will MD randomwalker-info-585 441 12 not not RB randomwalker-info-585 441 13 announce announce VB randomwalker-info-585 441 14 their -PRON- PRP$ randomwalker-info-585 441 15 block block NN randomwalker-info-585 441 16 to to IN randomwalker-info-585 441 17 the the DT randomwalker-info-585 441 18 rest rest NN randomwalker-info-585 441 19 of of IN randomwalker-info-585 441 20 the the DT randomwalker-info-585 441 21 network network NN randomwalker-info-585 441 22 . . . randomwalker-info-585 442 1 They -PRON- PRP randomwalker-info-585 442 2 will will MD randomwalker-info-585 442 3 continue continue VB randomwalker-info-585 442 4 to to TO randomwalker-info-585 442 5 mine mine VB randomwalker-info-585 442 6 on on IN randomwalker-info-585 442 7 their -PRON- PRP$ randomwalker-info-585 442 8 private private JJ randomwalker-info-585 442 9 block block NN randomwalker-info-585 442 10 , , , randomwalker-info-585 442 11 hoping hope VBG randomwalker-info-585 442 12 to to TO randomwalker-info-585 442 13 find find VB randomwalker-info-585 442 14 a a DT randomwalker-info-585 442 15 second second JJ randomwalker-info-585 442 16 block block NN randomwalker-info-585 442 17 before before IN randomwalker-info-585 442 18 the the DT randomwalker-info-585 442 19 rest rest NN randomwalker-info-585 442 20 of of IN randomwalker-info-585 442 21 the the DT randomwalker-info-585 442 22 network network NN randomwalker-info-585 442 23 finds find VBZ randomwalker-info-585 442 24 a a DT randomwalker-info-585 442 25 block block NN randomwalker-info-585 442 26 . . . randomwalker-info-585 443 1 If if IN randomwalker-info-585 443 2 the the DT randomwalker-info-585 443 3 miner miner NN randomwalker-info-585 443 4 succeeds succeed VBZ randomwalker-info-585 443 5 , , , randomwalker-info-585 443 6 now now RB randomwalker-info-585 443 7 they -PRON- PRP randomwalker-info-585 443 8 ’re be VBZ randomwalker-info-585 443 9 in in IN randomwalker-info-585 443 10 a a DT randomwalker-info-585 443 11 very very RB randomwalker-info-585 443 12 strong strong JJ randomwalker-info-585 443 13 posi- posi- NN randomwalker-info-585 443 14 tion tion NN randomwalker-info-585 443 15 : : : randomwalker-info-585 443 16 they -PRON- PRP randomwalker-info-585 443 17 know know VBP randomwalker-info-585 443 18 of of IN randomwalker-info-585 443 19 a a DT randomwalker-info-585 443 20 block block NN randomwalker-info-585 443 21 with with IN randomwalker-info-585 443 22 height height NN randomwalker-info-585 443 23 H h NN randomwalker-info-585 443 24 + + SYM randomwalker-info-585 443 25 2 2 CD randomwalker-info-585 443 26 , , , randomwalker-info-585 443 27 whereas whereas IN randomwalker-info-585 443 28 the the DT randomwalker-info-585 443 29 rest rest NN randomwalker-info-585 443 30 of of IN randomwalker-info-585 443 31 the the DT randomwalker-info-585 443 32 network network NN randomwalker-info-585 443 33 only only RB randomwalker-info-585 443 34 knows know VBZ randomwalker-info-585 443 35 a a DT randomwalker-info-585 443 36 block block NN randomwalker-info-585 443 37 of of IN randomwalker-info-585 443 38 height height NN randomwalker-info-585 443 39 H. H. NNP randomwalker-info-585 443 40 If if IN randomwalker-info-585 443 41 the the DT randomwalker-info-585 443 42 rest rest NN randomwalker-info-585 443 43 of of IN randomwalker-info-585 443 44 the the DT randomwalker-info-585 443 45 network network NN randomwalker-info-585 443 46 finds find VBZ randomwalker-info-585 443 47 the the DT randomwalker-info-585 443 48 next next JJ randomwalker-info-585 443 49 block block NN randomwalker-info-585 443 50 at at IN randomwalker-info-585 443 51 height height NN randomwalker-info-585 443 52 H h NN randomwalker-info-585 443 53 + + CC randomwalker-info-585 443 54 1 1 CD randomwalker-info-585 443 55 , , , randomwalker-info-585 443 56 the the DT randomwalker-info-585 443 57 selfish selfish JJ randomwalker-info-585 443 58 miner miner NN randomwalker-info-585 443 59 can can MD randomwalker-info-585 443 60 reveal reveal VB randomwalker-info-585 443 61 their -PRON- PRP$ randomwalker-info-585 443 62 private private JJ randomwalker-info-585 443 63 chain chain NN randomwalker-info-585 443 64 and and CC randomwalker-info-585 443 65 the the DT randomwalker-info-585 443 66 public public JJ randomwalker-info-585 443 67 block block NN randomwalker-info-585 443 68 will will MD randomwalker-info-585 443 69 be be VB randomwalker-info-585 443 70 immediately immediately RB randomwalker-info-585 443 71 orphaned orphan VBN randomwalker-info-585 443 72 . . . randomwalker-info-585 444 1 Of of RB randomwalker-info-585 444 2 course course RB randomwalker-info-585 444 3 , , , randomwalker-info-585 444 4 maybe maybe RB randomwalker-info-585 444 5 the the DT randomwalker-info-585 444 6 selfish selfish JJ randomwalker-info-585 444 7 miner miner NN randomwalker-info-585 444 8 will will MD randomwalker-info-585 444 9 find find VB randomwalker-info-585 444 10 the the DT randomwalker-info-585 444 11 third third JJ randomwalker-info-585 444 12 block block NN randomwalker-info-585 444 13 as as RB randomwalker-info-585 444 14 well well RB randomwalker-info-585 444 15 . . . randomwalker-info-585 445 1 In in IN randomwalker-info-585 445 2 this this DT randomwalker-info-585 445 3 case case NN randomwalker-info-585 445 4 , , , randomwalker-info-585 445 5 they -PRON- PRP randomwalker-info-585 445 6 ’re be VBZ randomwalker-info-585 445 7 in in IN randomwalker-info-585 445 8 an an DT randomwalker-info-585 445 9 even even RB randomwalker-info-585 445 10 better well JJR randomwalker-info-585 445 11 position position NN randomwalker-info-585 445 12 and and CC randomwalker-info-585 445 13 can can MD randomwalker-info-585 445 14 waste waste VB randomwalker-info-585 445 15 even even RB randomwalker-info-585 445 16 more more JJR randomwalker-info-585 445 17 of of IN randomwalker-info-585 445 18 the the DT randomwalker-info-585 445 19 network network NN randomwalker-info-585 445 20 ’s ’s POS randomwalker-info-585 445 21 power power NN randomwalker-info-585 445 22 . . . randomwalker-info-585 446 1 But but CC randomwalker-info-585 446 2 the the DT randomwalker-info-585 446 3 point point NN randomwalker-info-585 446 4 is be VBZ randomwalker-info-585 446 5 that that IN randomwalker-info-585 446 6 with with IN randomwalker-info-585 446 7 a a DT randomwalker-info-585 446 8 lead lead NN randomwalker-info-585 446 9 of of IN randomwalker-info-585 446 10 two two CD randomwalker-info-585 446 11 or or CC randomwalker-info-585 446 12 more more JJR randomwalker-info-585 446 13 , , , randomwalker-info-585 446 14 the the DT randomwalker-info-585 446 15 selfish selfish JJ randomwalker-info-585 446 16 miner miner NN randomwalker-info-585 446 17 can can MD randomwalker-info-585 446 18 guarantee guarantee VB randomwalker-info-585 446 19 that that IN randomwalker-info-585 446 20 the the DT randomwalker-info-585 446 21 rest rest NN randomwalker-info-585 446 22 of of IN randomwalker-info-585 446 23 the the DT randomwalker-info-585 446 24 network network NN randomwalker-info-585 446 25 is be VBZ randomwalker-info-585 446 26 wasting waste VBG randomwalker-info-585 446 27 power power NN randomwalker-info-585 446 28 . . . randomwalker-info-585 447 1 Of of RB randomwalker-info-585 447 2 course course RB randomwalker-info-585 447 3 , , , randomwalker-info-585 447 4 the the DT randomwalker-info-585 447 5 selfish selfish JJ randomwalker-info-585 447 6 miner miner NN randomwalker-info-585 447 7 might may MD randomwalker-info-585 447 8 also also RB randomwalker-info-585 447 9 fail fail VB randomwalker-info-585 447 10 to to TO randomwalker-info-585 447 11 find find VB randomwalker-info-585 447 12 a a DT randomwalker-info-585 447 13 sec- sec- JJ randomwalker-info-585 447 14 ond ond NN randomwalker-info-585 447 15 block block NN randomwalker-info-585 447 16 before before IN randomwalker-info-585 447 17 the the DT randomwalker-info-585 447 18 rest rest NN randomwalker-info-585 447 19 of of IN randomwalker-info-585 447 20 the the DT randomwalker-info-585 447 21 network network NN randomwalker-info-585 447 22 finds find VBZ randomwalker-info-585 447 23 their -PRON- PRP$ randomwalker-info-585 447 24 first first JJ randomwalker-info-585 447 25 . . . randomwalker-info-585 448 1 In in IN randomwalker-info-585 448 2 this this DT randomwalker-info-585 448 3 case case NN randomwalker-info-585 448 4 , , , randomwalker-info-585 448 5 they -PRON- PRP randomwalker-info-585 448 6 immediately immediately RB randomwalker-info-585 448 7 release release VBP randomwalker-info-585 448 8 their -PRON- PRP$ randomwalker-info-585 448 9 block block NN randomwalker-info-585 448 10 and and CC randomwalker-info-585 448 11 hope hope VB randomwalker-info-585 448 12 that that IN randomwalker-info-585 448 13 others other NNS randomwalker-info-585 448 14 hear hear VBP randomwalker-info-585 448 15 about about IN randomwalker-info-585 448 16 theirs -PRON- PRP randomwalker-info-585 448 17 first first RB randomwalker-info-585 448 18 . . . randomwalker-info-585 449 1 Obviously obviously RB randomwalker-info-585 449 2 this this DT randomwalker-info-585 449 3 is be VBZ randomwalker-info-585 449 4 not not RB randomwalker-info-585 449 5 ideal ideal JJ randomwalker-info-585 449 6 : : : randomwalker-info-585 449 7 had have VBD randomwalker-info-585 449 8 they -PRON- PRP randomwalker-info-585 449 9 released release VBN randomwalker-info-585 449 10 their -PRON- PRP$ randomwalker-info-585 449 11 block block NN randomwalker-info-585 449 12 immediately immediately RB randomwalker-info-585 449 13 , , , randomwalker-info-585 449 14 they -PRON- PRP randomwalker-info-585 449 15 could could MD randomwalker-info-585 449 16 have have VB randomwalker-info-585 449 17 guaranteed guarantee VBN randomwalker-info-585 449 18 that that IN randomwalker-info-585 449 19 it -PRON- PRP randomwalker-info-585 449 20 was be VBD randomwalker-info-585 449 21 heard hear VBN randomwalker-info-585 449 22 about about IN randomwalker-info-585 449 23 first first RB randomwalker-info-585 449 24 . . . randomwalker-info-585 450 1 So so CC randomwalker-info-585 450 2 there there EX randomwalker-info-585 450 3 ’s ’ VBZ randomwalker-info-585 450 4 a a DT randomwalker-info-585 450 5 tradeoff tradeoff NN randomwalker-info-585 450 6 — — : randomwalker-info-585 450 7 withholding withhold VBG randomwalker-info-585 450 8 the the DT randomwalker-info-585 450 9 block block NN randomwalker-info-585 450 10 has have VBZ randomwalker-info-585 450 11 a a DT randomwalker-info-585 450 12 chance chance NN randomwalker-info-585 450 13 to to TO randomwalker-info-585 450 14 give give VB randomwalker-info-585 450 15 the the DT randomwalker-info-585 450 16 selfish selfish JJ randomwalker-info-585 450 17 miner miner NN randomwalker-info-585 450 18 a a DT randomwalker-info-585 450 19 private private JJ randomwalker-info-585 450 20 chain chain NN randomwalker-info-585 450 21 of of IN randomwalker-info-585 450 22 length length NN randomwalker-info-585 450 23 two two CD randomwalker-info-585 450 24 or or CC randomwalker-info-585 450 25 more more JJR randomwalker-info-585 450 26 , , , randomwalker-info-585 450 27 in in IN randomwalker-info-585 450 28 which which WDT randomwalker-info-585 450 29 case case NN randomwalker-info-585 450 30 the the DT randomwalker-info-585 450 31 selfish selfish JJ randomwalker-info-585 450 32 miner miner NN randomwalker-info-585 450 33 benefits benefit NNS randomwalker-info-585 450 34 , , , randomwalker-info-585 450 35 but but CC randomwalker-info-585 450 36 it -PRON- PRP randomwalker-info-585 450 37 could could MD randomwalker-info-585 450 38 also also RB randomwalker-info-585 450 39 cause cause VB randomwalker-info-585 450 40 their -PRON- PRP$ randomwalker-info-585 450 41 block block NN randomwalker-info-585 450 42 to to TO randomwalker-info-585 450 43 be be VB randomwalker-info-585 450 44 orphaned orphan VBN randomwalker-info-585 450 45 , , , randomwalker-info-585 450 46 resulting result VBG randomwalker-info-585 450 47 in in IN randomwalker-info-585 450 48 less less JJR randomwalker-info-585 450 49 profits profit NNS randomwalker-info-585 450 50 . . . randomwalker-info-585 451 1 Selfish selfish JJ randomwalker-info-585 451 2 - - HYPH randomwalker-info-585 451 3 Mine mine JJ randomwalker-info-585 451 4 : : : randomwalker-info-585 451 5 Selfish selfish JJ randomwalker-info-585 451 6 mining mining NN randomwalker-info-585 451 7 strategy strategy NN randomwalker-info-585 451 8 from from IN randomwalker-info-585 451 9 [ [ -LRB- randomwalker-info-585 451 10 9 9 CD randomwalker-info-585 451 11 ] ] -RRB- randomwalker-info-585 451 12 . . . randomwalker-info-585 452 1 This this DT randomwalker-info-585 452 2 miner miner NN randomwalker-info-585 452 3 hides hide VBZ randomwalker-info-585 452 4 their -PRON- PRP$ randomwalker-info-585 452 5 blocks block NNS randomwalker-info-585 452 6 , , , randomwalker-info-585 452 7 which which WDT randomwalker-info-585 452 8 risks risk VBZ randomwalker-info-585 452 9 losing lose VBG randomwalker-info-585 452 10 their -PRON- PRP$ randomwalker-info-585 452 11 first first JJ randomwalker-info-585 452 12 block block NN randomwalker-info-585 452 13 , , , randomwalker-info-585 452 14 in in IN randomwalker-info-585 452 15 order order NN randomwalker-info-585 452 16 to to TO randomwalker-info-585 452 17 try try VB randomwalker-info-585 452 18 to to TO randomwalker-info-585 452 19 get get VB randomwalker-info-585 452 20 the the DT randomwalker-info-585 452 21 rest rest NN randomwalker-info-585 452 22 of of IN randomwalker-info-585 452 23 the the DT randomwalker-info-585 452 24 network network NN randomwalker-info-585 452 25 mining mining NN randomwalker-info-585 452 26 in in IN randomwalker-info-585 452 27 a a DT randomwalker-info-585 452 28 useless useless JJ randomwalker-info-585 452 29 location location NN randomwalker-info-585 452 30 , , , randomwalker-info-585 452 31 amplifying amplify VBG randomwalker-info-585 452 32 their -PRON- PRP$ randomwalker-info-585 452 33 own own JJ randomwalker-info-585 452 34 apparent apparent JJ randomwalker-info-585 452 35 hash hash NN randomwalker-info-585 452 36 power power NN randomwalker-info-585 452 37 . . . randomwalker-info-585 453 1 Which which WDT randomwalker-info-585 453 2 Block Block NNP randomwalker-info-585 453 3 : : : randomwalker-info-585 453 4 OldestmPrivatem OldestmPrivatem NNP randomwalker-info-585 453 5 . . . randomwalker-info-585 454 1 How how WRB randomwalker-info-585 454 2 much much JJ randomwalker-info-585 454 3 : : : randomwalker-info-585 454 4 include include VBP randomwalker-info-585 454 5 Rem(Mining(m Rem(Mining(m NNP randomwalker-info-585 454 6 ) ) -RRB- randomwalker-info-585 454 7 ) ) -RRB- randomwalker-info-585 454 8 . . . randomwalker-info-585 455 1 Publish(B Publish(B VBN randomwalker-info-585 455 2 ) ) -RRB- randomwalker-info-585 455 3 ? ? . randomwalker-info-585 456 1 : : : randomwalker-info-585 456 2 if if IN randomwalker-info-585 456 3 Height(B height(b NN randomwalker-info-585 456 4 ) ) -RRB- randomwalker-info-585 456 5 = = NFP randomwalker-info-585 456 6 H h NN randomwalker-info-585 456 7 yes yes UH randomwalker-info-585 456 8 . . . randomwalker-info-585 457 1 elseif elseif NNP randomwalker-info-585 457 2 RacingmH RacingmH NNP randomwalker-info-585 457 3 , , , randomwalker-info-585 457 4 and and CC randomwalker-info-585 457 5 Private private JJ randomwalker-info-585 457 6 m m NN randomwalker-info-585 457 7 = = SYM randomwalker-info-585 457 8 H h NN randomwalker-info-585 457 9 + + CC randomwalker-info-585 457 10 1 1 CD randomwalker-info-585 457 11 yes yes UH randomwalker-info-585 457 12 . . . randomwalker-info-585 458 1 else else RB randomwalker-info-585 458 2 no no UH randomwalker-info-585 458 3 . . . randomwalker-info-585 459 1 Assuming assume VBG randomwalker-info-585 459 2 the the DT randomwalker-info-585 459 3 selfish selfish JJ randomwalker-info-585 459 4 miner miner NN randomwalker-info-585 459 5 has have VBZ randomwalker-info-585 459 6 less less JJR randomwalker-info-585 459 7 than than IN randomwalker-info-585 459 8 half half NN randomwalker-info-585 459 9 of of IN randomwalker-info-585 459 10 the the DT randomwalker-info-585 459 11 overall overall JJ randomwalker-info-585 459 12 hash hash NN randomwalker-info-585 459 13 power power NN randomwalker-info-585 459 14 of of IN randomwalker-info-585 459 15 the the DT randomwalker-info-585 459 16 network network NN randomwalker-info-585 459 17 , , , randomwalker-info-585 459 18 they -PRON- PRP randomwalker-info-585 459 19 will will MD randomwalker-info-585 459 20 eventually eventually RB randomwalker-info-585 459 21 need need VB randomwalker-info-585 459 22 to to TO randomwalker-info-585 459 23 pub- pub- VB randomwalker-info-585 459 24 lish lish VB randomwalker-info-585 459 25 their -PRON- PRP$ randomwalker-info-585 459 26 private private JJ randomwalker-info-585 459 27 chain chain NN randomwalker-info-585 459 28 . . . randomwalker-info-585 460 1 In in IN randomwalker-info-585 460 2 order order NN randomwalker-info-585 460 3 to to TO randomwalker-info-585 460 4 maintain maintain VB randomwalker-info-585 460 5 our -PRON- PRP$ randomwalker-info-585 460 6 focus focus NN randomwalker-info-585 460 7 on on IN randomwalker-info-585 460 8 the the DT randomwalker-info-585 460 9 difference difference NN randomwalker-info-585 460 10 between between IN randomwalker-info-585 460 11 transaction transaction NN randomwalker-info-585 460 12 fees fee NNS randomwalker-info-585 460 13 and and CC randomwalker-info-585 460 14 fixed fix VBN randomwalker-info-585 460 15 block block NN randomwalker-info-585 460 16 - - HYPH randomwalker-info-585 460 17 rewards reward NNS randomwalker-info-585 460 18 , , , randomwalker-info-585 460 19 we -PRON- PRP randomwalker-info-585 460 20 consider consider VBP randomwalker-info-585 460 21 just just RB randomwalker-info-585 460 22 “ " `` randomwalker-info-585 460 23 vanilla vanilla NN randomwalker-info-585 460 24 ” " '' randomwalker-info-585 460 25 selfish selfish JJ randomwalker-info-585 460 26 mining mining NN randomwalker-info-585 460 27 , , , randomwalker-info-585 460 28 although although IN randomwalker-info-585 460 29 it -PRON- PRP randomwalker-info-585 460 30 is be VBZ randomwalker-info-585 460 31 an an DT randomwalker-info-585 460 32 interesting interesting JJ randomwalker-info-585 460 33 consideration consideration NN randomwalker-info-585 460 34 for for IN randomwalker-info-585 460 35 future future JJ randomwalker-info-585 460 36 work work NN randomwalker-info-585 460 37 to to TO randomwalker-info-585 460 38 consider consider VB randomwalker-info-585 460 39 selfish selfish JJ randomwalker-info-585 460 40 miners miner NNS randomwalker-info-585 460 41 who who WP randomwalker-info-585 460 42 also also RB randomwalker-info-585 460 43 undercut undercut VBD randomwalker-info-585 460 44 , , , randomwalker-info-585 460 45 or or CC randomwalker-info-585 460 46 various various JJ randomwalker-info-585 460 47 other other JJ randomwalker-info-585 460 48 generalizations generalization NNS randomwalker-info-585 460 49 ( ( -LRB- randomwalker-info-585 460 50 e.g. e.g. RB randomwalker-info-585 461 1 [ [ -LRB- randomwalker-info-585 461 2 7 7 CD randomwalker-info-585 461 3 , , , randomwalker-info-585 461 4 20 20 CD randomwalker-info-585 461 5 , , , randomwalker-info-585 461 6 23 23 CD randomwalker-info-585 461 7 ] ] -RRB- randomwalker-info-585 461 8 ) ) -RRB- randomwalker-info-585 461 9 . . . randomwalker-info-585 462 1 Similarly similarly RB randomwalker-info-585 462 2 to to IN randomwalker-info-585 462 3 [ [ -LRB- randomwalker-info-585 462 4 9 9 CD randomwalker-info-585 462 5 ] ] -RRB- randomwalker-info-585 462 6 , , , randomwalker-info-585 462 7 we -PRON- PRP randomwalker-info-585 462 8 examine examine VBP randomwalker-info-585 462 9 the the DT randomwalker-info-585 462 10 potential potential JJ randomwalker-info-585 462 11 rewards reward VBZ randomwalker-info-585 462 12 a a DT randomwalker-info-585 462 13 selfish selfish JJ randomwalker-info-585 462 14 miner miner NN randomwalker-info-585 462 15 would would MD randomwalker-info-585 462 16 receive receive VB randomwalker-info-585 462 17 assuming assume VBG randomwalker-info-585 462 18 that that IN randomwalker-info-585 462 19 the the DT randomwalker-info-585 462 20 rest rest NN randomwalker-info-585 462 21 of of IN randomwalker-info-585 462 22 the the DT randomwalker-info-585 462 23 network network NN randomwalker-info-585 462 24 is be VBZ randomwalker-info-585 462 25 default default NN randomwalker-info-585 462 26 mining mining NN randomwalker-info-585 462 27 . . . randomwalker-info-585 463 1 In in IN randomwalker-info-585 463 2 our -PRON- PRP$ randomwalker-info-585 463 3 analysis analysis NN randomwalker-info-585 463 4 , , , randomwalker-info-585 463 5 we -PRON- PRP randomwalker-info-585 463 6 also also RB randomwalker-info-585 463 7 use use VBP randomwalker-info-585 463 8 α α PRP randomwalker-info-585 463 9 to to TO randomwalker-info-585 463 10 denote denote VB randomwalker-info-585 463 11 the the DT randomwalker-info-585 463 12 fraction fraction NN randomwalker-info-585 463 13 of of IN randomwalker-info-585 463 14 the the DT randomwalker-info-585 463 15 total total JJ randomwalker-info-585 463 16 mining mining NN randomwalker-info-585 463 17 power power NN randomwalker-info-585 463 18 pos- pos- VBN randomwalker-info-585 463 19 sessed sesse VBN randomwalker-info-585 463 20 by by IN randomwalker-info-585 463 21 the the DT randomwalker-info-585 463 22 selfish selfish JJ randomwalker-info-585 463 23 miner miner NN randomwalker-info-585 463 24 , , , randomwalker-info-585 463 25 and and CC randomwalker-info-585 463 26 γ γ LS randomwalker-info-585 463 27 to to TO randomwalker-info-585 463 28 be be VB randomwalker-info-585 463 29 the the DT randomwalker-info-585 463 30 probability probability NN randomwalker-info-585 463 31 that that IN randomwalker-info-585 463 32 in in IN randomwalker-info-585 463 33 the the DT randomwalker-info-585 463 34 event event NN randomwalker-info-585 463 35 of of IN randomwalker-info-585 463 36 a a DT randomwalker-info-585 463 37 race race NN randomwalker-info-585 463 38 ( ( -LRB- randomwalker-info-585 463 39 selfish selfish JJ randomwalker-info-585 463 40 miner miner NN randomwalker-info-585 463 41 is be VBZ randomwalker-info-585 463 42 triggered trigger VBN randomwalker-info-585 463 43 to to TO randomwalker-info-585 463 44 release release VB randomwalker-info-585 463 45 a a DT randomwalker-info-585 463 46 private private JJ randomwalker-info-585 463 47 block block NN randomwalker-info-585 463 48 of of IN randomwalker-info-585 463 49 length length NN randomwalker-info-585 463 50 one one CD randomwalker-info-585 463 51 ) ) -RRB- randomwalker-info-585 463 52 that that WDT randomwalker-info-585 463 53 ends end VBZ randomwalker-info-585 463 54 with with IN randomwalker-info-585 463 55 the the DT randomwalker-info-585 463 56 honest honest JJ randomwalker-info-585 463 57 portion portion NN randomwalker-info-585 463 58 of of IN randomwalker-info-585 463 59 the the DT randomwalker-info-585 463 60 network network NN randomwalker-info-585 463 61 finding find VBG randomwalker-info-585 463 62 the the DT randomwalker-info-585 463 63 next next JJ randomwalker-info-585 463 64 block block NN randomwalker-info-585 463 65 , , , randomwalker-info-585 463 66 that that IN randomwalker-info-585 463 67 the the DT randomwalker-info-585 463 68 self- self- NNP randomwalker-info-585 463 69 ish ish NNP randomwalker-info-585 463 70 miner miner NNP randomwalker-info-585 463 71 ’s ’s POS randomwalker-info-585 463 72 block block NN randomwalker-info-585 463 73 is be VBZ randomwalker-info-585 463 74 not not RB randomwalker-info-585 463 75 orphaned orphan VBN randomwalker-info-585 463 76 . . . randomwalker-info-585 464 1 We -PRON- PRP randomwalker-info-585 464 2 introduce introduce VBP randomwalker-info-585 464 3 notation notation NN randomwalker-info-585 464 4 Privatem Privatem NNP randomwalker-info-585 464 5 to to TO randomwalker-info-585 464 6 denote denote VB randomwalker-info-585 464 7 the the DT randomwalker-info-585 464 8 height height NN randomwalker-info-585 464 9 of of IN randomwalker-info-585 464 10 the the DT randomwalker-info-585 464 11 longest long JJS randomwalker-info-585 464 12 chain chain NN randomwalker-info-585 464 13 that that IN randomwalker-info-585 464 14 m m NNP randomwalker-info-585 464 15 is be VBZ randomwalker-info-585 464 16 aware aware JJ randomwalker-info-585 464 17 of of IN randomwalker-info-585 464 18 ( ( -LRB- randomwalker-info-585 464 19 at at IN randomwalker-info-585 464 20 least least JJS randomwalker-info-585 464 21 as as RB randomwalker-info-585 464 22 long long RB randomwalker-info-585 464 23 as as IN randomwalker-info-585 464 24 H h NN randomwalker-info-585 464 25 , , , randomwalker-info-585 464 26 and and CC randomwalker-info-585 464 27 possibly possibly RB randomwalker-info-585 464 28 longer long RBR randomwalker-info-585 464 29 if if IN randomwalker-info-585 464 30 m m NNP randomwalker-info-585 464 31 is be VBZ randomwalker-info-585 464 32 keeping keep VBG randomwalker-info-585 464 33 any any DT randomwalker-info-585 464 34 blocks block NNS randomwalker-info-585 464 35 private private JJ randomwalker-info-585 464 36 ) ) -RRB- randomwalker-info-585 464 37 . . . randomwalker-info-585 465 1 We -PRON- PRP randomwalker-info-585 465 2 also also RB randomwalker-info-585 465 3 introduce introduce VBP randomwalker-info-585 465 4 notation notation NN randomwalker-info-585 465 5 Racingmi Racingmi NNP randomwalker-info-585 465 6 to to TO randomwalker-info-585 465 7 be be VB randomwalker-info-585 465 8 a a DT randomwalker-info-585 465 9 boolean boolean NN randomwalker-info-585 465 10 variable variable NN randomwalker-info-585 465 11 that that WDT randomwalker-info-585 465 12 is be VBZ randomwalker-info-585 465 13 true true JJ randomwalker-info-585 465 14 iff iff NN randomwalker-info-585 465 15 there there EX randomwalker-info-585 465 16 exist exist VBP randomwalker-info-585 465 17 two two CD randomwalker-info-585 465 18 blocks block NNS randomwalker-info-585 465 19 B1,B2 B1,B2 NNP randomwalker-info-585 465 20 with with IN randomwalker-info-585 465 21 Height(B1 Height(B1 NNP randomwalker-info-585 465 22 ) ) -RRB- randomwalker-info-585 465 23 = = NFP randomwalker-info-585 465 24 Height(B2 Height(B2 NNP randomwalker-info-585 465 25 ) ) -RRB- randomwalker-info-585 465 26 = = NFP randomwalker-info-585 465 27 i i PRP randomwalker-info-585 465 28 , , , randomwalker-info-585 465 29 and and CC randomwalker-info-585 465 30 Owner(B1 Owner(B1 NNP randomwalker-info-585 465 31 ) ) -RRB- randomwalker-info-585 465 32 = = NFP randomwalker-info-585 465 33 m m NNP randomwalker-info-585 465 34 6= 6= NNP randomwalker-info-585 465 35 Owner(B2 Owner(B2 NNP randomwalker-info-585 465 36 ) ) -RRB- randomwalker-info-585 465 37 . . . randomwalker-info-585 466 1 In in IN randomwalker-info-585 466 2 other other JJ randomwalker-info-585 466 3 words word NNS randomwalker-info-585 466 4 , , , randomwalker-info-585 466 5 Racingmi Racingmi NNP randomwalker-info-585 466 6 denotes denote VBZ randomwalker-info-585 466 7 whether whether IN randomwalker-info-585 466 8 or or CC randomwalker-info-585 466 9 not not RB randomwalker-info-585 466 10 there there EX randomwalker-info-585 466 11 are be VBP randomwalker-info-585 466 12 two two CD randomwalker-info-585 466 13 competing compete VBG randomwalker-info-585 466 14 blocks block NNS randomwalker-info-585 466 15 of of IN randomwalker-info-585 466 16 height height NN randomwalker-info-585 466 17 i i PRP randomwalker-info-585 466 18 , , , randomwalker-info-585 466 19 one one CD randomwalker-info-585 466 20 of of IN randomwalker-info-585 466 21 which which WDT randomwalker-info-585 466 22 was be VBD randomwalker-info-585 466 23 produced produce VBN randomwalker-info-585 466 24 by by IN randomwalker-info-585 466 25 m. m. NN randomwalker-info-585 466 26 Analysis Analysis NNP randomwalker-info-585 466 27 . . . randomwalker-info-585 467 1 We -PRON- PRP randomwalker-info-585 467 2 proceed proceed VBP randomwalker-info-585 467 3 now now RB randomwalker-info-585 467 4 with with IN randomwalker-info-585 467 5 an an DT randomwalker-info-585 467 6 analysis analysis NN randomwalker-info-585 467 7 of of IN randomwalker-info-585 467 8 the the DT randomwalker-info-585 467 9 rewards reward NNS randomwalker-info-585 467 10 obtained obtain VBN randomwalker-info-585 467 11 in in IN randomwalker-info-585 467 12 the the DT randomwalker-info-585 467 13 transaction transaction NN randomwalker-info-585 467 14 fee fee NN randomwalker-info-585 467 15 model model NN randomwalker-info-585 467 16 by by IN randomwalker-info-585 467 17 a a DT randomwalker-info-585 467 18 selfish selfish JJ randomwalker-info-585 467 19 miner miner NN randomwalker-info-585 467 20 . . . randomwalker-info-585 468 1 Parts part NNS randomwalker-info-585 468 2 will will MD randomwalker-info-585 468 3 look look VB randomwalker-info-585 468 4 similar similar JJ randomwalker-info-585 468 5 to to IN randomwalker-info-585 468 6 the the DT randomwalker-info-585 468 7 analysis analysis NN randomwalker-info-585 468 8 done do VBN randomwalker-info-585 468 9 in in IN randomwalker-info-585 468 10 [ [ -LRB- randomwalker-info-585 468 11 9 9 CD randomwalker-info-585 468 12 ] ] -RRB- randomwalker-info-585 468 13 . . . randomwalker-info-585 469 1 For for IN randomwalker-info-585 469 2 every every DT randomwalker-info-585 469 3 infinitesi- infinitesi- JJ randomwalker-info-585 469 4 mally mally RB randomwalker-info-585 469 5 small small JJ randomwalker-info-585 469 6 transaction transaction NN randomwalker-info-585 469 7 fee fee NN randomwalker-info-585 469 8 that that WDT randomwalker-info-585 469 9 arrives arrive VBZ randomwalker-info-585 469 10 , , , randomwalker-info-585 469 11 we -PRON- PRP randomwalker-info-585 469 12 wish wish VBP randomwalker-info-585 469 13 to to TO randomwalker-info-585 469 14 compute compute VB randomwalker-info-585 469 15 the the DT randomwalker-info-585 469 16 probability probability NN randomwalker-info-585 469 17 that that WDT randomwalker-info-585 469 18 it -PRON- PRP randomwalker-info-585 469 19 winds wind VBZ randomwalker-info-585 469 20 up up RP randomwalker-info-585 469 21 in in IN randomwalker-info-585 469 22 a a DT randomwalker-info-585 469 23 block block NN randomwalker-info-585 469 24 mined mine VBN randomwalker-info-585 469 25 by by IN randomwalker-info-585 469 26 the the DT randomwalker-info-585 469 27 self- self- NNP randomwalker-info-585 469 28 ish ish NNP randomwalker-info-585 469 29 miner miner NN randomwalker-info-585 469 30 . . . randomwalker-info-585 470 1 Note note VB randomwalker-info-585 470 2 that that IN randomwalker-info-585 470 3 if if IN randomwalker-info-585 470 4 the the DT randomwalker-info-585 470 5 selfish selfish JJ randomwalker-info-585 470 6 miner miner NN randomwalker-info-585 470 7 just just RB randomwalker-info-585 470 8 used use VBD randomwalker-info-585 470 9 default default NN randomwalker-info-585 470 10 mining mining NN randomwalker-info-585 470 11 instead instead RB randomwalker-info-585 470 12 , , , randomwalker-info-585 470 13 this this DT randomwalker-info-585 470 14 probability probability NN randomwalker-info-585 470 15 would would MD randomwalker-info-585 470 16 be be VB randomwalker-info-585 470 17 exactly exactly RB randomwalker-info-585 470 18 α α XX randomwalker-info-585 470 19 . . . randomwalker-info-585 471 1 The the DT randomwalker-info-585 471 2 determining determine VBG randomwalker-info-585 471 3 factor factor NN randomwalker-info-585 471 4 in in IN randomwalker-info-585 471 5 this this DT randomwalker-info-585 471 6 probability probability NN randomwalker-info-585 471 7 will will MD randomwalker-info-585 471 8 be be VB randomwalker-info-585 471 9 the the DT randomwalker-info-585 471 10 size size NN randomwalker-info-585 471 11 of of IN randomwalker-info-585 471 12 the the DT randomwalker-info-585 471 13 selfish selfish JJ randomwalker-info-585 471 14 miner miner NN randomwalker-info-585 471 15 ’s ’s POS randomwalker-info-585 471 16 private private JJ randomwalker-info-585 471 17 chain chain NN randomwalker-info-585 471 18 . . . randomwalker-info-585 472 1 To to IN randomwalker-info-585 472 2 this this DT randomwalker-info-585 472 3 end end NN randomwalker-info-585 472 4 , , , randomwalker-info-585 472 5 let let VB randomwalker-info-585 472 6 ’s -PRON- PRP randomwalker-info-585 472 7 de- de- RB randomwalker-info-585 472 8 fine fine RB randomwalker-info-585 472 9 the the DT randomwalker-info-585 472 10 following follow VBG randomwalker-info-585 472 11 states state NNS randomwalker-info-585 472 12 ( ( -LRB- randomwalker-info-585 472 13 same same JJ randomwalker-info-585 472 14 states state NNS randomwalker-info-585 472 15 used use VBN randomwalker-info-585 472 16 in in IN randomwalker-info-585 472 17 [ [ -LRB- randomwalker-info-585 472 18 9 9 CD randomwalker-info-585 472 19 ] ] -RRB- randomwalker-info-585 472 20 ) ) -RRB- randomwalker-info-585 472 21 , , , randomwalker-info-585 472 22 and and CC randomwalker-info-585 472 23 we -PRON- PRP randomwalker-info-585 472 24 ’ll will MD randomwalker-info-585 472 25 compute compute VB randomwalker-info-585 472 26 this this DT randomwalker-info-585 472 27 probability probability NN randomwalker-info-585 472 28 separately separately RB randomwalker-info-585 472 29 for for IN randomwalker-info-585 472 30 each each DT randomwalker-info-585 472 31 state state NN randomwalker-info-585 472 32 . . . randomwalker-info-585 473 1 • • NNP randomwalker-info-585 473 2 State state NN randomwalker-info-585 473 3 0 0 NFP randomwalker-info-585 473 4 : : : randomwalker-info-585 473 5 Everyone everyone NN randomwalker-info-585 473 6 agrees agree VBZ randomwalker-info-585 473 7 on on IN randomwalker-info-585 473 8 the the DT randomwalker-info-585 473 9 longest long JJS randomwalker-info-585 473 10 chain chain NN randomwalker-info-585 473 11 — — : randomwalker-info-585 473 12 RacingmH racingmh NN randomwalker-info-585 473 13 = = SYM randomwalker-info-585 473 14 false false JJ randomwalker-info-585 473 15 . . . randomwalker-info-585 474 1 • • NNP randomwalker-info-585 474 2 State state NN randomwalker-info-585 474 3 i i PRP randomwalker-info-585 474 4 > > VBP randomwalker-info-585 474 5 0 0 XX randomwalker-info-585 474 6 : : : randomwalker-info-585 474 7 The the DT randomwalker-info-585 474 8 selfish selfish JJ randomwalker-info-585 474 9 miner miner NN randomwalker-info-585 474 10 m m NNP randomwalker-info-585 474 11 has have VBZ randomwalker-info-585 474 12 a a DT randomwalker-info-585 474 13 private private JJ randomwalker-info-585 474 14 chain chain NN randomwalker-info-585 474 15 of of IN randomwalker-info-585 474 16 length length NN randomwalker-info-585 474 17 i i PRP randomwalker-info-585 474 18 — — : randomwalker-info-585 474 19 Privatem Privatem NNP randomwalker-info-585 474 20 = = SYM randomwalker-info-585 474 21 H h NN randomwalker-info-585 474 22 + + SYM randomwalker-info-585 474 23 i. i. NN randomwalker-info-585 475 1 • • NNP randomwalker-info-585 475 2 State state NN randomwalker-info-585 475 3 0′ 0′ NN randomwalker-info-585 475 4 : : : randomwalker-info-585 475 5 There there EX randomwalker-info-585 475 6 are be VBP randomwalker-info-585 475 7 competing compete VBG randomwalker-info-585 475 8 blocks block NNS randomwalker-info-585 475 9 of of IN randomwalker-info-585 475 10 height height NN randomwalker-info-585 475 11 H h NN randomwalker-info-585 475 12 , , , randomwalker-info-585 475 13 one one CD randomwalker-info-585 475 14 of of IN randomwalker-info-585 475 15 which which WDT randomwalker-info-585 475 16 was be VBD randomwalker-info-585 475 17 produced produce VBN randomwalker-info-585 475 18 by by IN randomwalker-info-585 475 19 the the DT randomwalker-info-585 475 20 selfish selfish JJ randomwalker-info-585 475 21 miner miner NN randomwalker-info-585 475 22 , , , randomwalker-info-585 475 23 and and CC randomwalker-info-585 475 24 the the DT randomwalker-info-585 475 25 selfish selfish JJ randomwalker-info-585 475 26 miner miner NN randomwalker-info-585 475 27 has have VBZ randomwalker-info-585 475 28 no no DT randomwalker-info-585 475 29 private private JJ randomwalker-info-585 475 30 blocks block NNS randomwalker-info-585 475 31 — — : randomwalker-info-585 475 32 RacingmH racingmh NN randomwalker-info-585 475 33 = = SYM randomwalker-info-585 475 34 true true JJ randomwalker-info-585 475 35 and and CC randomwalker-info-585 475 36 Privatem Privatem NNP randomwalker-info-585 475 37 = = SYM randomwalker-info-585 475 38 H. H. NNP randomwalker-info-585 475 39 Let let VB randomwalker-info-585 475 40 fs fs NNP randomwalker-info-585 475 41 denote denote VB randomwalker-info-585 475 42 the the DT randomwalker-info-585 475 43 probability probability NN randomwalker-info-585 475 44 that that IN randomwalker-info-585 475 45 a a DT randomwalker-info-585 475 46 transaction transaction NN randomwalker-info-585 475 47 winds wind VBZ randomwalker-info-585 475 48 up up RP randomwalker-info-585 475 49 in in IN randomwalker-info-585 475 50 a a DT randomwalker-info-585 475 51 block block NN randomwalker-info-585 475 52 mined mine VBN randomwalker-info-585 475 53 by by IN randomwalker-info-585 475 54 the the DT randomwalker-info-585 475 55 selfish selfish JJ randomwalker-info-585 475 56 miner miner NN randomwalker-info-585 475 57 in in IN randomwalker-info-585 475 58 the the DT randomwalker-info-585 475 59 eventual eventual JJ randomwalker-info-585 475 60 longest long JJS randomwalker-info-585 475 61 chain chain NN randomwalker-info-585 475 62 , , , randomwalker-info-585 475 63 conditioned condition VBN randomwalker-info-585 475 64 on on IN randomwalker-info-585 475 65 the the DT randomwalker-info-585 475 66 system system NN randomwalker-info-585 475 67 being be VBG randomwalker-info-585 475 68 in in IN randomwalker-info-585 475 69 state state NN randomwalker-info-585 475 70 s s NNPS randomwalker-info-585 475 71 when when WRB randomwalker-info-585 475 72 the the DT randomwalker-info-585 475 73 transaction transaction NN randomwalker-info-585 475 74 is be VBZ randomwalker-info-585 475 75 announced announce VBN randomwalker-info-585 475 76 . . . randomwalker-info-585 476 1 We -PRON- PRP randomwalker-info-585 476 2 compute compute VBP randomwalker-info-585 476 3 there there EX randomwalker-info-585 476 4 probabilities probability NNS randomwalker-info-585 476 5 below below RB randomwalker-info-585 476 6 . . . randomwalker-info-585 477 1 If if IN randomwalker-info-585 477 2 we -PRON- PRP randomwalker-info-585 477 3 then then RB randomwalker-info-585 477 4 define define VBP randomwalker-info-585 477 5 ps ps NNP randomwalker-info-585 477 6 to to TO randomwalker-info-585 477 7 be be VB randomwalker-info-585 477 8 the the DT randomwalker-info-585 477 9 probability probability NN randomwalker-info-585 477 10 that that IN randomwalker-info-585 477 11 the the DT randomwalker-info-585 477 12 system system NN randomwalker-info-585 477 13 is be VBZ randomwalker-info-585 477 14 in in IN randomwalker-info-585 477 15 state state NN randomwalker-info-585 477 16 s s NNPS randomwalker-info-585 477 17 , , , randomwalker-info-585 477 18 we -PRON- PRP randomwalker-info-585 477 19 can can MD randomwalker-info-585 477 20 then then RB randomwalker-info-585 477 21 observe observe VB randomwalker-info-585 477 22 that that IN randomwalker-info-585 477 23 the the DT randomwalker-info-585 477 24 expected expect VBN randomwalker-info-585 477 25 fraction fraction NN randomwalker-info-585 477 26 of of IN randomwalker-info-585 477 27 transaction transaction NN randomwalker-info-585 477 28 fees fee NNS randomwalker-info-585 477 29 claimed claim VBN randomwalker-info-585 477 30 by by IN randomwalker-info-585 477 31 the the DT randomwalker-info-585 477 32 selfish selfish JJ randomwalker-info-585 477 33 miner miner NN randomwalker-info-585 477 34 is be VBZ randomwalker-info-585 477 35 exactly exactly RB randomwalker-info-585 477 36 ∑ ∑ . randomwalker-info-585 477 37 s s NNP randomwalker-info-585 477 38 fs fs NNPS randomwalker-info-585 477 39 · · NFP randomwalker-info-585 477 40 ps ps XX randomwalker-info-585 477 41 . . . randomwalker-info-585 478 1 Eyal Eyal NNP randomwalker-info-585 478 2 and and CC randomwalker-info-585 478 3 Sirer Sirer NNP randomwalker-info-585 478 4 [ [ -LRB- randomwalker-info-585 478 5 9 9 CD randomwalker-info-585 478 6 ] ] -RRB- randomwalker-info-585 478 7 have have VBP randomwalker-info-585 478 8 already already RB randomwalker-info-585 478 9 computed compute VBN randomwalker-info-585 478 10 ps ps NNP randomwalker-info-585 478 11 for for IN randomwalker-info-585 478 12 all all DT randomwalker-info-585 478 13 s. s. NN randomwalker-info-585 478 14 The the DT randomwalker-info-585 478 15 values value NNS randomwalker-info-585 478 16 for for IN randomwalker-info-585 478 17 ps ps NNP randomwalker-info-585 478 18 are be VBP randomwalker-info-585 478 19 : : : randomwalker-info-585 478 20 p0 p0 NN randomwalker-info-585 478 21 = = SYM randomwalker-info-585 478 22 1 1 CD randomwalker-info-585 478 23 − − NNP randomwalker-info-585 478 24 2α 2α CD randomwalker-info-585 478 25 2α3 2α3 CD randomwalker-info-585 478 26 − − NNP randomwalker-info-585 478 27 4α2 4α2 CD randomwalker-info-585 478 28 + + SYM randomwalker-info-585 478 29 1 1 CD randomwalker-info-585 478 30 p0′ p0′ NN randomwalker-info-585 478 31 = = NNS randomwalker-info-585 478 32 ( ( -LRB- randomwalker-info-585 478 33 1 1 CD randomwalker-info-585 478 34 −α)(α− −α)(α− JJ randomwalker-info-585 478 35 2α2 2α2 CD randomwalker-info-585 478 36 ) ) -RRB- randomwalker-info-585 478 37 2α3 2α3 CD randomwalker-info-585 478 38 − − NNP randomwalker-info-585 478 39 4α2 4α2 CD randomwalker-info-585 478 40 + + SYM randomwalker-info-585 478 41 1 1 CD randomwalker-info-585 478 42 pi pi NN randomwalker-info-585 478 43 = = NNS randomwalker-info-585 478 44 ( ( -LRB- randomwalker-info-585 478 45 α α DT randomwalker-info-585 478 46 1 1 CD randomwalker-info-585 478 47 −α −α CD randomwalker-info-585 478 48 ) ) -RRB- randomwalker-info-585 478 49 i−1 i−1 NNP randomwalker-info-585 478 50 α− α− NNP randomwalker-info-585 478 51 2α2 2α2 CD randomwalker-info-585 478 52 2α3 2α3 CD randomwalker-info-585 478 53 − − NNP randomwalker-info-585 478 54 4α2 4α2 CD randomwalker-info-585 478 55 + + SYM randomwalker-info-585 478 56 1 1 CD randomwalker-info-585 478 57 , , , randomwalker-info-585 478 58 i i PRP randomwalker-info-585 478 59 > > XX randomwalker-info-585 478 60 0 0 NFP randomwalker-info-585 478 61 To to TO randomwalker-info-585 478 62 complete complete VB randomwalker-info-585 478 63 the the DT randomwalker-info-585 478 64 analysis analysis NN randomwalker-info-585 478 65 , , , randomwalker-info-585 478 66 we -PRON- PRP randomwalker-info-585 478 67 just just RB randomwalker-info-585 478 68 need need VBP randomwalker-info-585 478 69 to to TO randomwalker-info-585 478 70 compute compute VB randomwalker-info-585 478 71 fs f NNS randomwalker-info-585 478 72 for for IN randomwalker-info-585 478 73 each each DT randomwalker-info-585 478 74 s. s. JJ randomwalker-info-585 478 75 Appendix Appendix NNP randomwalker-info-585 478 76 E E NNP randomwalker-info-585 478 77 contains contain VBZ randomwalker-info-585 478 78 the the DT randomwalker-info-585 478 79 derivation derivation NN randomwalker-info-585 478 80 of of IN randomwalker-info-585 478 81 fs f NNS randomwalker-info-585 478 82 for for IN randomwalker-info-585 478 83 all all DT randomwalker-info-585 478 84 s s NNPS randomwalker-info-585 478 85 , , , randomwalker-info-585 478 86 which which WDT randomwalker-info-585 478 87 are be VBP randomwalker-info-585 478 88 stated state VBN randomwalker-info-585 478 89 below below IN randomwalker-info-585 478 90 : : : randomwalker-info-585 478 91 f0 f0 NN randomwalker-info-585 478 92 = = SYM randomwalker-info-585 478 93 α α NNP randomwalker-info-585 478 94 2 2 CD randomwalker-info-585 478 95 + + SYM randomwalker-info-585 478 96 α(1 α(1 NFP randomwalker-info-585 478 97 −α −α CD randomwalker-info-585 478 98 ) ) -RRB- randomwalker-info-585 478 99 ( ( -LRB- randomwalker-info-585 478 100 α α NNP randomwalker-info-585 478 101 + + SYM randomwalker-info-585 478 102 γ(1 γ(1 $ randomwalker-info-585 478 103 −α −α CD randomwalker-info-585 478 104 ) ) -RRB- randomwalker-info-585 478 105 ) ) -RRB- randomwalker-info-585 478 106 . . . randomwalker-info-585 479 1 f0′ f0′ NNP randomwalker-info-585 479 2 = = SYM randomwalker-info-585 479 3 α α XX randomwalker-info-585 479 4 . . NNP randomwalker-info-585 479 5 f1 f1 NNP randomwalker-info-585 479 6 = = SYM randomwalker-info-585 479 7 α α NNP randomwalker-info-585 479 8 + + SYM randomwalker-info-585 479 9 ( ( -LRB- randomwalker-info-585 479 10 1 1 CD randomwalker-info-585 479 11 −α)α −α)α NNS randomwalker-info-585 479 12 = = SYM randomwalker-info-585 479 13 α(2 α(2 $ randomwalker-info-585 479 14 −α −α CD randomwalker-info-585 479 15 ) ) -RRB- randomwalker-info-585 479 16 . . . randomwalker-info-585 480 1 fi fi NN randomwalker-info-585 480 2 = = SYM randomwalker-info-585 480 3 1 1 CD randomwalker-info-585 480 4 − − NNP randomwalker-info-585 480 5 ( ( -LRB- randomwalker-info-585 480 6 ( ( -LRB- randomwalker-info-585 480 7 1 1 CD randomwalker-info-585 480 8 −α)i−1(1 −α)i−1(1 NNP randomwalker-info-585 480 9 −f0 −f0 NNP randomwalker-info-585 480 10 ) ) -RRB- randomwalker-info-585 480 11 ) ) -RRB- randomwalker-info-585 480 12 . . . randomwalker-info-585 481 1 Finally finally RB randomwalker-info-585 481 2 , , , randomwalker-info-585 481 3 when when WRB randomwalker-info-585 481 4 α α LS randomwalker-info-585 481 5 ∈ ∈ NNP randomwalker-info-585 481 6 ( ( -LRB- randomwalker-info-585 481 7 0 0 NFP randomwalker-info-585 481 8 , , , randomwalker-info-585 481 9 .5 .5 . randomwalker-info-585 481 10 ) ) -RRB- randomwalker-info-585 481 11 and and CC randomwalker-info-585 481 12 γ γ LS randomwalker-info-585 481 13 ∈ ∈ NNP randomwalker-info-585 481 14 [ [ -LRB- randomwalker-info-585 481 15 0 0 CD randomwalker-info-585 481 16 , , , randomwalker-info-585 481 17 1 1 CD randomwalker-info-585 481 18 ] ] -RRB- randomwalker-info-585 481 19 , , , randomwalker-info-585 481 20 we -PRON- PRP randomwalker-info-585 481 21 show show VBP randomwalker-info-585 481 22 in in IN randomwalker-info-585 481 23 the the DT randomwalker-info-585 481 24 Appendix Appendix NNP randomwalker-info-585 481 25 E E NNP randomwalker-info-585 481 26 that that IN randomwalker-info-585 481 27 the the DT randomwalker-info-585 481 28 selfish selfish JJ randomwalker-info-585 481 29 miner miner NN randomwalker-info-585 481 30 ’s ’s POS randomwalker-info-585 481 31 rewards reward NNS randomwalker-info-585 481 32 are be VBP randomwalker-info-585 481 33 given give VBN randomwalker-info-585 481 34 by by IN randomwalker-info-585 481 35 Reward(α reward(α NN randomwalker-info-585 481 36 , , , randomwalker-info-585 481 37 γ γ NNP randomwalker-info-585 481 38 ) ) -RRB- randomwalker-info-585 481 39 = = SYM randomwalker-info-585 481 40 5α2 5α2 CD randomwalker-info-585 481 41 − − NNP randomwalker-info-585 481 42 12α3 12α3 CD randomwalker-info-585 481 43 + + SYM randomwalker-info-585 481 44 9α4 9α4 CD randomwalker-info-585 481 45 − − NNP randomwalker-info-585 481 46 2α5 2α5 CD randomwalker-info-585 481 47 + + SYM randomwalker-info-585 481 48 γ(α− γ(α− NNP randomwalker-info-585 481 49 4α2 4α2 CD randomwalker-info-585 481 50 + + SYM randomwalker-info-585 481 51 6α3 6α3 CD randomwalker-info-585 481 52 − − NNP randomwalker-info-585 481 53 5α4 5α4 CD randomwalker-info-585 481 54 + + SYM randomwalker-info-585 481 55 2α5 2α5 CD randomwalker-info-585 481 56 ) ) -RRB- randomwalker-info-585 481 57 2α3 2α3 CD randomwalker-info-585 481 58 − − NNP randomwalker-info-585 481 59 4α2 4α2 CD randomwalker-info-585 481 60 + + SYM randomwalker-info-585 481 61 1 1 CD randomwalker-info-585 481 62 Figure figure NN randomwalker-info-585 481 63 7 7 CD randomwalker-info-585 481 64 : : : randomwalker-info-585 481 65 We -PRON- PRP randomwalker-info-585 481 66 see see VBP randomwalker-info-585 481 67 simulation simulation NN randomwalker-info-585 481 68 matching match VBG randomwalker-info-585 481 69 the the DT randomwalker-info-585 481 70 theory theory NN randomwalker-info-585 481 71 for for IN randomwalker-info-585 481 72 selfish selfish JJ randomwalker-info-585 481 73 mining mining NN randomwalker-info-585 481 74 in in IN randomwalker-info-585 481 75 a a DT randomwalker-info-585 481 76 transaction transaction NN randomwalker-info-585 481 77 based base VBN randomwalker-info-585 481 78 model model NN randomwalker-info-585 481 79 for for IN randomwalker-info-585 481 80 γ γ NNP randomwalker-info-585 481 81 = = SYM randomwalker-info-585 481 82 0 0 CD randomwalker-info-585 481 83 , , , randomwalker-info-585 481 84 0.5 0.5 CD randomwalker-info-585 481 85 , , , randomwalker-info-585 481 86 and and CC randomwalker-info-585 481 87 1 1 CD randomwalker-info-585 481 88 . . . randomwalker-info-585 482 1 We -PRON- PRP randomwalker-info-585 482 2 make make VBP randomwalker-info-585 482 3 the the DT randomwalker-info-585 482 4 following follow VBG randomwalker-info-585 482 5 observations observation NNS randomwalker-info-585 482 6 : : : randomwalker-info-585 482 7 • • NNP randomwalker-info-585 482 8 Simulation simulation NN randomwalker-info-585 482 9 confirms confirm VBZ randomwalker-info-585 482 10 the the DT randomwalker-info-585 482 11 above above IN randomwalker-info-585 482 12 analytical analytical JJ randomwalker-info-585 482 13 formula formula NN randomwalker-info-585 482 14 for for IN randomwalker-info-585 482 15 Reward(α reward(α NN randomwalker-info-585 482 16 , , , randomwalker-info-585 482 17 γ γ NNP randomwalker-info-585 482 18 ) ) -RRB- randomwalker-info-585 482 19 ( ( -LRB- randomwalker-info-585 482 20 Figure figure NN randomwalker-info-585 482 21 7 7 CD randomwalker-info-585 482 22 ) ) -RRB- randomwalker-info-585 482 23 • • NN randomwalker-info-585 482 24 This this DT randomwalker-info-585 482 25 function function NN randomwalker-info-585 482 26 is be VBZ randomwalker-info-585 482 27 extremely extremely RB randomwalker-info-585 482 28 close close JJ randomwalker-info-585 482 29 to to IN randomwalker-info-585 482 30 the the DT randomwalker-info-585 482 31 reward reward NN randomwalker-info-585 482 32 function function NN randomwalker-info-585 482 33 with with IN randomwalker-info-585 482 34 block block NN randomwalker-info-585 482 35 rewards reward NNS randomwalker-info-585 482 36 ( ( -LRB- randomwalker-info-585 482 37 α(1−α)2(4α+γ(1−2α))−α3 α(1−α)2(4α+γ(1−2α))−α3 NNP randomwalker-info-585 482 38 1−α(1+(2−α)α 1−α(1+(2−α)α CD randomwalker-info-585 482 39 ) ) -RRB- randomwalker-info-585 482 40 ) ) -RRB- randomwalker-info-585 482 41 from from IN randomwalker-info-585 482 42 [ [ -LRB- randomwalker-info-585 482 43 9 9 CD randomwalker-info-585 482 44 ] ] -RRB- randomwalker-info-585 482 45 . . . randomwalker-info-585 483 1 We -PRON- PRP randomwalker-info-585 483 2 find find VBP randomwalker-info-585 483 3 , , , randomwalker-info-585 483 4 numerically numerically RB randomwalker-info-585 483 5 , , , randomwalker-info-585 483 6 that that IN randomwalker-info-585 483 7 the the DT randomwalker-info-585 483 8 absolute absolute JJ randomwalker-info-585 483 9 difference difference NN randomwalker-info-585 483 10 never never RB randomwalker-info-585 483 11 exceeds exceed VBZ randomwalker-info-585 483 12 0.026 0.026 CD randomwalker-info-585 483 13 in in IN randomwalker-info-585 483 14 the the DT randomwalker-info-585 483 15 region region NN randomwalker-info-585 483 16 of of IN randomwalker-info-585 483 17 interest interest NN randomwalker-info-585 483 18 . . . randomwalker-info-585 484 1 • • VB randomwalker-info-585 484 2 For for IN randomwalker-info-585 484 3 0 0 CD randomwalker-info-585 484 4 ≤ ≤ NN randomwalker-info-585 484 5 γ γ NN randomwalker-info-585 484 6 < < XX randomwalker-info-585 484 7 0.55 0.55 CD randomwalker-info-585 484 8 ( ( -LRB- randomwalker-info-585 484 9 in in IN randomwalker-info-585 484 10 particular particular JJ randomwalker-info-585 484 11 , , , randomwalker-info-585 484 12 for for IN randomwalker-info-585 484 13 γ γ NNP randomwalker-info-585 484 14 = = SYM randomwalker-info-585 484 15 0 0 CD randomwalker-info-585 484 16 ) ) -RRB- randomwalker-info-585 484 17 , , , randomwalker-info-585 484 18 for for IN randomwalker-info-585 484 19 all all DT randomwalker-info-585 484 20 α α XX randomwalker-info-585 484 21 ∈ ∈ NNP randomwalker-info-585 484 22 ( ( -LRB- randomwalker-info-585 484 23 0 0 NFP randomwalker-info-585 484 24 , , , randomwalker-info-585 484 25 0.5 0.5 CD randomwalker-info-585 484 26 ) ) -RRB- randomwalker-info-585 484 27 , , , randomwalker-info-585 484 28 the the DT randomwalker-info-585 484 29 reward reward NN randomwalker-info-585 484 30 is be VBZ randomwalker-info-585 484 31 strictly strictly RB randomwalker-info-585 484 32 greater great JJR randomwalker-info-585 484 33 in in IN randomwalker-info-585 484 34 the the DT randomwalker-info-585 484 35 transaction transaction NN randomwalker-info-585 484 36 fee fee NN randomwalker-info-585 484 37 model model NN randomwalker-info-585 484 38 than than IN randomwalker-info-585 484 39 in in IN randomwalker-info-585 484 40 the the DT randomwalker-info-585 484 41 block block NN randomwalker-info-585 484 42 reward reward NNP randomwalker-info-585 484 43 model model NN randomwalker-info-585 484 44 . . . randomwalker-info-585 485 1 We -PRON- PRP randomwalker-info-585 485 2 provide provide VBP randomwalker-info-585 485 3 some some DT randomwalker-info-585 485 4 intuition intuition NN randomwalker-info-585 485 5 for for IN randomwalker-info-585 485 6 this this DT randomwalker-info-585 485 7 last last JJ randomwalker-info-585 485 8 point point NN randomwalker-info-585 485 9 . . . randomwalker-info-585 486 1 First first RB randomwalker-info-585 486 2 , , , randomwalker-info-585 486 3 it -PRON- PRP randomwalker-info-585 486 4 is be VBZ randomwalker-info-585 486 5 clear clear JJ randomwalker-info-585 486 6 that that IN randomwalker-info-585 486 7 the the DT randomwalker-info-585 486 8 fraction fraction NN randomwalker-info-585 486 9 of of IN randomwalker-info-585 486 10 blocks block NNS randomwalker-info-585 486 11 mined mine VBN randomwalker-info-585 486 12 by by IN randomwalker-info-585 486 13 the the DT randomwalker-info-585 486 14 selfish selfish NNP randomwalker-info-585 486 15 vs. vs. CC randomwalker-info-585 486 16 default default NN randomwalker-info-585 486 17 miners miner NNS randomwalker-info-585 486 18 is be VBZ randomwalker-info-585 486 19 independent independent JJ randomwalker-info-585 486 20 of of IN randomwalker-info-585 486 21 the the DT randomwalker-info-585 486 22 reward reward NN randomwalker-info-585 486 23 model model NN randomwalker-info-585 486 24 . . . randomwalker-info-585 487 1 So so RB randomwalker-info-585 487 2 the the DT randomwalker-info-585 487 3 gap gap NN randomwalker-info-585 487 4 must must MD randomwalker-info-585 487 5 come come VB randomwalker-info-585 487 6 from from IN randomwalker-info-585 487 7 the the DT randomwalker-info-585 487 8 size size NN randomwalker-info-585 487 9 of of IN randomwalker-info-585 487 10 blocks block NNS randomwalker-info-585 487 11 found find VBN randomwalker-info-585 487 12 by by IN randomwalker-info-585 487 13 the the DT randomwalker-info-585 487 14 respec- respec- NN randomwalker-info-585 487 15 tive tive JJ randomwalker-info-585 487 16 miners miner NNS randomwalker-info-585 487 17 . . . randomwalker-info-585 488 1 Let let VB randomwalker-info-585 488 2 ’s -PRON- PRP randomwalker-info-585 488 3 assume assume VB randomwalker-info-585 488 4 just just RB randomwalker-info-585 488 5 for for IN randomwalker-info-585 488 6 the the DT randomwalker-info-585 488 7 sake sake NN randomwalker-info-585 488 8 of of IN randomwalker-info-585 488 9 example example NN randomwalker-info-585 488 10 that that IN randomwalker-info-585 488 11 we -PRON- PRP randomwalker-info-585 488 12 are be VBP randomwalker-info-585 488 13 in in IN randomwalker-info-585 488 14 state state NN randomwalker-info-585 488 15 100 100 CD randomwalker-info-585 488 16 and and CC randomwalker-info-585 488 17 the the DT randomwalker-info-585 488 18 selfish selfish JJ randomwalker-info-585 488 19 miner miner NN randomwalker-info-585 488 20 has have VBZ randomwalker-info-585 488 21 an an DT randomwalker-info-585 488 22 α α NN randomwalker-info-585 488 23 = = SYM randomwalker-info-585 488 24 1/10 1/10 CD randomwalker-info-585 488 25 fraction fraction NN randomwalker-info-585 488 26 of of IN randomwalker-info-585 488 27 the the DT randomwalker-info-585 488 28 mining mining NN randomwalker-info-585 488 29 power power NN randomwalker-info-585 488 30 . . . randomwalker-info-585 489 1 Almost almost RB randomwalker-info-585 489 2 certainly certainly RB randomwalker-info-585 489 3 , , , randomwalker-info-585 489 4 the the DT randomwalker-info-585 489 5 next next JJ randomwalker-info-585 489 6 un un NNP randomwalker-info-585 489 7 - - HYPH randomwalker-info-585 489 8 orphaned orphan VBN randomwalker-info-585 489 9 block block NN randomwalker-info-585 489 10 will will MD randomwalker-info-585 489 11 be be VB randomwalker-info-585 489 12 found find VBN randomwalker-info-585 489 13 by by IN randomwalker-info-585 489 14 the the DT randomwalker-info-585 489 15 selfish selfish JJ randomwalker-info-585 489 16 miner miner NN randomwalker-info-585 489 17 . . . randomwalker-info-585 490 1 How how WRB randomwalker-info-585 490 2 long long RB randomwalker-info-585 490 3 will will MD randomwalker-info-585 490 4 it -PRON- PRP randomwalker-info-585 490 5 take take VB randomwalker-info-585 490 6 for for IN randomwalker-info-585 490 7 this this DT randomwalker-info-585 490 8 block block NN randomwalker-info-585 490 9 to to TO randomwalker-info-585 490 10 be be VB randomwalker-info-585 490 11 found find VBN randomwalker-info-585 490 12 ? ? . randomwalker-info-585 491 1 The the DT randomwalker-info-585 491 2 answer answer NN randomwalker-info-585 491 3 is be VBZ randomwalker-info-585 491 4 approximately approximately RB randomwalker-info-585 491 5 10 10 CD randomwalker-info-585 491 6 time time NN randomwalker-info-585 491 7 steps step NNS randomwalker-info-585 491 8 . . . randomwalker-info-585 492 1 This this DT randomwalker-info-585 492 2 is be VBZ randomwalker-info-585 492 3 because because IN randomwalker-info-585 492 4 while while IN randomwalker-info-585 492 5 the the DT randomwalker-info-585 492 6 en- en- NNP randomwalker-info-585 492 7 tire tire NN randomwalker-info-585 492 8 network network NN randomwalker-info-585 492 9 finds find VBZ randomwalker-info-585 492 10 a a DT randomwalker-info-585 492 11 block block NN randomwalker-info-585 492 12 roughly roughly RB randomwalker-info-585 492 13 every every DT randomwalker-info-585 492 14 time time NN randomwalker-info-585 492 15 step step NN randomwalker-info-585 492 16 , , , randomwalker-info-585 492 17 because because IN randomwalker-info-585 492 18 the the DT randomwalker-info-585 492 19 selfish selfish JJ randomwalker-info-585 492 20 miner miner NN randomwalker-info-585 492 21 is be VBZ randomwalker-info-585 492 22 the the DT randomwalker-info-585 492 23 only only JJ randomwalker-info-585 492 24 miner miner NN randomwalker-info-585 492 25 extending extend VBG randomwalker-info-585 492 26 his -PRON- PRP$ randomwalker-info-585 492 27 chain chain NN randomwalker-info-585 492 28 ( ( -LRB- randomwalker-info-585 492 29 and and CC randomwalker-info-585 492 30 he -PRON- PRP randomwalker-info-585 492 31 mines mine VBZ randomwalker-info-585 492 32 at at IN randomwalker-info-585 492 33 1/10 1/10 CD randomwalker-info-585 492 34 the the DT randomwalker-info-585 492 35 speed speed NN randomwalker-info-585 492 36 of of IN randomwalker-info-585 492 37 the the DT randomwalker-info-585 492 38 full full JJ randomwalker-info-585 492 39 network network NN randomwalker-info-585 492 40 ) ) -RRB- randomwalker-info-585 492 41 it -PRON- PRP randomwalker-info-585 492 42 will will MD randomwalker-info-585 492 43 take take VB randomwalker-info-585 492 44 ten ten CD randomwalker-info-585 492 45 times time NNS randomwalker-info-585 492 46 as as RB randomwalker-info-585 492 47 long long RB randomwalker-info-585 492 48 . . . randomwalker-info-585 493 1 What what WP randomwalker-info-585 493 2 this this DT randomwalker-info-585 493 3 means mean VBZ randomwalker-info-585 493 4 is be VBZ randomwalker-info-585 493 5 that that IN randomwalker-info-585 493 6 blocks block NNS randomwalker-info-585 493 7 found find VBN randomwalker-info-585 493 8 by by IN randomwalker-info-585 493 9 the the DT randomwalker-info-585 493 10 selfish selfish JJ randomwalker-info-585 493 11 miner miner NN randomwalker-info-585 493 12 while while IN randomwalker-info-585 493 13 the the DT randomwalker-info-585 493 14 selfish selfish JJ randomwalker-info-585 493 15 miner miner NN randomwalker-info-585 493 16 has have VBZ randomwalker-info-585 493 17 a a DT randomwalker-info-585 493 18 huge huge JJ randomwalker-info-585 493 19 lead lead NN randomwalker-info-585 493 20 are be VBP randomwalker-info-585 493 21 disproportionately disproportionately RB randomwalker-info-585 493 22 large large JJ randomwalker-info-585 493 23 compared compare VBN randomwalker-info-585 493 24 to to IN randomwalker-info-585 493 25 blocks block NNS randomwalker-info-585 493 26 found find VBN randomwalker-info-585 493 27 when when WRB randomwalker-info-585 493 28 the the DT randomwalker-info-585 493 29 selfish selfish JJ randomwalker-info-585 493 30 miner miner NN randomwalker-info-585 493 31 has have VBZ randomwalker-info-585 493 32 no no DT randomwalker-info-585 493 33 lead lead NN randomwalker-info-585 493 34 ( ( -LRB- randomwalker-info-585 493 35 or or CC randomwalker-info-585 493 36 a a DT randomwalker-info-585 493 37 tiny tiny JJ randomwalker-info-585 493 38 lead lead NN randomwalker-info-585 493 39 ) ) -RRB- randomwalker-info-585 493 40 . . . randomwalker-info-585 494 1 So so RB randomwalker-info-585 494 2 even even RB randomwalker-info-585 494 3 though though IN randomwalker-info-585 494 4 the the DT randomwalker-info-585 494 5 selfish selfish JJ randomwalker-info-585 494 6 miner miner NN randomwalker-info-585 494 7 wins win VBZ randomwalker-info-585 494 8 the the DT randomwalker-info-585 494 9 same same JJ randomwalker-info-585 494 10 fraction fraction NN randomwalker-info-585 494 11 of of IN randomwalker-info-585 494 12 blocks block NNS randomwalker-info-585 494 13 , , , randomwalker-info-585 494 14 some some DT randomwalker-info-585 494 15 of of IN randomwalker-info-585 494 16 these these DT randomwalker-info-585 494 17 blocks block NNS randomwalker-info-585 494 18 are be VBP randomwalker-info-585 494 19 much much RB randomwalker-info-585 494 20 larger large JJR randomwalker-info-585 494 21 than than IN randomwalker-info-585 494 22 those those DT randomwalker-info-585 494 23 won win VBN randomwalker-info-585 494 24 by by IN randomwalker-info-585 494 25 the the DT randomwalker-info-585 494 26 default default NN randomwalker-info-585 494 27 miners miner NNS randomwalker-info-585 494 28 . . . randomwalker-info-585 495 1 A a DT randomwalker-info-585 495 2 brief brief JJ randomwalker-info-585 495 3 discussion discussion NN randomwalker-info-585 495 4 . . . randomwalker-info-585 496 1 The the DT randomwalker-info-585 496 2 main main JJ randomwalker-info-585 496 3 point point NN randomwalker-info-585 496 4 of of IN randomwalker-info-585 496 5 this this DT randomwalker-info-585 496 6 section section NN randomwalker-info-585 496 7 is be VBZ randomwalker-info-585 496 8 to to TO randomwalker-info-585 496 9 highlight highlight VB randomwalker-info-585 496 10 one one CD randomwalker-info-585 496 11 example example NN randomwalker-info-585 496 12 of of IN randomwalker-info-585 496 13 surprising surprising JJ randomwalker-info-585 496 14 incentive incentive NN randomwalker-info-585 496 15 issues issue NNS randomwalker-info-585 496 16 that that WDT randomwalker-info-585 496 17 dif- dif- VBP randomwalker-info-585 496 18 fer fer VBP randomwalker-info-585 496 19 between between IN randomwalker-info-585 496 20 the the DT randomwalker-info-585 496 21 transaction transaction NN randomwalker-info-585 496 22 fees fee NNS randomwalker-info-585 496 23 model model NN randomwalker-info-585 496 24 and and CC randomwalker-info-585 496 25 the the DT randomwalker-info-585 496 26 block block NN randomwalker-info-585 496 27 - - HYPH randomwalker-info-585 496 28 reward reward NN randomwalker-info-585 496 29 model model NN randomwalker-info-585 496 30 , , , randomwalker-info-585 496 31 not not RB randomwalker-info-585 496 32 to to TO randomwalker-info-585 496 33 argue argue VB randomwalker-info-585 496 34 that that IN randomwalker-info-585 496 35 selfish selfish JJ randomwalker-info-585 496 36 mining mining NN randomwalker-info-585 496 37 becomes become VBZ randomwalker-info-585 496 38 significantly significantly RB randomwalker-info-585 496 39 better well JJR randomwalker-info-585 496 40 ( ( -LRB- randomwalker-info-585 496 41 the the DT randomwalker-info-585 496 42 improvement improvement NN randomwalker-info-585 496 43 is be VBZ randomwalker-info-585 496 44 minor minor JJ randomwalker-info-585 496 45 ) ) -RRB- randomwalker-info-585 496 46 . . . randomwalker-info-585 497 1 Still still RB randomwalker-info-585 497 2 , , , randomwalker-info-585 497 3 we -PRON- PRP randomwalker-info-585 497 4 wish wish VBP randomwalker-info-585 497 5 to to TO randomwalker-info-585 497 6 point point VB randomwalker-info-585 497 7 out out RP randomwalker-info-585 497 8 two two CD randomwalker-info-585 497 9 possibly possibly RB randomwalker-info-585 497 10 salient salient NN randomwalker-info-585 497 11 differences difference NNS randomwalker-info-585 497 12 between between IN randomwalker-info-585 497 13 selfish selfish JJ randomwalker-info-585 497 14 mining mining NN randomwalker-info-585 497 15 in in IN randomwalker-info-585 497 16 the the DT randomwalker-info-585 497 17 two two CD randomwalker-info-585 497 18 models model NNS randomwalker-info-585 497 19 . . . randomwalker-info-585 498 1 First first RB randomwalker-info-585 498 2 , , , randomwalker-info-585 498 3 in in IN randomwalker-info-585 498 4 the the DT randomwalker-info-585 498 5 block block NN randomwalker-info-585 498 6 - - HYPH randomwalker-info-585 498 7 reward reward NN randomwalker-info-585 498 8 model model NN randomwalker-info-585 498 9 , , , randomwalker-info-585 498 10 self- self- NNP randomwalker-info-585 498 11 ish ish NNP randomwalker-info-585 498 12 mining mining NN randomwalker-info-585 498 13 is be VBZ randomwalker-info-585 498 14 actually actually RB randomwalker-info-585 498 15 not not RB randomwalker-info-585 498 16 ever ever RB randomwalker-info-585 498 17 immediately immediately RB randomwalker-info-585 498 18 profitable profitable JJ randomwalker-info-585 498 19 — — : randomwalker-info-585 498 20 it -PRON- PRP randomwalker-info-585 498 21 only only RB randomwalker-info-585 498 22 becomes become VBZ randomwalker-info-585 498 23 profitable profitable JJ randomwalker-info-585 498 24 once once IN randomwalker-info-585 498 25 the the DT randomwalker-info-585 498 26 difficulty difficulty NN randomwalker-info-585 498 27 readjusts readjust VBZ randomwalker-info-585 498 28 to to TO randomwalker-info-585 498 29 ac- ac- RB randomwalker-info-585 498 30 count count VB randomwalker-info-585 498 31 for for IN randomwalker-info-585 498 32 the the DT randomwalker-info-585 498 33 fact fact NN randomwalker-info-585 498 34 that that IN randomwalker-info-585 498 35 the the DT randomwalker-info-585 498 36 effective effective JJ randomwalker-info-585 498 37 mining mining NN randomwalker-info-585 498 38 power power NN randomwalker-info-585 498 39 in in IN randomwalker-info-585 498 40 the the DT randomwalker-info-585 498 41 network network NN randomwalker-info-585 498 42 is be VBZ randomwalker-info-585 498 43 lower low JJR randomwalker-info-585 498 44 . . . randomwalker-info-585 499 1 This this DT randomwalker-info-585 499 2 is be VBZ randomwalker-info-585 499 3 because because IN randomwalker-info-585 499 4 before before IN randomwalker-info-585 499 5 the the DT randomwalker-info-585 499 6 difficulty difficulty NN randomwalker-info-585 499 7 ad- ad- CC randomwalker-info-585 499 8 justs just NNS randomwalker-info-585 499 9 , , , randomwalker-info-585 499 10 the the DT randomwalker-info-585 499 11 selfish selfish JJ randomwalker-info-585 499 12 miner miner NN randomwalker-info-585 499 13 is be VBZ randomwalker-info-585 499 14 literally literally RB randomwalker-info-585 499 15 just just RB randomwalker-info-585 499 16 throwing throw VBG randomwalker-info-585 499 17 blocks block NNS randomwalker-info-585 499 18 away away RB randomwalker-info-585 499 19 , , , randomwalker-info-585 499 20 but but CC randomwalker-info-585 499 21 tricking trick VBG randomwalker-info-585 499 22 the the DT randomwalker-info-585 499 23 rest rest NN randomwalker-info-585 499 24 of of IN randomwalker-info-585 499 25 the the DT randomwalker-info-585 499 26 network network NN randomwalker-info-585 499 27 into into IN randomwalker-info-585 499 28 throwing throw VBG randomwalker-info-585 499 29 blocks block NNS randomwalker-info-585 499 30 away away RB randomwalker-info-585 499 31 at at IN randomwalker-info-585 499 32 a a DT randomwalker-info-585 499 33 higher high JJR randomwalker-info-585 499 34 rate rate NN randomwalker-info-585 499 35 . . . randomwalker-info-585 500 1 In in IN randomwalker-info-585 500 2 the the DT randomwalker-info-585 500 3 transaction transaction NN randomwalker-info-585 500 4 fees fee NNS randomwalker-info-585 500 5 model model NN randomwalker-info-585 500 6 , , , randomwalker-info-585 500 7 selfish selfish JJ randomwalker-info-585 500 8 mining mining NN randomwalker-info-585 500 9 is be VBZ randomwalker-info-585 500 10 immediately immediately RB randomwalker-info-585 500 11 profitable profitable JJ randomwalker-info-585 500 12 — — : randomwalker-info-585 500 13 every every DT randomwalker-info-585 500 14 transaction transaction NN randomwalker-info-585 500 15 that that WDT randomwalker-info-585 500 16 arrives arrive VBZ randomwalker-info-585 500 17 goes go VBZ randomwalker-info-585 500 18 somewhere somewhere RB randomwalker-info-585 500 19 , , , randomwalker-info-585 500 20 so so RB randomwalker-info-585 500 21 neither neither CC randomwalker-info-585 500 22 the the DT randomwalker-info-585 500 23 selfish selfish JJ randomwalker-info-585 500 24 miner miner NN randomwalker-info-585 500 25 nor nor CC randomwalker-info-585 500 26 the the DT randomwalker-info-585 500 27 default default NN randomwalker-info-585 500 28 miners miner NNS randomwalker-info-585 500 29 are be VBP randomwalker-info-585 500 30 throwing throw VBG randomwalker-info-585 500 31 rewards reward NNS randomwalker-info-585 500 32 away away RB randomwalker-info-585 500 33 . . . randomwalker-info-585 501 1 Note note VB randomwalker-info-585 501 2 also also RB randomwalker-info-585 501 3 that that IN randomwalker-info-585 501 4 our -PRON- PRP$ randomwalker-info-585 501 5 analysis analysis NN randomwalker-info-585 501 6 in in IN randomwalker-info-585 501 7 no no DT randomwalker-info-585 501 8 way way NN randomwalker-info-585 501 9 requires require VBZ randomwalker-info-585 501 10 the the DT randomwalker-info-585 501 11 difficulty difficulty NN randomwalker-info-585 501 12 to to TO randomwalker-info-585 501 13 adjust adjust VB randomwalker-info-585 501 14 before before IN randomwalker-info-585 501 15 it -PRON- PRP randomwalker-info-585 501 16 becomes become VBZ randomwalker-info-585 501 17 accurate accurate JJ randomwalker-info-585 501 18 — — : randomwalker-info-585 501 19 our -PRON- PRP$ randomwalker-info-585 501 20 analysis analysis NN randomwalker-info-585 501 21 would would MD randomwalker-info-585 501 22 hold hold VB randomwalker-info-585 501 23 no no RB randomwalker-info-585 501 24 matter matter RB randomwalker-info-585 501 25 how how WRB randomwalker-info-585 501 26 the the DT randomwalker-info-585 501 27 difficulty difficulty NN randomwalker-info-585 501 28 of of IN randomwalker-info-585 501 29 hash hash NN randomwalker-info-585 501 30 puzzles puzzle NNS randomwalker-info-585 501 31 adjusted adjust VBD randomwalker-info-585 501 32 or or CC randomwalker-info-585 501 33 did do VBD randomwalker-info-585 501 34 n’t not RB randomwalker-info-585 501 35 adjust adjust VB randomwalker-info-585 501 36 over over IN randomwalker-info-585 501 37 time time NN randomwalker-info-585 501 38 . . . randomwalker-info-585 502 1 Moreover moreover RB randomwalker-info-585 502 2 , , , randomwalker-info-585 502 3 if if IN randomwalker-info-585 502 4 some some DT randomwalker-info-585 502 5 of of IN randomwalker-info-585 502 6 the the DT randomwalker-info-585 502 7 rest rest NN randomwalker-info-585 502 8 of of IN randomwalker-info-585 502 9 the the DT randomwalker-info-585 502 10 network network NN randomwalker-info-585 502 11 has have VBZ randomwalker-info-585 502 12 switched switch VBN randomwalker-info-585 502 13 to to IN randomwalker-info-585 502 14 the the DT randomwalker-info-585 502 15 PettyCompliant PettyCompliant NNP randomwalker-info-585 502 16 strategy strategy NN randomwalker-info-585 502 17 , , , randomwalker-info-585 502 18 then then RB randomwalker-info-585 502 19 the the DT randomwalker-info-585 502 20 selfish selfish JJ randomwalker-info-585 502 21 miner miner NN randomwalker-info-585 502 22 ’s ’s POS randomwalker-info-585 502 23 block block NN randomwalker-info-585 502 24 is be VBZ randomwalker-info-585 502 25 actually actually RB randomwalker-info-585 502 26 more more RBR randomwalker-info-585 502 27 likely likely JJ randomwalker-info-585 502 28 to to TO randomwalker-info-585 502 29 win win VB randomwalker-info-585 502 30 when when WRB randomwalker-info-585 502 31 a a DT randomwalker-info-585 502 32 race race NN randomwalker-info-585 502 33 is be VBZ randomwalker-info-585 502 34 triggered trigger VBN randomwalker-info-585 502 35 ( ( -LRB- randomwalker-info-585 502 36 because because IN randomwalker-info-585 502 37 it -PRON- PRP randomwalker-info-585 502 38 was be VBD randomwalker-info-585 502 39 mined mine VBN randomwalker-info-585 502 40 earlier early RBR randomwalker-info-585 502 41 and and CC randomwalker-info-585 502 42 therefore therefore RB randomwalker-info-585 502 43 contains contain VBZ randomwalker-info-585 502 44 fewer few JJR randomwalker-info-585 502 45 transactions transaction NNS randomwalker-info-585 502 46 ) ) -RRB- randomwalker-info-585 502 47 . . . randomwalker-info-585 503 1 So so RB randomwalker-info-585 503 2 the the DT randomwalker-info-585 503 3 existence existence NN randomwalker-info-585 503 4 of of IN randomwalker-info-585 503 5 Petty- Petty- NNP randomwalker-info-585 503 6 Compliant compliant JJ randomwalker-info-585 503 7 miners miner NNS randomwalker-info-585 503 8 in in IN randomwalker-info-585 503 9 the the DT randomwalker-info-585 503 10 transaction transaction NN randomwalker-info-585 503 11 fees fee NNS randomwalker-info-585 503 12 regime regime NN randomwalker-info-585 503 13 indirectly indirectly RB randomwalker-info-585 503 14 improves improve VBZ randomwalker-info-585 503 15 Selfish Selfish NNP randomwalker-info-585 503 16 - - HYPH randomwalker-info-585 503 17 Mine Mine NNP randomwalker-info-585 503 18 ’s ’s POS randomwalker-info-585 503 19 performance performance NN randomwalker-info-585 503 20 by by IN randomwalker-info-585 503 21 increasing increase VBG randomwalker-info-585 503 22 γ γ NNP randomwalker-info-585 503 23 . . . randomwalker-info-585 504 1 6.2 6.2 CD randomwalker-info-585 504 2 An an DT randomwalker-info-585 504 3 Improved Improved NNP randomwalker-info-585 504 4 Selfish Selfish NNP randomwalker-info-585 504 5 - - HYPH randomwalker-info-585 504 6 Mine Mine NNP randomwalker-info-585 504 7 Analytical Analytical NNP randomwalker-info-585 504 8 and and CC randomwalker-info-585 504 9 simulation simulation NN randomwalker-info-585 504 10 result result NN randomwalker-info-585 504 11 : : : randomwalker-info-585 504 12 in in IN randomwalker-info-585 504 13 the the DT randomwalker-info-585 504 14 transac- transac- NNP randomwalker-info-585 504 15 tion tion NN randomwalker-info-585 504 16 fee fee NN randomwalker-info-585 504 17 model model NN randomwalker-info-585 504 18 , , , randomwalker-info-585 504 19 selfish selfish JJ randomwalker-info-585 504 20 miners miner NNS randomwalker-info-585 504 21 can can MD randomwalker-info-585 504 22 make make VB randomwalker-info-585 504 23 the the DT randomwalker-info-585 504 24 de- de- NN randomwalker-info-585 504 25 cision cision NN randomwalker-info-585 504 26 whether whether IN randomwalker-info-585 504 27 to to TO randomwalker-info-585 504 28 hide hide VB randomwalker-info-585 504 29 their -PRON- PRP$ randomwalker-info-585 504 30 first first JJ randomwalker-info-585 504 31 block block NN randomwalker-info-585 504 32 based base VBN randomwalker-info-585 504 33 on on IN randomwalker-info-585 504 34 the the DT randomwalker-info-585 504 35 value value NN randomwalker-info-585 504 36 of of IN randomwalker-info-585 504 37 the the DT randomwalker-info-585 504 38 block block NN randomwalker-info-585 504 39 . . . randomwalker-info-585 505 1 This this DT randomwalker-info-585 505 2 improved improve VBD randomwalker-info-585 505 3 selfish selfish JJ randomwalker-info-585 505 4 min- min- NN randomwalker-info-585 505 5 ing ing NN randomwalker-info-585 505 6 strictly strictly RB randomwalker-info-585 505 7 and and CC randomwalker-info-585 505 8 always always RB randomwalker-info-585 505 9 outperforms outperform VBZ randomwalker-info-585 505 10 both both CC randomwalker-info-585 505 11 default default NN randomwalker-info-585 505 12 mining mining NN randomwalker-info-585 505 13 and and CC randomwalker-info-585 505 14 traditional traditional JJ randomwalker-info-585 505 15 selfish selfish JJ randomwalker-info-585 505 16 mining mining NN randomwalker-info-585 505 17 . . . randomwalker-info-585 506 1 In in IN randomwalker-info-585 506 2 this this DT randomwalker-info-585 506 3 section section NN randomwalker-info-585 506 4 we -PRON- PRP randomwalker-info-585 506 5 develop develop VBP randomwalker-info-585 506 6 an an DT randomwalker-info-585 506 7 improved improved JJ randomwalker-info-585 506 8 selfish selfish JJ randomwalker-info-585 506 9 mining mining NN randomwalker-info-585 506 10 strategy strategy NN randomwalker-info-585 506 11 . . . randomwalker-info-585 507 1 Essentially essentially RB randomwalker-info-585 507 2 , , , randomwalker-info-585 507 3 we -PRON- PRP randomwalker-info-585 507 4 observe observe VBP randomwalker-info-585 507 5 that that IN randomwalker-info-585 507 6 in in IN randomwalker-info-585 507 7 the the DT randomwalker-info-585 507 8 transaction transaction NN randomwalker-info-585 507 9 fees fee NNS randomwalker-info-585 507 10 model model NN randomwalker-info-585 507 11 , , , randomwalker-info-585 507 12 a a DT randomwalker-info-585 507 13 selfish selfish JJ randomwalker-info-585 507 14 miner miner NN randomwalker-info-585 507 15 has have VBZ randomwalker-info-585 507 16 additional additional JJ randomwalker-info-585 507 17 information information NN randomwalker-info-585 507 18 when when WRB randomwalker-info-585 507 19 de- de- RB randomwalker-info-585 507 20 ciding cide VBG randomwalker-info-585 507 21 whether whether IN randomwalker-info-585 507 22 to to TO randomwalker-info-585 507 23 hide hide VB randomwalker-info-585 507 24 or or CC randomwalker-info-585 507 25 publish publish VB randomwalker-info-585 507 26 their -PRON- PRP$ randomwalker-info-585 507 27 private private JJ randomwalker-info-585 507 28 chain chain NN randomwalker-info-585 507 29 ( ( -LRB- randomwalker-info-585 507 30 namely namely RB randomwalker-info-585 507 31 , , , randomwalker-info-585 507 32 how how WRB randomwalker-info-585 507 33 many many JJ randomwalker-info-585 507 34 transactions transaction NNS randomwalker-info-585 507 35 are be VBP randomwalker-info-585 507 36 included include VBN randomwalker-info-585 507 37 ) ) -RRB- randomwalker-info-585 507 38 . . . randomwalker-info-585 508 1 We -PRON- PRP randomwalker-info-585 508 2 show show VBP randomwalker-info-585 508 3 that that IN randomwalker-info-585 508 4 , , , randomwalker-info-585 508 5 for for IN randomwalker-info-585 508 6 all all DT randomwalker-info-585 508 7 α α XX randomwalker-info-585 508 8 , , , randomwalker-info-585 508 9 γ γ NNP randomwalker-info-585 508 10 < < XX randomwalker-info-585 508 11 1 1 CD randomwalker-info-585 508 12 , , , randomwalker-info-585 508 13 our -PRON- PRP$ randomwalker-info-585 508 14 strategy strategy NN randomwalker-info-585 508 15 strictly strictly RB randomwalker-info-585 508 16 outperforms outperform VBZ randomwalker-info-585 508 17 both both CC randomwalker-info-585 508 18 default default NN randomwalker-info-585 508 19 mining mining NN randomwalker-info-585 508 20 and and CC randomwalker-info-585 508 21 “ " `` randomwalker-info-585 508 22 vanilla vanilla NN randomwalker-info-585 508 23 ” " '' randomwalker-info-585 508 24 selfish selfish JJ randomwalker-info-585 508 25 mining mining NN randomwalker-info-585 508 26 in in IN randomwalker-info-585 508 27 the the DT randomwalker-info-585 508 28 transaction transaction NN randomwalker-info-585 508 29 fees fee NNS randomwalker-info-585 508 30 model model NN randomwalker-info-585 508 31 . . . randomwalker-info-585 509 1 Our -PRON- PRP$ randomwalker-info-585 509 2 strategy strategy NN randomwalker-info-585 509 3 will will MD randomwalker-info-585 509 4 decide decide VB randomwalker-info-585 509 5 to to TO randomwalker-info-585 509 6 hide hide VB randomwalker-info-585 509 7 only only RB randomwalker-info-585 509 8 “ " `` randomwalker-info-585 509 9 small small JJ randomwalker-info-585 509 10 ” " '' randomwalker-info-585 509 11 blocks block NNS randomwalker-info-585 509 12 , , , randomwalker-info-585 509 13 with with IN randomwalker-info-585 509 14 at at IN randomwalker-info-585 509 15 most most JJS randomwalker-info-585 509 16 β β NN randomwalker-info-585 509 17 ( ( -LRB- randomwalker-info-585 509 18 some some DT randomwalker-info-585 509 19 cutoff cutoff NN randomwalker-info-585 509 20 parameter parameter NN randomwalker-info-585 509 21 chosen choose VBN randomwalker-info-585 509 22 by by IN randomwalker-info-585 509 23 the the DT randomwalker-info-585 509 24 strat- strat- JJ randomwalker-info-585 509 25 egy egy NN randomwalker-info-585 509 26 as as IN randomwalker-info-585 509 27 a a DT randomwalker-info-585 509 28 function function NN randomwalker-info-585 509 29 of of IN randomwalker-info-585 509 30 α α NN randomwalker-info-585 509 31 , , , randomwalker-info-585 509 32 γ γ NNP randomwalker-info-585 509 33 ) ) -RRB- randomwalker-info-585 509 34 transaction transaction NN randomwalker-info-585 509 35 fees fee NNS randomwalker-info-585 509 36 included include VBD randomwalker-info-585 509 37 , , , randomwalker-info-585 509 38 but but CC randomwalker-info-585 509 39 will will MD randomwalker-info-585 509 40 immediately immediately RB randomwalker-info-585 509 41 publish publish VB randomwalker-info-585 509 42 any any DT randomwalker-info-585 509 43 “ " `` randomwalker-info-585 509 44 large large JJ randomwalker-info-585 509 45 ” " '' randomwalker-info-585 509 46 blocks block NNS randomwalker-info-585 509 47 , , , randomwalker-info-585 509 48 with with IN randomwalker-info-585 509 49 more more JJR randomwalker-info-585 509 50 than than IN randomwalker-info-585 509 51 β β NNP randomwalker-info-585 509 52 transaction transaction NN randomwalker-info-585 509 53 fees fee NNS randomwalker-info-585 509 54 in in IN randomwalker-info-585 509 55 order order NN randomwalker-info-585 509 56 to to TO randomwalker-info-585 509 57 avoid avoid VB randomwalker-info-585 509 58 the the DT randomwalker-info-585 509 59 risk risk NN randomwalker-info-585 509 60 of of IN randomwalker-info-585 509 61 losing lose VBG randomwalker-info-585 509 62 them -PRON- PRP randomwalker-info-585 509 63 . . . randomwalker-info-585 510 1 Selfish Selfish NNP randomwalker-info-585 510 2 - - HYPH randomwalker-info-585 510 3 Mine(β mine(β NN randomwalker-info-585 510 4 ) ) -RRB- randomwalker-info-585 510 5 : : : randomwalker-info-585 510 6 An an DT randomwalker-info-585 510 7 improvement improvement NN randomwalker-info-585 510 8 to to IN randomwalker-info-585 510 9 the the DT randomwalker-info-585 510 10 selfish selfish JJ randomwalker-info-585 510 11 mining mining NN randomwalker-info-585 510 12 strategy strategy NN randomwalker-info-585 510 13 , , , randomwalker-info-585 510 14 where where WRB randomwalker-info-585 510 15 the the DT randomwalker-info-585 510 16 miner miner NN randomwalker-info-585 510 17 will will MD randomwalker-info-585 510 18 chose choose VBD randomwalker-info-585 510 19 to to IN randomwalker-info-585 510 20 mine -PRON- PRP randomwalker-info-585 510 21 as as IN randomwalker-info-585 510 22 a a DT randomwalker-info-585 510 23 selfish selfish JJ randomwalker-info-585 510 24 miner miner NN randomwalker-info-585 510 25 or or CC randomwalker-info-585 510 26 a a DT randomwalker-info-585 510 27 default default NN randomwalker-info-585 510 28 compliant compliant JJ randomwalker-info-585 510 29 miner miner NN randomwalker-info-585 510 30 based base VBN randomwalker-info-585 510 31 on on IN randomwalker-info-585 510 32 the the DT randomwalker-info-585 510 33 value value NN randomwalker-info-585 510 34 of of IN randomwalker-info-585 510 35 the the DT randomwalker-info-585 510 36 block block NN randomwalker-info-585 510 37 they -PRON- PRP randomwalker-info-585 510 38 risk risk VBP randomwalker-info-585 510 39 losing lose VBG randomwalker-info-585 510 40 . . . randomwalker-info-585 511 1 Which which WDT randomwalker-info-585 511 2 Block Block NNP randomwalker-info-585 511 3 : : : randomwalker-info-585 511 4 OldestmPrivatem OldestmPrivatem NNP randomwalker-info-585 511 5 . . . randomwalker-info-585 512 1 How how WRB randomwalker-info-585 512 2 much much JJ randomwalker-info-585 512 3 : : : randomwalker-info-585 512 4 include include VBP randomwalker-info-585 512 5 Rem(Mining(m Rem(Mining(m NNP randomwalker-info-585 512 6 ) ) -RRB- randomwalker-info-585 512 7 ) ) -RRB- randomwalker-info-585 512 8 . . . randomwalker-info-585 513 1 Publish(B Publish(B VBN randomwalker-info-585 513 2 ) ) -RRB- randomwalker-info-585 513 3 ? ? . randomwalker-info-585 514 1 if if IN randomwalker-info-585 514 2 Height(B Height(B NNP randomwalker-info-585 514 3 ) ) -RRB- randomwalker-info-585 514 4 = = NFP randomwalker-info-585 514 5 H h NN randomwalker-info-585 514 6 or or CC randomwalker-info-585 514 7 Tx(B tx(b NN randomwalker-info-585 514 8 ) ) -RRB- randomwalker-info-585 514 9 ≥ ≥ UH randomwalker-info-585 514 10 β β NN randomwalker-info-585 514 11 yes yes UH randomwalker-info-585 514 12 . . . randomwalker-info-585 515 1 elseif elseif NNP randomwalker-info-585 515 2 RacingmH RacingmH NNP randomwalker-info-585 515 3 , , , randomwalker-info-585 515 4 and and CC randomwalker-info-585 515 5 Private private JJ randomwalker-info-585 515 6 m m NN randomwalker-info-585 515 7 = = SYM randomwalker-info-585 515 8 H h NN randomwalker-info-585 515 9 + + CC randomwalker-info-585 515 10 1 1 CD randomwalker-info-585 515 11 yes yes UH randomwalker-info-585 515 12 . . . randomwalker-info-585 516 1 else else RB randomwalker-info-585 516 2 no no UH randomwalker-info-585 516 3 . . . randomwalker-info-585 517 1 Intuitively intuitively RB randomwalker-info-585 517 2 , , , randomwalker-info-585 517 3 imagine imagine VBP randomwalker-info-585 517 4 you -PRON- PRP randomwalker-info-585 517 5 are be VBP randomwalker-info-585 517 6 mining mine VBG randomwalker-info-585 517 7 and and CC randomwalker-info-585 517 8 find find VB randomwalker-info-585 517 9 yourself -PRON- PRP randomwalker-info-585 517 10 solv- solv- JJ randomwalker-info-585 517 11 ing e VBG randomwalker-info-585 517 12 a a DT randomwalker-info-585 517 13 new new JJ randomwalker-info-585 517 14 block block NN randomwalker-info-585 517 15 immediately immediately RB randomwalker-info-585 517 16 after after IN randomwalker-info-585 517 17 a a DT randomwalker-info-585 517 18 previous previous JJ randomwalker-info-585 517 19 block block NN randomwalker-info-585 517 20 was be VBD randomwalker-info-585 517 21 announced announce VBN randomwalker-info-585 517 22 and and CC randomwalker-info-585 517 23 before before IN randomwalker-info-585 517 24 any any DT randomwalker-info-585 517 25 new new JJ randomwalker-info-585 517 26 transactions transaction NNS randomwalker-info-585 517 27 have have VBP randomwalker-info-585 517 28 been be VBN randomwalker-info-585 517 29 an- an- RB randomwalker-info-585 517 30 nounced nounce VBN randomwalker-info-585 517 31 . . . randomwalker-info-585 518 1 This this DT randomwalker-info-585 518 2 block block NN randomwalker-info-585 518 3 is be VBZ randomwalker-info-585 518 4 literally literally RB randomwalker-info-585 518 5 worthless worthless JJ randomwalker-info-585 518 6 , , , randomwalker-info-585 518 7 so so RB randomwalker-info-585 518 8 instead instead RB randomwalker-info-585 518 9 of of IN randomwalker-info-585 518 10 pub- pub- JJ randomwalker-info-585 518 11 lishing lishing NN randomwalker-info-585 518 12 , , , randomwalker-info-585 518 13 why why WRB randomwalker-info-585 518 14 not not RB randomwalker-info-585 518 15 use use VB randomwalker-info-585 518 16 it -PRON- PRP randomwalker-info-585 518 17 to to TO randomwalker-info-585 518 18 try try VB randomwalker-info-585 518 19 and and CC randomwalker-info-585 518 20 selfish selfish VB randomwalker-info-585 518 21 mine mine NN randomwalker-info-585 518 22 ? ? . randomwalker-info-585 519 1 There there EX randomwalker-info-585 519 2 is be VBZ randomwalker-info-585 519 3 Figure figure NN randomwalker-info-585 519 4 8 8 CD randomwalker-info-585 519 5 : : : randomwalker-info-585 519 6 We -PRON- PRP randomwalker-info-585 519 7 show show VBP randomwalker-info-585 519 8 the the DT randomwalker-info-585 519 9 ideal ideal JJ randomwalker-info-585 519 10 cutoff cutoff NNP randomwalker-info-585 519 11 factor factor NNP randomwalker-info-585 519 12 , , , randomwalker-info-585 519 13 β β NNP randomwalker-info-585 519 14 , , , randomwalker-info-585 519 15 for for IN randomwalker-info-585 519 16 a a DT randomwalker-info-585 519 17 selfish selfish JJ randomwalker-info-585 519 18 miner miner NN randomwalker-info-585 519 19 with with IN randomwalker-info-585 519 20 mining mining NN randomwalker-info-585 519 21 power power NN randomwalker-info-585 519 22 α α NNP randomwalker-info-585 519 23 , , , randomwalker-info-585 519 24 and and CC randomwalker-info-585 519 25 γ γ NNP randomwalker-info-585 519 26 = = SYM randomwalker-info-585 519 27 0 0 NFP randomwalker-info-585 519 28 . . . randomwalker-info-585 519 29 no no DT randomwalker-info-585 519 30 cost cost NN randomwalker-info-585 519 31 , , , randomwalker-info-585 519 32 but but CC randomwalker-info-585 519 33 a a DT randomwalker-info-585 519 34 positive positive JJ randomwalker-info-585 519 35 probability probability NN randomwalker-info-585 519 36 that that WDT randomwalker-info-585 519 37 you -PRON- PRP randomwalker-info-585 519 38 build build VBP randomwalker-info-585 519 39 a a DT randomwalker-info-585 519 40 lead lead NN randomwalker-info-585 519 41 of of IN randomwalker-info-585 519 42 two two CD randomwalker-info-585 519 43 , , , randomwalker-info-585 519 44 no no RB randomwalker-info-585 519 45 matter matter RB randomwalker-info-585 519 46 your -PRON- PRP$ randomwalker-info-585 519 47 hash hash NN randomwalker-info-585 519 48 power power NN randomwalker-info-585 519 49 . . . randomwalker-info-585 520 1 Similarly similarly RB randomwalker-info-585 520 2 , , , randomwalker-info-585 520 3 imagine imagine VB randomwalker-info-585 520 4 instead instead RB randomwalker-info-585 520 5 that that IN randomwalker-info-585 520 6 just just RB randomwalker-info-585 520 7 by by IN randomwalker-info-585 520 8 chance chance NN randomwalker-info-585 520 9 an an DT randomwalker-info-585 520 10 hour hour NN randomwalker-info-585 520 11 goes go VBZ randomwalker-info-585 520 12 by by RB randomwalker-info-585 520 13 since since IN randomwalker-info-585 520 14 the the DT randomwalker-info-585 520 15 last last JJ randomwalker-info-585 520 16 block block NN randomwalker-info-585 520 17 was be VBD randomwalker-info-585 520 18 found find VBN randomwalker-info-585 520 19 and and CC randomwalker-info-585 520 20 you -PRON- PRP randomwalker-info-585 520 21 just just RB randomwalker-info-585 520 22 solved solve VBD randomwalker-info-585 520 23 a a DT randomwalker-info-585 520 24 new new JJ randomwalker-info-585 520 25 block block NN randomwalker-info-585 520 26 including include VBG randomwalker-info-585 520 27 all all DT randomwalker-info-585 520 28 trans- trans- JJ randomwalker-info-585 520 29 actions action NNS randomwalker-info-585 520 30 that that WDT randomwalker-info-585 520 31 arrived arrive VBD randomwalker-info-585 520 32 during during IN randomwalker-info-585 520 33 that that DT randomwalker-info-585 520 34 period period NN randomwalker-info-585 520 35 . . . randomwalker-info-585 521 1 This this DT randomwalker-info-585 521 2 block block NN randomwalker-info-585 521 3 is be VBZ randomwalker-info-585 521 4 worth worth JJ randomwalker-info-585 521 5 roughly roughly RB randomwalker-info-585 521 6 six six CD randomwalker-info-585 521 7 “ " `` randomwalker-info-585 521 8 normal normal JJ randomwalker-info-585 521 9 ” " '' randomwalker-info-585 521 10 blocks block NNS randomwalker-info-585 521 11 , , , randomwalker-info-585 521 12 so so RB randomwalker-info-585 521 13 why why WRB randomwalker-info-585 521 14 risk risk NN randomwalker-info-585 521 15 losing lose VBG randomwalker-info-585 521 16 it -PRON- PRP randomwalker-info-585 521 17 ? ? . randomwalker-info-585 522 1 Unless unless IN randomwalker-info-585 522 2 your -PRON- PRP$ randomwalker-info-585 522 3 hash hash NN randomwalker-info-585 522 4 power power NN randomwalker-info-585 522 5 is be VBZ randomwalker-info-585 522 6 very very RB randomwalker-info-585 522 7 close close JJ randomwalker-info-585 522 8 to to IN randomwalker-info-585 522 9 50 50 CD randomwalker-info-585 522 10 % % NN randomwalker-info-585 522 11 , , , randomwalker-info-585 522 12 the the DT randomwalker-info-585 522 13 expected expect VBN randomwalker-info-585 522 14 gains gain NNS randomwalker-info-585 522 15 from from IN randomwalker-info-585 522 16 selfish selfish JJ randomwalker-info-585 522 17 mining mining NN randomwalker-info-585 522 18 are be VBP randomwalker-info-585 522 19 dwarfed dwarf VBN randomwalker-info-585 522 20 by by IN randomwalker-info-585 522 21 the the DT randomwalker-info-585 522 22 possibility possibility NN randomwalker-info-585 522 23 of of IN randomwalker-info-585 522 24 losing lose VBG randomwalker-info-585 522 25 this this DT randomwalker-info-585 522 26 unusually unusually RB randomwalker-info-585 522 27 wealthy wealthy JJ randomwalker-info-585 522 28 block block NN randomwalker-info-585 522 29 . . . randomwalker-info-585 523 1 So so RB randomwalker-info-585 523 2 the the DT randomwalker-info-585 523 3 trick trick NN randomwalker-info-585 523 4 is be VBZ randomwalker-info-585 523 5 just just RB randomwalker-info-585 523 6 choosing choose VBG randomwalker-info-585 523 7 the the DT randomwalker-info-585 523 8 proper proper JJ randomwalker-info-585 523 9 cutoff cutoff NN randomwalker-info-585 523 10 β β NNP randomwalker-info-585 523 11 as as IN randomwalker-info-585 523 12 a a DT randomwalker-info-585 523 13 function function NN randomwalker-info-585 523 14 of of IN randomwalker-info-585 523 15 your -PRON- PRP$ randomwalker-info-585 523 16 hash hash NN randomwalker-info-585 523 17 power power NN randomwalker-info-585 523 18 α α NNP randomwalker-info-585 523 19 and and CC randomwalker-info-585 523 20 network network NNP randomwalker-info-585 523 21 connectivity connectivity NNP randomwalker-info-585 523 22 γ γ NNP randomwalker-info-585 523 23 . . . randomwalker-info-585 524 1 Note note VB randomwalker-info-585 524 2 that that IN randomwalker-info-585 524 3 Selfish Selfish NNP randomwalker-info-585 524 4 - - HYPH randomwalker-info-585 524 5 Mine(0 mine(0 NN randomwalker-info-585 524 6 ) ) -RRB- randomwalker-info-585 524 7 = = NFP randomwalker-info-585 524 8 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 524 9 , , , randomwalker-info-585 524 10 and and CC randomwalker-info-585 524 11 that that IN randomwalker-info-585 524 12 Selfish Selfish NNP randomwalker-info-585 524 13 - - HYPH randomwalker-info-585 524 14 Mine(∞ Mine(∞ NNP randomwalker-info-585 524 15 ) ) -RRB- randomwalker-info-585 524 16 = = NFP randomwalker-info-585 524 17 Selfish Selfish NNP randomwalker-info-585 524 18 - - HYPH randomwalker-info-585 524 19 Mine mine NN randomwalker-info-585 524 20 . . . randomwalker-info-585 525 1 So so RB randomwalker-info-585 525 2 clearly clearly RB randomwalker-info-585 525 3 , , , randomwalker-info-585 525 4 tak- tak- NNP randomwalker-info-585 525 5 ing e VBG randomwalker-info-585 525 6 the the DT randomwalker-info-585 525 7 optimal optimal JJ randomwalker-info-585 525 8 choice choice NN randomwalker-info-585 525 9 of of IN randomwalker-info-585 525 10 β β NNP randomwalker-info-585 525 11 will will MD randomwalker-info-585 525 12 result result VB randomwalker-info-585 525 13 in in IN randomwalker-info-585 525 14 a a DT randomwalker-info-585 525 15 strategy strategy NN randomwalker-info-585 525 16 that that WDT randomwalker-info-585 525 17 equals equal VBZ randomwalker-info-585 525 18 or or CC randomwalker-info-585 525 19 outperforms outperform VBZ randomwalker-info-585 525 20 both both DT randomwalker-info-585 525 21 . . . randomwalker-info-585 526 1 Using use VBG randomwalker-info-585 526 2 an an DT randomwalker-info-585 526 3 analysis analysis NN randomwalker-info-585 526 4 similar similar JJ randomwalker-info-585 526 5 to to IN randomwalker-info-585 526 6 that that DT randomwalker-info-585 526 7 of of IN randomwalker-info-585 526 8 Section section NN randomwalker-info-585 526 9 6.1 6.1 CD randomwalker-info-585 526 10 , , , randomwalker-info-585 526 11 we -PRON- PRP randomwalker-info-585 526 12 are be VBP randomwalker-info-585 526 13 able able JJ randomwalker-info-585 526 14 to to TO randomwalker-info-585 526 15 compute compute VB randomwalker-info-585 526 16 the the DT randomwalker-info-585 526 17 expected expected JJ randomwalker-info-585 526 18 reward reward NN randomwalker-info-585 526 19 achieved achieve VBN randomwalker-info-585 526 20 by by IN randomwalker-info-585 526 21 a a DT randomwalker-info-585 526 22 miner miner NN randomwalker-info-585 526 23 with with IN randomwalker-info-585 526 24 an an DT randomwalker-info-585 526 25 α α NNP randomwalker-info-585 526 26 fraction fraction NN randomwalker-info-585 526 27 of of IN randomwalker-info-585 526 28 the the DT randomwalker-info-585 526 29 min- min- JJ randomwalker-info-585 526 30 ing ing NNP randomwalker-info-585 526 31 power power NN randomwalker-info-585 526 32 , , , randomwalker-info-585 526 33 a a DT randomwalker-info-585 526 34 γ γ JJ randomwalker-info-585 526 35 success success JJ randomwalker-info-585 526 36 probability probability NN randomwalker-info-585 526 37 of of IN randomwalker-info-585 526 38 winning win VBG randomwalker-info-585 526 39 a a DT randomwalker-info-585 526 40 race race NN randomwalker-info-585 526 41 , , , randomwalker-info-585 526 42 and and CC randomwalker-info-585 526 43 using use VBG randomwalker-info-585 526 44 strategy strategy NN randomwalker-info-585 526 45 Selfish selfish JJ randomwalker-info-585 526 46 - - HYPH randomwalker-info-585 526 47 Mine(β mine(β NN randomwalker-info-585 526 48 ) ) -RRB- randomwalker-info-585 526 49 . . . randomwalker-info-585 527 1 A a DT randomwalker-info-585 527 2 derivation derivation NN randomwalker-info-585 527 3 is be VBZ randomwalker-info-585 527 4 included include VBN randomwalker-info-585 527 5 in in IN randomwalker-info-585 527 6 Appendix Appendix NNP randomwalker-info-585 527 7 E.2 E.2 NNP randomwalker-info-585 527 8 . . . randomwalker-info-585 528 1 Reward(α Reward(α NNP randomwalker-info-585 528 2 , , , randomwalker-info-585 528 3 γ γ NNP randomwalker-info-585 528 4 , , , randomwalker-info-585 528 5 β β NNP randomwalker-info-585 528 6 ) ) -RRB- randomwalker-info-585 528 7 =( =( NNP randomwalker-info-585 528 8 1 1 CD randomwalker-info-585 528 9 + + SYM randomwalker-info-585 528 10 β(1 β(1 NNS randomwalker-info-585 528 11 −α)2(1 −α)2(1 NNP randomwalker-info-585 528 12 −γ −γ NNP randomwalker-info-585 528 13 ) ) -RRB- randomwalker-info-585 528 14 eβ eβ NNP randomwalker-info-585 528 15 − − NNP randomwalker-info-585 528 16 1 1 CD randomwalker-info-585 528 17 + + SYM randomwalker-info-585 528 18 5α 5α CD randomwalker-info-585 528 19 + + SYM randomwalker-info-585 528 20 ( ( -LRB- randomwalker-info-585 528 21 1 1 CD randomwalker-info-585 528 22 −α)2γ −α)2γ SYM randomwalker-info-585 528 23 + + CD randomwalker-info-585 528 24 2α2 2α2 CD randomwalker-info-585 528 25 1 1 CD randomwalker-info-585 528 26 − − NNP randomwalker-info-585 528 27 2α 2α CD randomwalker-info-585 528 28 − − NNP randomwalker-info-585 528 29 2α2 2α2 CD randomwalker-info-585 528 30 ) ) -RRB- randomwalker-info-585 528 31 × × NFP randomwalker-info-585 528 32 ( ( -LRB- randomwalker-info-585 528 33 α(1 α(1 NFP randomwalker-info-585 528 34 − − NNP randomwalker-info-585 528 35 2α)(1 2α)(1 CD randomwalker-info-585 528 36 −e−β −e−β NN randomwalker-info-585 528 37 ) ) -RRB- randomwalker-info-585 528 38 1 1 CD randomwalker-info-585 528 39 − − NNP randomwalker-info-585 528 40 2e−βα− 2e−βα− CD randomwalker-info-585 528 41 3(1 3(1 NN randomwalker-info-585 528 42 −e−β)α2 −e−β)α2 NN randomwalker-info-585 528 43 ) ) -RRB- randomwalker-info-585 528 44 Figure figure NN randomwalker-info-585 528 45 8 8 CD randomwalker-info-585 528 46 contains contain VBZ randomwalker-info-585 528 47 a a DT randomwalker-info-585 528 48 plot plot NN randomwalker-info-585 528 49 showing show VBG randomwalker-info-585 528 50 the the DT randomwalker-info-585 528 51 optimal optimal JJ randomwalker-info-585 528 52 choice choice NN randomwalker-info-585 528 53 of of IN randomwalker-info-585 528 54 β β NNP randomwalker-info-585 528 55 as as IN randomwalker-info-585 528 56 a a DT randomwalker-info-585 528 57 function function NN randomwalker-info-585 528 58 of of IN randomwalker-info-585 528 59 α α NN randomwalker-info-585 528 60 when when WRB randomwalker-info-585 528 61 γ γ NNP randomwalker-info-585 528 62 = = SYM randomwalker-info-585 528 63 0 0 NFP randomwalker-info-585 528 64 . . . randomwalker-info-585 529 1 A a DT randomwalker-info-585 529 2 few few JJ randomwalker-info-585 529 3 noteworthy noteworthy JJ randomwalker-info-585 529 4 points point NNS randomwalker-info-585 529 5 from from IN randomwalker-info-585 529 6 this this DT randomwalker-info-585 529 7 plot plot NN randomwalker-info-585 529 8 : : : randomwalker-info-585 529 9 as as IN randomwalker-info-585 529 10 α α XX randomwalker-info-585 529 11 → → SYM randomwalker-info-585 529 12 0 0 CD randomwalker-info-585 529 13 , , , randomwalker-info-585 529 14 so so RB randomwalker-info-585 529 15 does do VBZ randomwalker-info-585 529 16 the the DT randomwalker-info-585 529 17 optimal optimal JJ randomwalker-info-585 529 18 β β NN randomwalker-info-585 529 19 . . . randomwalker-info-585 530 1 As as IN randomwalker-info-585 530 2 α α XX randomwalker-info-585 530 3 → → SYM randomwalker-info-585 530 4 1/2 1/2 CD randomwalker-info-585 530 5 , , , randomwalker-info-585 530 6 the the DT randomwalker-info-585 530 7 optimal optimal JJ randomwalker-info-585 530 8 β β NNP randomwalker-info-585 530 9 approaches approaches NNP randomwalker-info-585 530 10 ∞. ∞. XX randomwalker-info-585 531 1 Figure figure NN randomwalker-info-585 531 2 9 9 CD randomwalker-info-585 531 3 plots plot NNS randomwalker-info-585 531 4 our -PRON- PRP$ randomwalker-info-585 531 5 theoretical theoretical JJ randomwalker-info-585 531 6 predictions prediction NNS randomwalker-info-585 531 7 against against IN randomwalker-info-585 531 8 simulation simulation NN randomwalker-info-585 531 9 results result NNS randomwalker-info-585 531 10 , , , randomwalker-info-585 531 11 confirming confirm VBG randomwalker-info-585 531 12 that that IN randomwalker-info-585 531 13 the the DT randomwalker-info-585 531 14 analysis analysis NN randomwalker-info-585 531 15 is be VBZ randomwalker-info-585 531 16 correct correct JJ randomwalker-info-585 531 17 . . . randomwalker-info-585 532 1 We -PRON- PRP randomwalker-info-585 532 2 conclude conclude VBP randomwalker-info-585 532 3 this this DT randomwalker-info-585 532 4 section section NN randomwalker-info-585 532 5 with with IN randomwalker-info-585 532 6 Figure Figure NNP randomwalker-info-585 532 7 10 10 CD randomwalker-info-585 532 8 plotting plot VBG randomwalker-info-585 532 9 the the DT randomwalker-info-585 532 10 ( ( -LRB- randomwalker-info-585 532 11 the- the- DT randomwalker-info-585 532 12 oretical oretical JJ randomwalker-info-585 532 13 ) ) -RRB- randomwalker-info-585 532 14 performance performance NN randomwalker-info-585 532 15 of of IN randomwalker-info-585 532 16 default default NN randomwalker-info-585 532 17 mining mining NN randomwalker-info-585 532 18 , , , randomwalker-info-585 532 19 selfish selfish JJ randomwalker-info-585 532 20 mining mining NN randomwalker-info-585 532 21 , , , randomwalker-info-585 532 22 and and CC randomwalker-info-585 532 23 selfish selfish JJ randomwalker-info-585 532 24 mining mining NN randomwalker-info-585 532 25 with with IN randomwalker-info-585 532 26 the the DT randomwalker-info-585 532 27 optimal optimal JJ randomwalker-info-585 532 28 cutoff cutoff NN randomwalker-info-585 532 29 for for IN randomwalker-info-585 532 30 a a DT randomwalker-info-585 532 31 range range NN randomwalker-info-585 532 32 of of IN randomwalker-info-585 532 33 α α NN randomwalker-info-585 532 34 and and CC randomwalker-info-585 532 35 γ γ NNP randomwalker-info-585 532 36 = = SYM randomwalker-info-585 532 37 0 0 CD randomwalker-info-585 532 38 . . . randomwalker-info-585 533 1 Note note VB randomwalker-info-585 533 2 that that IN randomwalker-info-585 533 3 in in IN randomwalker-info-585 533 4 some some DT randomwalker-info-585 533 5 ranges range NNS randomwalker-info-585 533 6 , , , randomwalker-info-585 533 7 the the DT randomwalker-info-585 533 8 gains gain NNS randomwalker-info-585 533 9 are be VBP randomwalker-info-585 533 10 quite quite RB randomwalker-info-585 533 11 signif- signif- JJ randomwalker-info-585 533 12 icant icant NN randomwalker-info-585 533 13 . . . randomwalker-info-585 534 1 Specifically specifically RB randomwalker-info-585 534 2 , , , randomwalker-info-585 534 3 when when WRB randomwalker-info-585 534 4 α α XX randomwalker-info-585 534 5 = = SYM randomwalker-info-585 534 6 1/3 1/3 CD randomwalker-info-585 534 7 , , , randomwalker-info-585 534 8 both both DT randomwalker-info-585 534 9 selfish selfish JJ randomwalker-info-585 534 10 mining mining NN randomwalker-info-585 534 11 and and CC randomwalker-info-585 534 12 default default NN randomwalker-info-585 534 13 mining mining NN randomwalker-info-585 534 14 achieve achieve VBP randomwalker-info-585 534 15 expected expect VBN randomwalker-info-585 534 16 reward reward NN randomwalker-info-585 534 17 of of IN randomwalker-info-585 534 18 ≈ ≈ NNP randomwalker-info-585 534 19 1/3 1/3 CD randomwalker-info-585 534 20 , , , randomwalker-info-585 534 21 but but CC randomwalker-info-585 534 22 selfish selfish JJ randomwalker-info-585 534 23 mining mining NN randomwalker-info-585 534 24 with with IN randomwalker-info-585 534 25 the the DT randomwalker-info-585 534 26 optimal optimal JJ randomwalker-info-585 534 27 cutoff cutoff NN randomwalker-info-585 534 28 achieves achieve VBZ randomwalker-info-585 534 29 an an DT randomwalker-info-585 534 30 expected expected JJ randomwalker-info-585 534 31 reward reward NN randomwalker-info-585 534 32 of of IN randomwalker-info-585 534 33 ≈ ≈ NNP randomwalker-info-585 534 34 .38 .38 NNS randomwalker-info-585 534 35 , , , randomwalker-info-585 534 36 a a DT randomwalker-info-585 534 37 13.6 13.6 CD randomwalker-info-585 534 38 % % NN randomwalker-info-585 534 39 increase increase NN randomwalker-info-585 534 40 ! ! . randomwalker-info-585 535 1 Test Test NNP randomwalker-info-585 535 2 Figure figure NN randomwalker-info-585 535 3 9 9 CD randomwalker-info-585 535 4 : : : randomwalker-info-585 535 5 Theory theory NN randomwalker-info-585 535 6 matching match VBG randomwalker-info-585 535 7 simulation simulation NN randomwalker-info-585 535 8 for for IN randomwalker-info-585 535 9 a a DT randomwalker-info-585 535 10 variety variety NN randomwalker-info-585 535 11 of of IN randomwalker-info-585 535 12 cutoff cutoff NN randomwalker-info-585 535 13 thresholds threshold NNS randomwalker-info-585 535 14 for for IN randomwalker-info-585 535 15 selfish selfish JJ randomwalker-info-585 535 16 mining mining NN randomwalker-info-585 535 17 , , , randomwalker-info-585 535 18 all all RB randomwalker-info-585 535 19 with with IN randomwalker-info-585 535 20 γ γ NNP randomwalker-info-585 535 21 = = SYM randomwalker-info-585 535 22 0 0 CD randomwalker-info-585 535 23 . . . randomwalker-info-585 536 1 The the DT randomwalker-info-585 536 2 smaller small JJR randomwalker-info-585 536 3 cutoffs cutoff NNS randomwalker-info-585 536 4 do do VBP randomwalker-info-585 536 5 better well RBR randomwalker-info-585 536 6 for for IN randomwalker-info-585 536 7 a a DT randomwalker-info-585 536 8 miner miner NN randomwalker-info-585 536 9 with with IN randomwalker-info-585 536 10 a a DT randomwalker-info-585 536 11 smaller small JJR randomwalker-info-585 536 12 hash hash NN randomwalker-info-585 536 13 - - HYPH randomwalker-info-585 536 14 power power NN randomwalker-info-585 536 15 ( ( -LRB- randomwalker-info-585 536 16 α α NN randomwalker-info-585 536 17 ) ) -RRB- randomwalker-info-585 536 18 and and CC randomwalker-info-585 536 19 the the DT randomwalker-info-585 536 20 larger large JJR randomwalker-info-585 536 21 cutoffs cutoff NNS randomwalker-info-585 536 22 do do VBP randomwalker-info-585 536 23 better better RB randomwalker-info-585 536 24 with with IN randomwalker-info-585 536 25 a a DT randomwalker-info-585 536 26 larger large JJR randomwalker-info-585 536 27 hash hash NN randomwalker-info-585 536 28 - - HYPH randomwalker-info-585 536 29 power power NN randomwalker-info-585 536 30 . . . randomwalker-info-585 537 1 Intuitively intuitively RB randomwalker-info-585 537 2 , , , randomwalker-info-585 537 3 this this DT randomwalker-info-585 537 4 makes make VBZ randomwalker-info-585 537 5 sense sense NN randomwalker-info-585 537 6 as as IN randomwalker-info-585 537 7 a a DT randomwalker-info-585 537 8 more more RBR randomwalker-info-585 537 9 powerful powerful JJ randomwalker-info-585 537 10 miner miner NN randomwalker-info-585 537 11 should should MD randomwalker-info-585 537 12 be be VB randomwalker-info-585 537 13 willing willing JJ randomwalker-info-585 537 14 to to TO randomwalker-info-585 537 15 risk risk VB randomwalker-info-585 537 16 a a DT randomwalker-info-585 537 17 larger large JJR randomwalker-info-585 537 18 block block NN randomwalker-info-585 537 19 to to TO randomwalker-info-585 537 20 try try VB randomwalker-info-585 537 21 to to TO randomwalker-info-585 537 22 selfishly selfishly RB randomwalker-info-585 537 23 mine -PRON- PRP randomwalker-info-585 537 24 . . . randomwalker-info-585 538 1 Figure figure NN randomwalker-info-585 538 2 10 10 CD randomwalker-info-585 538 3 : : : randomwalker-info-585 538 4 A a DT randomwalker-info-585 538 5 selfish selfish JJ randomwalker-info-585 538 6 miner miner NN randomwalker-info-585 538 7 using use VBG randomwalker-info-585 538 8 the the DT randomwalker-info-585 538 9 optimal optimal NNP randomwalker-info-585 538 10 cutoff cutoff NN randomwalker-info-585 538 11 outperforms outperform VBZ randomwalker-info-585 538 12 both both CC randomwalker-info-585 538 13 the the DT randomwalker-info-585 538 14 original original JJ randomwalker-info-585 538 15 selfish selfish JJ randomwalker-info-585 538 16 mining mining NN randomwalker-info-585 538 17 proto- proto- FW randomwalker-info-585 538 18 col col NN randomwalker-info-585 538 19 and and CC randomwalker-info-585 538 20 default default NN randomwalker-info-585 538 21 mining mining NN randomwalker-info-585 538 22 for for IN randomwalker-info-585 538 23 all all DT randomwalker-info-585 538 24 values value NNS randomwalker-info-585 538 25 of of IN randomwalker-info-585 538 26 α α XX randomwalker-info-585 538 27 , , , randomwalker-info-585 538 28 with with IN randomwalker-info-585 538 29 γ γ NNP randomwalker-info-585 538 30 = = SYM randomwalker-info-585 538 31 0 0 CD randomwalker-info-585 538 32 . . . randomwalker-info-585 539 1 The the DT randomwalker-info-585 539 2 simulation simulation NN randomwalker-info-585 539 3 points point NNS randomwalker-info-585 539 4 confirm confirm VBP randomwalker-info-585 539 5 that that IN randomwalker-info-585 539 6 the the DT randomwalker-info-585 539 7 theory theory NN randomwalker-info-585 539 8 is be VBZ randomwalker-info-585 539 9 ac- ac- RB randomwalker-info-585 539 10 curate curate NN randomwalker-info-585 539 11 . . . randomwalker-info-585 540 1 7 7 LS randomwalker-info-585 540 2 . . . randomwalker-info-585 541 1 IMPACT IMPACT NNP randomwalker-info-585 541 2 ON on IN randomwalker-info-585 541 3 BITCOIN BITCOIN NNS randomwalker-info-585 541 4 AND and CC randomwalker-info-585 541 5 LESSONS lessons NN randomwalker-info-585 541 6 FOR for IN randomwalker-info-585 541 7 CRYPTOCURRENCY cryptocurrency NN randomwalker-info-585 541 8 DESIGN design NN randomwalker-info-585 541 9 We -PRON- PRP randomwalker-info-585 541 10 have have VBP randomwalker-info-585 541 11 argued argue VBN randomwalker-info-585 541 12 that that IN randomwalker-info-585 541 13 deviant deviant NN randomwalker-info-585 541 14 mining mining NN randomwalker-info-585 541 15 strategies strategy NNS randomwalker-info-585 541 16 in in IN randomwalker-info-585 541 17 a a DT randomwalker-info-585 541 18 transaction- transaction- NN randomwalker-info-585 541 19 fee fee NN randomwalker-info-585 541 20 regime regime NN randomwalker-info-585 541 21 could could MD randomwalker-info-585 541 22 hurt hurt VB randomwalker-info-585 541 23 the the DT randomwalker-info-585 541 24 stability stability NN randomwalker-info-585 541 25 of of IN randomwalker-info-585 541 26 Bitcoin Bitcoin NNP randomwalker-info-585 541 27 mining mining NN randomwalker-info-585 541 28 and and CC randomwalker-info-585 541 29 harm harm VB randomwalker-info-585 541 30 the the DT randomwalker-info-585 541 31 ecosystem ecosystem NN randomwalker-info-585 541 32 . . . randomwalker-info-585 542 1 In in IN randomwalker-info-585 542 2 a a DT randomwalker-info-585 542 3 block block NN randomwalker-info-585 542 4 chain chain NN randomwalker-info-585 542 5 with with IN randomwalker-info-585 542 6 constant constant JJ randomwalker-info-585 542 7 forks fork NNS randomwalker-info-585 542 8 caused cause VBN randomwalker-info-585 542 9 by by IN randomwalker-info-585 542 10 undercutting undercutting NN randomwalker-info-585 542 11 , , , randomwalker-info-585 542 12 an an DT randomwalker-info-585 542 13 attacker attacker NN randomwalker-info-585 542 14 ’s ’s POS randomwalker-info-585 542 15 effective effective JJ randomwalker-info-585 542 16 hash hash NN randomwalker-info-585 542 17 power power NN randomwalker-info-585 542 18 is be VBZ randomwalker-info-585 542 19 magnified magnify VBN randomwalker-info-585 542 20 because because IN randomwalker-info-585 542 21 he -PRON- PRP randomwalker-info-585 542 22 will will MD randomwalker-info-585 542 23 always always RB randomwalker-info-585 542 24 mine mine VB randomwalker-info-585 542 25 to to TO randomwalker-info-585 542 26 extend extend VB randomwalker-info-585 542 27 his -PRON- PRP$ randomwalker-info-585 542 28 own own JJ randomwalker-info-585 542 29 blocks block NNS randomwalker-info-585 542 30 whereas whereas IN randomwalker-info-585 542 31 other other JJ randomwalker-info-585 542 32 miners miner NNS randomwalker-info-585 542 33 are be VBP randomwalker-info-585 542 34 not not RB randomwalker-info-585 542 35 unified unify VBN randomwalker-info-585 542 36 . . . randomwalker-info-585 543 1 This this DT randomwalker-info-585 543 2 would would MD randomwalker-info-585 543 3 make make VB randomwalker-info-585 543 4 a a DT randomwalker-info-585 543 5 “ " `` randomwalker-info-585 543 6 51 51 CD randomwalker-info-585 543 7 % % NN randomwalker-info-585 543 8 ” " '' randomwalker-info-585 543 9 attack attack NN randomwalker-info-585 543 10 possible possible JJ randomwalker-info-585 543 11 with with IN randomwalker-info-585 543 12 much much RB randomwalker-info-585 543 13 less less JJR randomwalker-info-585 543 14 than than IN randomwalker-info-585 543 15 51 51 CD randomwalker-info-585 543 16 % % NN randomwalker-info-585 543 17 of of IN randomwalker-info-585 543 18 the the DT randomwalker-info-585 543 19 hash hash NN randomwalker-info-585 543 20 power power NN randomwalker-info-585 543 21 . . . randomwalker-info-585 544 1 Many many JJ randomwalker-info-585 544 2 other other JJ randomwalker-info-585 544 3 unanticipated unanticipated JJ randomwalker-info-585 544 4 side side NN randomwalker-info-585 544 5 - - HYPH randomwalker-info-585 544 6 effects effect NNS randomwalker-info-585 544 7 may may MD randomwalker-info-585 544 8 arise arise VB randomwalker-info-585 544 9 . . . randomwalker-info-585 545 1 In in IN randomwalker-info-585 545 2 the the DT randomwalker-info-585 545 3 block block NN randomwalker-info-585 545 4 size size NN randomwalker-info-585 545 5 debate debate NN randomwalker-info-585 545 6 , , , randomwalker-info-585 545 7 it -PRON- PRP randomwalker-info-585 545 8 is be VBZ randomwalker-info-585 545 9 frequently frequently RB randomwalker-info-585 545 10 argued argue VBN randomwalker-info-585 545 11 or or CC randomwalker-info-585 545 12 assumed assume VBN randomwalker-info-585 545 13 that that DT randomwalker-info-585 545 14 space space NN randomwalker-info-585 545 15 in in IN randomwalker-info-585 545 16 the the DT randomwalker-info-585 545 17 block block NN randomwalker-info-585 545 18 chain chain NN randomwalker-info-585 545 19 will will MD randomwalker-info-585 545 20 be be VB randomwalker-info-585 545 21 a a DT randomwalker-info-585 545 22 scarce scarce JJ randomwalker-info-585 545 23 resource resource NN randomwalker-info-585 545 24 and and CC randomwalker-info-585 545 25 a a DT randomwalker-info-585 545 26 market market NN randomwalker-info-585 545 27 will will MD randomwalker-info-585 545 28 emerge emerge VB randomwalker-info-585 545 29 , , , randomwalker-info-585 545 30 with with IN randomwalker-info-585 545 31 users user NNS randomwalker-info-585 545 32 being be VBG randomwalker-info-585 545 33 able able JJ randomwalker-info-585 545 34 to to TO randomwalker-info-585 545 35 speed speed VB randomwalker-info-585 545 36 up up RP randomwalker-info-585 545 37 the the DT randomwalker-info-585 545 38 confirmation confirmation NN randomwalker-info-585 545 39 of of IN randomwalker-info-585 545 40 a a DT randomwalker-info-585 545 41 transaction transaction NN randomwalker-info-585 545 42 by by IN randomwalker-info-585 545 43 paying pay VBG randomwalker-info-585 545 44 a a DT randomwalker-info-585 545 45 sufficiently sufficiently RB randomwalker-info-585 545 46 large large JJ randomwalker-info-585 545 47 transaction transaction NN randomwalker-info-585 545 48 fee fee NN randomwalker-info-585 545 49 . . . randomwalker-info-585 546 1 But but CC randomwalker-info-585 546 2 if if IN randomwalker-info-585 546 3 miners miner NNS randomwalker-info-585 546 4 intentionally intentionally RB randomwalker-info-585 546 5 “ " `` randomwalker-info-585 546 6 leave leave VB randomwalker-info-585 546 7 money money NN randomwalker-info-585 546 8 on on IN randomwalker-info-585 546 9 the the DT randomwalker-info-585 546 10 table table NN randomwalker-info-585 546 11 ” " '' randomwalker-info-585 546 12 when when WRB randomwalker-info-585 546 13 solving solve VBG randomwalker-info-585 546 14 blocks block NNS randomwalker-info-585 546 15 , , , randomwalker-info-585 546 16 as as IN randomwalker-info-585 546 17 is be VBZ randomwalker-info-585 546 18 the the DT randomwalker-info-585 546 19 case case NN randomwalker-info-585 546 20 in in IN randomwalker-info-585 546 21 undercutting undercut VBG randomwalker-info-585 546 22 attacks attack NNS randomwalker-info-585 546 23 , , , randomwalker-info-585 546 24 it -PRON- PRP randomwalker-info-585 546 25 breaks break VBZ randomwalker-info-585 546 26 this this DT randomwalker-info-585 546 27 assumption assumption NN randomwalker-info-585 546 28 . . . randomwalker-info-585 547 1 That that DT randomwalker-info-585 547 2 is be VBZ randomwalker-info-585 547 3 because because IN randomwalker-info-585 547 4 under- under- JJ randomwalker-info-585 547 5 cutting cut VBG randomwalker-info-585 547 6 miners miner NNS randomwalker-info-585 547 7 are be VBP randomwalker-info-585 547 8 not not RB randomwalker-info-585 547 9 looking look VBG randomwalker-info-585 547 10 to to TO randomwalker-info-585 547 11 maximize maximize VB randomwalker-info-585 547 12 the the DT randomwalker-info-585 547 13 transaction transaction NN randomwalker-info-585 547 14 fee fee NN randomwalker-info-585 547 15 that that WDT randomwalker-info-585 547 16 they -PRON- PRP randomwalker-info-585 547 17 can can MD randomwalker-info-585 547 18 claim claim VB randomwalker-info-585 547 19 , , , randomwalker-info-585 547 20 and and CC randomwalker-info-585 547 21 do do VBP randomwalker-info-585 547 22 n’t not RB randomwalker-info-585 547 23 have have VB randomwalker-info-585 547 24 a a DT randomwalker-info-585 547 25 strong strong JJ randomwalker-info-585 547 26 reason reason NN randomwalker-info-585 547 27 to to TO randomwalker-info-585 547 28 prioritize prioritize VB randomwalker-info-585 547 29 a a DT randomwalker-info-585 547 30 transaction transaction NN randomwalker-info-585 547 31 with with IN randomwalker-info-585 547 32 a a DT randomwalker-info-585 547 33 high high JJ randomwalker-info-585 547 34 fee.9 fee.9 NN randomwalker-info-585 547 35 Put put VB randomwalker-info-585 547 36 another another DT randomwalker-info-585 547 37 way way NN randomwalker-info-585 547 38 , , , randomwalker-info-585 547 39 the the DT randomwalker-info-585 547 40 block block NN randomwalker-info-585 547 41 size size NN randomwalker-info-585 547 42 imposes impose VBZ randomwalker-info-585 547 43 a a DT randomwalker-info-585 547 44 constraint constraint NN randomwalker-info-585 547 45 on on IN randomwalker-info-585 547 46 the the DT randomwalker-info-585 547 47 total total JJ randomwalker-info-585 547 48 size size NN randomwalker-info-585 547 49 of of IN randomwalker-info-585 547 50 trans- trans- JJ randomwalker-info-585 547 51 actions action NNS randomwalker-info-585 547 52 in in IN randomwalker-info-585 547 53 a a DT randomwalker-info-585 547 54 block block NN randomwalker-info-585 547 55 and and CC randomwalker-info-585 547 56 the the DT randomwalker-info-585 547 57 threat threat NN randomwalker-info-585 547 58 of of IN randomwalker-info-585 547 59 being be VBG randomwalker-info-585 547 60 undercut undercut JJ randomwalker-info-585 547 61 imposes impose VBZ randomwalker-info-585 547 62 another another DT randomwalker-info-585 547 63 constraint constraint NN randomwalker-info-585 547 64 on on IN randomwalker-info-585 547 65 the the DT randomwalker-info-585 547 66 total total JJ randomwalker-info-585 547 67 fee fee NN randomwalker-info-585 547 68 . . . randomwalker-info-585 548 1 The the DT randomwalker-info-585 548 2 two two CD randomwalker-info-585 548 3 interact interact NN randomwalker-info-585 548 4 in in IN randomwalker-info-585 548 5 complex complex JJ randomwalker-info-585 548 6 ways way NNS randomwalker-info-585 548 7 . . . randomwalker-info-585 549 1 We -PRON- PRP randomwalker-info-585 549 2 believe believe VBP randomwalker-info-585 549 3 that that IN randomwalker-info-585 549 4 qualitatively qualitatively RB randomwalker-info-585 549 5 our -PRON- PRP$ randomwalker-info-585 549 6 results result NNS randomwalker-info-585 549 7 will will MD randomwalker-info-585 549 8 continue continue VB randomwalker-info-585 549 9 to to TO randomwalker-info-585 549 10 hold hold VB randomwalker-info-585 549 11 in in RP randomwalker-info-585 549 12 a a DT randomwalker-info-585 549 13 world world NN randomwalker-info-585 549 14 where where WRB randomwalker-info-585 549 15 the the DT randomwalker-info-585 549 16 available available JJ randomwalker-info-585 549 17 block block NN randomwalker-info-585 549 18 size size NN randomwalker-info-585 549 19 is be VBZ randomwalker-info-585 549 20 much much RB randomwalker-info-585 549 21 smaller small JJR randomwalker-info-585 549 22 than than IN randomwalker-info-585 549 23 the the DT randomwalker-info-585 549 24 demand demand NN randomwalker-info-585 549 25 , , , randomwalker-info-585 549 26 but but CC randomwalker-info-585 549 27 quantitatively quantitatively RB randomwalker-info-585 549 28 the the DT randomwalker-info-585 549 29 im- im- JJ randomwalker-info-585 549 30 pact pact NN randomwalker-info-585 549 31 of of IN randomwalker-info-585 549 32 undercutting undercutting NN randomwalker-info-585 549 33 will will MD randomwalker-info-585 549 34 be be VB randomwalker-info-585 549 35 mitigated mitigate VBN randomwalker-info-585 549 36 ( ( -LRB- randomwalker-info-585 549 37 see see VB randomwalker-info-585 549 38 end end NN randomwalker-info-585 549 39 of of IN randomwalker-info-585 549 40 Section section NN randomwalker-info-585 549 41 3.1 3.1 CD randomwalker-info-585 549 42 ) ) -RRB- randomwalker-info-585 549 43 . . . randomwalker-info-585 550 1 Still still RB randomwalker-info-585 550 2 , , , randomwalker-info-585 550 3 it -PRON- PRP randomwalker-info-585 550 4 is be VBZ randomwalker-info-585 550 5 an an DT randomwalker-info-585 550 6 important important JJ randomwalker-info-585 550 7 direction direction NN randomwalker-info-585 550 8 for for IN randomwalker-info-585 550 9 future future JJ randomwalker-info-585 550 10 research research NN randomwalker-info-585 550 11 to to TO randomwalker-info-585 550 12 understand understand VB randomwalker-info-585 550 13 this this DT randomwalker-info-585 550 14 connection connection NN randomwalker-info-585 550 15 more more RBR randomwalker-info-585 550 16 rigorously rigorously RB randomwalker-info-585 550 17 . . . randomwalker-info-585 551 1 Despite despite IN randomwalker-info-585 551 2 the the DT randomwalker-info-585 551 3 variety variety NN randomwalker-info-585 551 4 of of IN randomwalker-info-585 551 5 our -PRON- PRP$ randomwalker-info-585 551 6 results result NNS randomwalker-info-585 551 7 , , , randomwalker-info-585 551 8 we -PRON- PRP randomwalker-info-585 551 9 believe believe VBP randomwalker-info-585 551 10 we -PRON- PRP randomwalker-info-585 551 11 have have VBP randomwalker-info-585 551 12 only only RB randomwalker-info-585 551 13 scratched scratch VBN randomwalker-info-585 551 14 the the DT randomwalker-info-585 551 15 surface surface NN randomwalker-info-585 551 16 of of IN randomwalker-info-585 551 17 what what WP randomwalker-info-585 551 18 can can MD randomwalker-info-585 551 19 go go VB randomwalker-info-585 551 20 wrong wrong JJ randomwalker-info-585 551 21 in in IN randomwalker-info-585 551 22 a a DT randomwalker-info-585 551 23 transaction- transaction- NN randomwalker-info-585 551 24 fee fee NN randomwalker-info-585 551 25 regime regime NN randomwalker-info-585 551 26 . . . randomwalker-info-585 552 1 To to IN randomwalker-info-585 552 2 wit wit NN randomwalker-info-585 552 3 : : : randomwalker-info-585 552 4 we -PRON- PRP randomwalker-info-585 552 5 have have VBP randomwalker-info-585 552 6 not not RB randomwalker-info-585 552 7 presented present VBN randomwalker-info-585 552 8 an an DT randomwalker-info-585 552 9 analysis analysis NN randomwalker-info-585 552 10 of of IN randomwalker-info-585 552 11 miners miner NNS randomwalker-info-585 552 12 whose whose WP$ randomwalker-info-585 552 13 strategy strategy NN randomwalker-info-585 552 14 space space NN randomwalker-info-585 552 15 includes include VBZ randomwalker-info-585 552 16 both both DT randomwalker-info-585 552 17 undercutting undercutting NN randomwalker-info-585 552 18 and and CC randomwalker-info-585 552 19 selfish selfish JJ randomwalker-info-585 552 20 mining mining NN randomwalker-info-585 552 21 , , , randomwalker-info-585 552 22 primarily primarily RB randomwalker-info-585 552 23 due due IN randomwalker-info-585 552 24 to to IN randomwalker-info-585 552 25 the the DT randomwalker-info-585 552 26 complexity complexity NN randomwalker-info-585 552 27 of of IN randomwalker-info-585 552 28 the the DT randomwalker-info-585 552 29 result- result- NN randomwalker-info-585 552 30 ing ing NN randomwalker-info-585 552 31 models model NNS randomwalker-info-585 552 32 . . . randomwalker-info-585 553 1 There there EX randomwalker-info-585 553 2 has have VBZ randomwalker-info-585 553 3 been be VBN randomwalker-info-585 553 4 scant scant JJ randomwalker-info-585 553 5 attention attention NN randomwalker-info-585 553 6 paid pay VBN randomwalker-info-585 553 7 to to IN randomwalker-info-585 553 8 the the DT randomwalker-info-585 553 9 transition transition NN randomwalker-info-585 553 10 to to IN randomwalker-info-585 553 11 a a DT randomwalker-info-585 553 12 transaction transaction NN randomwalker-info-585 553 13 - - HYPH randomwalker-info-585 553 14 fee fee NN randomwalker-info-585 553 15 regime regime NN randomwalker-info-585 553 16 . . . randomwalker-info-585 554 1 The the DT randomwalker-info-585 554 2 Nakamoto Nakamoto NNP randomwalker-info-585 554 3 paper paper NN randomwalker-info-585 554 4 addresses address VBZ randomwalker-info-585 554 5 it -PRON- PRP randomwalker-info-585 554 6 briefly briefly RB randomwalker-info-585 554 7 : : : randomwalker-info-585 554 8 “ " `` randomwalker-info-585 554 9 The the DT randomwalker-info-585 554 10 incentive incentive NN randomwalker-info-585 554 11 can can MD randomwalker-info-585 554 12 also also RB randomwalker-info-585 554 13 be be VB randomwalker-info-585 554 14 funded fund VBN randomwalker-info-585 554 15 with with IN randomwalker-info-585 554 16 transaction transaction NN randomwalker-info-585 554 17 fees fee NNS randomwalker-info-585 554 18 ... ... : randomwalker-info-585 554 19 Once once IN randomwalker-info-585 554 20 a a DT randomwalker-info-585 554 21 predetermined predetermined JJ randomwalker-info-585 554 22 number number NN randomwalker-info-585 554 23 of of IN randomwalker-info-585 554 24 coins coin NNS randomwalker-info-585 554 25 have have VBP randomwalker-info-585 554 26 entered enter VBN randomwalker-info-585 554 27 circulation circulation NN randomwalker-info-585 554 28 , , , randomwalker-info-585 554 29 the the DT randomwalker-info-585 554 30 incentive incentive NN randomwalker-info-585 554 31 can can MD randomwalker-info-585 554 32 transition transition VB randomwalker-info-585 554 33 entirely entirely RB randomwalker-info-585 554 34 to to IN randomwalker-info-585 554 35 transac- transac- NNP randomwalker-info-585 554 36 tion tion NN randomwalker-info-585 554 37 fees fee NNS randomwalker-info-585 554 38 and and CC randomwalker-info-585 554 39 be be VB randomwalker-info-585 554 40 completely completely RB randomwalker-info-585 554 41 inflation inflation NN randomwalker-info-585 554 42 free free JJ randomwalker-info-585 554 43 ” " '' randomwalker-info-585 554 44 [ [ -LRB- randomwalker-info-585 554 45 19 19 CD randomwalker-info-585 554 46 ] ] -RRB- randomwalker-info-585 554 47 . . . randomwalker-info-585 555 1 Similar similar JJ randomwalker-info-585 555 2 com- com- NN randomwalker-info-585 555 3 ments ment NNS randomwalker-info-585 555 4 on on IN randomwalker-info-585 555 5 the the DT randomwalker-info-585 555 6 Bitcoin Bitcoin NNP randomwalker-info-585 555 7 Wiki Wiki NNP randomwalker-info-585 555 8 and and CC randomwalker-info-585 555 9 other other JJ randomwalker-info-585 555 10 places place NNS randomwalker-info-585 555 11 suggest suggest VBP randomwalker-info-585 555 12 that that IN randomwalker-info-585 555 13 the the DT randomwalker-info-585 555 14 community community NN randomwalker-info-585 555 15 views view VBZ randomwalker-info-585 555 16 the the DT randomwalker-info-585 555 17 transition transition NN randomwalker-info-585 555 18 as as IN randomwalker-info-585 555 19 unremarkable unremarkable JJ randomwalker-info-585 555 20 . . . randomwalker-info-585 556 1 Some some DT randomwalker-info-585 556 2 altcoins altcoin NNS randomwalker-info-585 556 3 ( ( -LRB- randomwalker-info-585 556 4 Monero Monero NNP randomwalker-info-585 556 5 , , , randomwalker-info-585 556 6 Dogecoin Dogecoin NNP randomwalker-info-585 556 7 ) ) -RRB- randomwalker-info-585 556 8 have have VBP randomwalker-info-585 556 9 even even RB randomwalker-info-585 556 10 opted opt VBN randomwalker-info-585 556 11 to to TO randomwalker-info-585 556 12 hasten hasten VB randomwalker-info-585 556 13 the the DT randomwalker-info-585 556 14 block block NN randomwalker-info-585 556 15 reward reward NN randomwalker-info-585 556 16 halving halving NNP randomwalker-info-585 556 17 time time NN randomwalker-info-585 556 18 . . . randomwalker-info-585 557 1 Our -PRON- PRP$ randomwalker-info-585 557 2 results result NNS randomwalker-info-585 557 3 suggest suggest VBP randomwalker-info-585 557 4 a a DT randomwalker-info-585 557 5 different different JJ randomwalker-info-585 557 6 view view NN randomwalker-info-585 557 7 . . . randomwalker-info-585 558 1 We -PRON- PRP randomwalker-info-585 558 2 see see VBP randomwalker-info-585 558 3 the the DT randomwalker-info-585 558 4 block block NN randomwalker-info-585 558 5 re- re- RB randomwalker-info-585 558 6 ward ward RB randomwalker-info-585 558 7 as as IN randomwalker-info-585 558 8 integral integral JJ randomwalker-info-585 558 9 to to IN randomwalker-info-585 558 10 the the DT randomwalker-info-585 558 11 stability stability NN randomwalker-info-585 558 12 of of IN randomwalker-info-585 558 13 the the DT randomwalker-info-585 558 14 mining mining NN randomwalker-info-585 558 15 game game NN randomwalker-info-585 558 16 . . . randomwalker-info-585 559 1 At at IN randomwalker-info-585 559 2 a a DT randomwalker-info-585 559 3 minimum minimum NN randomwalker-info-585 559 4 , , , randomwalker-info-585 559 5 analyzing analyze VBG randomwalker-info-585 559 6 equilibria equilibria NN randomwalker-info-585 559 7 in in IN randomwalker-info-585 559 8 the the DT randomwalker-info-585 559 9 transaction transaction NN randomwalker-info-585 559 10 - - HYPH randomwalker-info-585 559 11 fee fee NN randomwalker-info-585 559 12 regime regime NN randomwalker-info-585 559 13 appears appear VBZ randomwalker-info-585 559 14 dramatically dramatically RB randomwalker-info-585 559 15 harder hard JJR randomwalker-info-585 559 16 than than IN randomwalker-info-585 559 17 in in IN randomwalker-info-585 559 18 the the DT randomwalker-info-585 559 19 block block NN randomwalker-info-585 559 20 - - HYPH randomwalker-info-585 559 21 reward reward NN randomwalker-info-585 559 22 regime regime NN randomwalker-info-585 559 23 , , , randomwalker-info-585 559 24 which which WDT randomwalker-info-585 559 25 is be VBZ randomwalker-info-585 559 26 a a DT randomwalker-info-585 559 27 cause cause NN randomwalker-info-585 559 28 for for IN randomwalker-info-585 559 29 concern concern NN randomwalker-info-585 559 30 by by IN randomwalker-info-585 559 31 itself -PRON- PRP randomwalker-info-585 559 32 . . . randomwalker-info-585 560 1 The the DT randomwalker-info-585 560 2 monetary monetary JJ randomwalker-info-585 560 3 infla- infla- NN randomwalker-info-585 560 4 tion tion NN randomwalker-info-585 560 5 resulting result VBG randomwalker-info-585 560 6 from from IN randomwalker-info-585 560 7 making make VBG randomwalker-info-585 560 8 the the DT randomwalker-info-585 560 9 block block NN randomwalker-info-585 560 10 reward reward NN randomwalker-info-585 560 11 permanent permanent JJ randomwalker-info-585 560 12 , , , randomwalker-info-585 560 13 as as IN randomwalker-info-585 560 14 Ethereum Ethereum NNP randomwalker-info-585 560 15 does do VBZ randomwalker-info-585 560 16 , , , randomwalker-info-585 560 17 may may MD randomwalker-info-585 560 18 be be VB randomwalker-info-585 560 19 a a DT randomwalker-info-585 560 20 small small JJ randomwalker-info-585 560 21 price price NN randomwalker-info-585 560 22 to to TO randomwalker-info-585 560 23 pay pay VB randomwalker-info-585 560 24 to to TO randomwalker-info-585 560 25 ensure ensure VB randomwalker-info-585 560 26 the the DT randomwalker-info-585 560 27 stability stability NN randomwalker-info-585 560 28 of of IN randomwalker-info-585 560 29 a a DT randomwalker-info-585 560 30 cryptocurrency cryptocurrency NN randomwalker-info-585 560 31 . . . randomwalker-info-585 561 1 8 8 LS randomwalker-info-585 561 2 . . . randomwalker-info-585 562 1 ACKNOWLEDGMENTS acknowledgment NNS randomwalker-info-585 562 2 We -PRON- PRP randomwalker-info-585 562 3 are be VBP randomwalker-info-585 562 4 extremely extremely RB randomwalker-info-585 562 5 grateful grateful JJ randomwalker-info-585 562 6 to to IN randomwalker-info-585 562 7 Jiechen Jiechen NNP randomwalker-info-585 562 8 Chen Chen NNP randomwalker-info-585 562 9 , , , randomwalker-info-585 562 10 Kira Kira NNP randomwalker-info-585 562 11 Goldner Goldner NNP randomwalker-info-585 562 12 , , , randomwalker-info-585 562 13 9They 9they PRP randomwalker-info-585 562 14 do do VBP randomwalker-info-585 562 15 have have VB randomwalker-info-585 562 16 a a DT randomwalker-info-585 562 17 weak weak JJ randomwalker-info-585 562 18 reason reason NN randomwalker-info-585 562 19 : : : randomwalker-info-585 562 20 miners miner NNS randomwalker-info-585 562 21 benefit benefit VBP randomwalker-info-585 562 22 from from IN randomwalker-info-585 562 23 creat- creat- NNP randomwalker-info-585 562 24 ing ing NNP randomwalker-info-585 562 25 the the DT randomwalker-info-585 562 26 smallest small JJS randomwalker-info-585 562 27 possible possible JJ randomwalker-info-585 562 28 block block NN randomwalker-info-585 562 29 for for IN randomwalker-info-585 562 30 a a DT randomwalker-info-585 562 31 given give VBN randomwalker-info-585 562 32 value value NN randomwalker-info-585 562 33 of of IN randomwalker-info-585 562 34 the the DT randomwalker-info-585 562 35 to- to- XX randomwalker-info-585 562 36 tal tal NNP randomwalker-info-585 562 37 transaction transaction NNP randomwalker-info-585 562 38 fee fee NN randomwalker-info-585 562 39 they -PRON- PRP randomwalker-info-585 562 40 seek seek VBP randomwalker-info-585 562 41 to to TO randomwalker-info-585 562 42 claim claim VB randomwalker-info-585 562 43 , , , randomwalker-info-585 562 44 since since IN randomwalker-info-585 562 45 smaller small JJR randomwalker-info-585 562 46 blocks block NNS randomwalker-info-585 562 47 propagate propagate VBP randomwalker-info-585 562 48 faster fast RBR randomwalker-info-585 562 49 through through IN randomwalker-info-585 562 50 the the DT randomwalker-info-585 562 51 network network NN randomwalker-info-585 562 52 and and CC randomwalker-info-585 562 53 are be VBP randomwalker-info-585 562 54 less less RBR randomwalker-info-585 562 55 likely likely JJ randomwalker-info-585 562 56 to to TO randomwalker-info-585 562 57 be be VB randomwalker-info-585 562 58 orphaned orphan VBN randomwalker-info-585 562 59 . . . randomwalker-info-585 563 1 Anna Anna NNP randomwalker-info-585 563 2 Karlin Karlin NNP randomwalker-info-585 563 3 , , , randomwalker-info-585 563 4 and and CC randomwalker-info-585 563 5 Rainer Rainer NNP randomwalker-info-585 563 6 Böhme Böhme NNP randomwalker-info-585 563 7 for for IN randomwalker-info-585 563 8 very very RB randomwalker-info-585 563 9 detailed detailed JJ randomwalker-info-585 563 10 feedback feedback NN randomwalker-info-585 563 11 on on IN randomwalker-info-585 563 12 an an DT randomwalker-info-585 563 13 earlier early JJR randomwalker-info-585 563 14 draft draft NN randomwalker-info-585 563 15 of of IN randomwalker-info-585 563 16 this this DT randomwalker-info-585 563 17 paper paper NN randomwalker-info-585 563 18 . . . randomwalker-info-585 564 1 9 9 CD randomwalker-info-585 564 2 . . . randomwalker-info-585 565 1 REFERENCES reference NNS randomwalker-info-585 565 2 [ [ -LRB- randomwalker-info-585 565 3 1 1 CD randomwalker-info-585 565 4 ] ] -RRB- randomwalker-info-585 565 5 Calibrated calibrate VBN randomwalker-info-585 565 6 learning learning NN randomwalker-info-585 565 7 and and CC randomwalker-info-585 565 8 correlated correlate VBD randomwalker-info-585 565 9 equilibrium equilibrium NN randomwalker-info-585 565 10 . . . randomwalker-info-585 566 1 Games Games NNPS randomwalker-info-585 566 2 and and CC randomwalker-info-585 566 3 Economic Economic NNP randomwalker-info-585 566 4 Behavior Behavior NNP randomwalker-info-585 566 5 , , , randomwalker-info-585 566 6 21(1):40–55 21(1):40–55 CD randomwalker-info-585 566 7 , , , randomwalker-info-585 566 8 1997 1997 CD randomwalker-info-585 566 9 . . . randomwalker-info-585 567 1 [ [ -LRB- randomwalker-info-585 567 2 2 2 LS randomwalker-info-585 567 3 ] ] -RRB- randomwalker-info-585 567 4 A a DT randomwalker-info-585 567 5 simple simple JJ randomwalker-info-585 567 6 adaptive adaptive JJ randomwalker-info-585 567 7 procedure procedure NN randomwalker-info-585 567 8 leading lead VBG randomwalker-info-585 567 9 to to IN randomwalker-info-585 567 10 correlated correlate VBN randomwalker-info-585 567 11 equilibrium equilibrium NN randomwalker-info-585 567 12 . . . randomwalker-info-585 568 1 Econometrica Econometrica NNP randomwalker-info-585 568 2 , , , randomwalker-info-585 568 3 68(5):1127–1150 68(5):1127–1150 CD randomwalker-info-585 568 4 , , , randomwalker-info-585 568 5 2000 2000 CD randomwalker-info-585 568 6 . . . randomwalker-info-585 569 1 [ [ -LRB- randomwalker-info-585 569 2 3 3 LS randomwalker-info-585 569 3 ] ] -RRB- randomwalker-info-585 569 4 E. E. NNP randomwalker-info-585 569 5 Androulaki Androulaki NNP randomwalker-info-585 569 6 , , , randomwalker-info-585 569 7 G. G. NNP randomwalker-info-585 569 8 O. O. NNP randomwalker-info-585 569 9 Karame Karame NNP randomwalker-info-585 569 10 , , , randomwalker-info-585 569 11 M. M. NNP randomwalker-info-585 569 12 Roeschlin Roeschlin NNP randomwalker-info-585 569 13 , , , randomwalker-info-585 569 14 T. T. NNP randomwalker-info-585 569 15 Scherer Scherer NNP randomwalker-info-585 569 16 , , , randomwalker-info-585 569 17 and and CC randomwalker-info-585 569 18 S. S. NNP randomwalker-info-585 569 19 Capkun Capkun NNP randomwalker-info-585 569 20 . . . randomwalker-info-585 570 1 Evaluating evaluate VBG randomwalker-info-585 570 2 user user NN randomwalker-info-585 570 3 privacy privacy NN randomwalker-info-585 570 4 in in IN randomwalker-info-585 570 5 bitcoin bitcoin NN randomwalker-info-585 570 6 . . . randomwalker-info-585 571 1 In in IN randomwalker-info-585 571 2 Proceedings Proceedings NNP randomwalker-info-585 571 3 of of IN randomwalker-info-585 571 4 Financial Financial NNP randomwalker-info-585 571 5 Cryptography Cryptography NNP randomwalker-info-585 571 6 , , , randomwalker-info-585 571 7 2013 2013 CD randomwalker-info-585 571 8 . . . randomwalker-info-585 572 1 [ [ -LRB- randomwalker-info-585 572 2 4 4 CD randomwalker-info-585 572 3 ] ] -RRB- randomwalker-info-585 572 4 S. S. NNP randomwalker-info-585 572 5 Arora Arora NNP randomwalker-info-585 572 6 , , , randomwalker-info-585 572 7 E. E. NNP randomwalker-info-585 572 8 Hazan Hazan NNP randomwalker-info-585 572 9 , , , randomwalker-info-585 572 10 and and CC randomwalker-info-585 572 11 S. S. NNP randomwalker-info-585 572 12 Kale Kale NNP randomwalker-info-585 572 13 . . . randomwalker-info-585 573 1 The the DT randomwalker-info-585 573 2 multiplicative multiplicative JJ randomwalker-info-585 573 3 weights weight NNS randomwalker-info-585 573 4 update update NN randomwalker-info-585 573 5 method method NN randomwalker-info-585 573 6 : : : randomwalker-info-585 573 7 a a DT randomwalker-info-585 573 8 meta meta JJ randomwalker-info-585 573 9 - - HYPH randomwalker-info-585 573 10 algorithm algorithm NN randomwalker-info-585 573 11 and and CC randomwalker-info-585 573 12 applications application NNS randomwalker-info-585 573 13 . . . randomwalker-info-585 574 1 Theory theory NN randomwalker-info-585 574 2 of of IN randomwalker-info-585 574 3 Computing Computing NNP randomwalker-info-585 574 4 , , , randomwalker-info-585 574 5 8(1):121–164 8(1):121–164 NNP randomwalker-info-585 574 6 , , , randomwalker-info-585 574 7 2012 2012 CD randomwalker-info-585 574 8 . . . randomwalker-info-585 575 1 [ [ -LRB- randomwalker-info-585 575 2 5 5 CD randomwalker-info-585 575 3 ] ] -RRB- randomwalker-info-585 575 4 P. P. NNP randomwalker-info-585 575 5 Auer Auer NNP randomwalker-info-585 575 6 , , , randomwalker-info-585 575 7 N. N. NNP randomwalker-info-585 575 8 Cesa Cesa NNP randomwalker-info-585 575 9 - - HYPH randomwalker-info-585 575 10 Bianchi Bianchi NNP randomwalker-info-585 575 11 , , , randomwalker-info-585 575 12 Y. Y. NNP randomwalker-info-585 575 13 Freund Freund NNP randomwalker-info-585 575 14 , , , randomwalker-info-585 575 15 and and CC randomwalker-info-585 575 16 R. R. NNP randomwalker-info-585 575 17 E. E. NNP randomwalker-info-585 575 18 Schapire Schapire NNP randomwalker-info-585 575 19 . . . randomwalker-info-585 576 1 The the DT randomwalker-info-585 576 2 nonstochastic nonstochastic JJ randomwalker-info-585 576 3 multiarmed multiarme VBD randomwalker-info-585 576 4 bandit bandit NN randomwalker-info-585 576 5 problem problem NN randomwalker-info-585 576 6 . . . randomwalker-info-585 577 1 SIAM SIAM NNP randomwalker-info-585 577 2 Journal Journal NNP randomwalker-info-585 577 3 of of IN randomwalker-info-585 577 4 Computing Computing NNP randomwalker-info-585 577 5 , , , randomwalker-info-585 577 6 32(1):48–77 32(1):48–77 CD randomwalker-info-585 577 7 , , , randomwalker-info-585 577 8 2002 2002 CD randomwalker-info-585 577 9 . . . randomwalker-info-585 578 1 [ [ -LRB- randomwalker-info-585 578 2 6 6 CD randomwalker-info-585 578 3 ] ] -RRB- randomwalker-info-585 578 4 A. a. NN randomwalker-info-585 578 5 Blum Blum NNP randomwalker-info-585 578 6 and and CC randomwalker-info-585 578 7 Y. Y. NNP randomwalker-info-585 578 8 Mansour Mansour NNP randomwalker-info-585 578 9 . . . randomwalker-info-585 579 1 From from IN randomwalker-info-585 579 2 external external JJ randomwalker-info-585 579 3 to to IN randomwalker-info-585 579 4 internal internal JJ randomwalker-info-585 579 5 regret regret NN randomwalker-info-585 579 6 . . . randomwalker-info-585 580 1 Journal Journal NNP randomwalker-info-585 580 2 of of IN randomwalker-info-585 580 3 Machine Machine NNP randomwalker-info-585 580 4 Learning Learning NNP randomwalker-info-585 580 5 Research Research NNP randomwalker-info-585 580 6 , , , randomwalker-info-585 580 7 8:1307–1324 8:1307–1324 CD randomwalker-info-585 580 8 , , , randomwalker-info-585 580 9 2007 2007 CD randomwalker-info-585 580 10 . . . randomwalker-info-585 581 1 [ [ -LRB- randomwalker-info-585 581 2 7 7 CD randomwalker-info-585 581 3 ] ] -RRB- randomwalker-info-585 581 4 N. N. NNP randomwalker-info-585 581 5 T. T. NNP randomwalker-info-585 581 6 Courtois Courtois NNP randomwalker-info-585 581 7 and and CC randomwalker-info-585 581 8 L. L. NNP randomwalker-info-585 581 9 Bahack Bahack NNP randomwalker-info-585 581 10 . . . randomwalker-info-585 582 1 On on IN randomwalker-info-585 582 2 subversive subversive JJ randomwalker-info-585 582 3 miner miner NN randomwalker-info-585 582 4 strategies strategy NNS randomwalker-info-585 582 5 and and CC randomwalker-info-585 582 6 block block NN randomwalker-info-585 582 7 withholding withholding NN randomwalker-info-585 582 8 attack attack NN randomwalker-info-585 582 9 in in IN randomwalker-info-585 582 10 bitcoin bitcoin NNP randomwalker-info-585 582 11 digital digital NNP randomwalker-info-585 582 12 currency currency NN randomwalker-info-585 582 13 . . . randomwalker-info-585 583 1 CoRR CoRR NNP randomwalker-info-585 583 2 , , , randomwalker-info-585 583 3 abs/1402.1718 abs/1402.1718 JJS randomwalker-info-585 583 4 , , , randomwalker-info-585 583 5 2014 2014 CD randomwalker-info-585 583 6 . . . randomwalker-info-585 584 1 [ [ -LRB- randomwalker-info-585 584 2 8 8 CD randomwalker-info-585 584 3 ] ] -RRB- randomwalker-info-585 584 4 I. I. NNP randomwalker-info-585 584 5 Eyal Eyal NNP randomwalker-info-585 584 6 . . . randomwalker-info-585 585 1 The the DT randomwalker-info-585 585 2 miner miner NN randomwalker-info-585 585 3 ’s ’s POS randomwalker-info-585 585 4 dilemma dilemma NN randomwalker-info-585 585 5 . . . randomwalker-info-585 586 1 In in IN randomwalker-info-585 586 2 Security Security NNP randomwalker-info-585 586 3 and and CC randomwalker-info-585 586 4 Privacy Privacy NNP randomwalker-info-585 586 5 ( ( -LRB- randomwalker-info-585 586 6 SP SP NNP randomwalker-info-585 586 7 ) ) -RRB- randomwalker-info-585 586 8 , , , randomwalker-info-585 586 9 2015 2015 CD randomwalker-info-585 586 10 IEEE IEEE NNP randomwalker-info-585 586 11 Symposium Symposium NNP randomwalker-info-585 586 12 on on RB randomwalker-info-585 586 13 , , , randomwalker-info-585 586 14 pages page NNS randomwalker-info-585 586 15 89–103 89–103 NNP randomwalker-info-585 586 16 . . . randomwalker-info-585 587 1 IEEE IEEE NNP randomwalker-info-585 587 2 , , , randomwalker-info-585 587 3 2015 2015 CD randomwalker-info-585 587 4 . . . randomwalker-info-585 588 1 [ [ -LRB- randomwalker-info-585 588 2 9 9 CD randomwalker-info-585 588 3 ] ] -RRB- randomwalker-info-585 588 4 I. I. NNP randomwalker-info-585 588 5 Eyal Eyal NNP randomwalker-info-585 588 6 and and CC randomwalker-info-585 588 7 E. E. NNP randomwalker-info-585 588 8 G. G. NNP randomwalker-info-585 588 9 Sirer Sirer NNP randomwalker-info-585 588 10 . . . randomwalker-info-585 589 1 Majority majority NN randomwalker-info-585 589 2 is be VBZ randomwalker-info-585 589 3 not not RB randomwalker-info-585 589 4 enough enough JJ randomwalker-info-585 589 5 : : : randomwalker-info-585 589 6 Bitcoin Bitcoin NNP randomwalker-info-585 589 7 mining mining NN randomwalker-info-585 589 8 is be VBZ randomwalker-info-585 589 9 vulnerable vulnerable JJ randomwalker-info-585 589 10 . . . randomwalker-info-585 590 1 In in IN randomwalker-info-585 590 2 Financial Financial NNP randomwalker-info-585 590 3 Cryptography Cryptography NNP randomwalker-info-585 590 4 and and CC randomwalker-info-585 590 5 Data Data NNPS randomwalker-info-585 590 6 Security Security NNP randomwalker-info-585 590 7 , , , randomwalker-info-585 590 8 pages page VBZ randomwalker-info-585 590 9 436–454 436–454 CD randomwalker-info-585 590 10 . . . randomwalker-info-585 591 1 Springer Springer NNP randomwalker-info-585 591 2 , , , randomwalker-info-585 591 3 2014 2014 CD randomwalker-info-585 591 4 . . . randomwalker-info-585 592 1 [ [ -LRB- randomwalker-info-585 592 2 10 10 CD randomwalker-info-585 592 3 ] ] -RRB- randomwalker-info-585 592 4 K. K. NNP randomwalker-info-585 592 5 Hill Hill NNP randomwalker-info-585 592 6 . . . randomwalker-info-585 593 1 Bitcoin Bitcoin NNP randomwalker-info-585 593 2 is be VBZ randomwalker-info-585 593 3 not not RB randomwalker-info-585 593 4 broken break VBN randomwalker-info-585 593 5 . . . randomwalker-info-585 594 1 Forbes Forbes NNP randomwalker-info-585 594 2 , , , randomwalker-info-585 594 3 2013 2013 CD randomwalker-info-585 594 4 . . . randomwalker-info-585 594 5 http://www.forbes.com/sites/kashmirhill/2013/11/ http://www.forbes.com/sites/kashmirhill/2013/11/ JJS randomwalker-info-585 594 6 06 06 NNP randomwalker-info-585 594 7 / / SYM randomwalker-info-585 594 8 bitcoin bitcoin NN randomwalker-info-585 594 9 - - HYPH randomwalker-info-585 594 10 is be VBZ randomwalker-info-585 594 11 - - HYPH randomwalker-info-585 594 12 not not RB randomwalker-info-585 594 13 - - HYPH randomwalker-info-585 594 14 broken/#55d4a8812568 broken/#55d4a8812568 NNP randomwalker-info-585 594 15 . . . randomwalker-info-585 595 1 [ [ -LRB- randomwalker-info-585 595 2 11 11 CD randomwalker-info-585 595 3 ] ] -RRB- randomwalker-info-585 595 4 N. N. NNP randomwalker-info-585 595 5 Houy Houy NNP randomwalker-info-585 595 6 . . . randomwalker-info-585 596 1 The the DT randomwalker-info-585 596 2 economics economic NNS randomwalker-info-585 596 3 of of IN randomwalker-info-585 596 4 bitcoin bitcoin NN randomwalker-info-585 596 5 transaction transaction NN randomwalker-info-585 596 6 fees fee NNS randomwalker-info-585 596 7 . . . randomwalker-info-585 597 1 Working Working NNP randomwalker-info-585 597 2 Paper Paper NNP randomwalker-info-585 597 3 GATE GATE NNP randomwalker-info-585 597 4 2014 2014 CD randomwalker-info-585 597 5 - - SYM randomwalker-info-585 597 6 07 07 CD randomwalker-info-585 597 7 . . . randomwalker-info-585 598 1 halshs-00951358 halshs-00951358 NNP randomwalker-info-585 598 2 . . . randomwalker-info-585 598 3 , , , randomwalker-info-585 598 4 2014 2014 CD randomwalker-info-585 598 5 . . . randomwalker-info-585 599 1 [ [ -LRB- randomwalker-info-585 599 2 12 12 CD randomwalker-info-585 599 3 ] ] -RRB- randomwalker-info-585 599 4 B. B. NNP randomwalker-info-585 599 5 Johnson Johnson NNP randomwalker-info-585 599 6 , , , randomwalker-info-585 599 7 A. A. NNP randomwalker-info-585 599 8 Laszka Laszka NNP randomwalker-info-585 599 9 , , , randomwalker-info-585 599 10 J. J. NNP randomwalker-info-585 599 11 Grossklags Grossklags NNP randomwalker-info-585 599 12 , , , randomwalker-info-585 599 13 M. M. NNP randomwalker-info-585 599 14 Vasek Vasek NNP randomwalker-info-585 599 15 , , , randomwalker-info-585 599 16 and and CC randomwalker-info-585 599 17 T. T. NNP randomwalker-info-585 599 18 Moore Moore NNP randomwalker-info-585 599 19 . . . randomwalker-info-585 600 1 Game game NN randomwalker-info-585 600 2 - - HYPH randomwalker-info-585 600 3 theoretic theoretic JJ randomwalker-info-585 600 4 analysis analysis NN randomwalker-info-585 600 5 of of IN randomwalker-info-585 600 6 ddos ddos NNP randomwalker-info-585 600 7 attacks attack NNS randomwalker-info-585 600 8 against against IN randomwalker-info-585 600 9 bitcoin bitcoin NN randomwalker-info-585 600 10 mining mining NN randomwalker-info-585 600 11 pools pool NNS randomwalker-info-585 600 12 . . . randomwalker-info-585 601 1 In in IN randomwalker-info-585 601 2 Proceedings Proceedings NNP randomwalker-info-585 601 3 of of IN randomwalker-info-585 601 4 the the DT randomwalker-info-585 601 5 First First NNP randomwalker-info-585 601 6 Workshop Workshop NNP randomwalker-info-585 601 7 on on IN randomwalker-info-585 601 8 Bitcoin Bitcoin NNP randomwalker-info-585 601 9 Research Research NNP randomwalker-info-585 601 10 , , , randomwalker-info-585 601 11 2014 2014 CD randomwalker-info-585 601 12 . . . randomwalker-info-585 602 1 [ [ -LRB- randomwalker-info-585 602 2 13 13 CD randomwalker-info-585 602 3 ] ] -RRB- randomwalker-info-585 602 4 A. a. NN randomwalker-info-585 602 5 Kiayias Kiayias NNP randomwalker-info-585 602 6 , , , randomwalker-info-585 602 7 E. E. NNP randomwalker-info-585 602 8 Koutsoupias Koutsoupias NNP randomwalker-info-585 602 9 , , , randomwalker-info-585 602 10 M. M. NNP randomwalker-info-585 602 11 Kyropoulou Kyropoulou NNP randomwalker-info-585 602 12 , , , randomwalker-info-585 602 13 and and CC randomwalker-info-585 602 14 Y. Y. NNP randomwalker-info-585 602 15 Tselekounis Tselekounis NNP randomwalker-info-585 602 16 . . . randomwalker-info-585 603 1 Blockchain Blockchain NNP randomwalker-info-585 603 2 mining mining NN randomwalker-info-585 603 3 games game NNS randomwalker-info-585 603 4 . . . randomwalker-info-585 604 1 In in IN randomwalker-info-585 604 2 ACM ACM NNP randomwalker-info-585 604 3 Conference Conference NNP randomwalker-info-585 604 4 on on IN randomwalker-info-585 604 5 Economics Economics NNP randomwalker-info-585 604 6 and and CC randomwalker-info-585 604 7 Computation Computation NNP randomwalker-info-585 604 8 ( ( -LRB- randomwalker-info-585 604 9 EC EC NNP randomwalker-info-585 604 10 ) ) -RRB- randomwalker-info-585 604 11 , , , randomwalker-info-585 604 12 2016 2016 CD randomwalker-info-585 604 13 . . . randomwalker-info-585 605 1 [ [ -LRB- randomwalker-info-585 605 2 14 14 CD randomwalker-info-585 605 3 ] ] -RRB- randomwalker-info-585 605 4 J. J. NNP randomwalker-info-585 606 1 A. A. NNP randomwalker-info-585 606 2 Kroll Kroll NNP randomwalker-info-585 606 3 , , , randomwalker-info-585 606 4 I. I. NNP randomwalker-info-585 606 5 C. C. NNP randomwalker-info-585 606 6 Davey Davey NNP randomwalker-info-585 606 7 , , , randomwalker-info-585 606 8 and and CC randomwalker-info-585 606 9 E. E. NNP randomwalker-info-585 606 10 W. W. NNP randomwalker-info-585 606 11 Felten Felten NNP randomwalker-info-585 606 12 . . . randomwalker-info-585 607 1 The the DT randomwalker-info-585 607 2 economics economic NNS randomwalker-info-585 607 3 of of IN randomwalker-info-585 607 4 bitcoin bitcoin NN randomwalker-info-585 607 5 mining mining NN randomwalker-info-585 607 6 , , , randomwalker-info-585 607 7 or or CC randomwalker-info-585 607 8 bitcoin bitcoin NN randomwalker-info-585 607 9 in in IN randomwalker-info-585 607 10 the the DT randomwalker-info-585 607 11 presence presence NN randomwalker-info-585 607 12 of of IN randomwalker-info-585 607 13 adversaries adversary NNS randomwalker-info-585 607 14 . . . randomwalker-info-585 608 1 In in IN randomwalker-info-585 608 2 Proceedings Proceedings NNP randomwalker-info-585 608 3 of of IN randomwalker-info-585 608 4 the the DT randomwalker-info-585 608 5 Twelfth Twelfth NNP randomwalker-info-585 608 6 Annual Annual NNP randomwalker-info-585 608 7 Workshop Workshop NNP randomwalker-info-585 608 8 on on IN randomwalker-info-585 608 9 the the DT randomwalker-info-585 608 10 Economics Economics NNP randomwalker-info-585 608 11 of of IN randomwalker-info-585 608 12 Information Information NNP randomwalker-info-585 608 13 Security Security NNP randomwalker-info-585 608 14 ( ( -LRB- randomwalker-info-585 608 15 WEIS WEIS NNP randomwalker-info-585 608 16 ) ) -RRB- randomwalker-info-585 608 17 , , , randomwalker-info-585 608 18 2013 2013 CD randomwalker-info-585 608 19 . . . randomwalker-info-585 609 1 [ [ -LRB- randomwalker-info-585 609 2 15 15 CD randomwalker-info-585 609 3 ] ] -RRB- randomwalker-info-585 609 4 N. N. NNP randomwalker-info-585 609 5 Littlestone Littlestone NNP randomwalker-info-585 609 6 and and CC randomwalker-info-585 609 7 M. M. NNP randomwalker-info-585 609 8 K. K. NNP randomwalker-info-585 609 9 Warmuth Warmuth NNP randomwalker-info-585 609 10 . . . randomwalker-info-585 610 1 The the DT randomwalker-info-585 610 2 weighted weighted JJ randomwalker-info-585 610 3 majority majority NN randomwalker-info-585 610 4 algorithm algorithm NN randomwalker-info-585 610 5 . . . randomwalker-info-585 611 1 Inf inf NN randomwalker-info-585 611 2 . . . randomwalker-info-585 612 1 Comput comput NN randomwalker-info-585 612 2 . . . randomwalker-info-585 612 3 , , , randomwalker-info-585 612 4 108(2):212–261 108(2):212–261 CD randomwalker-info-585 612 5 , , , randomwalker-info-585 612 6 1994 1994 CD randomwalker-info-585 612 7 . . . randomwalker-info-585 613 1 [ [ -LRB- randomwalker-info-585 613 2 16 16 CD randomwalker-info-585 613 3 ] ] -RRB- randomwalker-info-585 613 4 L. L. NNP randomwalker-info-585 613 5 Luu Luu NNP randomwalker-info-585 613 6 , , , randomwalker-info-585 613 7 J. J. NNP randomwalker-info-585 613 8 Teutsch Teutsch NNP randomwalker-info-585 613 9 , , , randomwalker-info-585 613 10 R. R. NNP randomwalker-info-585 613 11 Kulkarni Kulkarni NNP randomwalker-info-585 613 12 , , , randomwalker-info-585 613 13 and and CC randomwalker-info-585 613 14 P. P. NNP randomwalker-info-585 613 15 Saxena Saxena NNP randomwalker-info-585 613 16 . . . randomwalker-info-585 614 1 Demystifying Demystifying NNP randomwalker-info-585 614 2 incentives incentive NNS randomwalker-info-585 614 3 in in IN randomwalker-info-585 614 4 the the DT randomwalker-info-585 614 5 consensus consensus NN randomwalker-info-585 614 6 computer computer NN randomwalker-info-585 614 7 . . . randomwalker-info-585 615 1 In in IN randomwalker-info-585 615 2 Proceedings Proceedings NNP randomwalker-info-585 615 3 of of IN randomwalker-info-585 615 4 the the DT randomwalker-info-585 615 5 ACM ACM NNP randomwalker-info-585 615 6 Conference Conference NNP randomwalker-info-585 615 7 on on IN randomwalker-info-585 615 8 Computer Computer NNP randomwalker-info-585 615 9 and and CC randomwalker-info-585 615 10 Communications Communications NNPS randomwalker-info-585 615 11 Security Security NNP randomwalker-info-585 615 12 ( ( -LRB- randomwalker-info-585 615 13 CCS CCS NNP randomwalker-info-585 615 14 ) ) -RRB- randomwalker-info-585 615 15 , , , randomwalker-info-585 615 16 2015 2015 CD randomwalker-info-585 615 17 . . . randomwalker-info-585 616 1 [ [ -LRB- randomwalker-info-585 616 2 17 17 CD randomwalker-info-585 616 3 ] ] -RRB- randomwalker-info-585 616 4 A. a. NN randomwalker-info-585 616 5 Miller Miller NNP randomwalker-info-585 616 6 and and CC randomwalker-info-585 616 7 R. R. NNP randomwalker-info-585 616 8 Jansen Jansen NNP randomwalker-info-585 616 9 . . . randomwalker-info-585 617 1 Shadow Shadow NNP randomwalker-info-585 617 2 - - HYPH randomwalker-info-585 617 3 bitcoin bitcoin NNP randomwalker-info-585 617 4 : : : randomwalker-info-585 617 5 scalable scalable JJ randomwalker-info-585 617 6 simulation simulation NN randomwalker-info-585 617 7 via via IN randomwalker-info-585 617 8 direct direct JJ randomwalker-info-585 617 9 execution execution NN randomwalker-info-585 617 10 of of IN randomwalker-info-585 617 11 multithreaded multithreaded JJ randomwalker-info-585 617 12 applications application NNS randomwalker-info-585 617 13 . . . randomwalker-info-585 618 1 In in IN randomwalker-info-585 618 2 Proceedings proceeding NNS randomwalker-info-585 618 3 of of IN randomwalker-info-585 618 4 the the DT randomwalker-info-585 618 5 eighth eighth JJ randomwalker-info-585 618 6 workshop workshop NN randomwalker-info-585 618 7 on on IN randomwalker-info-585 618 8 Cybersecurity Cybersecurity NNP randomwalker-info-585 618 9 Experimentations Experimentations NNP randomwalker-info-585 618 10 and and CC randomwalker-info-585 618 11 Test Test NNP randomwalker-info-585 618 12 ( ( -LRB- randomwalker-info-585 618 13 CSET cset NN randomwalker-info-585 618 14 ) ) -RRB- randomwalker-info-585 618 15 , , , randomwalker-info-585 618 16 2015 2015 CD randomwalker-info-585 618 17 . . . randomwalker-info-585 619 1 [ [ -LRB- randomwalker-info-585 619 2 18 18 CD randomwalker-info-585 619 3 ] ] -RRB- randomwalker-info-585 619 4 M. M. NNP randomwalker-info-585 619 5 Möser Möser NNP randomwalker-info-585 619 6 and and CC randomwalker-info-585 619 7 R. R. NNP randomwalker-info-585 619 8 Böhme Böhme NNP randomwalker-info-585 619 9 . . . randomwalker-info-585 620 1 Trends trend NNS randomwalker-info-585 620 2 , , , randomwalker-info-585 620 3 tips tip NNS randomwalker-info-585 620 4 , , , randomwalker-info-585 620 5 tolls toll NNS randomwalker-info-585 620 6 : : : randomwalker-info-585 620 7 A a DT randomwalker-info-585 620 8 longitudinal longitudinal JJ randomwalker-info-585 620 9 study study NN randomwalker-info-585 620 10 of of IN randomwalker-info-585 620 11 bitcoin bitcoin NN randomwalker-info-585 620 12 transaction transaction NN randomwalker-info-585 620 13 fees fee NNS randomwalker-info-585 620 14 . . . randomwalker-info-585 621 1 In in IN randomwalker-info-585 621 2 Workshop Workshop NNP randomwalker-info-585 621 3 on on IN randomwalker-info-585 621 4 Bitcoin Bitcoin NNP randomwalker-info-585 621 5 Research Research NNP randomwalker-info-585 621 6 , , , randomwalker-info-585 621 7 pages page VBZ randomwalker-info-585 621 8 19–33 19–33 CD randomwalker-info-585 621 9 , , , randomwalker-info-585 621 10 2015 2015 CD randomwalker-info-585 621 11 . . . randomwalker-info-585 622 1 [ [ -LRB- randomwalker-info-585 622 2 19 19 CD randomwalker-info-585 622 3 ] ] -RRB- randomwalker-info-585 622 4 S. S. NNP randomwalker-info-585 622 5 Nakamoto Nakamoto NNP randomwalker-info-585 622 6 . . . randomwalker-info-585 623 1 Bitcoin Bitcoin NNP randomwalker-info-585 623 2 : : : randomwalker-info-585 623 3 A a DT randomwalker-info-585 623 4 peer peer NN randomwalker-info-585 623 5 - - HYPH randomwalker-info-585 623 6 to to IN randomwalker-info-585 623 7 - - HYPH randomwalker-info-585 623 8 peer peer NN randomwalker-info-585 623 9 electronic electronic JJ randomwalker-info-585 623 10 cash cash NN randomwalker-info-585 623 11 system system NN randomwalker-info-585 623 12 , , , randomwalker-info-585 623 13 2008 2008 CD randomwalker-info-585 623 14 . . . randomwalker-info-585 624 1 [ [ -LRB- randomwalker-info-585 624 2 20 20 CD randomwalker-info-585 624 3 ] ] -RRB- randomwalker-info-585 624 4 K. K. NNP randomwalker-info-585 624 5 Nayak Nayak NNP randomwalker-info-585 624 6 , , , randomwalker-info-585 624 7 S. S. NNP randomwalker-info-585 624 8 Kumar Kumar NNP randomwalker-info-585 624 9 , , , randomwalker-info-585 624 10 A. a. NN randomwalker-info-585 624 11 Miller Miller NNP randomwalker-info-585 624 12 , , , randomwalker-info-585 624 13 and and CC randomwalker-info-585 624 14 E. E. NNP randomwalker-info-585 624 15 Shi Shi NNP randomwalker-info-585 624 16 . . . randomwalker-info-585 625 1 Stubborn stubborn JJ randomwalker-info-585 625 2 mining mining NN randomwalker-info-585 625 3 : : : randomwalker-info-585 625 4 Generalizing generalize VBG randomwalker-info-585 625 5 selfish selfish JJ randomwalker-info-585 625 6 mining mining NN randomwalker-info-585 625 7 and and CC randomwalker-info-585 625 8 combining combine VBG randomwalker-info-585 625 9 with with IN randomwalker-info-585 625 10 an an DT randomwalker-info-585 625 11 eclipse eclipse NN randomwalker-info-585 625 12 attack attack NN randomwalker-info-585 625 13 . . . randomwalker-info-585 626 1 In in IN randomwalker-info-585 626 2 IEEE IEEE NNP randomwalker-info-585 626 3 European European NNP randomwalker-info-585 626 4 Symposium Symposium NNP randomwalker-info-585 626 5 on on IN randomwalker-info-585 626 6 Security Security NNP randomwalker-info-585 626 7 and and CC randomwalker-info-585 626 8 Privacy Privacy NNP randomwalker-info-585 626 9 ( ( -LRB- randomwalker-info-585 626 10 EuroS&P EuroS&P NNP randomwalker-info-585 626 11 ) ) -RRB- randomwalker-info-585 626 12 , , , randomwalker-info-585 626 13 2016 2016 CD randomwalker-info-585 626 14 . . . randomwalker-info-585 627 1 [ [ -LRB- randomwalker-info-585 627 2 21 21 CD randomwalker-info-585 627 3 ] ] -RRB- randomwalker-info-585 627 4 R. R. NNP randomwalker-info-585 627 5 Peter Peter NNP randomwalker-info-585 627 6 . . . randomwalker-info-585 628 1 A a DT randomwalker-info-585 628 2 transaction transaction NN randomwalker-info-585 628 3 fee fee NN randomwalker-info-585 628 4 market market NN randomwalker-info-585 628 5 exists exist VBZ randomwalker-info-585 628 6 without without IN randomwalker-info-585 628 7 a a DT randomwalker-info-585 628 8 block block NN randomwalker-info-585 628 9 size size NN randomwalker-info-585 628 10 limit limit NN randomwalker-info-585 628 11 . . . randomwalker-info-585 629 1 2015 2015 CD randomwalker-info-585 629 2 . . . randomwalker-info-585 630 1 [ [ -LRB- randomwalker-info-585 630 2 22 22 CD randomwalker-info-585 630 3 ] ] -RRB- randomwalker-info-585 630 4 M. M. NNP randomwalker-info-585 630 5 Rosenfeld Rosenfeld NNP randomwalker-info-585 630 6 . . . randomwalker-info-585 631 1 Analysis analysis NN randomwalker-info-585 631 2 of of IN randomwalker-info-585 631 3 bitcoin bitcoin NN randomwalker-info-585 631 4 pooled pool VBN randomwalker-info-585 631 5 mining mining NN randomwalker-info-585 631 6 reward reward NN randomwalker-info-585 631 7 systems system NNS randomwalker-info-585 631 8 . . . randomwalker-info-585 632 1 CoRR CoRR NNP randomwalker-info-585 632 2 , , , randomwalker-info-585 632 3 abs/1112.4980 abs/1112.4980 NNP randomwalker-info-585 632 4 , , , randomwalker-info-585 632 5 2011 2011 CD randomwalker-info-585 632 6 . . . randomwalker-info-585 633 1 [ [ -LRB- randomwalker-info-585 633 2 23 23 CD randomwalker-info-585 633 3 ] ] -RRB- randomwalker-info-585 633 4 A. a. NN randomwalker-info-585 633 5 Sapirshtein Sapirshtein NNP randomwalker-info-585 633 6 , , , randomwalker-info-585 633 7 Y. Y. NNP randomwalker-info-585 633 8 Sompolinsky Sompolinsky NNP randomwalker-info-585 633 9 , , , randomwalker-info-585 633 10 and and CC randomwalker-info-585 633 11 A. A. NNP randomwalker-info-585 633 12 Zohar Zohar NNP randomwalker-info-585 633 13 . . . randomwalker-info-585 634 1 Optimal optimal JJ randomwalker-info-585 634 2 selfish selfish JJ randomwalker-info-585 634 3 mining mining NN randomwalker-info-585 634 4 strategies strategy NNS randomwalker-info-585 634 5 in in IN randomwalker-info-585 634 6 bitcoin bitcoin NN randomwalker-info-585 634 7 . . . randomwalker-info-585 635 1 In in IN randomwalker-info-585 635 2 Financial Financial NNP randomwalker-info-585 635 3 Cryptography Cryptography NNP randomwalker-info-585 635 4 and and CC randomwalker-info-585 635 5 Data Data NNPS randomwalker-info-585 635 6 Security Security NNP randomwalker-info-585 635 7 , , , randomwalker-info-585 635 8 2016 2016 CD randomwalker-info-585 635 9 . . . randomwalker-info-585 636 1 [ [ -LRB- randomwalker-info-585 636 2 24 24 CD randomwalker-info-585 636 3 ] ] -RRB- randomwalker-info-585 636 4 M. M. NNP randomwalker-info-585 636 5 Vasek Vasek NNP randomwalker-info-585 636 6 , , , randomwalker-info-585 636 7 M. M. NNP randomwalker-info-585 636 8 Thornton Thornton NNP randomwalker-info-585 636 9 , , , randomwalker-info-585 636 10 and and CC randomwalker-info-585 636 11 T. T. NNP randomwalker-info-585 636 12 Moore Moore NNP randomwalker-info-585 636 13 . . . randomwalker-info-585 637 1 Empirical empirical JJ randomwalker-info-585 637 2 analysis analysis NN randomwalker-info-585 637 3 of of IN randomwalker-info-585 637 4 denial denial JJ randomwalker-info-585 637 5 - - HYPH randomwalker-info-585 637 6 of of IN randomwalker-info-585 637 7 - - HYPH randomwalker-info-585 637 8 service service NN randomwalker-info-585 637 9 attacks attack NNS randomwalker-info-585 637 10 in in IN randomwalker-info-585 637 11 the the DT randomwalker-info-585 637 12 bitcoin bitcoin NN randomwalker-info-585 637 13 ecosystem ecosystem NN randomwalker-info-585 637 14 . . . randomwalker-info-585 638 1 In in IN randomwalker-info-585 638 2 Proceedings Proceedings NNP randomwalker-info-585 638 3 of of IN randomwalker-info-585 638 4 the the DT randomwalker-info-585 638 5 First First NNP randomwalker-info-585 638 6 Workshop Workshop NNP randomwalker-info-585 638 7 on on IN randomwalker-info-585 638 8 Bitcoin Bitcoin NNP randomwalker-info-585 638 9 Research Research NNP randomwalker-info-585 638 10 , , , randomwalker-info-585 638 11 2014 2014 CD randomwalker-info-585 638 12 . . . randomwalker-info-585 639 1 APPENDIX APPENDIX NNP randomwalker-info-585 639 2 A. A. NNP randomwalker-info-585 640 1 MINING MINING NNP randomwalker-info-585 640 2 GAP GAP NNP randomwalker-info-585 640 3 This this DT randomwalker-info-585 640 4 appendix appendix NNP randomwalker-info-585 640 5 contains contain VBZ randomwalker-info-585 640 6 a a DT randomwalker-info-585 640 7 theoretical theoretical JJ randomwalker-info-585 640 8 analysis analysis NN randomwalker-info-585 640 9 of of IN randomwalker-info-585 640 10 the the DT randomwalker-info-585 640 11 mining mining NN randomwalker-info-585 640 12 gaps gap NNS randomwalker-info-585 640 13 referenced reference VBD randomwalker-info-585 640 14 in in IN randomwalker-info-585 640 15 Section section NN randomwalker-info-585 640 16 3.2 3.2 CD randomwalker-info-585 640 17 . . . randomwalker-info-585 641 1 Let let VB randomwalker-info-585 641 2 ’s -PRON- PRP randomwalker-info-585 641 3 consider consider VB randomwalker-info-585 641 4 the the DT randomwalker-info-585 641 5 following follow VBG randomwalker-info-585 641 6 simplified simplified JJ randomwalker-info-585 641 7 model model NN randomwalker-info-585 641 8 : : : randomwalker-info-585 641 9 there there EX randomwalker-info-585 641 10 is be VBZ randomwalker-info-585 641 11 one one CD randomwalker-info-585 641 12 style style NN randomwalker-info-585 641 13 of of IN randomwalker-info-585 641 14 “ " `` randomwalker-info-585 641 15 rig rig NN randomwalker-info-585 641 16 ” " '' randomwalker-info-585 641 17 available available JJ randomwalker-info-585 641 18 to to IN randomwalker-info-585 641 19 miners miner NNS randomwalker-info-585 641 20 , , , randomwalker-info-585 641 21 which which WDT randomwalker-info-585 641 22 costs cost VBZ randomwalker-info-585 641 23 p p NN randomwalker-info-585 641 24 BTC btc NN randomwalker-info-585 641 25 per per IN randomwalker-info-585 641 26 time time NN randomwalker-info-585 641 27 unit unit NN randomwalker-info-585 641 28 in in IN randomwalker-info-585 641 29 electricity electricity NN randomwalker-info-585 641 30 to to TO randomwalker-info-585 641 31 run run VB randomwalker-info-585 641 32 . . . randomwalker-info-585 642 1 Let let VB randomwalker-info-585 642 2 ’s -PRON- PRP randomwalker-info-585 642 3 first first RB randomwalker-info-585 642 4 analyze analyze VB randomwalker-info-585 642 5 what what WDT randomwalker-info-585 642 6 effect effect NN randomwalker-info-585 642 7 this this DT randomwalker-info-585 642 8 has have VBZ randomwalker-info-585 642 9 in in IN randomwalker-info-585 642 10 the the DT randomwalker-info-585 642 11 fixed fixed JJ randomwalker-info-585 642 12 reward reward NN randomwalker-info-585 642 13 model model NN randomwalker-info-585 642 14 , , , randomwalker-info-585 642 15 where where WRB randomwalker-info-585 642 16 each each DT randomwalker-info-585 642 17 block block NN randomwalker-info-585 642 18 found find VBD randomwalker-info-585 642 19 is be VBZ randomwalker-info-585 642 20 worth worth JJ randomwalker-info-585 642 21 one one CD randomwalker-info-585 642 22 BTC BTC NNP randomwalker-info-585 642 23 , , , randomwalker-info-585 642 24 and and CC randomwalker-info-585 642 25 the the DT randomwalker-info-585 642 26 difficulty difficulty NN randomwalker-info-585 642 27 is be VBZ randomwalker-info-585 642 28 adjusted adjust VBN randomwalker-info-585 642 29 so so IN randomwalker-info-585 642 30 that that IN randomwalker-info-585 642 31 the the DT randomwalker-info-585 642 32 time time NN randomwalker-info-585 642 33 between between IN randomwalker-info-585 642 34 successive successive JJ randomwalker-info-585 642 35 blocks block NNS randomwalker-info-585 642 36 is be VBZ randomwalker-info-585 642 37 one one CD randomwalker-info-585 642 38 unit unit NN randomwalker-info-585 642 39 in in IN randomwalker-info-585 642 40 expectation expectation NN randomwalker-info-585 642 41 . . . randomwalker-info-585 643 1 Then then RB randomwalker-info-585 643 2 if if IN randomwalker-info-585 643 3 there there EX randomwalker-info-585 643 4 are be VBP randomwalker-info-585 643 5 k k NN randomwalker-info-585 643 6 rigs rig NNS randomwalker-info-585 643 7 in in IN randomwalker-info-585 643 8 the the DT randomwalker-info-585 643 9 network network NN randomwalker-info-585 643 10 , , , randomwalker-info-585 643 11 the the DT randomwalker-info-585 643 12 expected expected JJ randomwalker-info-585 643 13 reward reward NN randomwalker-info-585 643 14 from from IN randomwalker-info-585 643 15 running run VBG randomwalker-info-585 643 16 a a DT randomwalker-info-585 643 17 rig rig NN randomwalker-info-585 643 18 for for IN randomwalker-info-585 643 19 one one CD randomwalker-info-585 643 20 time time NN randomwalker-info-585 643 21 unit unit NN randomwalker-info-585 643 22 is be VBZ randomwalker-info-585 643 23 exactly exactly RB randomwalker-info-585 643 24 1 1 CD randomwalker-info-585 643 25 / / SYM randomwalker-info-585 643 26 k k NNS randomwalker-info-585 643 27 , , , randomwalker-info-585 643 28 whereas whereas IN randomwalker-info-585 643 29 the the DT randomwalker-info-585 643 30 cost cost NN randomwalker-info-585 643 31 in in IN randomwalker-info-585 643 32 electricity electricity NN randomwalker-info-585 643 33 is be VBZ randomwalker-info-585 643 34 p. p. NN randomwalker-info-585 643 35 So so RB randomwalker-info-585 643 36 the the DT randomwalker-info-585 643 37 network network NN randomwalker-info-585 643 38 is be VBZ randomwalker-info-585 643 39 sustainable sustainable JJ randomwalker-info-585 643 40 as as RB randomwalker-info-585 643 41 long long RB randomwalker-info-585 643 42 as as IN randomwalker-info-585 643 43 1 1 CD randomwalker-info-585 643 44 / / SYM randomwalker-info-585 643 45 k k NN randomwalker-info-585 643 46 ≥ ≥ NNP randomwalker-info-585 643 47 p p NN randomwalker-info-585 643 48 , , , randomwalker-info-585 643 49 or or CC randomwalker-info-585 643 50 k k NNP randomwalker-info-585 643 51 ≤ ≤ NNP randomwalker-info-585 643 52 1 1 CD randomwalker-info-585 643 53 / / SYM randomwalker-info-585 643 54 p p NN randomwalker-info-585 643 55 . . . randomwalker-info-585 644 1 In in IN randomwalker-info-585 644 2 other other JJ randomwalker-info-585 644 3 words word NNS randomwalker-info-585 644 4 , , , randomwalker-info-585 644 5 the the DT randomwalker-info-585 644 6 cost cost NN randomwalker-info-585 644 7 of of IN randomwalker-info-585 644 8 electricity electricity NN randomwalker-info-585 644 9 imposes impose VBZ randomwalker-info-585 644 10 a a DT randomwalker-info-585 644 11 hard hard JJ randomwalker-info-585 644 12 cap cap NN randomwalker-info-585 644 13 on on IN randomwalker-info-585 644 14 the the DT randomwalker-info-585 644 15 total total JJ randomwalker-info-585 644 16 effective effective JJ randomwalker-info-585 644 17 mining mining NN randomwalker-info-585 644 18 power power NN randomwalker-info-585 644 19 of of IN randomwalker-info-585 644 20 1 1 CD randomwalker-info-585 644 21 / / SYM randomwalker-info-585 644 22 p p NNP randomwalker-info-585 644 23 rigs rig NNS randomwalker-info-585 644 24 worth worth JJ randomwalker-info-585 644 25 . . . randomwalker-info-585 645 1 Of of RB randomwalker-info-585 645 2 course course RB randomwalker-info-585 645 3 , , , randomwalker-info-585 645 4 this this DT randomwalker-info-585 645 5 can can MD randomwalker-info-585 645 6 always always RB randomwalker-info-585 645 7 be be VB randomwalker-info-585 645 8 adjusted adjust VBN randomwalker-info-585 645 9 if if IN randomwalker-info-585 645 10 necessary necessary JJ randomwalker-info-585 645 11 by by IN randomwalker-info-585 645 12 changing change VBG randomwalker-info-585 645 13 the the DT randomwalker-info-585 645 14 fixed fix VBN randomwalker-info-585 645 15 reward reward NN randomwalker-info-585 645 16 per per IN randomwalker-info-585 645 17 block block NN randomwalker-info-585 645 18 . . . randomwalker-info-585 646 1 Also also RB randomwalker-info-585 646 2 , , , randomwalker-info-585 646 3 it -PRON- PRP randomwalker-info-585 646 4 is be VBZ randomwalker-info-585 646 5 important important JJ randomwalker-info-585 646 6 to to TO randomwalker-info-585 646 7 point point VB randomwalker-info-585 646 8 out out RP randomwalker-info-585 646 9 that that IN randomwalker-info-585 646 10 as as RB randomwalker-info-585 646 11 long long RB randomwalker-info-585 646 12 as as IN randomwalker-info-585 646 13 k k NNP randomwalker-info-585 646 14 ≤ ≤ NNP randomwalker-info-585 646 15 1 1 CD randomwalker-info-585 646 16 / / SYM randomwalker-info-585 646 17 p p NNP randomwalker-info-585 646 18 , , , randomwalker-info-585 646 19 the the DT randomwalker-info-585 646 20 effective effective JJ randomwalker-info-585 646 21 hash hash NN randomwalker-info-585 646 22 power power NN randomwalker-info-585 646 23 in in IN randomwalker-info-585 646 24 the the DT randomwalker-info-585 646 25 network network NN randomwalker-info-585 646 26 will will MD randomwalker-info-585 646 27 be be VB randomwalker-info-585 646 28 k k NNP randomwalker-info-585 646 29 rigs rig NNS randomwalker-info-585 646 30 worth worth JJ randomwalker-info-585 646 31 . . . randomwalker-info-585 647 1 Now now RB randomwalker-info-585 647 2 let let VB randomwalker-info-585 647 3 ’s -PRON- PRP randomwalker-info-585 647 4 consider consider VB randomwalker-info-585 647 5 what what WP randomwalker-info-585 647 6 happens happen VBZ randomwalker-info-585 647 7 in in IN randomwalker-info-585 647 8 the the DT randomwalker-info-585 647 9 transaction transaction NN randomwalker-info-585 647 10 fee fee NN randomwalker-info-585 647 11 model model NN randomwalker-info-585 647 12 , , , randomwalker-info-585 647 13 where where WRB randomwalker-info-585 647 14 transaction transaction NN randomwalker-info-585 647 15 fees fee NNS randomwalker-info-585 647 16 arrive arrive VBP randomwalker-info-585 647 17 continuously continuously RB randomwalker-info-585 647 18 at at IN randomwalker-info-585 647 19 a a DT randomwalker-info-585 647 20 rate rate NN randomwalker-info-585 647 21 of of IN randomwalker-info-585 647 22 1 1 CD randomwalker-info-585 647 23 per per IN randomwalker-info-585 647 24 time time NN randomwalker-info-585 647 25 unit unit NN randomwalker-info-585 647 26 . . . randomwalker-info-585 648 1 Miners miner NNS randomwalker-info-585 648 2 will will MD randomwalker-info-585 648 3 always always RB randomwalker-info-585 648 4 turn turn VB randomwalker-info-585 648 5 off off RP randomwalker-info-585 648 6 their -PRON- PRP$ randomwalker-info-585 648 7 rigs rig NNS randomwalker-info-585 648 8 ( ( -LRB- randomwalker-info-585 648 9 /coin /coin NN randomwalker-info-585 648 10 - - HYPH randomwalker-info-585 648 11 hop hop NN randomwalker-info-585 648 12 ) ) -RRB- randomwalker-info-585 648 13 immediately immediately RB randomwalker-info-585 648 14 after after IN randomwalker-info-585 648 15 a a DT randomwalker-info-585 648 16 block block NN randomwalker-info-585 648 17 is be VBZ randomwalker-info-585 648 18 found find VBN randomwalker-info-585 648 19 , , , randomwalker-info-585 648 20 because because IN randomwalker-info-585 648 21 the the DT randomwalker-info-585 648 22 instantaneous instantaneous JJ randomwalker-info-585 648 23 expected expected JJ randomwalker-info-585 648 24 reward reward NN randomwalker-info-585 648 25 of of IN randomwalker-info-585 648 26 running run VBG randomwalker-info-585 648 27 a a DT randomwalker-info-585 648 28 rig rig NN randomwalker-info-585 648 29 is be VBZ randomwalker-info-585 648 30 0 0 CD randomwalker-info-585 648 31 , , , randomwalker-info-585 648 32 but but CC randomwalker-info-585 648 33 the the DT randomwalker-info-585 648 34 cost cost NN randomwalker-info-585 648 35 is be VBZ randomwalker-info-585 648 36 non non JJ randomwalker-info-585 648 37 - - JJ randomwalker-info-585 648 38 zero zero CD randomwalker-info-585 648 39 . . . randomwalker-info-585 649 1 If if IN randomwalker-info-585 649 2 the the DT randomwalker-info-585 649 3 current current JJ randomwalker-info-585 649 4 effective effective JJ randomwalker-info-585 649 5 hash hash NN randomwalker-info-585 649 6 power power NN randomwalker-info-585 649 7 in in IN randomwalker-info-585 649 8 the the DT randomwalker-info-585 649 9 network network NN randomwalker-info-585 649 10 is be VBZ randomwalker-info-585 649 11 c c NN randomwalker-info-585 649 12 rigs rig NNS randomwalker-info-585 649 13 worth worth JJ randomwalker-info-585 649 14 , , , randomwalker-info-585 649 15 then then RB randomwalker-info-585 649 16 the the DT randomwalker-info-585 649 17 miner miner NN randomwalker-info-585 649 18 needs need VBZ randomwalker-info-585 649 19 to to TO randomwalker-info-585 649 20 wait wait VB randomwalker-info-585 649 21 until until IN randomwalker-info-585 649 22 x x SYM randomwalker-info-585 649 23 = = SYM randomwalker-info-585 649 24 cp cp NNP randomwalker-info-585 649 25 transaction transaction NN randomwalker-info-585 649 26 fees fee NNS randomwalker-info-585 649 27 have have VBP randomwalker-info-585 649 28 arrived arrive VBN randomwalker-info-585 649 29 in in IN randomwalker-info-585 649 30 order order NN randomwalker-info-585 649 31 for for IN randomwalker-info-585 649 32 mining mining NN randomwalker-info-585 649 33 to to TO randomwalker-info-585 649 34 be be VB randomwalker-info-585 649 35 profitable profitable JJ randomwalker-info-585 649 36 . . . randomwalker-info-585 650 1 Now now RB randomwalker-info-585 650 2 , , , randomwalker-info-585 650 3 assuming assume VBG randomwalker-info-585 650 4 that that IN randomwalker-info-585 650 5 miners miner NNS randomwalker-info-585 650 6 are be VBP randomwalker-info-585 650 7 cleverly cleverly RB randomwalker-info-585 650 8 turning turn VBG randomwalker-info-585 650 9 their -PRON- PRP$ randomwalker-info-585 650 10 rigs rig NNS randomwalker-info-585 650 11 on on IN randomwalker-info-585 650 12 and and CC randomwalker-info-585 650 13 off off RB randomwalker-info-585 650 14 at at IN randomwalker-info-585 650 15 the the DT randomwalker-info-585 650 16 right right JJ randomwalker-info-585 650 17 times time NNS randomwalker-info-585 650 18 , , , randomwalker-info-585 650 19 how how WRB randomwalker-info-585 650 20 many many JJ randomwalker-info-585 650 21 rigs rig NNS randomwalker-info-585 650 22 must must MD randomwalker-info-585 650 23 be be VB randomwalker-info-585 650 24 in in IN randomwalker-info-585 650 25 the the DT randomwalker-info-585 650 26 network network NN randomwalker-info-585 650 27 in in IN randomwalker-info-585 650 28 order order NN randomwalker-info-585 650 29 to to TO randomwalker-info-585 650 30 attain attain VB randomwalker-info-585 650 31 an an DT randomwalker-info-585 650 32 effective effective JJ randomwalker-info-585 650 33 hash hash NN randomwalker-info-585 650 34 power power NN randomwalker-info-585 650 35 of of IN randomwalker-info-585 650 36 c c NNP randomwalker-info-585 650 37 ? ? . randomwalker-info-585 651 1 The the DT randomwalker-info-585 651 2 rigs rig NNS randomwalker-info-585 651 3 are be VBP randomwalker-info-585 651 4 all all RB randomwalker-info-585 651 5 off off RB randomwalker-info-585 651 6 for for IN randomwalker-info-585 651 7 cp cp NNP randomwalker-info-585 651 8 units unit NNS randomwalker-info-585 651 9 of of IN randomwalker-info-585 651 10 time time NN randomwalker-info-585 651 11 , , , randomwalker-info-585 651 12 and and CC randomwalker-info-585 651 13 then then RB randomwalker-info-585 651 14 all all DT randomwalker-info-585 651 15 k k XX randomwalker-info-585 651 16 of of IN randomwalker-info-585 651 17 them -PRON- PRP randomwalker-info-585 651 18 are be VBP randomwalker-info-585 651 19 turned turn VBN randomwalker-info-585 651 20 on on RP randomwalker-info-585 651 21 , , , randomwalker-info-585 651 22 and and CC randomwalker-info-585 651 23 the the DT randomwalker-info-585 651 24 expected expect VBN randomwalker-info-585 651 25 time time NN randomwalker-info-585 651 26 to to TO randomwalker-info-585 651 27 find find VB randomwalker-info-585 651 28 a a DT randomwalker-info-585 651 29 block block NN randomwalker-info-585 651 30 is be VBZ randomwalker-info-585 651 31 1 1 CD randomwalker-info-585 651 32 unit unit NN randomwalker-info-585 651 33 of of IN randomwalker-info-585 651 34 time time NN randomwalker-info-585 651 35 . . . randomwalker-info-585 652 1 This this DT randomwalker-info-585 652 2 means mean VBZ randomwalker-info-585 652 3 that that IN randomwalker-info-585 652 4 the the DT randomwalker-info-585 652 5 expected expect VBN randomwalker-info-585 652 6 time time NN randomwalker-info-585 652 7 to to TO randomwalker-info-585 652 8 find find VB randomwalker-info-585 652 9 a a DT randomwalker-info-585 652 10 block block NN randomwalker-info-585 652 11 with with IN randomwalker-info-585 652 12 all all DT randomwalker-info-585 652 13 k k NN randomwalker-info-585 652 14 units unit NNS randomwalker-info-585 652 15 running running NN randomwalker-info-585 652 16 must must MD randomwalker-info-585 652 17 be be VB randomwalker-info-585 652 18 1−cp 1−cp NNS randomwalker-info-585 652 19 ( ( -LRB- randomwalker-info-585 652 20 due due JJ randomwalker-info-585 652 21 to to IN randomwalker-info-585 652 22 difficulty difficulty NN randomwalker-info-585 652 23 adjustment adjustment NN randomwalker-info-585 652 24 ) ) -RRB- randomwalker-info-585 652 25 , , , randomwalker-info-585 652 26 whereas whereas IN randomwalker-info-585 652 27 the the DT randomwalker-info-585 652 28 expected expect VBN randomwalker-info-585 652 29 time time NN randomwalker-info-585 652 30 to to TO randomwalker-info-585 652 31 find find VB randomwalker-info-585 652 32 a a DT randomwalker-info-585 652 33 block block NN randomwalker-info-585 652 34 with with IN randomwalker-info-585 652 35 c c NNP randomwalker-info-585 652 36 units unit NNS randomwalker-info-585 652 37 running run VBG randomwalker-info-585 652 38 is be VBZ randomwalker-info-585 652 39 1 1 CD randomwalker-info-585 652 40 ( ( -LRB- randomwalker-info-585 652 41 because because IN randomwalker-info-585 652 42 the the DT randomwalker-info-585 652 43 effective effective JJ randomwalker-info-585 652 44 hash hash NN randomwalker-info-585 652 45 power power NN randomwalker-info-585 652 46 is be VBZ randomwalker-info-585 652 47 c c NN randomwalker-info-585 652 48 ) ) -RRB- randomwalker-info-585 652 49 . . . randomwalker-info-585 653 1 Finally finally RB randomwalker-info-585 653 2 , , , randomwalker-info-585 653 3 we -PRON- PRP randomwalker-info-585 653 4 observe observe VBP randomwalker-info-585 653 5 that that IN randomwalker-info-585 653 6 for for IN randomwalker-info-585 653 7 a a DT randomwalker-info-585 653 8 fixed fix VBN randomwalker-info-585 653 9 difficulty difficulty NN randomwalker-info-585 653 10 , , , randomwalker-info-585 653 11 if if IN randomwalker-info-585 653 12 x x DT randomwalker-info-585 653 13 denotes denote VBZ randomwalker-info-585 653 14 the the DT randomwalker-info-585 653 15 number number NN randomwalker-info-585 653 16 of of IN randomwalker-info-585 653 17 rigs rig NNS randomwalker-info-585 653 18 running run VBG randomwalker-info-585 653 19 , , , randomwalker-info-585 653 20 and and CC randomwalker-info-585 653 21 yx yx NNP randomwalker-info-585 653 22 denotes denote VBZ randomwalker-info-585 653 23 the the DT randomwalker-info-585 653 24 expected expect VBN randomwalker-info-585 653 25 time time NN randomwalker-info-585 653 26 for for IN randomwalker-info-585 653 27 x x NN randomwalker-info-585 653 28 rigs rig NNS randomwalker-info-585 653 29 to to TO randomwalker-info-585 653 30 find find VB randomwalker-info-585 653 31 a a DT randomwalker-info-585 653 32 block block NN randomwalker-info-585 653 33 , , , randomwalker-info-585 653 34 then then RB randomwalker-info-585 653 35 x1 x1 NNP randomwalker-info-585 653 36 · · NFP randomwalker-info-585 653 37 yx1 yx1 NNP randomwalker-info-585 653 38 = = SYM randomwalker-info-585 653 39 x2 x2 NNP randomwalker-info-585 653 40 · · NFP randomwalker-info-585 653 41 yx2 yx2 NN randomwalker-info-585 653 42 for for IN randomwalker-info-585 653 43 all all DT randomwalker-info-585 653 44 possible possible JJ randomwalker-info-585 653 45 number number NN randomwalker-info-585 653 46 of of IN randomwalker-info-585 653 47 rigs rig NNS randomwalker-info-585 653 48 x1,x2 x1,x2 NN randomwalker-info-585 653 49 . . . randomwalker-info-585 654 1 Together together RB randomwalker-info-585 654 2 , , , randomwalker-info-585 654 3 this this DT randomwalker-info-585 654 4 yields yield VBZ randomwalker-info-585 654 5 the the DT randomwalker-info-585 654 6 following following JJ randomwalker-info-585 654 7 equation equation NN randomwalker-info-585 654 8 : : : randomwalker-info-585 654 9 k k NNP randomwalker-info-585 654 10 · · NFP randomwalker-info-585 654 11 ( ( -LRB- randomwalker-info-585 654 12 1 1 CD randomwalker-info-585 654 13 − − NNP randomwalker-info-585 654 14 cp cp NNP randomwalker-info-585 654 15 ) ) -RRB- randomwalker-info-585 654 16 = = NFP randomwalker-info-585 654 17 c c NN randomwalker-info-585 654 18 · · NFP randomwalker-info-585 654 19 1 1 CD randomwalker-info-585 654 20 ⇒ ⇒ CD randomwalker-info-585 654 21 k k NN randomwalker-info-585 654 22 = = SYM randomwalker-info-585 654 23 c c NN randomwalker-info-585 654 24 1 1 CD randomwalker-info-585 654 25 − − NNP randomwalker-info-585 654 26 cp cp NNP randomwalker-info-585 654 27 . . . randomwalker-info-585 655 1 What what WP randomwalker-info-585 655 2 do do VBP randomwalker-info-585 655 3 we -PRON- PRP randomwalker-info-585 655 4 learn learn VB randomwalker-info-585 655 5 from from IN randomwalker-info-585 655 6 this this DT randomwalker-info-585 655 7 ? ? . randomwalker-info-585 656 1 First first RB randomwalker-info-585 656 2 , , , randomwalker-info-585 656 3 we -PRON- PRP randomwalker-info-585 656 4 see see VBP randomwalker-info-585 656 5 that that IN randomwalker-info-585 656 6 no no UH randomwalker-info-585 656 7 c c NN randomwalker-info-585 656 8 ≥ ≥ CD randomwalker-info-585 656 9 1 1 CD randomwalker-info-585 656 10 / / SYM randomwalker-info-585 656 11 p p NN randomwalker-info-585 656 12 can can MD randomwalker-info-585 656 13 possibly possibly RB randomwalker-info-585 656 14 be be VB randomwalker-info-585 656 15 supported support VBN randomwalker-info-585 656 16 , , , randomwalker-info-585 656 17 just just RB randomwalker-info-585 656 18 like like IN randomwalker-info-585 656 19 in in IN randomwalker-info-585 656 20 the the DT randomwalker-info-585 656 21 fixed fix VBN randomwalker-info-585 656 22 - - HYPH randomwalker-info-585 656 23 reward reward NN randomwalker-info-585 656 24 model model NN randomwalker-info-585 656 25 . . . randomwalker-info-585 657 1 On on IN randomwalker-info-585 657 2 the the DT randomwalker-info-585 657 3 other other JJ randomwalker-info-585 657 4 hand hand NN randomwalker-info-585 657 5 , , , randomwalker-info-585 657 6 we -PRON- PRP randomwalker-info-585 657 7 see see VBP randomwalker-info-585 657 8 that that IN randomwalker-info-585 657 9 it -PRON- PRP randomwalker-info-585 657 10 takes take VBZ randomwalker-info-585 657 11 an an DT randomwalker-info-585 657 12 additional additional JJ randomwalker-info-585 657 13 factor factor NN randomwalker-info-585 657 14 of of IN randomwalker-info-585 657 15 1 1 CD randomwalker-info-585 657 16 1−cp 1−cp CD randomwalker-info-585 657 17 rigs rig NNS randomwalker-info-585 657 18 in in IN randomwalker-info-585 657 19 order order NN randomwalker-info-585 657 20 to to TO randomwalker-info-585 657 21 get get VB randomwalker-info-585 657 22 the the DT randomwalker-info-585 657 23 effective effective JJ randomwalker-info-585 657 24 hash hash NN randomwalker-info-585 657 25 power power NN randomwalker-info-585 657 26 of of IN randomwalker-info-585 657 27 c c NNP randomwalker-info-585 657 28 ≤ ≤ NNP randomwalker-info-585 657 29 p p NNP randomwalker-info-585 657 30 rigs rig NNS randomwalker-info-585 657 31 . . . randomwalker-info-585 658 1 As as IN randomwalker-info-585 658 2 c c NN randomwalker-info-585 658 3 → → SYM randomwalker-info-585 658 4 1 1 CD randomwalker-info-585 658 5 / / SYM randomwalker-info-585 658 6 p p NN randomwalker-info-585 658 7 , , , randomwalker-info-585 658 8 the the DT randomwalker-info-585 658 9 maximum maximum JJ randomwalker-info-585 658 10 possible possible JJ randomwalker-info-585 658 11 effective effective JJ randomwalker-info-585 658 12 hash hash NN randomwalker-info-585 658 13 power power NN randomwalker-info-585 658 14 , , , randomwalker-info-585 658 15 this this DT randomwalker-info-585 658 16 ratio ratio NN randomwalker-info-585 658 17 approaches approach VBZ randomwalker-info-585 658 18 ∞ ∞ XX randomwalker-info-585 658 19 ! ! . randomwalker-info-585 659 1 More more RBR randomwalker-info-585 659 2 quantitatively quantitatively RB randomwalker-info-585 659 3 , , , randomwalker-info-585 659 4 if if IN randomwalker-info-585 659 5 we -PRON- PRP randomwalker-info-585 659 6 plug plug VBP randomwalker-info-585 659 7 in in RP randomwalker-info-585 659 8 c c NN randomwalker-info-585 659 9 = = SYM randomwalker-info-585 659 10 x x NNP randomwalker-info-585 659 11 / / SYM randomwalker-info-585 659 12 p p NN randomwalker-info-585 659 13 for for IN randomwalker-info-585 659 14 x x NN randomwalker-info-585 659 15 < < XX randomwalker-info-585 659 16 1 1 CD randomwalker-info-585 659 17 , , , randomwalker-info-585 659 18 we -PRON- PRP randomwalker-info-585 659 19 see see VBP randomwalker-info-585 659 20 that that IN randomwalker-info-585 659 21 the the DT randomwalker-info-585 659 22 blow blow NN randomwalker-info-585 659 23 - - HYPH randomwalker-info-585 659 24 up up NN randomwalker-info-585 659 25 is be VBZ randomwalker-info-585 659 26 1 1 CD randomwalker-info-585 659 27 1−x 1−x CD randomwalker-info-585 659 28 . . . randomwalker-info-585 660 1 This this DT randomwalker-info-585 660 2 means mean VBZ randomwalker-info-585 660 3 the the DT randomwalker-info-585 660 4 following following NN randomwalker-info-585 660 5 : : : randomwalker-info-585 660 6 In in IN randomwalker-info-585 660 7 the the DT randomwalker-info-585 660 8 transaction transaction NN randomwalker-info-585 660 9 fees fee NNS randomwalker-info-585 660 10 model model NN randomwalker-info-585 660 11 , , , randomwalker-info-585 660 12 to to TO randomwalker-info-585 660 13 obtain obtain VB randomwalker-info-585 660 14 an an DT randomwalker-info-585 660 15 x x NN randomwalker-info-585 660 16 fraction fraction NN randomwalker-info-585 660 17 of of IN randomwalker-info-585 660 18 the the DT randomwalker-info-585 660 19 maximum maximum JJ randomwalker-info-585 660 20 possible possible JJ randomwalker-info-585 660 21 effective effective JJ randomwalker-info-585 660 22 hash hash NN randomwalker-info-585 660 23 power power NN randomwalker-info-585 660 24 , , , randomwalker-info-585 660 25 a a DT randomwalker-info-585 660 26 multiplicative multiplicative JJ randomwalker-info-585 660 27 blow blow NN randomwalker-info-585 660 28 - - HYPH randomwalker-info-585 660 29 up up NN randomwalker-info-585 660 30 of of IN randomwalker-info-585 660 31 1 1 CD randomwalker-info-585 660 32 1−x 1−x CD randomwalker-info-585 660 33 rigs rig NNS randomwalker-info-585 660 34 are be VBP randomwalker-info-585 660 35 necessary necessary JJ randomwalker-info-585 660 36 . . . randomwalker-info-585 661 1 Recall recall VB randomwalker-info-585 661 2 that that IN randomwalker-info-585 661 3 in in IN randomwalker-info-585 661 4 the the DT randomwalker-info-585 661 5 fixed fix VBN randomwalker-info-585 661 6 - - HYPH randomwalker-info-585 661 7 reward reward NN randomwalker-info-585 661 8 model model NN randomwalker-info-585 661 9 , , , randomwalker-info-585 661 10 no no DT randomwalker-info-585 661 11 blow blow NN randomwalker-info-585 661 12 - - HYPH randomwalker-info-585 661 13 up up NN randomwalker-info-585 661 14 is be VBZ randomwalker-info-585 661 15 necessary necessary JJ randomwalker-info-585 661 16 . . . randomwalker-info-585 662 1 We -PRON- PRP randomwalker-info-585 662 2 can can MD randomwalker-info-585 662 3 also also RB randomwalker-info-585 662 4 reason reason VB randomwalker-info-585 662 5 in in IN randomwalker-info-585 662 6 the the DT randomwalker-info-585 662 7 other other JJ randomwalker-info-585 662 8 direction direction NN randomwalker-info-585 662 9 : : : randomwalker-info-585 662 10 for for IN randomwalker-info-585 662 11 a a DT randomwalker-info-585 662 12 fixed fix VBN randomwalker-info-585 662 13 k k NN randomwalker-info-585 662 14 number number NN randomwalker-info-585 662 15 of of IN randomwalker-info-585 662 16 rigs rig NNS randomwalker-info-585 662 17 in in IN randomwalker-info-585 662 18 the the DT randomwalker-info-585 662 19 network network NN randomwalker-info-585 662 20 , , , randomwalker-info-585 662 21 what what WP randomwalker-info-585 662 22 is be VBZ randomwalker-info-585 662 23 the the DT randomwalker-info-585 662 24 effective effective JJ randomwalker-info-585 662 25 hash hash NN randomwalker-info-585 662 26 rate rate NN randomwalker-info-585 662 27 in in IN randomwalker-info-585 662 28 the the DT randomwalker-info-585 662 29 fixed fix VBN randomwalker-info-585 662 30 reward reward NN randomwalker-info-585 662 31 model model NN randomwalker-info-585 662 32 versus versus IN randomwalker-info-585 662 33 the the DT randomwalker-info-585 662 34 transaction transaction NN randomwalker-info-585 662 35 fees fee NNS randomwalker-info-585 662 36 model model NN randomwalker-info-585 662 37 with with IN randomwalker-info-585 662 38 mining mining NN randomwalker-info-585 662 39 gaps gap NNS randomwalker-info-585 662 40 ? ? . randomwalker-info-585 663 1 In in IN randomwalker-info-585 663 2 the the DT randomwalker-info-585 663 3 fixed fixed JJ randomwalker-info-585 663 4 reward reward NN randomwalker-info-585 663 5 model model NN randomwalker-info-585 663 6 , , , randomwalker-info-585 663 7 this this DT randomwalker-info-585 663 8 is be VBZ randomwalker-info-585 663 9 easy easy JJ randomwalker-info-585 663 10 : : : randomwalker-info-585 663 11 it -PRON- PRP randomwalker-info-585 663 12 ’s ’ VBZ randomwalker-info-585 663 13 just just RB randomwalker-info-585 663 14 min{k min{k NNP randomwalker-info-585 663 15 , , , randomwalker-info-585 663 16 1 1 CD randomwalker-info-585 663 17 / / SYM randomwalker-info-585 663 18 p p NN randomwalker-info-585 663 19 } } -RRB- randomwalker-info-585 663 20 . . . randomwalker-info-585 664 1 In in IN randomwalker-info-585 664 2 the the DT randomwalker-info-585 664 3 transaction transaction NN randomwalker-info-585 664 4 fees fee NNS randomwalker-info-585 664 5 model model NN randomwalker-info-585 664 6 , , , randomwalker-info-585 664 7 for for IN randomwalker-info-585 664 8 a a DT randomwalker-info-585 664 9 fixed fix VBN randomwalker-info-585 664 10 k k NN randomwalker-info-585 664 11 , , , randomwalker-info-585 664 12 we -PRON- PRP randomwalker-info-585 664 13 need need VBP randomwalker-info-585 664 14 to to TO randomwalker-info-585 664 15 solve solve VB randomwalker-info-585 664 16 for for IN randomwalker-info-585 664 17 the the DT randomwalker-info-585 664 18 c c NN randomwalker-info-585 664 19 such such JJ randomwalker-info-585 664 20 that that IN randomwalker-info-585 664 21 k k NN randomwalker-info-585 664 22 = = SYM randomwalker-info-585 664 23 c c NN randomwalker-info-585 664 24 1−cp 1−cp NNS randomwalker-info-585 664 25 . . . randomwalker-info-585 665 1 This this DT randomwalker-info-585 665 2 is be VBZ randomwalker-info-585 665 3 : : : randomwalker-info-585 665 4 k k NNP randomwalker-info-585 665 5 −kcp −kcp NNP randomwalker-info-585 665 6 = = SYM randomwalker-info-585 665 7 c c NNP randomwalker-info-585 665 8 ⇒ ⇒ CD randomwalker-info-585 665 9 c c NN randomwalker-info-585 665 10 = = SYM randomwalker-info-585 665 11 k k NN randomwalker-info-585 665 12 1 1 CD randomwalker-info-585 665 13 + + SYM randomwalker-info-585 665 14 pk pk NN randomwalker-info-585 665 15 So so RB randomwalker-info-585 665 16 for for IN randomwalker-info-585 665 17 fixed fix VBN randomwalker-info-585 665 18 k k NN randomwalker-info-585 665 19 , , , randomwalker-info-585 665 20 the the DT randomwalker-info-585 665 21 effective effective JJ randomwalker-info-585 665 22 mining mining NN randomwalker-info-585 665 23 power power NN randomwalker-info-585 665 24 of of IN randomwalker-info-585 665 25 k k NNP randomwalker-info-585 665 26 rigs rig NNS randomwalker-info-585 665 27 degrades degrade NNS randomwalker-info-585 665 28 by by IN randomwalker-info-585 665 29 a a DT randomwalker-info-585 665 30 factor factor NN randomwalker-info-585 665 31 of of IN randomwalker-info-585 665 32 1 1 CD randomwalker-info-585 665 33 1+pk 1+pk CD randomwalker-info-585 665 34 , , , randomwalker-info-585 665 35 which which WDT randomwalker-info-585 665 36 is be VBZ randomwalker-info-585 665 37 always always RB randomwalker-info-585 665 38 < < XX randomwalker-info-585 665 39 1 1 CD randomwalker-info-585 665 40 . . . randomwalker-info-585 666 1 Note note VB randomwalker-info-585 666 2 that that IN randomwalker-info-585 666 3 at at IN randomwalker-info-585 666 4 k k NN randomwalker-info-585 666 5 = = SYM randomwalker-info-585 666 6 1 1 CD randomwalker-info-585 666 7 / / SYM randomwalker-info-585 666 8 p p NN randomwalker-info-585 666 9 , , , randomwalker-info-585 666 10 every every DT randomwalker-info-585 666 11 rig rig NN randomwalker-info-585 666 12 is be VBZ randomwalker-info-585 666 13 100 100 CD randomwalker-info-585 666 14 % % NN randomwalker-info-585 666 15 effective effective JJ randomwalker-info-585 666 16 in in IN randomwalker-info-585 666 17 the the DT randomwalker-info-585 666 18 fixed fixed JJ randomwalker-info-585 666 19 reward reward NN randomwalker-info-585 666 20 model model NN randomwalker-info-585 666 21 , , , randomwalker-info-585 666 22 whereas whereas IN randomwalker-info-585 666 23 the the DT randomwalker-info-585 666 24 effective effective JJ randomwalker-info-585 666 25 mining mining NN randomwalker-info-585 666 26 power power NN randomwalker-info-585 666 27 is be VBZ randomwalker-info-585 666 28 just just RB randomwalker-info-585 666 29 k/2 k/2 NNS randomwalker-info-585 666 30 in in IN randomwalker-info-585 666 31 the the DT randomwalker-info-585 666 32 transaction transaction NN randomwalker-info-585 666 33 fees fee NNS randomwalker-info-585 666 34 model model NN randomwalker-info-585 666 35 . . . randomwalker-info-585 667 1 We -PRON- PRP randomwalker-info-585 667 2 can can MD randomwalker-info-585 667 3 again again RB randomwalker-info-585 667 4 make make VB randomwalker-info-585 667 5 a a DT randomwalker-info-585 667 6 quantitative quantitative JJ randomwalker-info-585 667 7 statement statement NN randomwalker-info-585 667 8 : : : randomwalker-info-585 667 9 In in IN randomwalker-info-585 667 10 the the DT randomwalker-info-585 667 11 transaction transaction NN randomwalker-info-585 667 12 fees fee NNS randomwalker-info-585 667 13 model model NN randomwalker-info-585 667 14 , , , randomwalker-info-585 667 15 when when WRB randomwalker-info-585 667 16 the the DT randomwalker-info-585 667 17 raw raw JJ randomwalker-info-585 667 18 hash hash NN randomwalker-info-585 667 19 power power NN randomwalker-info-585 667 20 in in IN randomwalker-info-585 667 21 the the DT randomwalker-info-585 667 22 network network NN randomwalker-info-585 667 23 is be VBZ randomwalker-info-585 667 24 an an DT randomwalker-info-585 667 25 x x NN randomwalker-info-585 667 26 fraction fraction NN randomwalker-info-585 667 27 of of IN randomwalker-info-585 667 28 the the DT randomwalker-info-585 667 29 maximum maximum JJ randomwalker-info-585 667 30 possible possible JJ randomwalker-info-585 667 31 , , , randomwalker-info-585 667 32 the the DT randomwalker-info-585 667 33 effective effective JJ randomwalker-info-585 667 34 hash hash NN randomwalker-info-585 667 35 power power NN randomwalker-info-585 667 36 degrades degrade NNS randomwalker-info-585 667 37 by by IN randomwalker-info-585 667 38 a a DT randomwalker-info-585 667 39 factor factor NN randomwalker-info-585 667 40 of of IN randomwalker-info-585 667 41 1 1 CD randomwalker-info-585 667 42 1+x 1+x CD randomwalker-info-585 667 43 . . . randomwalker-info-585 668 1 Recall recall VB randomwalker-info-585 668 2 that that IN randomwalker-info-585 668 3 in in IN randomwalker-info-585 668 4 the the DT randomwalker-info-585 668 5 fixed fix VBN randomwalker-info-585 668 6 rewards reward NNS randomwalker-info-585 668 7 model model NN randomwalker-info-585 668 8 , , , randomwalker-info-585 668 9 there there EX randomwalker-info-585 668 10 is be VBZ randomwalker-info-585 668 11 no no DT randomwalker-info-585 668 12 degradation degradation NN randomwalker-info-585 668 13 in in IN randomwalker-info-585 668 14 effective effective JJ randomwalker-info-585 668 15 hash hash NN randomwalker-info-585 668 16 power power NN randomwalker-info-585 668 17 when when WRB randomwalker-info-585 668 18 x x NNP randomwalker-info-585 668 19 ≤ ≤ NNP randomwalker-info-585 668 20 1 1 CD randomwalker-info-585 668 21 . . . randomwalker-info-585 669 1 B. B. NNP randomwalker-info-585 670 1 LEARNING learn VBG randomwalker-info-585 670 2 MINERS miner NNS randomwalker-info-585 670 3 IN in IN randomwalker-info-585 670 4 SIMULATOR SIMULATOR NNP randomwalker-info-585 670 5 As as IN randomwalker-info-585 670 6 referenced reference VBN randomwalker-info-585 670 7 in in IN randomwalker-info-585 670 8 Section section NN randomwalker-info-585 670 9 4.2 4.2 CD randomwalker-info-585 670 10 , , , randomwalker-info-585 670 11 we -PRON- PRP randomwalker-info-585 670 12 provide provide VBP randomwalker-info-585 670 13 two two CD randomwalker-info-585 670 14 options option NNS randomwalker-info-585 670 15 for for IN randomwalker-info-585 670 16 learning learn VBG randomwalker-info-585 670 17 in in IN randomwalker-info-585 670 18 our -PRON- PRP$ randomwalker-info-585 670 19 simulator simulator NN randomwalker-info-585 670 20 . . . randomwalker-info-585 671 1 Let let VB randomwalker-info-585 671 2 ’s -PRON- PRP randomwalker-info-585 671 3 introduce introduce VB randomwalker-info-585 671 4 these these DT randomwalker-info-585 671 5 with with IN randomwalker-info-585 671 6 a a DT randomwalker-info-585 671 7 clear clear JJ randomwalker-info-585 671 8 set set NN randomwalker-info-585 671 9 - - HYPH randomwalker-info-585 671 10 up up NN randomwalker-info-585 671 11 for for IN randomwalker-info-585 671 12 learning learning NN randomwalker-info-585 671 13 . . . randomwalker-info-585 672 1 Let let VB randomwalker-info-585 672 2 there there EX randomwalker-info-585 672 3 be be VB randomwalker-info-585 672 4 a a DT randomwalker-info-585 672 5 set set NN randomwalker-info-585 672 6 of of IN randomwalker-info-585 672 7 strategies strategy NNS randomwalker-info-585 672 8 a a DT randomwalker-info-585 672 9 learner learner NN randomwalker-info-585 672 10 can can MD randomwalker-info-585 672 11 use use VB randomwalker-info-585 672 12 , , , randomwalker-info-585 672 13 indexed index VBN randomwalker-info-585 672 14 by by IN randomwalker-info-585 672 15 k. k. NN randomwalker-info-585 672 16 At at IN randomwalker-info-585 672 17 each each DT randomwalker-info-585 672 18 round round NN randomwalker-info-585 672 19 i i PRP randomwalker-info-585 672 20 ∈ ∈ VBP randomwalker-info-585 672 21 [ [ -LRB- randomwalker-info-585 672 22 T t NN randomwalker-info-585 672 23 ] ] -RRB- randomwalker-info-585 672 24 , , , randomwalker-info-585 672 25 the the DT randomwalker-info-585 672 26 learner learner NN randomwalker-info-585 672 27 receives receive VBZ randomwalker-info-585 672 28 / / SYM randomwalker-info-585 672 29 would would MD randomwalker-info-585 672 30 have have VB randomwalker-info-585 672 31 received receive VBN randomwalker-info-585 672 32 some some DT randomwalker-info-585 672 33 reward reward NN randomwalker-info-585 672 34 rik rik CC randomwalker-info-585 672 35 ∈ ∈ NNP randomwalker-info-585 672 36 [ [ -LRB- randomwalker-info-585 672 37 0 0 CD randomwalker-info-585 672 38 , , , randomwalker-info-585 672 39 1 1 CD randomwalker-info-585 672 40 ] ] -RRB- randomwalker-info-585 672 41 , , , randomwalker-info-585 672 42 which which WDT randomwalker-info-585 672 43 may may MD randomwalker-info-585 672 44 be be VB randomwalker-info-585 672 45 arbitrary arbitrary JJ randomwalker-info-585 672 46 . . . randomwalker-info-585 673 1 The the DT randomwalker-info-585 673 2 goal goal NN randomwalker-info-585 673 3 is be VBZ randomwalker-info-585 673 4 to to TO randomwalker-info-585 673 5 select select VB randomwalker-info-585 673 6 a a DT randomwalker-info-585 673 7 sequence sequence NN randomwalker-info-585 673 8 of of IN randomwalker-info-585 673 9 strategies strategy NNS randomwalker-info-585 673 10 si si VBP randomwalker-info-585 673 11 guaranteeing guarantee VBG randomwalker-info-585 673 12 : : : randomwalker-info-585 673 13 T∑ T∑ NNP randomwalker-info-585 673 14 i=1 i=1 RB randomwalker-info-585 673 15 r r NN randomwalker-info-585 673 16 i i PRP randomwalker-info-585 673 17 si si VBP randomwalker-info-585 673 18 ≥ ≥ UH randomwalker-info-585 673 19 max max NNP randomwalker-info-585 673 20 k k NNP randomwalker-info-585 673 21 { { -LRB- randomwalker-info-585 673 22 T∑ T∑ NNP randomwalker-info-585 673 23 i=1 i=1 NN randomwalker-info-585 673 24 r r NN randomwalker-info-585 673 25 i i PRP randomwalker-info-585 673 26 k}− k}− XX randomwalker-info-585 673 27 c. c. NN randomwalker-info-585 673 28 In in IN randomwalker-info-585 673 29 other other JJ randomwalker-info-585 673 30 words word NNS randomwalker-info-585 673 31 , , , randomwalker-info-585 673 32 we -PRON- PRP randomwalker-info-585 673 33 would would MD randomwalker-info-585 673 34 like like VB randomwalker-info-585 673 35 to to TO randomwalker-info-585 673 36 select select VB randomwalker-info-585 673 37 a a DT randomwalker-info-585 673 38 sequence sequence NN randomwalker-info-585 673 39 of of IN randomwalker-info-585 673 40 strategies strategy NNS randomwalker-info-585 673 41 that that WDT randomwalker-info-585 673 42 does do VBZ randomwalker-info-585 673 43 nearly nearly RB randomwalker-info-585 673 44 as as RB randomwalker-info-585 673 45 well well RB randomwalker-info-585 673 46 as as IN randomwalker-info-585 673 47 the the DT randomwalker-info-585 673 48 best good JJS randomwalker-info-585 673 49 strategy strategy NN randomwalker-info-585 673 50 , , , randomwalker-info-585 673 51 assuming assume VBG randomwalker-info-585 673 52 we -PRON- PRP randomwalker-info-585 673 53 knew know VBD randomwalker-info-585 673 54 it -PRON- PRP randomwalker-info-585 673 55 from from IN randomwalker-info-585 673 56 the the DT randomwalker-info-585 673 57 beginning beginning NN randomwalker-info-585 673 58 . . . randomwalker-info-585 674 1 It -PRON- PRP randomwalker-info-585 674 2 is be VBZ randomwalker-info-585 674 3 well well RB randomwalker-info-585 674 4 - - HYPH randomwalker-info-585 674 5 known know VBN randomwalker-info-585 674 6 [ [ -LRB- randomwalker-info-585 674 7 4 4 CD randomwalker-info-585 674 8 ] ] -RRB- randomwalker-info-585 674 9 that that DT randomwalker-info-585 674 10 setting set VBG randomwalker-info-585 674 11 wik wik RB randomwalker-info-585 674 12 = = SYM randomwalker-info-585 674 13 w w NNP randomwalker-info-585 674 14 i−1 i−1 NNP randomwalker-info-585 674 15 k k NN randomwalker-info-585 674 16 ( ( -LRB- randomwalker-info-585 674 17 1 1 CD randomwalker-info-585 674 18 − − NNP randomwalker-info-585 674 19 � � , randomwalker-info-585 674 20 ) ) -RRB- randomwalker-info-585 674 21 rik rik VBD randomwalker-info-585 674 22 and and CC randomwalker-info-585 674 23 selecting select VBG randomwalker-info-585 674 24 sik sik JJ randomwalker-info-585 674 25 proportional proportional JJ randomwalker-info-585 674 26 to to IN randomwalker-info-585 674 27 the the DT randomwalker-info-585 674 28 weights weight NNS randomwalker-info-585 674 29 wik wik JJ randomwalker-info-585 674 30 results result VBZ randomwalker-info-585 674 31 in in IN randomwalker-info-585 674 32 a a DT randomwalker-info-585 674 33 guarantee guarantee NN randomwalker-info-585 674 34 with with IN randomwalker-info-585 674 35 c c NN randomwalker-info-585 674 36 = = SYM randomwalker-info-585 674 37 � � NNP randomwalker-info-585 674 38 T t NN randomwalker-info-585 674 39 + + SYM randomwalker-info-585 674 40 ln ln NN randomwalker-info-585 674 41 ( ( -LRB- randomwalker-info-585 674 42 # # NN randomwalker-info-585 674 43 strategies)/ strategies)/ NNP randomwalker-info-585 674 44 � � NNP randomwalker-info-585 674 45 . . . randomwalker-info-585 675 1 Similarly similarly RB randomwalker-info-585 675 2 , , , randomwalker-info-585 675 3 [ [ -LRB- randomwalker-info-585 675 4 5 5 CD randomwalker-info-585 675 5 ] ] -RRB- randomwalker-info-585 675 6 shows show VBZ randomwalker-info-585 675 7 that that IN randomwalker-info-585 675 8 even even RB randomwalker-info-585 675 9 if if IN randomwalker-info-585 675 10 we -PRON- PRP randomwalker-info-585 675 11 do do VBP randomwalker-info-585 675 12 n’t not RB randomwalker-info-585 675 13 learn learn VB randomwalker-info-585 675 14 r r NN randomwalker-info-585 675 15 i i NN randomwalker-info-585 675 16 k k XX randomwalker-info-585 675 17 for for IN randomwalker-info-585 675 18 Figure figure NN randomwalker-info-585 675 19 11 11 CD randomwalker-info-585 675 20 : : : randomwalker-info-585 675 21 Illustration illustration NN randomwalker-info-585 675 22 of of IN randomwalker-info-585 675 23 a a DT randomwalker-info-585 675 24 mining mining NN randomwalker-info-585 675 25 gap gap NN randomwalker-info-585 675 26 . . . randomwalker-info-585 676 1 The the DT randomwalker-info-585 676 2 blue blue JJ randomwalker-info-585 676 3 line line NN randomwalker-info-585 676 4 shows show VBZ randomwalker-info-585 676 5 the the DT randomwalker-info-585 676 6 current current JJ randomwalker-info-585 676 7 P.D.F. P.D.F. NNP randomwalker-info-585 677 1 of of IN randomwalker-info-585 677 2 the the DT randomwalker-info-585 677 3 time time NN randomwalker-info-585 677 4 to to IN randomwalker-info-585 677 5 next next JJ randomwalker-info-585 677 6 block block NN randomwalker-info-585 677 7 . . . randomwalker-info-585 678 1 If if IN randomwalker-info-585 678 2 the the DT randomwalker-info-585 678 3 block block NN randomwalker-info-585 678 4 reward reward NN randomwalker-info-585 678 5 by by IN randomwalker-info-585 678 6 itself -PRON- PRP randomwalker-info-585 678 7 is be VBZ randomwalker-info-585 678 8 too too RB randomwalker-info-585 678 9 small small JJ randomwalker-info-585 678 10 to to TO randomwalker-info-585 678 11 incentivize incentivize VB randomwalker-info-585 678 12 mining mining NN randomwalker-info-585 678 13 , , , randomwalker-info-585 678 14 rational rational JJ randomwalker-info-585 678 15 miners miner NNS randomwalker-info-585 678 16 will will MD randomwalker-info-585 678 17 wait wait VB randomwalker-info-585 678 18 until until IN randomwalker-info-585 678 19 enough enough JJ randomwalker-info-585 678 20 transactions transaction NNS randomwalker-info-585 678 21 have have VBP randomwalker-info-585 678 22 accumulated accumulate VBN randomwalker-info-585 678 23 before before IN randomwalker-info-585 678 24 starting start VBG randomwalker-info-585 678 25 to to IN randomwalker-info-585 678 26 mine -PRON- PRP randomwalker-info-585 678 27 . . . randomwalker-info-585 679 1 This this DT randomwalker-info-585 679 2 will will MD randomwalker-info-585 679 3 lead lead VB randomwalker-info-585 679 4 to to IN randomwalker-info-585 679 5 a a DT randomwalker-info-585 679 6 P.D.F. P.D.F. NNP randomwalker-info-585 680 1 of of IN randomwalker-info-585 680 2 a a DT randomwalker-info-585 680 3 different different JJ randomwalker-info-585 680 4 shape shape NN randomwalker-info-585 680 5 ( ( -LRB- randomwalker-info-585 680 6 red red JJ randomwalker-info-585 680 7 line line NN randomwalker-info-585 680 8 ) ) -RRB- randomwalker-info-585 680 9 . . . randomwalker-info-585 681 1 Note note VB randomwalker-info-585 681 2 that that IN randomwalker-info-585 681 3 in in IN randomwalker-info-585 681 4 either either DT randomwalker-info-585 681 5 scenario scenario NN randomwalker-info-585 681 6 the the DT randomwalker-info-585 681 7 mean mean JJ randomwalker-info-585 681 8 time time NN randomwalker-info-585 681 9 to to IN randomwalker-info-585 681 10 the the DT randomwalker-info-585 681 11 next next JJ randomwalker-info-585 681 12 block block NN randomwalker-info-585 681 13 is be VBZ randomwalker-info-585 681 14 10 10 CD randomwalker-info-585 681 15 minutes minute NNS randomwalker-info-585 681 16 ( ( -LRB- randomwalker-info-585 681 17 green green JJ randomwalker-info-585 681 18 line line NN randomwalker-info-585 681 19 ) ) -RRB- randomwalker-info-585 681 20 strategies strategy NNS randomwalker-info-585 681 21 k k XX randomwalker-info-585 681 22 that that IN randomwalker-info-585 681 23 we -PRON- PRP randomwalker-info-585 681 24 did do VBD randomwalker-info-585 681 25 n’t not RB randomwalker-info-585 681 26 choose choose VB randomwalker-info-585 681 27 in in IN randomwalker-info-585 681 28 round round NN randomwalker-info-585 681 29 i i PRP randomwalker-info-585 681 30 , , , randomwalker-info-585 681 31 there there EX randomwalker-info-585 681 32 is be VBZ randomwalker-info-585 681 33 an an DT randomwalker-info-585 681 34 algorithm algorithm NN randomwalker-info-585 681 35 ( ( -LRB- randomwalker-info-585 681 36 namely namely RB randomwalker-info-585 681 37 , , , randomwalker-info-585 681 38 EXP3 EXP3 NNP randomwalker-info-585 681 39 , , , randomwalker-info-585 681 40 see see VB randomwalker-info-585 681 41 [ [ -LRB- randomwalker-info-585 681 42 5 5 CD randomwalker-info-585 681 43 ] ] -RRB- randomwalker-info-585 681 44 for for IN randomwalker-info-585 681 45 description description NN randomwalker-info-585 681 46 ) ) -RRB- randomwalker-info-585 681 47 that that WDT randomwalker-info-585 681 48 guarantees guarantee VBZ randomwalker-info-585 681 49 c c NN randomwalker-info-585 681 50 = = SYM randomwalker-info-585 681 51 2 2 CD randomwalker-info-585 681 52 � � NNP randomwalker-info-585 681 53 T t NN randomwalker-info-585 681 54 + + CC randomwalker-info-585 681 55 # # NN randomwalker-info-585 681 56 strategies strategy NNS randomwalker-info-585 681 57 · · NFP randomwalker-info-585 681 58 ln ln VBP randomwalker-info-585 681 59 ( ( -LRB- randomwalker-info-585 681 60 # # NNP randomwalker-info-585 681 61 strategies)/ strategies)/ NNP randomwalker-info-585 681 62 � � NNP randomwalker-info-585 681 63 . . . randomwalker-info-585 682 1 So so RB randomwalker-info-585 682 2 option option VB randomwalker-info-585 682 3 one one CD randomwalker-info-585 682 4 in in IN randomwalker-info-585 682 5 our -PRON- PRP$ randomwalker-info-585 682 6 simulator simulator NN randomwalker-info-585 682 7 is be VBZ randomwalker-info-585 682 8 just just RB randomwalker-info-585 682 9 to to TO randomwalker-info-585 682 10 run run VB randomwalker-info-585 682 11 EXP3 EXP3 NNP randomwalker-info-585 682 12 in in IN randomwalker-info-585 682 13 earnest earnest NN randomwalker-info-585 682 14 : : : randomwalker-info-585 682 15 whenever whenever WRB randomwalker-info-585 682 16 a a DT randomwalker-info-585 682 17 miner miner NN randomwalker-info-585 682 18 uses use VBZ randomwalker-info-585 682 19 some some DT randomwalker-info-585 682 20 strategy strategy NN randomwalker-info-585 682 21 k k NN randomwalker-info-585 682 22 during during IN randomwalker-info-585 682 23 game game NN randomwalker-info-585 682 24 i i NNP randomwalker-info-585 682 25 , , , randomwalker-info-585 682 26 they -PRON- PRP randomwalker-info-585 682 27 learn learn VBP randomwalker-info-585 682 28 their -PRON- PRP$ randomwalker-info-585 682 29 payoff payoff NN randomwalker-info-585 682 30 and and CC randomwalker-info-585 682 31 update update VB randomwalker-info-585 682 32 their -PRON- PRP$ randomwalker-info-585 682 33 weights weight NNS randomwalker-info-585 682 34 accordingly accordingly RB randomwalker-info-585 682 35 . . . randomwalker-info-585 683 1 Still still RB randomwalker-info-585 683 2 , , , randomwalker-info-585 683 3 MWU mwu NN randomwalker-info-585 683 4 converges converge NNS randomwalker-info-585 683 5 faster fast RBR randomwalker-info-585 683 6 , , , randomwalker-info-585 683 7 so so IN randomwalker-info-585 683 8 it -PRON- PRP randomwalker-info-585 683 9 would would MD randomwalker-info-585 683 10 be be VB randomwalker-info-585 683 11 nice nice JJ randomwalker-info-585 683 12 if if IN randomwalker-info-585 683 13 we -PRON- PRP randomwalker-info-585 683 14 could could MD randomwalker-info-585 683 15 learn learn VB randomwalker-info-585 683 16 how how WRB randomwalker-info-585 683 17 much much JJ randomwalker-info-585 683 18 payoff payoff NN randomwalker-info-585 683 19 the the DT randomwalker-info-585 683 20 miner miner NN randomwalker-info-585 683 21 would would MD randomwalker-info-585 683 22 have have VB randomwalker-info-585 683 23 received receive VBN randomwalker-info-585 683 24 if if IN randomwalker-info-585 683 25 they -PRON- PRP randomwalker-info-585 683 26 used use VBD randomwalker-info-585 683 27 strategy strategy NN randomwalker-info-585 683 28 k k NN randomwalker-info-585 683 29 during during IN randomwalker-info-585 683 30 game game NN randomwalker-info-585 683 31 i i PRP randomwalker-info-585 683 32 for for IN randomwalker-info-585 683 33 all all DT randomwalker-info-585 683 34 k k NN randomwalker-info-585 683 35 , , , randomwalker-info-585 683 36 but but CC randomwalker-info-585 683 37 this this DT randomwalker-info-585 683 38 is be VBZ randomwalker-info-585 683 39 computationally computationally RB randomwalker-info-585 683 40 very very RB randomwalker-info-585 683 41 expensive expensive JJ randomwalker-info-585 683 42 as as IN randomwalker-info-585 683 43 it -PRON- PRP randomwalker-info-585 683 44 essentially essentially RB randomwalker-info-585 683 45 requires require VBZ randomwalker-info-585 683 46 us -PRON- PRP randomwalker-info-585 683 47 to to TO randomwalker-info-585 683 48 rerun rerun VB randomwalker-info-585 683 49 the the DT randomwalker-info-585 683 50 entire entire JJ randomwalker-info-585 683 51 game game NN randomwalker-info-585 683 52 for for IN randomwalker-info-585 683 53 all all DT randomwalker-info-585 683 54 miners miner NNS randomwalker-info-585 683 55 and and CC randomwalker-info-585 683 56 strategies strategy NNS randomwalker-info-585 683 57 k k NNP randomwalker-info-585 683 58 ( ( -LRB- randomwalker-info-585 683 59 thereby thereby RB randomwalker-info-585 683 60 becoming become VBG randomwalker-info-585 683 61 more more RBR randomwalker-info-585 683 62 expensive expensive JJ randomwalker-info-585 683 63 than than IN randomwalker-info-585 683 64 just just RB randomwalker-info-585 683 65 running run VBG randomwalker-info-585 683 66 the the DT randomwalker-info-585 683 67 additional additional JJ randomwalker-info-585 683 68 games game NNS randomwalker-info-585 683 69 to to TO randomwalker-info-585 683 70 let let VB randomwalker-info-585 683 71 EXP3 EXP3 NNP randomwalker-info-585 683 72 converge converge VB randomwalker-info-585 683 73 ) ) -RRB- randomwalker-info-585 683 74 . . . randomwalker-info-585 684 1 Instead instead RB randomwalker-info-585 684 2 , , , randomwalker-info-585 684 3 we -PRON- PRP randomwalker-info-585 684 4 make make VBP randomwalker-info-585 684 5 the the DT randomwalker-info-585 684 6 following follow VBG randomwalker-info-585 684 7 observation observation NN randomwalker-info-585 684 8 : : : randomwalker-info-585 684 9 even even RB randomwalker-info-585 684 10 if if IN randomwalker-info-585 684 11 this this DT randomwalker-info-585 684 12 miner miner NN randomwalker-info-585 684 13 is be VBZ randomwalker-info-585 684 14 not not RB randomwalker-info-585 684 15 using use VBG randomwalker-info-585 684 16 strategy strategy NN randomwalker-info-585 684 17 k k NN randomwalker-info-585 684 18 during during IN randomwalker-info-585 684 19 game game NN randomwalker-info-585 684 20 i i PRP randomwalker-info-585 684 21 , , , randomwalker-info-585 684 22 maybe maybe RB randomwalker-info-585 684 23 some some DT randomwalker-info-585 684 24 other other JJ randomwalker-info-585 684 25 miner miner NN randomwalker-info-585 684 26 is be VBZ randomwalker-info-585 684 27 - - : randomwalker-info-585 684 28 could could MD randomwalker-info-585 684 29 we -PRON- PRP randomwalker-info-585 684 30 use use VB randomwalker-info-585 684 31 that that DT randomwalker-info-585 684 32 miner miner NN randomwalker-info-585 684 33 ’s ’s POS randomwalker-info-585 684 34 payoff payoff NN randomwalker-info-585 684 35 instead instead RB randomwalker-info-585 684 36 of of IN randomwalker-info-585 684 37 recomputing recompute VBG randomwalker-info-585 684 38 exactly exactly RB randomwalker-info-585 684 39 what what WP randomwalker-info-585 684 40 payoff payoff NN randomwalker-info-585 684 41 this this DT randomwalker-info-585 684 42 miner miner NN randomwalker-info-585 684 43 would would MD randomwalker-info-585 684 44 have have VB randomwalker-info-585 684 45 received receive VBN randomwalker-info-585 684 46 ? ? . randomwalker-info-585 685 1 The the DT randomwalker-info-585 685 2 answer answer NN randomwalker-info-585 685 3 is be VBZ randomwalker-info-585 685 4 of of IN randomwalker-info-585 685 5 course course NN randomwalker-info-585 685 6 we -PRON- PRP randomwalker-info-585 685 7 can can MD randomwalker-info-585 685 8 , , , randomwalker-info-585 685 9 we -PRON- PRP randomwalker-info-585 685 10 just just RB randomwalker-info-585 685 11 wo will MD randomwalker-info-585 685 12 n’t not RB randomwalker-info-585 685 13 get get VB randomwalker-info-585 685 14 a a DT randomwalker-info-585 685 15 theoretical theoretical JJ randomwalker-info-585 685 16 guarantee guarantee NN randomwalker-info-585 685 17 like like UH randomwalker-info-585 685 18 if if IN randomwalker-info-585 685 19 we -PRON- PRP randomwalker-info-585 685 20 used use VBD randomwalker-info-585 685 21 MWU MWU NNP randomwalker-info-585 685 22 in in IN randomwalker-info-585 685 23 earnest earnest NN randomwalker-info-585 685 24 . . . randomwalker-info-585 686 1 The the DT randomwalker-info-585 686 2 payoff payoff NN randomwalker-info-585 686 3 from from IN randomwalker-info-585 686 4 different different JJ randomwalker-info-585 686 5 miner miner NN randomwalker-info-585 686 6 perspectives perspective NNS randomwalker-info-585 686 7 are be VBP randomwalker-info-585 686 8 of of IN randomwalker-info-585 686 9 course course NN randomwalker-info-585 686 10 different different JJ randomwalker-info-585 686 11 , , , randomwalker-info-585 686 12 but but CC randomwalker-info-585 686 13 not not RB randomwalker-info-585 686 14 wildly wildly RB randomwalker-info-585 686 15 so so RB randomwalker-info-585 686 16 . . . randomwalker-info-585 687 1 Specifically specifically RB randomwalker-info-585 687 2 , , , randomwalker-info-585 687 3 the the DT randomwalker-info-585 687 4 difference difference NN randomwalker-info-585 687 5 is be VBZ randomwalker-info-585 687 6 that that IN randomwalker-info-585 687 7 miner miner NN randomwalker-info-585 687 8 1 1 CD randomwalker-info-585 687 9 is be VBZ randomwalker-info-585 687 10 facing face VBG randomwalker-info-585 687 11 opponents opponent NNS randomwalker-info-585 687 12 2 2 CD randomwalker-info-585 687 13 , , , randomwalker-info-585 687 14 3 3 CD randomwalker-info-585 687 15 , , , randomwalker-info-585 687 16 . . . randomwalker-info-585 688 1 . . . randomwalker-info-585 689 1 . . . randomwalker-info-585 689 2 , , , randomwalker-info-585 689 3 whereas whereas IN randomwalker-info-585 689 4 miner miner NN randomwalker-info-585 689 5 2 2 CD randomwalker-info-585 689 6 faces face VBZ randomwalker-info-585 689 7 opponents opponent NNS randomwalker-info-585 689 8 1 1 CD randomwalker-info-585 689 9 , , , randomwalker-info-585 689 10 3 3 CD randomwalker-info-585 689 11 , , , randomwalker-info-585 689 12 . . . randomwalker-info-585 690 1 . . . randomwalker-info-585 691 1 .. .. NFP randomwalker-info-585 692 1 If if IN randomwalker-info-585 692 2 miner miner NN randomwalker-info-585 692 3 1 1 CD randomwalker-info-585 692 4 and and CC randomwalker-info-585 692 5 miner miner NN randomwalker-info-585 692 6 2 2 CD randomwalker-info-585 692 7 use use VB randomwalker-info-585 692 8 different different JJ randomwalker-info-585 692 9 strategies strategy NNS randomwalker-info-585 692 10 in in IN randomwalker-info-585 692 11 round round NN randomwalker-info-585 692 12 i i PRP randomwalker-info-585 692 13 , , , randomwalker-info-585 692 14 then then RB randomwalker-info-585 692 15 strategy strategy NN randomwalker-info-585 692 16 k k NNP randomwalker-info-585 692 17 would would MD randomwalker-info-585 692 18 yield yield VB randomwalker-info-585 692 19 slightly slightly RB randomwalker-info-585 692 20 different different JJ randomwalker-info-585 692 21 rewards reward NNS randomwalker-info-585 692 22 when when WRB randomwalker-info-585 692 23 used use VBN randomwalker-info-585 692 24 by by IN randomwalker-info-585 692 25 each each DT randomwalker-info-585 692 26 of of IN randomwalker-info-585 692 27 them -PRON- PRP randomwalker-info-585 692 28 . . . randomwalker-info-585 693 1 With with IN randomwalker-info-585 693 2 many many JJ randomwalker-info-585 693 3 small small JJ randomwalker-info-585 693 4 miners miner NNS randomwalker-info-585 693 5 , , , randomwalker-info-585 693 6 this this DT randomwalker-info-585 693 7 difference difference NN randomwalker-info-585 693 8 should should MD randomwalker-info-585 693 9 be be VB randomwalker-info-585 693 10 small small JJ randomwalker-info-585 693 11 , , , randomwalker-info-585 693 12 so so RB randomwalker-info-585 693 13 we -PRON- PRP randomwalker-info-585 693 14 include include VBP randomwalker-info-585 693 15 this this DT randomwalker-info-585 693 16 learning learning NN randomwalker-info-585 693 17 option option NN randomwalker-info-585 693 18 as as IN randomwalker-info-585 693 19 it -PRON- PRP randomwalker-info-585 693 20 seems seem VBZ randomwalker-info-585 693 21 to to TO randomwalker-info-585 693 22 converge converge VB randomwalker-info-585 693 23 faster fast RBR randomwalker-info-585 693 24 than than IN randomwalker-info-585 693 25 EXP3 EXP3 NNP randomwalker-info-585 693 26 , , , randomwalker-info-585 693 27 even even RB randomwalker-info-585 693 28 though though IN randomwalker-info-585 693 29 there there EX randomwalker-info-585 693 30 is be VBZ randomwalker-info-585 693 31 no no DT randomwalker-info-585 693 32 theoretical theoretical JJ randomwalker-info-585 693 33 guarantee guarantee NN randomwalker-info-585 693 34 . . . randomwalker-info-585 694 1 Specifically specifically RB randomwalker-info-585 694 2 what what WP randomwalker-info-585 694 3 we -PRON- PRP randomwalker-info-585 694 4 mean mean VBP randomwalker-info-585 694 5 is be VBZ randomwalker-info-585 694 6 the the DT randomwalker-info-585 694 7 following follow VBG randomwalker-info-585 694 8 : : : randomwalker-info-585 694 9 instead instead RB randomwalker-info-585 694 10 of of IN randomwalker-info-585 694 11 learning learn VBG randomwalker-info-585 694 12 the the DT randomwalker-info-585 694 13 payoff payoff NN randomwalker-info-585 694 14 that that WDT randomwalker-info-585 694 15 the the DT randomwalker-info-585 694 16 miner miner NN randomwalker-info-585 694 17 would would MD randomwalker-info-585 694 18 have have VB randomwalker-info-585 694 19 received receive VBN randomwalker-info-585 694 20 had have VBD randomwalker-info-585 694 21 they -PRON- PRP randomwalker-info-585 694 22 used use VBN randomwalker-info-585 694 23 strategy strategy NN randomwalker-info-585 694 24 k k NN randomwalker-info-585 694 25 during during IN randomwalker-info-585 694 26 round round NN randomwalker-info-585 694 27 i i PRP randomwalker-info-585 694 28 , , , randomwalker-info-585 694 29 they -PRON- PRP randomwalker-info-585 694 30 simply simply RB randomwalker-info-585 694 31 take take VBP randomwalker-info-585 694 32 the the DT randomwalker-info-585 694 33 average average JJ randomwalker-info-585 694 34 payoffs payoff NNS randomwalker-info-585 694 35 of of IN randomwalker-info-585 694 36 all all DT randomwalker-info-585 694 37 miners miner NNS randomwalker-info-585 694 38 that that WDT randomwalker-info-585 694 39 used use VBD randomwalker-info-585 694 40 strategy strategy NN randomwalker-info-585 694 41 k k NN randomwalker-info-585 694 42 during during IN randomwalker-info-585 694 43 round round NN randomwalker-info-585 694 44 i i PRP randomwalker-info-585 694 45 instead instead RB randomwalker-info-585 694 46 . . . randomwalker-info-585 695 1 It -PRON- PRP randomwalker-info-585 695 2 is be VBZ randomwalker-info-585 695 3 certainly certainly RB randomwalker-info-585 695 4 possible possible JJ randomwalker-info-585 695 5 that that IN randomwalker-info-585 695 6 improvements improvement NNS randomwalker-info-585 695 7 to to IN randomwalker-info-585 695 8 the the DT randomwalker-info-585 695 9 learning learn VBG randomwalker-info-585 695 10 aspect aspect NN randomwalker-info-585 695 11 of of IN randomwalker-info-585 695 12 the the DT randomwalker-info-585 695 13 simulation simulation NN randomwalker-info-585 695 14 are be VBP randomwalker-info-585 695 15 possible possible JJ randomwalker-info-585 695 16 ( ( -LRB- randomwalker-info-585 695 17 and and CC randomwalker-info-585 695 18 we -PRON- PRP randomwalker-info-585 695 19 encourage encourage VBP randomwalker-info-585 695 20 future future JJ randomwalker-info-585 695 21 work work NN randomwalker-info-585 695 22 on on IN randomwalker-info-585 695 23 this this DT randomwalker-info-585 695 24 aspect aspect NN randomwalker-info-585 695 25 once once IN randomwalker-info-585 695 26 the the DT randomwalker-info-585 695 27 simulator simulator NN randomwalker-info-585 695 28 is be VBZ randomwalker-info-585 695 29 open open JJ randomwalker-info-585 695 30 - - HYPH randomwalker-info-585 695 31 source source NN randomwalker-info-585 695 32 ) ) -RRB- randomwalker-info-585 695 33 , , , randomwalker-info-585 695 34 but but CC randomwalker-info-585 695 35 we -PRON- PRP randomwalker-info-585 695 36 note note VBP randomwalker-info-585 695 37 that that IN randomwalker-info-585 695 38 the the DT randomwalker-info-585 695 39 current current JJ randomwalker-info-585 695 40 implementations implementation NNS randomwalker-info-585 695 41 sufficed suffice VBD randomwalker-info-585 695 42 for for IN randomwalker-info-585 695 43 the the DT randomwalker-info-585 695 44 settings setting NNS randomwalker-info-585 695 45 we -PRON- PRP randomwalker-info-585 695 46 studied study VBD randomwalker-info-585 695 47 . . . randomwalker-info-585 696 1 C. C. NNP randomwalker-info-585 696 2 PROOF PROOF NNP randomwalker-info-585 696 3 OF of IN randomwalker-info-585 696 4 THEOREM THEOREM NNP randomwalker-info-585 696 5 5.1 5.1 CD randomwalker-info-585 696 6 Below below RB randomwalker-info-585 696 7 is be VBZ randomwalker-info-585 696 8 a a DT randomwalker-info-585 696 9 complete complete JJ randomwalker-info-585 696 10 proof proof NN randomwalker-info-585 696 11 of of IN randomwalker-info-585 696 12 Theorem Theorem NNP randomwalker-info-585 696 13 5.1 5.1 CD randomwalker-info-585 696 14 . . . randomwalker-info-585 697 1 Some some DT randomwalker-info-585 697 2 quick quick JJ randomwalker-info-585 697 3 notation notation NN randomwalker-info-585 697 4 : : : randomwalker-info-585 697 5 for for IN randomwalker-info-585 697 6 an an DT randomwalker-info-585 697 7 increasing increase VBG randomwalker-info-585 697 8 function function NN randomwalker-info-585 697 9 f f NNP randomwalker-info-585 697 10 ( ( -LRB- randomwalker-info-585 697 11 · · NFP randomwalker-info-585 697 12 ) ) -RRB- randomwalker-info-585 697 13 , , , randomwalker-info-585 697 14 we -PRON- PRP randomwalker-info-585 697 15 ’ll will MD randomwalker-info-585 697 16 denote denote VB randomwalker-info-585 697 17 by by IN randomwalker-info-585 697 18 f−1(x f−1(x CD randomwalker-info-585 697 19 ) ) -RRB- randomwalker-info-585 697 20 = = NFP randomwalker-info-585 697 21 min{y|f(y min{y|f(y ADD randomwalker-info-585 697 22 ) ) -RRB- randomwalker-info-585 697 23 ≥ ≥ UH randomwalker-info-585 697 24 x x UH randomwalker-info-585 697 25 } } -RRB- randomwalker-info-585 697 26 . . . randomwalker-info-585 698 1 If if IN randomwalker-info-585 698 2 no no DT randomwalker-info-585 698 3 such such JJ randomwalker-info-585 698 4 y y NN randomwalker-info-585 698 5 exists exist VBZ randomwalker-info-585 698 6 , , , randomwalker-info-585 698 7 then then RB randomwalker-info-585 698 8 we -PRON- PRP randomwalker-info-585 698 9 ’ll will MD randomwalker-info-585 698 10 denote denote VB randomwalker-info-585 698 11 f−1(x f−1(x CD randomwalker-info-585 698 12 ) ) -RRB- randomwalker-info-585 698 13 = = NFP randomwalker-info-585 698 14 + + CC randomwalker-info-585 698 15 ∞. ∞. NN randomwalker-info-585 699 1 First first RB randomwalker-info-585 699 2 , , , randomwalker-info-585 699 3 we -PRON- PRP randomwalker-info-585 699 4 make make VBP randomwalker-info-585 699 5 an an DT randomwalker-info-585 699 6 extremely extremely RB randomwalker-info-585 699 7 useful useful JJ randomwalker-info-585 699 8 observation observation NN randomwalker-info-585 699 9 about about IN randomwalker-info-585 699 10 when when WRB randomwalker-info-585 699 11 miners miner NNS randomwalker-info-585 699 12 will will MD randomwalker-info-585 699 13 receive receive VB randomwalker-info-585 699 14 payment payment NN randomwalker-info-585 699 15 for for IN randomwalker-info-585 699 16 their -PRON- PRP$ randomwalker-info-585 699 17 blocks block NNS randomwalker-info-585 699 18 . . . randomwalker-info-585 700 1 Essentially essentially RB randomwalker-info-585 700 2 , , , randomwalker-info-585 700 3 because because IN randomwalker-info-585 700 4 miners miner NNS randomwalker-info-585 700 5 only only RB randomwalker-info-585 700 6 consider consider VBP randomwalker-info-585 700 7 mining mine VBG randomwalker-info-585 700 8 on on IN randomwalker-info-585 700 9 MostH MostH NNP randomwalker-info-585 700 10 or or CC randomwalker-info-585 700 11 MostH−1 mosth−1 CD randomwalker-info-585 700 12 , , , randomwalker-info-585 700 13 once once RB randomwalker-info-585 700 14 a a DT randomwalker-info-585 700 15 block block NN randomwalker-info-585 700 16 is be VBZ randomwalker-info-585 700 17 a a DT randomwalker-info-585 700 18 predecessor predecessor NN randomwalker-info-585 700 19 of of IN randomwalker-info-585 700 20 both both DT randomwalker-info-585 700 21 such such JJ randomwalker-info-585 700 22 blocks block NNS randomwalker-info-585 700 23 , , , randomwalker-info-585 700 24 it -PRON- PRP randomwalker-info-585 700 25 is be VBZ randomwalker-info-585 700 26 guaranteed guarantee VBN randomwalker-info-585 700 27 to to TO randomwalker-info-585 700 28 be be VB randomwalker-info-585 700 29 in in IN randomwalker-info-585 700 30 the the DT randomwalker-info-585 700 31 eventual eventual JJ randomwalker-info-585 700 32 longest long JJS randomwalker-info-585 700 33 chain chain NN randomwalker-info-585 700 34 . . . randomwalker-info-585 701 1 Observation observation NN randomwalker-info-585 701 2 1 1 CD randomwalker-info-585 701 3 . . . randomwalker-info-585 702 1 As as RB randomwalker-info-585 702 2 long long RB randomwalker-info-585 702 3 as as IN randomwalker-info-585 702 4 miners miner NNS randomwalker-info-585 702 5 only only RB randomwalker-info-585 702 6 consider consider VBP randomwalker-info-585 702 7 mining mine VBG randomwalker-info-585 702 8 on on IN randomwalker-info-585 702 9 top top NN randomwalker-info-585 702 10 of of IN randomwalker-info-585 702 11 blocks block NNS randomwalker-info-585 702 12 MostH MostH NNP randomwalker-info-585 702 13 or or CC randomwalker-info-585 702 14 MostH−1 MostH−1 NNP randomwalker-info-585 702 15 , , , randomwalker-info-585 702 16 a a DT randomwalker-info-585 702 17 miner miner NN randomwalker-info-585 702 18 receives receive VBZ randomwalker-info-585 702 19 eventual eventual JJ randomwalker-info-585 702 20 payment payment NN randomwalker-info-585 702 21 for for IN randomwalker-info-585 702 22 mining mine VBG randomwalker-info-585 702 23 a a DT randomwalker-info-585 702 24 block block NN randomwalker-info-585 702 25 if if IN randomwalker-info-585 702 26 and and CC randomwalker-info-585 702 27 only only RB randomwalker-info-585 702 28 if if IN randomwalker-info-585 702 29 the the DT randomwalker-info-585 702 30 next next JJ randomwalker-info-585 702 31 block block NN randomwalker-info-585 702 32 found find VBD randomwalker-info-585 702 33 chooses choose NNS randomwalker-info-585 702 34 to to TO randomwalker-info-585 702 35 continue continue VB randomwalker-info-585 702 36 her -PRON- PRP$ randomwalker-info-585 702 37 chain chain NN randomwalker-info-585 702 38 instead instead RB randomwalker-info-585 702 39 of of IN randomwalker-info-585 702 40 undercutting undercut VBG randomwalker-info-585 702 41 . . . randomwalker-info-585 703 1 Proof proof NN randomwalker-info-585 703 2 . . . randomwalker-info-585 704 1 Because because IN randomwalker-info-585 704 2 miners miner NNS randomwalker-info-585 704 3 only only RB randomwalker-info-585 704 4 consider consider VBP randomwalker-info-585 704 5 chains chain NNS randomwalker-info-585 704 6 MostH−1 mosth−1 CD randomwalker-info-585 704 7 or or CC randomwalker-info-585 704 8 MostH MostH NNP randomwalker-info-585 704 9 , , , randomwalker-info-585 704 10 immediately immediately RB randomwalker-info-585 704 11 after after IN randomwalker-info-585 704 12 producing produce VBG randomwalker-info-585 704 13 a a DT randomwalker-info-585 704 14 new new JJ randomwalker-info-585 704 15 block block NN randomwalker-info-585 704 16 B b NN randomwalker-info-585 704 17 , , , randomwalker-info-585 704 18 B B NNP randomwalker-info-585 704 19 is be VBZ randomwalker-info-585 704 20 in in IN randomwalker-info-585 704 21 the the DT randomwalker-info-585 704 22 longest long JJS randomwalker-info-585 704 23 chain chain NN randomwalker-info-585 704 24 . . . randomwalker-info-585 705 1 Either either CC randomwalker-info-585 705 2 B B NNP randomwalker-info-585 705 3 goes go VBZ randomwalker-info-585 705 4 on on IN randomwalker-info-585 705 5 top top NN randomwalker-info-585 705 6 of of IN randomwalker-info-585 705 7 MostH−1 mosth−1 CD randomwalker-info-585 705 8 , , , randomwalker-info-585 705 9 in in IN randomwalker-info-585 705 10 which which WDT randomwalker-info-585 705 11 case case NN randomwalker-info-585 705 12 it -PRON- PRP randomwalker-info-585 705 13 is be VBZ randomwalker-info-585 705 14 in in IN randomwalker-info-585 705 15 a a DT randomwalker-info-585 705 16 chain chain NN randomwalker-info-585 705 17 of of IN randomwalker-info-585 705 18 length length NN randomwalker-info-585 705 19 H h NN randomwalker-info-585 705 20 , , , randomwalker-info-585 705 21 which which WDT randomwalker-info-585 705 22 is be VBZ randomwalker-info-585 705 23 the the DT randomwalker-info-585 705 24 longest long JJS randomwalker-info-585 705 25 . . . randomwalker-info-585 706 1 Or or CC randomwalker-info-585 706 2 it -PRON- PRP randomwalker-info-585 706 3 goes go VBZ randomwalker-info-585 706 4 on on IN randomwalker-info-585 706 5 top top NN randomwalker-info-585 706 6 of of IN randomwalker-info-585 706 7 MostH MostH NNP randomwalker-info-585 706 8 , , , randomwalker-info-585 706 9 which which WDT randomwalker-info-585 706 10 creates create VBZ randomwalker-info-585 706 11 a a DT randomwalker-info-585 706 12 new new JJ randomwalker-info-585 706 13 longest long JJS randomwalker-info-585 706 14 chain chain NN randomwalker-info-585 706 15 of of IN randomwalker-info-585 706 16 length length NN randomwalker-info-585 706 17 H h NN randomwalker-info-585 706 18 + + CC randomwalker-info-585 706 19 1 1 CD randomwalker-info-585 706 20 . . . randomwalker-info-585 707 1 Let let VB randomwalker-info-585 707 2 Hnew Hnew NNP randomwalker-info-585 707 3 denote denote VB randomwalker-info-585 707 4 the the DT randomwalker-info-585 707 5 new new JJ randomwalker-info-585 707 6 length length NN randomwalker-info-585 707 7 of of IN randomwalker-info-585 707 8 the the DT randomwalker-info-585 707 9 longest long JJS randomwalker-info-585 707 10 chain chain NN randomwalker-info-585 707 11 ( ( -LRB- randomwalker-info-585 707 12 H h NN randomwalker-info-585 707 13 if if IN randomwalker-info-585 707 14 the the DT randomwalker-info-585 707 15 miner miner NN randomwalker-info-585 707 16 undercut undercut NN randomwalker-info-585 707 17 , , , randomwalker-info-585 707 18 and and CC randomwalker-info-585 707 19 H h NN randomwalker-info-585 707 20 + + CC randomwalker-info-585 707 21 1 1 CD randomwalker-info-585 707 22 if if IN randomwalker-info-585 707 23 she -PRON- PRP randomwalker-info-585 707 24 continued continue VBD randomwalker-info-585 707 25 ) ) -RRB- randomwalker-info-585 707 26 . . . randomwalker-info-585 708 1 Either either CC randomwalker-info-585 708 2 the the DT randomwalker-info-585 708 3 newly newly RB randomwalker-info-585 708 4 minted mint VBN randomwalker-info-585 708 5 B b NN randomwalker-info-585 708 6 is be VBZ randomwalker-info-585 708 7 equal equal JJ randomwalker-info-585 708 8 to to IN randomwalker-info-585 708 9 MostHnew MostHnew NNP randomwalker-info-585 708 10 , , , randomwalker-info-585 708 11 or or CC randomwalker-info-585 708 12 it -PRON- PRP randomwalker-info-585 708 13 is be VBZ randomwalker-info-585 708 14 n’t not RB randomwalker-info-585 708 15 . . . randomwalker-info-585 709 1 If if IN randomwalker-info-585 709 2 it -PRON- PRP randomwalker-info-585 709 3 is be VBZ randomwalker-info-585 709 4 n’t not RB randomwalker-info-585 709 5 , , , randomwalker-info-585 709 6 then then RB randomwalker-info-585 709 7 neither neither CC randomwalker-info-585 709 8 the the DT randomwalker-info-585 709 9 next next JJ randomwalker-info-585 709 10 miner miner NN randomwalker-info-585 709 11 , , , randomwalker-info-585 709 12 nor nor CC randomwalker-info-585 709 13 any any DT randomwalker-info-585 709 14 other other JJ randomwalker-info-585 709 15 miner miner NN randomwalker-info-585 709 16 in in IN randomwalker-info-585 709 17 the the DT randomwalker-info-585 709 18 future future NN randomwalker-info-585 709 19 will will MD randomwalker-info-585 709 20 ever ever RB randomwalker-info-585 709 21 mine mine VB randomwalker-info-585 709 22 on on IN randomwalker-info-585 709 23 top top NN randomwalker-info-585 709 24 of of IN randomwalker-info-585 709 25 it -PRON- PRP randomwalker-info-585 709 26 , , , randomwalker-info-585 709 27 because because IN randomwalker-info-585 709 28 there there EX randomwalker-info-585 709 29 is be VBZ randomwalker-info-585 709 30 a a DT randomwalker-info-585 709 31 “ " `` randomwalker-info-585 709 32 better well JJR randomwalker-info-585 709 33 ” " '' randomwalker-info-585 709 34 chain chain NN randomwalker-info-585 709 35 of of IN randomwalker-info-585 709 36 length length NN randomwalker-info-585 709 37 Hnew Hnew NNP randomwalker-info-585 709 38 to to TO randomwalker-info-585 709 39 mine -PRON- PRP randomwalker-info-585 709 40 on on IN randomwalker-info-585 709 41 top top NN randomwalker-info-585 709 42 of of IN randomwalker-info-585 709 43 instead instead RB randomwalker-info-585 709 44 . . . randomwalker-info-585 710 1 If if IN randomwalker-info-585 710 2 it -PRON- PRP randomwalker-info-585 710 3 is be VBZ randomwalker-info-585 710 4 , , , randomwalker-info-585 710 5 then then RB randomwalker-info-585 710 6 the the DT randomwalker-info-585 710 7 next next JJ randomwalker-info-585 710 8 miner miner NN randomwalker-info-585 710 9 will will MD randomwalker-info-585 710 10 either either CC randomwalker-info-585 710 11 undercut undercut VB randomwalker-info-585 710 12 or or CC randomwalker-info-585 710 13 continue continue VB randomwalker-info-585 710 14 . . . randomwalker-info-585 711 1 If if IN randomwalker-info-585 711 2 the the DT randomwalker-info-585 711 3 next next JJ randomwalker-info-585 711 4 miner miner NN randomwalker-info-585 711 5 continues continue VBZ randomwalker-info-585 711 6 , , , randomwalker-info-585 711 7 then then RB randomwalker-info-585 711 8 B b NN randomwalker-info-585 711 9 is be VBZ randomwalker-info-585 711 10 now now RB randomwalker-info-585 711 11 equal equal JJ randomwalker-info-585 711 12 to to IN randomwalker-info-585 711 13 MostHnew MostHnew NNP randomwalker-info-585 711 14 and and CC randomwalker-info-585 711 15 the the DT randomwalker-info-585 711 16 predecessor predecessor NN randomwalker-info-585 711 17 of of IN randomwalker-info-585 711 18 MostHnew+1 MostHnew+1 NNP randomwalker-info-585 711 19 . . . randomwalker-info-585 712 1 This this DT randomwalker-info-585 712 2 means mean VBZ randomwalker-info-585 712 3 that that IN randomwalker-info-585 712 4 all all DT randomwalker-info-585 712 5 future future JJ randomwalker-info-585 712 6 miners miner NNS randomwalker-info-585 712 7 will will MD randomwalker-info-585 712 8 continue continue VB randomwalker-info-585 712 9 a a DT randomwalker-info-585 712 10 chain chain NN randomwalker-info-585 712 11 containing contain VBG randomwalker-info-585 712 12 B b NN randomwalker-info-585 712 13 , , , randomwalker-info-585 712 14 and and CC randomwalker-info-585 712 15 therefore therefore RB randomwalker-info-585 712 16 it -PRON- PRP randomwalker-info-585 712 17 will will MD randomwalker-info-585 712 18 certainly certainly RB randomwalker-info-585 712 19 be be VB randomwalker-info-585 712 20 in in IN randomwalker-info-585 712 21 the the DT randomwalker-info-585 712 22 eventual eventual JJ randomwalker-info-585 712 23 longest long JJS randomwalker-info-585 712 24 chain chain NN randomwalker-info-585 712 25 . . . randomwalker-info-585 713 1 If if IN randomwalker-info-585 713 2 instead instead RB randomwalker-info-585 713 3 the the DT randomwalker-info-585 713 4 next next JJ randomwalker-info-585 713 5 miner miner NN randomwalker-info-585 713 6 undercuts undercut NNS randomwalker-info-585 713 7 , , , randomwalker-info-585 713 8 then then RB randomwalker-info-585 713 9 there there EX randomwalker-info-585 713 10 will will MD randomwalker-info-585 713 11 be be VB randomwalker-info-585 713 12 a a DT randomwalker-info-585 713 13 new new JJ randomwalker-info-585 713 14 chain chain NN randomwalker-info-585 713 15 of of IN randomwalker-info-585 713 16 length length NN randomwalker-info-585 713 17 Hnew Hnew NNP randomwalker-info-585 713 18 that that WDT randomwalker-info-585 713 19 leaves leave VBZ randomwalker-info-585 713 20 more more RBR randomwalker-info-585 713 21 available available JJ randomwalker-info-585 713 22 BTC BTC NNP randomwalker-info-585 713 23 , , , randomwalker-info-585 713 24 meaning mean VBG randomwalker-info-585 713 25 that that IN randomwalker-info-585 713 26 MostHnew MostHnew NNP randomwalker-info-585 713 27 does do VBZ randomwalker-info-585 713 28 not not RB randomwalker-info-585 713 29 contain contain VB randomwalker-info-585 713 30 B b NN randomwalker-info-585 713 31 as as IN randomwalker-info-585 713 32 a a DT randomwalker-info-585 713 33 predecessor predecessor NN randomwalker-info-585 713 34 . . . randomwalker-info-585 714 1 MostHnew−1 MostHnew−1 VBZ randomwalker-info-585 714 2 clearly clearly RB randomwalker-info-585 714 3 does do VBZ randomwalker-info-585 714 4 not not RB randomwalker-info-585 714 5 contain contain VB randomwalker-info-585 714 6 B b NN randomwalker-info-585 714 7 either either RB randomwalker-info-585 714 8 , , , randomwalker-info-585 714 9 as as IN randomwalker-info-585 714 10 B b NN randomwalker-info-585 714 11 was be VBD randomwalker-info-585 714 12 mined mine VBN randomwalker-info-585 714 13 on on IN randomwalker-info-585 714 14 top top JJ randomwalker-info-585 714 15 Figure figure NN randomwalker-info-585 714 16 12 12 CD randomwalker-info-585 714 17 : : : randomwalker-info-585 714 18 One one CD randomwalker-info-585 714 19 example example NN randomwalker-info-585 714 20 of of IN randomwalker-info-585 714 21 the the DT randomwalker-info-585 714 22 function function NN randomwalker-info-585 714 23 that that IN randomwalker-info-585 714 24 function function NN randomwalker-info-585 714 25 forking fork VBG randomwalker-info-585 714 26 miners miner NNS randomwalker-info-585 714 27 might may MD randomwalker-info-585 714 28 use use VB randomwalker-info-585 714 29 that that DT randomwalker-info-585 714 30 leads lead VBZ randomwalker-info-585 714 31 to to IN randomwalker-info-585 714 32 an an DT randomwalker-info-585 714 33 equilibrium equilibrium NN randomwalker-info-585 714 34 . . . randomwalker-info-585 715 1 Recall recall NN randomwalker-info-585 715 2 , , , randomwalker-info-585 715 3 the the DT randomwalker-info-585 715 4 function function NN randomwalker-info-585 715 5 is be VBZ randomwalker-info-585 715 6 f(x f(x ADD randomwalker-info-585 715 7 ) ) -RRB- randomwalker-info-585 715 8 = = NFP randomwalker-info-585 715 9 x x NNS randomwalker-info-585 715 10 on on IN randomwalker-info-585 715 11 the the DT randomwalker-info-585 715 12 range range NN randomwalker-info-585 715 13 [ [ -LRB- randomwalker-info-585 715 14 0,y 0,y NNP randomwalker-info-585 715 15 ] ] -RRB- randomwalker-info-585 715 16 , , , randomwalker-info-585 715 17 the the DT randomwalker-info-585 715 18 −W0(−yex−2y −W0(−yex−2y NNP randomwalker-info-585 715 19 ) ) -RRB- randomwalker-info-585 715 20 on on IN randomwalker-info-585 715 21 [ [ -LRB- randomwalker-info-585 715 22 y y NNP randomwalker-info-585 715 23 , , , randomwalker-info-585 715 24 2y−ln(y)−1 2y−ln(y)−1 CD randomwalker-info-585 715 25 , , , randomwalker-info-585 715 26 and and CC randomwalker-info-585 715 27 1 1 CD randomwalker-info-585 715 28 on on IN randomwalker-info-585 715 29 [ [ -LRB- randomwalker-info-585 715 30 2y−ln(y)−1,∞ 2y−ln(y)−1,∞ CD randomwalker-info-585 715 31 ) ) -RRB- randomwalker-info-585 715 32 . . . randomwalker-info-585 716 1 of of IN randomwalker-info-585 716 2 this this DT randomwalker-info-585 716 3 chain chain NN randomwalker-info-585 716 4 . . . randomwalker-info-585 717 1 So so RB randomwalker-info-585 717 2 B B NNP randomwalker-info-585 717 3 is be VBZ randomwalker-info-585 717 4 contained contain VBN randomwalker-info-585 717 5 in in IN randomwalker-info-585 717 6 neither neither CC randomwalker-info-585 717 7 MostHnew MostHnew NNP randomwalker-info-585 717 8 nor nor CC randomwalker-info-585 717 9 MostHnew−1 mosthnew−1 JJ randomwalker-info-585 717 10 , , , randomwalker-info-585 717 11 and and CC randomwalker-info-585 717 12 therefore therefore RB randomwalker-info-585 717 13 no no DT randomwalker-info-585 717 14 future future JJ randomwalker-info-585 717 15 miners miner NNS randomwalker-info-585 717 16 will will MD randomwalker-info-585 717 17 ever ever RB randomwalker-info-585 717 18 consider consider VB randomwalker-info-585 717 19 a a DT randomwalker-info-585 717 20 chain chain NN randomwalker-info-585 717 21 containing contain VBG randomwalker-info-585 717 22 B. B. NNP randomwalker-info-585 718 1 In in IN randomwalker-info-585 718 2 conclusion conclusion NN randomwalker-info-585 718 3 , , , randomwalker-info-585 718 4 whether whether IN randomwalker-info-585 718 5 or or CC randomwalker-info-585 718 6 not not RB randomwalker-info-585 718 7 a a DT randomwalker-info-585 718 8 miner miner NN randomwalker-info-585 718 9 receives receive VBZ randomwalker-info-585 718 10 payment payment NN randomwalker-info-585 718 11 for for IN randomwalker-info-585 718 12 block block NNP randomwalker-info-585 718 13 B B NNP randomwalker-info-585 718 14 depends depend VBZ randomwalker-info-585 718 15 entirely entirely RB randomwalker-info-585 718 16 on on IN randomwalker-info-585 718 17 whether whether IN randomwalker-info-585 718 18 or or CC randomwalker-info-585 718 19 not not RB randomwalker-info-585 718 20 the the DT randomwalker-info-585 718 21 subsequent subsequent JJ randomwalker-info-585 718 22 miner miner NN randomwalker-info-585 718 23 decides decide VBZ randomwalker-info-585 718 24 to to IN randomwalker-info-585 718 25 mine -PRON- PRP randomwalker-info-585 718 26 on on IN randomwalker-info-585 718 27 top top NN randomwalker-info-585 718 28 of of IN randomwalker-info-585 718 29 B b NN randomwalker-info-585 718 30 or or CC randomwalker-info-585 718 31 not not RB randomwalker-info-585 718 32 . . . randomwalker-info-585 719 1 We -PRON- PRP randomwalker-info-585 719 2 now now RB randomwalker-info-585 719 3 want want VBP randomwalker-info-585 719 4 to to TO randomwalker-info-585 719 5 figure figure VB randomwalker-info-585 719 6 out out RP randomwalker-info-585 719 7 a a DT randomwalker-info-585 719 8 best good JJS randomwalker-info-585 719 9 response response NN randomwalker-info-585 719 10 for for IN randomwalker-info-585 719 11 an an DT randomwalker-info-585 719 12 individual individual JJ randomwalker-info-585 719 13 non non JJ randomwalker-info-585 719 14 - - JJ randomwalker-info-585 719 15 atomic atomic JJ randomwalker-info-585 719 16 miner miner NN randomwalker-info-585 719 17 , , , randomwalker-info-585 719 18 conditioned condition VBN randomwalker-info-585 719 19 on on IN randomwalker-info-585 719 20 all all DT randomwalker-info-585 719 21 other other JJ randomwalker-info-585 719 22 miners miner NNS randomwalker-info-585 719 23 using use VBG randomwalker-info-585 719 24 FunctionFork(f FunctionFork(f NNS randomwalker-info-585 719 25 ) ) -RRB- randomwalker-info-585 719 26 . . . randomwalker-info-585 720 1 So so RB randomwalker-info-585 720 2 we -PRON- PRP randomwalker-info-585 720 3 need need VBP randomwalker-info-585 720 4 to to TO randomwalker-info-585 720 5 figure figure VB randomwalker-info-585 720 6 out out RP randomwalker-info-585 720 7 the the DT randomwalker-info-585 720 8 probability probability NN randomwalker-info-585 720 9 that that IN randomwalker-info-585 720 10 a a DT randomwalker-info-585 720 11 miner miner NN randomwalker-info-585 720 12 will will MD randomwalker-info-585 720 13 get get VB randomwalker-info-585 720 14 undercut undercut JJ randomwalker-info-585 720 15 when when WRB randomwalker-info-585 720 16 authorizing authorize VBG randomwalker-info-585 720 17 B B NNP randomwalker-info-585 720 18 BTC BTC NNP randomwalker-info-585 720 19 in in IN randomwalker-info-585 720 20 transactions transaction NNS randomwalker-info-585 720 21 , , , randomwalker-info-585 720 22 assuming assume VBG randomwalker-info-585 720 23 that that IN randomwalker-info-585 720 24 all all DT randomwalker-info-585 720 25 other other JJ randomwalker-info-585 720 26 miners miner NNS randomwalker-info-585 720 27 are be VBP randomwalker-info-585 720 28 using use VBG randomwalker-info-585 720 29 FunctionFork(f FunctionFork(f NNS randomwalker-info-585 720 30 ) ) -RRB- randomwalker-info-585 720 31 . . . randomwalker-info-585 721 1 Note note VB randomwalker-info-585 721 2 that that IN randomwalker-info-585 721 3 as as IN randomwalker-info-585 721 4 more more JJR randomwalker-info-585 721 5 and and CC randomwalker-info-585 721 6 more more JJR randomwalker-info-585 721 7 new new JJ randomwalker-info-585 721 8 BTC btc NN randomwalker-info-585 721 9 of of IN randomwalker-info-585 721 10 transactions transaction NNS randomwalker-info-585 721 11 arrive arrive VBP randomwalker-info-585 721 12 , , , randomwalker-info-585 721 13 other other JJ randomwalker-info-585 721 14 miners miner NNS randomwalker-info-585 721 15 become become VBP randomwalker-info-585 721 16 less less RBR randomwalker-info-585 721 17 inclined inclined JJ randomwalker-info-585 721 18 to to TO randomwalker-info-585 721 19 undercut undercut VB randomwalker-info-585 721 20 . . . randomwalker-info-585 722 1 What what WP randomwalker-info-585 722 2 we -PRON- PRP randomwalker-info-585 722 3 need need VBP randomwalker-info-585 722 4 to to TO randomwalker-info-585 722 5 figure figure VB randomwalker-info-585 722 6 out out RP randomwalker-info-585 722 7 is be VBZ randomwalker-info-585 722 8 exactly exactly RB randomwalker-info-585 722 9 how how WRB randomwalker-info-585 722 10 many many JJ randomwalker-info-585 722 11 new new JJ randomwalker-info-585 722 12 BTC btc NN randomwalker-info-585 722 13 of of IN randomwalker-info-585 722 14 transactions transaction NNS randomwalker-info-585 722 15 need need VBP randomwalker-info-585 722 16 to to TO randomwalker-info-585 722 17 arrive arrive VB randomwalker-info-585 722 18 before before IN randomwalker-info-585 722 19 the the DT randomwalker-info-585 722 20 next next JJ randomwalker-info-585 722 21 miner miner NN randomwalker-info-585 722 22 switches switch NNS randomwalker-info-585 722 23 from from IN randomwalker-info-585 722 24 preferring prefer VBG randomwalker-info-585 722 25 to to TO randomwalker-info-585 722 26 undercut undercut VB randomwalker-info-585 722 27 to to IN randomwalker-info-585 722 28 preferring prefer VBG randomwalker-info-585 722 29 to to TO randomwalker-info-585 722 30 continue continue VB randomwalker-info-585 722 31 the the DT randomwalker-info-585 722 32 longest long JJS randomwalker-info-585 722 33 chain chain NN randomwalker-info-585 722 34 . . . randomwalker-info-585 723 1 Lemma Lemma NNP randomwalker-info-585 723 2 C.1 C.1 NNP randomwalker-info-585 723 3 . . . randomwalker-info-585 724 1 If if IN randomwalker-info-585 724 2 a a DT randomwalker-info-585 724 3 miner miner NN randomwalker-info-585 724 4 authorizes authorize VBZ randomwalker-info-585 724 5 B B NNP randomwalker-info-585 724 6 BTC BTC NNP randomwalker-info-585 724 7 of of IN randomwalker-info-585 724 8 transactions transaction NNS randomwalker-info-585 724 9 on on IN randomwalker-info-585 724 10 Mosti Mosti NNP randomwalker-info-585 724 11 ( ( -LRB- randomwalker-info-585 724 12 of of RB randomwalker-info-585 724 13 course course NN randomwalker-info-585 724 14 , , , randomwalker-info-585 724 15 i i PRP randomwalker-info-585 724 16 will will MD randomwalker-info-585 724 17 be be VB randomwalker-info-585 724 18 in in IN randomwalker-info-585 724 19 { { -LRB- randomwalker-info-585 724 20 H h NN randomwalker-info-585 724 21 − − NNP randomwalker-info-585 724 22 1,H 1,h CD randomwalker-info-585 724 23 } } -RRB- randomwalker-info-585 724 24 ) ) -RRB- randomwalker-info-585 724 25 , , , randomwalker-info-585 724 26 then then RB randomwalker-info-585 724 27 other other JJ randomwalker-info-585 724 28 FunctionFork(f FunctionFork(f NNS randomwalker-info-585 724 29 ) ) -RRB- randomwalker-info-585 724 30 miners miner NNS randomwalker-info-585 724 31 will will MD randomwalker-info-585 724 32 try try VB randomwalker-info-585 724 33 to to TO randomwalker-info-585 724 34 undercut undercut VB randomwalker-info-585 724 35 her -PRON- PRP randomwalker-info-585 724 36 until until IN randomwalker-info-585 724 37 max{0,f−1(B max{0,f−1(B NNP randomwalker-info-585 724 38 ) ) -RRB- randomwalker-info-585 724 39 + + SYM randomwalker-info-585 724 40 B−Rem(Mosti b−rem(mosti NN randomwalker-info-585 724 41 ) ) -RRB- randomwalker-info-585 724 42 } } -RRB- randomwalker-info-585 724 43 new new JJ randomwalker-info-585 724 44 BTC btc NN randomwalker-info-585 724 45 of of IN randomwalker-info-585 724 46 transactions transaction NNS randomwalker-info-585 724 47 arrive arrive VBP randomwalker-info-585 724 48 ( ( -LRB- randomwalker-info-585 724 49 Rem(Mosti Rem(Mosti NNP randomwalker-info-585 724 50 ) ) -RRB- randomwalker-info-585 724 51 taken take VBN randomwalker-info-585 724 52 at at IN randomwalker-info-585 724 53 the the DT randomwalker-info-585 724 54 instant instant NN randomwalker-info-585 724 55 that that IN randomwalker-info-585 724 56 the the DT randomwalker-info-585 724 57 miner miner NN randomwalker-info-585 724 58 authorizes authorize VBZ randomwalker-info-585 724 59 her -PRON- PRP$ randomwalker-info-585 724 60 block block NN randomwalker-info-585 724 61 ) ) -RRB- randomwalker-info-585 724 62 . . . randomwalker-info-585 725 1 Therefore therefore RB randomwalker-info-585 725 2 , , , randomwalker-info-585 725 3 the the DT randomwalker-info-585 725 4 expected expect VBN randomwalker-info-585 725 5 BTC BTC NNP randomwalker-info-585 725 6 obtained obtain VBN randomwalker-info-585 725 7 by by IN randomwalker-info-585 725 8 authorizing authorize VBG randomwalker-info-585 725 9 B B NNP randomwalker-info-585 725 10 BTC BTC NNP randomwalker-info-585 725 11 of of IN randomwalker-info-585 725 12 transactions transaction NNS randomwalker-info-585 725 13 is be VBZ randomwalker-info-585 725 14 Be−max{0,f Be−max{0,f NNPS randomwalker-info-585 725 15 −1(B)+B−Rem(Mosti −1(b)+b−rem(mosti XX randomwalker-info-585 725 16 ) ) -RRB- randomwalker-info-585 725 17 } } -RRB- randomwalker-info-585 725 18 . . . randomwalker-info-585 726 1 Proof proof NN randomwalker-info-585 726 2 . . . randomwalker-info-585 727 1 First first RB randomwalker-info-585 727 2 , , , randomwalker-info-585 727 3 observe observe VB randomwalker-info-585 727 4 that that IN randomwalker-info-585 727 5 because because IN randomwalker-info-585 727 6 the the DT randomwalker-info-585 727 7 miner miner NN randomwalker-info-585 727 8 chooses choose VBZ randomwalker-info-585 727 9 to to TO randomwalker-info-585 727 10 build build VB randomwalker-info-585 727 11 upon upon IN randomwalker-info-585 727 12 MostH−1 MostH−1 NNP randomwalker-info-585 727 13 or or CC randomwalker-info-585 727 14 MostH MostH NNP randomwalker-info-585 727 15 , , , randomwalker-info-585 727 16 then then RB randomwalker-info-585 727 17 the the DT randomwalker-info-585 727 18 chain chain NN randomwalker-info-585 727 19 containing contain VBG randomwalker-info-585 727 20 their -PRON- PRP$ randomwalker-info-585 727 21 block block NN randomwalker-info-585 727 22 is be VBZ randomwalker-info-585 727 23 the the DT randomwalker-info-585 727 24 new new JJ randomwalker-info-585 727 25 MostH MostH NNP randomwalker-info-585 727 26 , , , randomwalker-info-585 727 27 and and CC randomwalker-info-585 727 28 that that DT randomwalker-info-585 727 29 same same JJ randomwalker-info-585 727 30 chain chain NN randomwalker-info-585 727 31 minus minu VBD randomwalker-info-585 727 32 their -PRON- PRP$ randomwalker-info-585 727 33 block block NN randomwalker-info-585 727 34 is be VBZ randomwalker-info-585 727 35 the the DT randomwalker-info-585 727 36 new new JJ randomwalker-info-585 727 37 MostH−1 mosth−1 CD randomwalker-info-585 727 38 . . . randomwalker-info-585 728 1 So so RB randomwalker-info-585 728 2 the the DT randomwalker-info-585 728 3 gap gap NN randomwalker-info-585 728 4 between between IN randomwalker-info-585 728 5 the the DT randomwalker-info-585 728 6 number number NN randomwalker-info-585 728 7 of of IN randomwalker-info-585 728 8 available available JJ randomwalker-info-585 728 9 BTC BTC NNP randomwalker-info-585 728 10 in in IN randomwalker-info-585 728 11 MostH MostH NNP randomwalker-info-585 728 12 versus versus IN randomwalker-info-585 728 13 MostH−1 MostH−1 NNP randomwalker-info-585 728 14 ( ( -LRB- randomwalker-info-585 728 15 GapH GapH NNP randomwalker-info-585 728 16 = = SYM randomwalker-info-585 728 17 Rem(MostH−1 rem(mosth−1 NN randomwalker-info-585 728 18 ) ) -RRB- randomwalker-info-585 728 19 −Rem(MostH −rem(mosth NN randomwalker-info-585 728 20 ) ) -RRB- randomwalker-info-585 728 21 ) ) -RRB- randomwalker-info-585 728 22 for for IN randomwalker-info-585 728 23 the the DT randomwalker-info-585 728 24 next next JJ randomwalker-info-585 728 25 miner miner NN randomwalker-info-585 728 26 is be VBZ randomwalker-info-585 728 27 exactly exactly RB randomwalker-info-585 728 28 B. B. NNP randomwalker-info-585 729 1 Now now RB randomwalker-info-585 729 2 , , , randomwalker-info-585 729 3 immediately immediately RB randomwalker-info-585 729 4 when when WRB randomwalker-info-585 729 5 the the DT randomwalker-info-585 729 6 miner miner NN randomwalker-info-585 729 7 publishes publish VBZ randomwalker-info-585 729 8 her -PRON- PRP$ randomwalker-info-585 729 9 block block NN randomwalker-info-585 729 10 , , , randomwalker-info-585 729 11 there there EX randomwalker-info-585 729 12 are be VBP randomwalker-info-585 729 13 Rem(Mosti rem(mosti NN randomwalker-info-585 729 14 ) ) -RRB- randomwalker-info-585 729 15 BTC BTC NNP randomwalker-info-585 729 16 of of IN randomwalker-info-585 729 17 transactions transaction NNS randomwalker-info-585 729 18 available available JJ randomwalker-info-585 729 19 on on IN randomwalker-info-585 729 20 MostH−1 mosth−1 CD randomwalker-info-585 729 21 , , , randomwalker-info-585 729 22 and and CC randomwalker-info-585 729 23 Rem(Mosti Rem(Mosti NNP randomwalker-info-585 729 24 ) ) -RRB- randomwalker-info-585 729 25 −B −B NNP randomwalker-info-585 729 26 BTC BTC NNP randomwalker-info-585 729 27 of of IN randomwalker-info-585 729 28 transactions transaction NNS randomwalker-info-585 729 29 available available JJ randomwalker-info-585 729 30 on on IN randomwalker-info-585 729 31 MostH. MostH. NNS randomwalker-info-585 730 1 So so CC randomwalker-info-585 730 2 at at IN randomwalker-info-585 730 3 this this DT randomwalker-info-585 730 4 point point NN randomwalker-info-585 730 5 , , , randomwalker-info-585 730 6 other other JJ randomwalker-info-585 730 7 miners miner NNS randomwalker-info-585 730 8 would would MD randomwalker-info-585 730 9 choose choose VB randomwalker-info-585 730 10 to to TO randomwalker-info-585 730 11 undercut undercut VB randomwalker-info-585 730 12 iff iff NNP randomwalker-info-585 730 13 f(Rem(Mosti)−B f(Rem(Mosti)−B NNP randomwalker-info-585 730 14 ) ) -RRB- randomwalker-info-585 730 15 < < XX randomwalker-info-585 730 16 B. B. NNP randomwalker-info-585 731 1 As as IN randomwalker-info-585 731 2 more more JJR randomwalker-info-585 731 3 new new JJ randomwalker-info-585 731 4 BTC btc NN randomwalker-info-585 731 5 of of IN randomwalker-info-585 731 6 transactions transaction NNS randomwalker-info-585 731 7 arrive arrive VBP randomwalker-info-585 731 8 ( ( -LRB- randomwalker-info-585 731 9 call call VB randomwalker-info-585 731 10 it -PRON- PRP randomwalker-info-585 731 11 x x LS randomwalker-info-585 731 12 ) ) -RRB- randomwalker-info-585 731 13 , , , randomwalker-info-585 731 14 the the DT randomwalker-info-585 731 15 other other JJ randomwalker-info-585 731 16 miners miner NNS randomwalker-info-585 731 17 would would MD randomwalker-info-585 731 18 choose choose VB randomwalker-info-585 731 19 to to TO randomwalker-info-585 731 20 undercut undercut VB randomwalker-info-585 731 21 iff iff NNP randomwalker-info-585 731 22 f(Rem(Mosti f(Rem(Mosti NNP randomwalker-info-585 731 23 ) ) -RRB- randomwalker-info-585 731 24 −B −B NNP randomwalker-info-585 731 25 + + NNS randomwalker-info-585 731 26 x x NN randomwalker-info-585 731 27 ) ) -RRB- randomwalker-info-585 731 28 < < XX randomwalker-info-585 731 29 B. B. NNP randomwalker-info-585 732 1 As as IN randomwalker-info-585 732 2 f f NNP randomwalker-info-585 732 3 ( ( -LRB- randomwalker-info-585 732 4 · · NFP randomwalker-info-585 732 5 ) ) -RRB- randomwalker-info-585 732 6 is be VBZ randomwalker-info-585 732 7 increasing increase VBG randomwalker-info-585 732 8 , , , randomwalker-info-585 732 9 we -PRON- PRP randomwalker-info-585 732 10 can can MD randomwalker-info-585 732 11 look look VB randomwalker-info-585 732 12 for for IN randomwalker-info-585 732 13 the the DT randomwalker-info-585 732 14 minimum minimum JJ randomwalker-info-585 732 15 x x NNS randomwalker-info-585 732 16 where where WRB randomwalker-info-585 732 17 this this DT randomwalker-info-585 732 18 ceases cease VBZ randomwalker-info-585 732 19 hold hold VBP randomwalker-info-585 732 20 , , , randomwalker-info-585 732 21 which which WDT randomwalker-info-585 732 22 is be VBZ randomwalker-info-585 732 23 exactly exactly RB randomwalker-info-585 732 24 when when WRB randomwalker-info-585 732 25 Rem(Mosti Rem(Mosti NNP randomwalker-info-585 732 26 ) ) -RRB- randomwalker-info-585 732 27 −B −B NNP randomwalker-info-585 732 28 + + NNS randomwalker-info-585 732 29 x x SYM randomwalker-info-585 732 30 = = SYM randomwalker-info-585 732 31 f−1(B f−1(B NNP randomwalker-info-585 732 32 ) ) -RRB- randomwalker-info-585 732 33 , , , randomwalker-info-585 732 34 or or CC randomwalker-info-585 732 35 x x SYM randomwalker-info-585 732 36 = = SYM randomwalker-info-585 732 37 f−1(B f−1(B NNP randomwalker-info-585 732 38 ) ) -RRB- randomwalker-info-585 732 39 + + NFP randomwalker-info-585 732 40 B B NNP randomwalker-info-585 732 41 −Rem(Mosti −Rem(Mosti NNP randomwalker-info-585 732 42 ) ) -RRB- randomwalker-info-585 732 43 . . . randomwalker-info-585 733 1 We -PRON- PRP randomwalker-info-585 733 2 now now RB randomwalker-info-585 733 3 prove prove VBP randomwalker-info-585 733 4 three three CD randomwalker-info-585 733 5 corollaries corollary NNS randomwalker-info-585 733 6 of of IN randomwalker-info-585 733 7 Lemma Lemma NNP randomwalker-info-585 733 8 C.1 C.1 NNP randomwalker-info-585 733 9 regarding regard VBG randomwalker-info-585 733 10 what what WP randomwalker-info-585 733 11 choices choice NNS randomwalker-info-585 733 12 of of IN randomwalker-info-585 733 13 B B NNP randomwalker-info-585 733 14 might may MD randomwalker-info-585 733 15 possibly possibly RB randomwalker-info-585 733 16 be be VB randomwalker-info-585 733 17 optimal optimal JJ randomwalker-info-585 733 18 . . . randomwalker-info-585 734 1 Corollary corollary JJ randomwalker-info-585 734 2 C.2 C.2 NNP randomwalker-info-585 734 3 . . . randomwalker-info-585 735 1 If if IN randomwalker-info-585 735 2 every every DT randomwalker-info-585 735 3 other other JJ randomwalker-info-585 735 4 miner miner NN randomwalker-info-585 735 5 is be VBZ randomwalker-info-585 735 6 playing play VBG randomwalker-info-585 735 7 FunctionFork(f FunctionFork(f NNS randomwalker-info-585 735 8 ) ) -RRB- randomwalker-info-585 735 9 , , , randomwalker-info-585 735 10 then then RB randomwalker-info-585 735 11 the the DT randomwalker-info-585 735 12 optimal optimal JJ randomwalker-info-585 735 13 choice choice NN randomwalker-info-585 735 14 B∗ B∗ NNS randomwalker-info-585 735 15 of of IN randomwalker-info-585 735 16 BTC BTC NNP randomwalker-info-585 735 17 to to TO randomwalker-info-585 735 18 authorize authorize VB randomwalker-info-585 735 19 when when WRB randomwalker-info-585 735 20 building build VBG randomwalker-info-585 735 21 upon upon IN randomwalker-info-585 735 22 chain chain NN randomwalker-info-585 735 23 Mosti Mosti NNP randomwalker-info-585 735 24 satisfies satisfie NNS randomwalker-info-585 735 25 • • VBP randomwalker-info-585 735 26 B∗ B∗ NNS randomwalker-info-585 735 27 ∈ ∈ NNP randomwalker-info-585 735 28 argmaxB∈[0,GapH]{Be argmaxB∈[0,GapH]{Be NNP randomwalker-info-585 735 29 −max{0,f−1(B)+B−Rem(MostH−1 −max{0,f−1(B)+B−Rem(MostH−1 NNP randomwalker-info-585 735 30 ) ) -RRB- randomwalker-info-585 735 31 } } -RRB- randomwalker-info-585 735 32 } } -RRB- randomwalker-info-585 735 33 , , , randomwalker-info-585 735 34 if if IN randomwalker-info-585 735 35 i i PRP randomwalker-info-585 735 36 = = SYM randomwalker-info-585 735 37 H− H− NNP randomwalker-info-585 735 38 1 1 CD randomwalker-info-585 735 39 . . . randomwalker-info-585 736 1 • • VB randomwalker-info-585 736 2 B∗ B∗ NNS randomwalker-info-585 736 3 ∈ ∈ IN randomwalker-info-585 736 4 argmaxB∈[0,Rem(MostH)]{Be argmaxb∈[0,rem(mosth)]{be NN randomwalker-info-585 736 5 −max{0,f−1(B)+B−Rem(MostH−1 −max{0,f−1(b)+b−rem(mosth−1 NN randomwalker-info-585 736 6 ) ) -RRB- randomwalker-info-585 736 7 } } -RRB- randomwalker-info-585 736 8 } } -RRB- randomwalker-info-585 736 9 , , , randomwalker-info-585 736 10 if if IN randomwalker-info-585 736 11 i i PRP randomwalker-info-585 736 12 = = SYM randomwalker-info-585 736 13 H. H. NNP randomwalker-info-585 736 14 Proof Proof NNP randomwalker-info-585 736 15 . . . randomwalker-info-585 737 1 This this DT randomwalker-info-585 737 2 is be VBZ randomwalker-info-585 737 3 an an DT randomwalker-info-585 737 4 immediate immediate JJ randomwalker-info-585 737 5 corollary corollary NN randomwalker-info-585 737 6 of of IN randomwalker-info-585 737 7 Lemma Lemma NNP randomwalker-info-585 737 8 C.1 C.1 NNP randomwalker-info-585 737 9 , , , randomwalker-info-585 737 10 combined combine VBN randomwalker-info-585 737 11 with with IN randomwalker-info-585 737 12 the the DT randomwalker-info-585 737 13 fact fact NN randomwalker-info-585 737 14 that that IN randomwalker-info-585 737 15 a a DT randomwalker-info-585 737 16 miner miner NN randomwalker-info-585 737 17 who who WP randomwalker-info-585 737 18 chooses choose VBZ randomwalker-info-585 737 19 to to TO randomwalker-info-585 737 20 undercut undercut VB randomwalker-info-585 737 21 can can MD randomwalker-info-585 737 22 authorize authorize VB randomwalker-info-585 737 23 at at IN randomwalker-info-585 737 24 most most JJS randomwalker-info-585 737 25 GapH GapH NNP randomwalker-info-585 737 26 BTC BTC NNP randomwalker-info-585 737 27 , , , randomwalker-info-585 737 28 while while IN randomwalker-info-585 737 29 a a DT randomwalker-info-585 737 30 miner miner NN randomwalker-info-585 737 31 who who WP randomwalker-info-585 737 32 chooses choose VBZ randomwalker-info-585 737 33 to to TO randomwalker-info-585 737 34 continue continue VB randomwalker-info-585 737 35 can can MD randomwalker-info-585 737 36 authorize authorize VB randomwalker-info-585 737 37 at at IN randomwalker-info-585 737 38 most most JJS randomwalker-info-585 737 39 Rem(MostH Rem(MostH NNS randomwalker-info-585 737 40 ) ) -RRB- randomwalker-info-585 737 41 . . . randomwalker-info-585 738 1 Corollary Corollary NNP randomwalker-info-585 738 2 C.3 C.3 NNP randomwalker-info-585 738 3 . . . randomwalker-info-585 739 1 If if IN randomwalker-info-585 739 2 B1 b1 NN randomwalker-info-585 739 3 ≥ ≥ NN randomwalker-info-585 739 4 B2 b2 NN randomwalker-info-585 739 5 , , , randomwalker-info-585 739 6 and and CC randomwalker-info-585 739 7 B1e−B1−f B1e−B1−f NNP randomwalker-info-585 739 8 −1(B1 −1(B1 NNP randomwalker-info-585 739 9 ) ) -RRB- randomwalker-info-585 739 10 ≥ ≥ UH randomwalker-info-585 739 11 B2e−B1−f B2e−B1−f NNP randomwalker-info-585 739 12 −1(B1 −1(B1 NNP randomwalker-info-585 739 13 ) ) -RRB- randomwalker-info-585 739 14 , , , randomwalker-info-585 739 15 then then RB randomwalker-info-585 739 16 for for IN randomwalker-info-585 739 17 all all DT randomwalker-info-585 739 18 X x NN randomwalker-info-585 739 19 , , , randomwalker-info-585 739 20 the the DT randomwalker-info-585 739 21 expected expected JJ randomwalker-info-585 739 22 reward reward NN randomwalker-info-585 739 23 from from IN randomwalker-info-585 739 24 authorizing authorize VBG randomwalker-info-585 739 25 B1 B1 NNP randomwalker-info-585 739 26 BTC BTC NNP randomwalker-info-585 739 27 in in IN randomwalker-info-585 739 28 transactions transaction NNS randomwalker-info-585 739 29 is be VBZ randomwalker-info-585 739 30 at at IN randomwalker-info-585 739 31 least least JJS randomwalker-info-585 739 32 as as RB randomwalker-info-585 739 33 large large JJ randomwalker-info-585 739 34 as as IN randomwalker-info-585 739 35 the the DT randomwalker-info-585 739 36 expected expect VBN randomwalker-info-585 739 37 reward reward NN randomwalker-info-585 739 38 from from IN randomwalker-info-585 739 39 authorizing authorize VBG randomwalker-info-585 739 40 B2 B2 NNP randomwalker-info-585 739 41 BTC BTC NNP randomwalker-info-585 739 42 when when WRB randomwalker-info-585 739 43 Rem(MostH Rem(MostH NNP randomwalker-info-585 739 44 ) ) -RRB- randomwalker-info-585 739 45 = = NFP randomwalker-info-585 739 46 X. X. NNP randomwalker-info-585 740 1 Proof proof NN randomwalker-info-585 740 2 . . . randomwalker-info-585 741 1 There there EX randomwalker-info-585 741 2 are be VBP randomwalker-info-585 741 3 two two CD randomwalker-info-585 741 4 cases case NNS randomwalker-info-585 741 5 to to TO randomwalker-info-585 741 6 consider consider VB randomwalker-info-585 741 7 . . . randomwalker-info-585 742 1 First first RB randomwalker-info-585 742 2 , , , randomwalker-info-585 742 3 maybe maybe RB randomwalker-info-585 742 4 X x NN randomwalker-info-585 742 5 > > XX randomwalker-info-585 742 6 B1 b1 NN randomwalker-info-585 742 7 + + CC randomwalker-info-585 742 8 f f NN randomwalker-info-585 742 9 −1(B1 −1(B1 NNP randomwalker-info-585 742 10 ) ) -RRB- randomwalker-info-585 742 11 ( ( -LRB- randomwalker-info-585 742 12 the the DT randomwalker-info-585 742 13 miner miner NN randomwalker-info-585 742 14 guarantees guarantee VBZ randomwalker-info-585 742 15 that that IN randomwalker-info-585 742 16 she -PRON- PRP randomwalker-info-585 742 17 is be VBZ randomwalker-info-585 742 18 not not RB randomwalker-info-585 742 19 undercut undercut JJ randomwalker-info-585 742 20 by by IN randomwalker-info-585 742 21 authorizing authorize VBG randomwalker-info-585 742 22 B1 B1 NNP randomwalker-info-585 742 23 BTC BTC NNP randomwalker-info-585 742 24 in in IN randomwalker-info-585 742 25 transactions transaction NNS randomwalker-info-585 742 26 ) ) -RRB- randomwalker-info-585 742 27 . . . randomwalker-info-585 743 1 In in IN randomwalker-info-585 743 2 this this DT randomwalker-info-585 743 3 case case NN randomwalker-info-585 743 4 , , , randomwalker-info-585 743 5 because because IN randomwalker-info-585 743 6 B1 b1 NN randomwalker-info-585 743 7 ≥ ≥ NN randomwalker-info-585 743 8 B2 b2 NN randomwalker-info-585 743 9 and and CC randomwalker-info-585 743 10 f−1 f−1 NNP randomwalker-info-585 743 11 ( ( -LRB- randomwalker-info-585 743 12 · · NFP randomwalker-info-585 743 13 ) ) -RRB- randomwalker-info-585 743 14 is be VBZ randomwalker-info-585 743 15 increasing increase VBG randomwalker-info-585 743 16 , , , randomwalker-info-585 743 17 we -PRON- PRP randomwalker-info-585 743 18 clearly clearly RB randomwalker-info-585 743 19 have have VBP randomwalker-info-585 743 20 X x NN randomwalker-info-585 743 21 > > NN randomwalker-info-585 743 22 B2+f−1(B2 b2+f−1(b2 NN randomwalker-info-585 743 23 ) ) -RRB- randomwalker-info-585 743 24 as as IN randomwalker-info-585 743 25 well well RB randomwalker-info-585 743 26 , , , randomwalker-info-585 743 27 meaning mean VBG randomwalker-info-585 743 28 that that IN randomwalker-info-585 743 29 the the DT randomwalker-info-585 743 30 expected expect VBN randomwalker-info-585 743 31 reward reward NN randomwalker-info-585 743 32 by by IN randomwalker-info-585 743 33 authorizing authorize VBG randomwalker-info-585 743 34 B1 B1 NNP randomwalker-info-585 743 35 BTC BTC NNP randomwalker-info-585 743 36 is be VBZ randomwalker-info-585 743 37 exactly exactly RB randomwalker-info-585 743 38 B1 b1 NN randomwalker-info-585 743 39 , , , randomwalker-info-585 743 40 and and CC randomwalker-info-585 743 41 that that IN randomwalker-info-585 743 42 the the DT randomwalker-info-585 743 43 expected expect VBN randomwalker-info-585 743 44 reward reward NN randomwalker-info-585 743 45 by by IN randomwalker-info-585 743 46 authorizing authorize VBG randomwalker-info-585 743 47 B2 B2 NNP randomwalker-info-585 743 48 BTC BTC NNP randomwalker-info-585 743 49 is be VBZ randomwalker-info-585 743 50 exactly exactly RB randomwalker-info-585 743 51 B2 b2 NN randomwalker-info-585 743 52 , , , randomwalker-info-585 743 53 by by IN randomwalker-info-585 743 54 Lemma Lemma NNP randomwalker-info-585 743 55 C.1 C.1 NNP randomwalker-info-585 743 56 . . . randomwalker-info-585 744 1 As as IN randomwalker-info-585 744 2 B1 b1 NN randomwalker-info-585 744 3 ≥ ≥ NNP randomwalker-info-585 744 4 B2 b2 NN randomwalker-info-585 744 5 , , , randomwalker-info-585 744 6 the the DT randomwalker-info-585 744 7 reward reward NN randomwalker-info-585 744 8 from from IN randomwalker-info-585 744 9 B1 b1 NN randomwalker-info-585 744 10 is be VBZ randomwalker-info-585 744 11 at at IN randomwalker-info-585 744 12 least least JJS randomwalker-info-585 744 13 as as IN randomwalker-info-585 744 14 large large JJ randomwalker-info-585 744 15 . . . randomwalker-info-585 745 1 In in IN randomwalker-info-585 745 2 the the DT randomwalker-info-585 745 3 second second JJ randomwalker-info-585 745 4 case case NN randomwalker-info-585 745 5 , , , randomwalker-info-585 745 6 maybe maybe RB randomwalker-info-585 745 7 X x NN randomwalker-info-585 745 8 ≤ ≤ NN randomwalker-info-585 745 9 B1 b1 NN randomwalker-info-585 745 10 + + SYM randomwalker-info-585 745 11 f−1(B1 f−1(b1 NN randomwalker-info-585 745 12 ) ) -RRB- randomwalker-info-585 745 13 ( ( -LRB- randomwalker-info-585 745 14 the the DT randomwalker-info-585 745 15 miner miner NN randomwalker-info-585 745 16 is be VBZ randomwalker-info-585 745 17 undercut undercut JJ randomwalker-info-585 745 18 with with IN randomwalker-info-585 745 19 positive positive JJ randomwalker-info-585 745 20 probability probability NN randomwalker-info-585 745 21 by by IN randomwalker-info-585 745 22 authorizing authorize VBG randomwalker-info-585 745 23 B1 B1 NNP randomwalker-info-585 745 24 BTC BTC NNP randomwalker-info-585 745 25 in in IN randomwalker-info-585 745 26 transactions transaction NNS randomwalker-info-585 745 27 ) ) -RRB- randomwalker-info-585 745 28 . . . randomwalker-info-585 746 1 In in IN randomwalker-info-585 746 2 this this DT randomwalker-info-585 746 3 case case NN randomwalker-info-585 746 4 , , , randomwalker-info-585 746 5 the the DT randomwalker-info-585 746 6 reward reward NN randomwalker-info-585 746 7 from from IN randomwalker-info-585 746 8 authorizing authorize VBG randomwalker-info-585 746 9 B1 B1 NNP randomwalker-info-585 746 10 BTC BTC NNP randomwalker-info-585 746 11 is be VBZ randomwalker-info-585 746 12 B1e B1e NNP randomwalker-info-585 746 13 −B1−f−1(B1)+X −B1−f−1(B1)+X NNP randomwalker-info-585 746 14 , , , randomwalker-info-585 746 15 by by IN randomwalker-info-585 746 16 Lemma Lemma NNP randomwalker-info-585 746 17 C.1 C.1 NNP randomwalker-info-585 746 18 . . . randomwalker-info-585 747 1 Also also RB randomwalker-info-585 747 2 by by IN randomwalker-info-585 747 3 Lemma Lemma NNP randomwalker-info-585 747 4 C.1 C.1 NNP randomwalker-info-585 747 5 , , , randomwalker-info-585 747 6 the the DT randomwalker-info-585 747 7 reward reward NN randomwalker-info-585 747 8 from from IN randomwalker-info-585 747 9 authorizing authorize VBG randomwalker-info-585 747 10 B2 B2 NNP randomwalker-info-585 747 11 BTC BTC NNP randomwalker-info-585 747 12 is be VBZ randomwalker-info-585 747 13 B2e B2e NNP randomwalker-info-585 747 14 −max{0,B2+f−1(B2)−X −max{0,B2+f−1(B2)−X NNP randomwalker-info-585 747 15 } } -RRB- randomwalker-info-585 747 16 ≤ ≤ JJ randomwalker-info-585 747 17 B2eX−B2−f B2eX−B2−f NNP randomwalker-info-585 747 18 −1(B2 −1(B2 NNP randomwalker-info-585 747 19 ) ) -RRB- randomwalker-info-585 747 20 = = NFP randomwalker-info-585 747 21 eX eX NNP randomwalker-info-585 747 22 · · NFP randomwalker-info-585 747 23 B2e−B2−f B2e−B2−f NNP randomwalker-info-585 747 24 −1(B2 −1(B2 NNP randomwalker-info-585 747 25 ) ) -RRB- randomwalker-info-585 747 26 . . . randomwalker-info-585 748 1 By by IN randomwalker-info-585 748 2 hypothe- hypothe- JJ randomwalker-info-585 748 3 sis sis NN randomwalker-info-585 748 4 , , , randomwalker-info-585 748 5 this this DT randomwalker-info-585 748 6 is be VBZ randomwalker-info-585 748 7 upper upper JJ randomwalker-info-585 748 8 bounded bound VBN randomwalker-info-585 748 9 by by IN randomwalker-info-585 748 10 eXB1e eXB1e NNP randomwalker-info-585 748 11 −B1−f−1(B1 −B1−f−1(B1 NNP randomwalker-info-585 748 12 ) ) -RRB- randomwalker-info-585 748 13 , , , randomwalker-info-585 748 14 which which WDT randomwalker-info-585 748 15 is be VBZ randomwalker-info-585 748 16 exactly exactly RB randomwalker-info-585 748 17 the the DT randomwalker-info-585 748 18 reward reward NN randomwalker-info-585 748 19 obtained obtain VBN randomwalker-info-585 748 20 by by IN randomwalker-info-585 748 21 authorizing authorize VBG randomwalker-info-585 748 22 B1 B1 NNP randomwalker-info-585 748 23 BTC BTC NNP randomwalker-info-585 748 24 . . . randomwalker-info-585 749 1 So so RB randomwalker-info-585 749 2 authorizing authorize VBG randomwalker-info-585 749 3 B1 B1 NNP randomwalker-info-585 749 4 BTC BTC NNP randomwalker-info-585 749 5 provides provide VBZ randomwalker-info-585 749 6 at at IN randomwalker-info-585 749 7 least least JJS randomwalker-info-585 749 8 as as IN randomwalker-info-585 749 9 much much JJ randomwalker-info-585 749 10 reward reward NN randomwalker-info-585 749 11 . . . randomwalker-info-585 750 1 In in IN randomwalker-info-585 750 2 both both DT randomwalker-info-585 750 3 cases case NNS randomwalker-info-585 750 4 , , , randomwalker-info-585 750 5 we -PRON- PRP randomwalker-info-585 750 6 see see VBP randomwalker-info-585 750 7 that that IN randomwalker-info-585 750 8 authorizing authorize VBG randomwalker-info-585 750 9 B1 B1 NNP randomwalker-info-585 750 10 BTC BTC NNP randomwalker-info-585 750 11 is be VBZ randomwalker-info-585 750 12 at at IN randomwalker-info-585 750 13 least least JJS randomwalker-info-585 750 14 as as RB randomwalker-info-585 750 15 good good JJ randomwalker-info-585 750 16 as as IN randomwalker-info-585 750 17 B2 b2 NN randomwalker-info-585 750 18 . . . randomwalker-info-585 751 1 Corollary Corollary NNP randomwalker-info-585 751 2 C.4 C.4 NNP randomwalker-info-585 751 3 . . . randomwalker-info-585 752 1 If if IN randomwalker-info-585 752 2 B1 b1 NN randomwalker-info-585 752 3 ≥ ≥ NN randomwalker-info-585 752 4 B2 b2 NN randomwalker-info-585 752 5 , , , randomwalker-info-585 752 6 and and CC randomwalker-info-585 752 7 B1e−B1−f B1e−B1−f NNP randomwalker-info-585 752 8 −1(B1 −1(B1 NNP randomwalker-info-585 752 9 ) ) -RRB- randomwalker-info-585 752 10 ≤ ≤ NNP randomwalker-info-585 752 11 B2e−B2−f B2e−B2−f NNP randomwalker-info-585 752 12 −1(B2 −1(B2 NNP randomwalker-info-585 752 13 ) ) -RRB- randomwalker-info-585 752 14 , , , randomwalker-info-585 752 15 then then RB randomwalker-info-585 752 16 for for IN randomwalker-info-585 752 17 all all DT randomwalker-info-585 752 18 X x NN randomwalker-info-585 752 19 ≤ ≤ NN randomwalker-info-585 752 20 B2 b2 NN randomwalker-info-585 752 21 + + CC randomwalker-info-585 752 22 f−1(B2 f−1(b2 NN randomwalker-info-585 752 23 ) ) -RRB- randomwalker-info-585 752 24 , , , randomwalker-info-585 752 25 the the DT randomwalker-info-585 752 26 expected expect VBN randomwalker-info-585 752 27 re- re- RB randomwalker-info-585 752 28 ward ward RB randomwalker-info-585 752 29 from from IN randomwalker-info-585 752 30 authorizing authorize VBG randomwalker-info-585 752 31 B2 B2 NNP randomwalker-info-585 752 32 BTC BTC NNP randomwalker-info-585 752 33 in in IN randomwalker-info-585 752 34 transactions transaction NNS randomwalker-info-585 752 35 is be VBZ randomwalker-info-585 752 36 at at IN randomwalker-info-585 752 37 least least JJS randomwalker-info-585 752 38 as as RB randomwalker-info-585 752 39 large large JJ randomwalker-info-585 752 40 as as IN randomwalker-info-585 752 41 the the DT randomwalker-info-585 752 42 expected expect VBN randomwalker-info-585 752 43 reward reward NN randomwalker-info-585 752 44 from from IN randomwalker-info-585 752 45 authorizing authorize VBG randomwalker-info-585 752 46 B1 B1 NNP randomwalker-info-585 752 47 BTC BTC NNP randomwalker-info-585 752 48 when when WRB randomwalker-info-585 752 49 Rem(MostH Rem(MostH NNP randomwalker-info-585 752 50 ) ) -RRB- randomwalker-info-585 752 51 = = NFP randomwalker-info-585 752 52 X. X. NNP randomwalker-info-585 753 1 Proof proof NN randomwalker-info-585 753 2 . . . randomwalker-info-585 754 1 By by IN randomwalker-info-585 754 2 hypothesis hypothesis NN randomwalker-info-585 754 3 , , , randomwalker-info-585 754 4 X X NNP randomwalker-info-585 754 5 ≤ ≤ NN randomwalker-info-585 754 6 B2 b2 NN randomwalker-info-585 754 7 + + CC randomwalker-info-585 754 8 f−1(B2 f−1(b2 NN randomwalker-info-585 754 9 ) ) -RRB- randomwalker-info-585 754 10 ( ( -LRB- randomwalker-info-585 754 11 the the DT randomwalker-info-585 754 12 miner miner NN randomwalker-info-585 754 13 is be VBZ randomwalker-info-585 754 14 undercut undercut JJ randomwalker-info-585 754 15 with with IN randomwalker-info-585 754 16 positive positive JJ randomwalker-info-585 754 17 probability probability NN randomwalker-info-585 754 18 by by IN randomwalker-info-585 754 19 authorizing authorize VBG randomwalker-info-585 754 20 B2 B2 NNP randomwalker-info-585 754 21 BTC BTC NNP randomwalker-info-585 754 22 in in IN randomwalker-info-585 754 23 transactions transaction NNS randomwalker-info-585 754 24 ) ) -RRB- randomwalker-info-585 754 25 . . . randomwalker-info-585 755 1 Therefore therefore RB randomwalker-info-585 755 2 , , , randomwalker-info-585 755 3 the the DT randomwalker-info-585 755 4 expected expected JJ randomwalker-info-585 755 5 reward reward NN randomwalker-info-585 755 6 from from IN randomwalker-info-585 755 7 authorizing authorize VBG randomwalker-info-585 755 8 B2 B2 NNP randomwalker-info-585 755 9 BTC BTC NNP randomwalker-info-585 755 10 is be VBZ randomwalker-info-585 755 11 B2e B2e NNP randomwalker-info-585 755 12 −B2−f−1(B2)+X. −b2−f−1(b2)+x. ADD randomwalker-info-585 756 1 As as IN randomwalker-info-585 756 2 B1 b1 NN randomwalker-info-585 756 3 > > FW randomwalker-info-585 756 4 B2 b2 NN randomwalker-info-585 756 5 and and CC randomwalker-info-585 756 6 f f NNP randomwalker-info-585 756 7 −1 −1 NNP randomwalker-info-585 756 8 ( ( -LRB- randomwalker-info-585 756 9 · · NFP randomwalker-info-585 756 10 ) ) -RRB- randomwalker-info-585 756 11 is be VBZ randomwalker-info-585 756 12 increasing increase VBG randomwalker-info-585 756 13 , , , randomwalker-info-585 756 14 we -PRON- PRP randomwalker-info-585 756 15 have have VBP randomwalker-info-585 756 16 X X NNP randomwalker-info-585 756 17 ≤ ≤ NN randomwalker-info-585 756 18 B1 b1 NN randomwalker-info-585 756 19 + + SYM randomwalker-info-585 756 20 f−1(B1 f−1(b1 NN randomwalker-info-585 756 21 ) ) -RRB- randomwalker-info-585 756 22 as as RB randomwalker-info-585 756 23 well well RB randomwalker-info-585 756 24 . . . randomwalker-info-585 757 1 This this DT randomwalker-info-585 757 2 means mean VBZ randomwalker-info-585 757 3 that that IN randomwalker-info-585 757 4 the the DT randomwalker-info-585 757 5 expected expected JJ randomwalker-info-585 757 6 reward reward NN randomwalker-info-585 757 7 from from IN randomwalker-info-585 757 8 authorizing authorize VBG randomwalker-info-585 757 9 B1 B1 NNP randomwalker-info-585 757 10 BTC BTC NNP randomwalker-info-585 757 11 is be VBZ randomwalker-info-585 757 12 B1e b1e XX randomwalker-info-585 757 13 −B1−f−1(B1)+X. −b1−f−1(b1)+x. ADD randomwalker-info-585 758 1 By by IN randomwalker-info-585 758 2 hypothesis hypothesis NN randomwalker-info-585 758 3 , , , randomwalker-info-585 758 4 this this DT randomwalker-info-585 758 5 is be VBZ randomwalker-info-585 758 6 less less JJR randomwalker-info-585 758 7 than than IN randomwalker-info-585 758 8 the the DT randomwalker-info-585 758 9 reward reward NN randomwalker-info-585 758 10 of of IN randomwalker-info-585 758 11 authorizing authorize VBG randomwalker-info-585 758 12 B2 b2 NN randomwalker-info-585 758 13 . . . randomwalker-info-585 759 1 We -PRON- PRP randomwalker-info-585 759 2 now now RB randomwalker-info-585 759 3 recall recall VBP randomwalker-info-585 759 4 quickly quickly RB randomwalker-info-585 759 5 properties property NNS randomwalker-info-585 759 6 of of IN randomwalker-info-585 759 7 W0 w0 NN randomwalker-info-585 759 8 ( ( -LRB- randomwalker-info-585 759 9 · · NFP randomwalker-info-585 759 10 ) ) -RRB- randomwalker-info-585 759 11 : : : randomwalker-info-585 759 12 • • VB randomwalker-info-585 759 13 The the DT randomwalker-info-585 759 14 domain domain NN randomwalker-info-585 759 15 of of IN randomwalker-info-585 759 16 W0 w0 NN randomwalker-info-585 759 17 ( ( -LRB- randomwalker-info-585 759 18 · · NFP randomwalker-info-585 759 19 ) ) -RRB- randomwalker-info-585 759 20 is be VBZ randomwalker-info-585 759 21 [ [ -LRB- randomwalker-info-585 759 22 −1 −1 NNP randomwalker-info-585 759 23 / / SYM randomwalker-info-585 759 24 e,∞ e,∞ NN randomwalker-info-585 759 25 ) ) -RRB- randomwalker-info-585 759 26 and and CC randomwalker-info-585 759 27 the the DT randomwalker-info-585 759 28 range range NN randomwalker-info-585 759 29 is be VBZ randomwalker-info-585 759 30 [ [ -LRB- randomwalker-info-585 759 31 −1,∞ −1,∞ UH randomwalker-info-585 759 32 ) ) -RRB- randomwalker-info-585 759 33 . . . randomwalker-info-585 760 1 • • NNP randomwalker-info-585 760 2 W0 w0 NN randomwalker-info-585 760 3 ( ( -LRB- randomwalker-info-585 760 4 · · NFP randomwalker-info-585 760 5 ) ) -RRB- randomwalker-info-585 760 6 is be VBZ randomwalker-info-585 760 7 increasing increase VBG randomwalker-info-585 760 8 . . . randomwalker-info-585 761 1 • • NNP randomwalker-info-585 761 2 W0(xex w0(xex NN randomwalker-info-585 761 3 ) ) -RRB- randomwalker-info-585 761 4 = = NFP randomwalker-info-585 761 5 x x NN randomwalker-info-585 761 6 for for IN randomwalker-info-585 761 7 all all DT randomwalker-info-585 761 8 x x NN randomwalker-info-585 761 9 ∈ ∈ JJ randomwalker-info-585 761 10 [ [ -LRB- randomwalker-info-585 761 11 −1,∞ −1,∞ UH randomwalker-info-585 761 12 ) ) -RRB- randomwalker-info-585 761 13 . . . randomwalker-info-585 762 1 We -PRON- PRP randomwalker-info-585 762 2 will will MD randomwalker-info-585 762 3 need need VB randomwalker-info-585 762 4 to to TO randomwalker-info-585 762 5 make make VB randomwalker-info-585 762 6 use use NN randomwalker-info-585 762 7 of of IN randomwalker-info-585 762 8 some some DT randomwalker-info-585 762 9 technical technical JJ randomwalker-info-585 762 10 facts fact NNS randomwalker-info-585 762 11 about about IN randomwalker-info-585 762 12 f f NNP randomwalker-info-585 762 13 ( ( -LRB- randomwalker-info-585 762 14 · · NFP randomwalker-info-585 762 15 ) ) -RRB- randomwalker-info-585 762 16 ( ( -LRB- randomwalker-info-585 762 17 our -PRON- PRP$ randomwalker-info-585 762 18 specific specific JJ randomwalker-info-585 762 19 choice choice NN randomwalker-info-585 762 20 from from IN randomwalker-info-585 762 21 the the DT randomwalker-info-585 762 22 statement statement NN randomwalker-info-585 762 23 of of IN randomwalker-info-585 762 24 Theorem Theorem NNP randomwalker-info-585 762 25 5.1 5.1 CD randomwalker-info-585 762 26 ) ) -RRB- randomwalker-info-585 762 27 that that IN randomwalker-info-585 762 28 we -PRON- PRP randomwalker-info-585 762 29 first first RB randomwalker-info-585 762 30 prove prove VBP randomwalker-info-585 762 31 below below RB randomwalker-info-585 762 32 . . . randomwalker-info-585 763 1 Fact fact NN randomwalker-info-585 763 2 1 1 CD randomwalker-info-585 763 3 . . . randomwalker-info-585 763 4 f(x f(x CD randomwalker-info-585 763 5 ) ) -RRB- randomwalker-info-585 763 6 ≤ ≤ VBD randomwalker-info-585 763 7 x x RB randomwalker-info-585 763 8 everywhere everywhere RB randomwalker-info-585 763 9 . . . randomwalker-info-585 764 1 Proof proof NN randomwalker-info-585 764 2 . . . randomwalker-info-585 765 1 Clearly clearly RB randomwalker-info-585 765 2 , , , randomwalker-info-585 765 3 f(x f(x NNP randomwalker-info-585 765 4 ) ) -RRB- randomwalker-info-585 765 5 ≤ ≤ VBD randomwalker-info-585 765 6 x x NNS randomwalker-info-585 765 7 on on IN randomwalker-info-585 765 8 [ [ -LRB- randomwalker-info-585 765 9 0,y 0,y NN randomwalker-info-585 765 10 ] ] -RRB- randomwalker-info-585 765 11 . . . randomwalker-info-585 766 1 Also also RB randomwalker-info-585 766 2 clearly clearly RB randomwalker-info-585 766 3 , , , randomwalker-info-585 766 4 f(x f(x ADD randomwalker-info-585 766 5 ) ) -RRB- randomwalker-info-585 766 6 ≤ ≤ VBD randomwalker-info-585 766 7 x x NNS randomwalker-info-585 766 8 on on IN randomwalker-info-585 766 9 [ [ -LRB- randomwalker-info-585 766 10 2y 2y CD randomwalker-info-585 766 11 − − NNP randomwalker-info-585 766 12 ln(y ln(y CD randomwalker-info-585 766 13 ) ) -RRB- randomwalker-info-585 766 14 − − NNP randomwalker-info-585 766 15 1,∞ 1,∞ CD randomwalker-info-585 766 16 ) ) -RRB- randomwalker-info-585 766 17 iff iff VBD randomwalker-info-585 766 18 f(2y f(2y NNP randomwalker-info-585 766 19 − − NNP randomwalker-info-585 766 20 ln(y ln(y CD randomwalker-info-585 766 21 ) ) -RRB- randomwalker-info-585 766 22 − − NNP randomwalker-info-585 766 23 1 1 CD randomwalker-info-585 766 24 ) ) -RRB- randomwalker-info-585 766 25 ≤ ≤ NNP randomwalker-info-585 766 26 2y 2y CD randomwalker-info-585 766 27 − − NNP randomwalker-info-585 766 28 ln(y ln(y NNP randomwalker-info-585 766 29 ) ) -RRB- randomwalker-info-585 766 30 − − NNP randomwalker-info-585 766 31 1 1 CD randomwalker-info-585 766 32 . . . randomwalker-info-585 767 1 So so RB randomwalker-info-585 767 2 we -PRON- PRP randomwalker-info-585 767 3 just just RB randomwalker-info-585 767 4 need need VBP randomwalker-info-585 767 5 to to TO randomwalker-info-585 767 6 check check VB randomwalker-info-585 767 7 the the DT randomwalker-info-585 767 8 range range NN randomwalker-info-585 767 9 [ [ -LRB- randomwalker-info-585 767 10 y y NNP randomwalker-info-585 767 11 , , , randomwalker-info-585 767 12 2y− 2y− CD randomwalker-info-585 767 13 ln(y)−1 ln(y)−1 NNP randomwalker-info-585 767 14 ] ] -RRB- randomwalker-info-585 767 15 . . . randomwalker-info-585 768 1 The the DT randomwalker-info-585 768 2 derivative derivative NN randomwalker-info-585 768 3 of of IN randomwalker-info-585 768 4 W0(x w0(x NN randomwalker-info-585 768 5 ) ) -RRB- randomwalker-info-585 768 6 = = NFP randomwalker-info-585 768 7 W0(x)x(W0(x)+1 W0(x)x(W0(x)+1 NNP randomwalker-info-585 768 8 ) ) -RRB- randomwalker-info-585 768 9 . . . randomwalker-info-585 769 1 So so RB randomwalker-info-585 769 2 the the DT randomwalker-info-585 769 3 derivative derivative NN randomwalker-info-585 769 4 of of IN randomwalker-info-585 769 5 f f NNP randomwalker-info-585 769 6 on on IN randomwalker-info-585 769 7 this this DT randomwalker-info-585 769 8 range range NN randomwalker-info-585 769 9 is be VBZ randomwalker-info-585 769 10 ( ( -LRB- randomwalker-info-585 769 11 by by IN randomwalker-info-585 769 12 the the DT randomwalker-info-585 769 13 chain chain NN randomwalker-info-585 769 14 rule rule NN randomwalker-info-585 769 15 ) ) -RRB- randomwalker-info-585 769 16 : : : randomwalker-info-585 769 17 − − NNP randomwalker-info-585 769 18 W0(−yex−2y w0(−yex−2y NN randomwalker-info-585 769 19 ) ) -RRB- randomwalker-info-585 769 20 −yex−2y(W0(−yex−2y −yex−2y(W0(−yex−2y NNP randomwalker-info-585 769 21 ) ) -RRB- randomwalker-info-585 769 22 + + CC randomwalker-info-585 769 23 1 1 LS randomwalker-info-585 769 24 ) ) -RRB- randomwalker-info-585 769 25 · · NFP randomwalker-info-585 769 26 −yex−2y −yex−2y NNP randomwalker-info-585 769 27 = = SYM randomwalker-info-585 769 28 −W0(−yex−2y −W0(−yex−2y NNP randomwalker-info-585 769 29 ) ) -RRB- randomwalker-info-585 769 30 1 1 CD randomwalker-info-585 769 31 + + CC randomwalker-info-585 769 32 W0(−yex−2y w0(−yex−2y NN randomwalker-info-585 769 33 ) ) -RRB- randomwalker-info-585 769 34 = = NFP randomwalker-info-585 769 35 f(x f(x CD randomwalker-info-585 769 36 ) ) -RRB- randomwalker-info-585 769 37 1 1 CD randomwalker-info-585 769 38 −f(x −f(x ADD randomwalker-info-585 769 39 ) ) -RRB- randomwalker-info-585 769 40 As as IN randomwalker-info-585 769 41 f f NNP randomwalker-info-585 769 42 ( ( -LRB- randomwalker-info-585 769 43 · · NFP randomwalker-info-585 769 44 ) ) -RRB- randomwalker-info-585 769 45 is be VBZ randomwalker-info-585 769 46 increasing increase VBG randomwalker-info-585 769 47 and and CC randomwalker-info-585 769 48 positive positive JJ randomwalker-info-585 769 49 on on IN randomwalker-info-585 769 50 [ [ -LRB- randomwalker-info-585 769 51 y y NNP randomwalker-info-585 769 52 , , , randomwalker-info-585 769 53 2y−ln(y)−1 2y−ln(y)−1 CD randomwalker-info-585 769 54 ] ] -RRB- randomwalker-info-585 769 55 ( ( -LRB- randomwalker-info-585 769 56 because because IN randomwalker-info-585 769 57 of of IN randomwalker-info-585 769 58 the the DT randomwalker-info-585 769 59 form form NN randomwalker-info-585 769 60 for for IN randomwalker-info-585 769 61 f′(x f′(x NNP randomwalker-info-585 769 62 ) ) -RRB- randomwalker-info-585 769 63 we -PRON- PRP randomwalker-info-585 769 64 just just RB randomwalker-info-585 769 65 derived derive VBD randomwalker-info-585 769 66 above above RB randomwalker-info-585 769 67 - - : randomwalker-info-585 769 68 not not RB randomwalker-info-585 769 69 all all DT randomwalker-info-585 769 70 positive positive JJ randomwalker-info-585 769 71 , , , randomwalker-info-585 769 72 increasing increase VBG randomwalker-info-585 769 73 f f NN randomwalker-info-585 769 74 ( ( -LRB- randomwalker-info-585 769 75 · · NFP randomwalker-info-585 769 76 ) ) -RRB- randomwalker-info-585 769 77 have have VBP randomwalker-info-585 769 78 increasing increase VBG randomwalker-info-585 769 79 derivatives derivative NNS randomwalker-info-585 769 80 ) ) -RRB- randomwalker-info-585 769 81 , , , randomwalker-info-585 769 82 this this DT randomwalker-info-585 769 83 means mean VBZ randomwalker-info-585 769 84 that that IN randomwalker-info-585 769 85 f′ f′ NN randomwalker-info-585 769 86 ( ( -LRB- randomwalker-info-585 769 87 · · NFP randomwalker-info-585 769 88 ) ) -RRB- randomwalker-info-585 769 89 is be VBZ randomwalker-info-585 769 90 also also RB randomwalker-info-585 769 91 increasing increase VBG randomwalker-info-585 769 92 and and CC randomwalker-info-585 769 93 positive positive JJ randomwalker-info-585 769 94 on on IN randomwalker-info-585 769 95 [ [ -LRB- randomwalker-info-585 769 96 y y NNP randomwalker-info-585 769 97 , , , randomwalker-info-585 769 98 2y− 2y− CD randomwalker-info-585 769 99 ln(y ln(y NNP randomwalker-info-585 769 100 ) ) -RRB- randomwalker-info-585 769 101 − − NNP randomwalker-info-585 769 102 1 1 CD randomwalker-info-585 769 103 ] ] -RRB- randomwalker-info-585 769 104 . . . randomwalker-info-585 770 1 As as IN randomwalker-info-585 770 2 the the DT randomwalker-info-585 770 3 derivative derivative NN randomwalker-info-585 770 4 of of IN randomwalker-info-585 770 5 x x SYM randomwalker-info-585 770 6 is be VBZ randomwalker-info-585 770 7 constant constant JJ randomwalker-info-585 770 8 ( ( -LRB- randomwalker-info-585 770 9 1 1 CD randomwalker-info-585 770 10 ) ) -RRB- randomwalker-info-585 770 11 , , , randomwalker-info-585 770 12 this this DT randomwalker-info-585 770 13 means mean VBZ randomwalker-info-585 770 14 that that IN randomwalker-info-585 770 15 if if IN randomwalker-info-585 770 16 f(x f(x NNP randomwalker-info-585 770 17 ) ) -RRB- randomwalker-info-585 770 18 > > XX randomwalker-info-585 770 19 x x LS randomwalker-info-585 770 20 anywhere anywhere RB randomwalker-info-585 770 21 on on IN randomwalker-info-585 770 22 this this DT randomwalker-info-585 770 23 interval interval NN randomwalker-info-585 770 24 , , , randomwalker-info-585 770 25 f(2y f(2y NNP randomwalker-info-585 770 26 − − NNP randomwalker-info-585 770 27 ln(y ln(y CD randomwalker-info-585 770 28 ) ) -RRB- randomwalker-info-585 770 29 − − NNP randomwalker-info-585 770 30 1 1 CD randomwalker-info-585 770 31 ) ) -RRB- randomwalker-info-585 770 32 > > XX randomwalker-info-585 770 33 2y 2y CD randomwalker-info-585 770 34 − − NNP randomwalker-info-585 770 35 ln(y ln(y NNP randomwalker-info-585 770 36 ) ) -RRB- randomwalker-info-585 770 37 − − NNP randomwalker-info-585 770 38 1 1 CD randomwalker-info-585 770 39 or or CC randomwalker-info-585 770 40 f(y f(y NNP randomwalker-info-585 770 41 ) ) -RRB- randomwalker-info-585 770 42 > > XX randomwalker-info-585 770 43 y. y. NNP randomwalker-info-585 771 1 We -PRON- PRP randomwalker-info-585 771 2 can can MD randomwalker-info-585 771 3 clearly clearly RB randomwalker-info-585 771 4 see see VB randomwalker-info-585 771 5 that that IN randomwalker-info-585 771 6 f(y f(y NNP randomwalker-info-585 771 7 ) ) -RRB- randomwalker-info-585 771 8 = = SYM randomwalker-info-585 771 9 −W0(−ye−y −w0(−ye−y NN randomwalker-info-585 771 10 ) ) -RRB- randomwalker-info-585 771 11 = = NFP randomwalker-info-585 771 12 y y NNP randomwalker-info-585 771 13 , , , randomwalker-info-585 771 14 and and CC randomwalker-info-585 771 15 f(2y− f(2y− NNP randomwalker-info-585 771 16 ln(y)−1 ln(y)−1 NNP randomwalker-info-585 771 17 ) ) -RRB- randomwalker-info-585 771 18 = = NFP randomwalker-info-585 771 19 −W0(−ye2y−ln(y)−1 −W0(−ye2y−ln(y)−1 NNP randomwalker-info-585 771 20 ) ) -RRB- randomwalker-info-585 771 21 = = NFP randomwalker-info-585 771 22 −W0(−1 −W0(−1 NNP randomwalker-info-585 771 23 / / SYM randomwalker-info-585 771 24 e e NNP randomwalker-info-585 771 25 ) ) -RRB- randomwalker-info-585 771 26 = = SYM randomwalker-info-585 771 27 1 1 CD randomwalker-info-585 771 28 . . . randomwalker-info-585 772 1 So so RB randomwalker-info-585 772 2 we -PRON- PRP randomwalker-info-585 772 3 ca can MD randomwalker-info-585 772 4 n’t not RB randomwalker-info-585 772 5 have have VB randomwalker-info-585 772 6 f(y f(y NNP randomwalker-info-585 772 7 ) ) -RRB- randomwalker-info-585 772 8 > > XX randomwalker-info-585 772 9 y y NNP randomwalker-info-585 772 10 , , , randomwalker-info-585 772 11 and and CC randomwalker-info-585 772 12 we -PRON- PRP randomwalker-info-585 772 13 have have VBP randomwalker-info-585 772 14 f(2y−ln(y)−1 f(2y−ln(y)−1 NNS randomwalker-info-585 772 15 ) ) -RRB- randomwalker-info-585 772 16 > > XX randomwalker-info-585 772 17 2y−ln(y)−1 2y−ln(y)−1 CD randomwalker-info-585 772 18 if if IN randomwalker-info-585 772 19 and and CC randomwalker-info-585 772 20 only only RB randomwalker-info-585 772 21 if if IN randomwalker-info-585 772 22 2y−ln(y)−1 2y−ln(y)−1 CD randomwalker-info-585 772 23 < < XX randomwalker-info-585 772 24 1 1 CD randomwalker-info-585 772 25 , , , randomwalker-info-585 772 26 which which WDT randomwalker-info-585 772 27 is be VBZ randomwalker-info-585 772 28 the the DT randomwalker-info-585 772 29 same same JJ randomwalker-info-585 772 30 as as IN randomwalker-info-585 772 31 2y− 2y− CD randomwalker-info-585 772 32 ln(y ln(y NNP randomwalker-info-585 772 33 ) ) -RRB- randomwalker-info-585 772 34 < < XX randomwalker-info-585 772 35 2 2 CD randomwalker-info-585 772 36 . . . randomwalker-info-585 773 1 As as IN randomwalker-info-585 773 2 this this DT randomwalker-info-585 773 3 is be VBZ randomwalker-info-585 773 4 exactly exactly RB randomwalker-info-585 773 5 the the DT randomwalker-info-585 773 6 range range NN randomwalker-info-585 773 7 of of IN randomwalker-info-585 773 8 y y NNP randomwalker-info-585 773 9 we -PRON- PRP randomwalker-info-585 773 10 disallow disallow VBP randomwalker-info-585 773 11 , , , randomwalker-info-585 773 12 we -PRON- PRP randomwalker-info-585 773 13 see see VBP randomwalker-info-585 773 14 that that IN randomwalker-info-585 773 15 we -PRON- PRP randomwalker-info-585 773 16 also also RB randomwalker-info-585 773 17 ca can MD randomwalker-info-585 773 18 n’t not RB randomwalker-info-585 773 19 have have VB randomwalker-info-585 773 20 f(2y− f(2y− NNP randomwalker-info-585 773 21 ln(y)−1 ln(y)−1 NNP randomwalker-info-585 773 22 ) ) -RRB- randomwalker-info-585 773 23 > > XX randomwalker-info-585 773 24 2y− 2y− CD randomwalker-info-585 773 25 ln(y)−1 ln(y)−1 NNP randomwalker-info-585 773 26 for for IN randomwalker-info-585 773 27 any any DT randomwalker-info-585 773 28 y y NN randomwalker-info-585 773 29 we -PRON- PRP randomwalker-info-585 773 30 allow allow VBP randomwalker-info-585 773 31 . . . randomwalker-info-585 774 1 Therefore therefore RB randomwalker-info-585 774 2 , , , randomwalker-info-585 774 3 f(x f(x NNP randomwalker-info-585 774 4 ) ) -RRB- randomwalker-info-585 774 5 ≤ ≤ VBD randomwalker-info-585 774 6 x x RB randomwalker-info-585 774 7 everywhere everywhere RB randomwalker-info-585 774 8 . . . randomwalker-info-585 775 1 Fact fact NN randomwalker-info-585 775 2 2 2 CD randomwalker-info-585 775 3 . . . randomwalker-info-585 776 1 Be−B−f Be−B−f NNP randomwalker-info-585 776 2 −1(B −1(B NNP randomwalker-info-585 776 3 ) ) -RRB- randomwalker-info-585 776 4 = = NFP randomwalker-info-585 776 5 • • UH randomwalker-info-585 776 6 Be−2B be−2b NN randomwalker-info-585 776 7 , , , randomwalker-info-585 776 8 B b NN randomwalker-info-585 776 9 ∈ ∈ IN randomwalker-info-585 776 10 [ [ -LRB- randomwalker-info-585 776 11 0,y 0,y NN randomwalker-info-585 776 12 ] ] -RRB- randomwalker-info-585 776 13 . . . randomwalker-info-585 777 1 • • NNP randomwalker-info-585 777 2 ce−2c ce−2c NN randomwalker-info-585 777 3 , , , randomwalker-info-585 777 4 B b NN randomwalker-info-585 777 5 ∈ ∈ NNP randomwalker-info-585 777 6 [ [ -LRB- randomwalker-info-585 777 7 y y NNP randomwalker-info-585 777 8 , , , randomwalker-info-585 777 9 1 1 CD randomwalker-info-585 777 10 ] ] -RRB- randomwalker-info-585 777 11 . . . randomwalker-info-585 778 1 • • NN randomwalker-info-585 778 2 0,B 0,b CD randomwalker-info-585 778 3 > > NN randomwalker-info-585 778 4 1 1 CD randomwalker-info-585 778 5 . . . randomwalker-info-585 779 1 Proof proof NN randomwalker-info-585 779 2 . . . randomwalker-info-585 780 1 We -PRON- PRP randomwalker-info-585 780 2 first first RB randomwalker-info-585 780 3 observe observe VBP randomwalker-info-585 780 4 that that IN randomwalker-info-585 780 5 f−1(B f−1(B NNP randomwalker-info-585 780 6 ) ) -RRB- randomwalker-info-585 780 7 = = NFP randomwalker-info-585 780 8 B b NN randomwalker-info-585 780 9 for for IN randomwalker-info-585 780 10 all all DT randomwalker-info-585 780 11 B b NN randomwalker-info-585 780 12 ∈ ∈ RB randomwalker-info-585 780 13 [ [ -LRB- randomwalker-info-585 780 14 0,y 0,y NN randomwalker-info-585 780 15 ] ] -RRB- randomwalker-info-585 780 16 , , , randomwalker-info-585 780 17 which which WDT randomwalker-info-585 780 18 immediately immediately RB randomwalker-info-585 780 19 proves prove VBZ randomwalker-info-585 780 20 the the DT randomwalker-info-585 780 21 first first JJ randomwalker-info-585 780 22 bullet bullet NN randomwalker-info-585 780 23 . . . randomwalker-info-585 781 1 We -PRON- PRP randomwalker-info-585 781 2 next next RB randomwalker-info-585 781 3 observe observe VBP randomwalker-info-585 781 4 that that IN randomwalker-info-585 781 5 f−1(B f−1(B NNP randomwalker-info-585 781 6 ) ) -RRB- randomwalker-info-585 781 7 = = NFP randomwalker-info-585 781 8 + + CC randomwalker-info-585 781 9 ∞ ∞ NN randomwalker-info-585 781 10 for for IN randomwalker-info-585 781 11 all all DT randomwalker-info-585 781 12 B b NN randomwalker-info-585 781 13 > > NN randomwalker-info-585 781 14 1 1 CD randomwalker-info-585 781 15 , , , randomwalker-info-585 781 16 which which WDT randomwalker-info-585 781 17 immediately immediately RB randomwalker-info-585 781 18 proves prove VBZ randomwalker-info-585 781 19 the the DT randomwalker-info-585 781 20 last last JJ randomwalker-info-585 781 21 bullet bullet NN randomwalker-info-585 781 22 . . . randomwalker-info-585 782 1 For for IN randomwalker-info-585 782 2 the the DT randomwalker-info-585 782 3 middle middle JJ randomwalker-info-585 782 4 bullet bullet NN randomwalker-info-585 782 5 , , , randomwalker-info-585 782 6 observe observe VBP randomwalker-info-585 782 7 that that DT randomwalker-info-585 782 8 : : : randomwalker-info-585 782 9 −W0(−ye(2y+ln(z −W0(−ye(2y+ln(z NNP randomwalker-info-585 782 10 / / SYM randomwalker-info-585 782 11 y)−y)−2y y)−y)−2y NNP randomwalker-info-585 782 12 ) ) -RRB- randomwalker-info-585 782 13 = = NFP randomwalker-info-585 782 14 −W0(−yeln(z −W0(−yeln(z NNP randomwalker-info-585 782 15 / / SYM randomwalker-info-585 782 16 y)−z y)−z NNP randomwalker-info-585 782 17 ) ) -RRB- randomwalker-info-585 782 18 = = NFP randomwalker-info-585 782 19 −W0(−ze−z −W0(−ze−z . randomwalker-info-585 782 20 ) ) -RRB- randomwalker-info-585 782 21 = = NFP randomwalker-info-585 782 22 z. z. NNP randomwalker-info-585 783 1 Note note VB randomwalker-info-585 783 2 that that IN randomwalker-info-585 783 3 the the DT randomwalker-info-585 783 4 last last JJ randomwalker-info-585 783 5 equality equality NN randomwalker-info-585 783 6 is be VBZ randomwalker-info-585 783 7 due due JJ randomwalker-info-585 783 8 to to IN randomwalker-info-585 783 9 the the DT randomwalker-info-585 783 10 fact fact NN randomwalker-info-585 783 11 that that IN randomwalker-info-585 783 12 W0 w0 NN randomwalker-info-585 783 13 ( ( -LRB- randomwalker-info-585 783 14 · · NFP randomwalker-info-585 783 15 ) ) -RRB- randomwalker-info-585 783 16 is be VBZ randomwalker-info-585 783 17 the the DT randomwalker-info-585 783 18 inverse inverse NN randomwalker-info-585 783 19 of of IN randomwalker-info-585 783 20 xex xex NN randomwalker-info-585 783 21 . . . randomwalker-info-585 784 1 This this DT randomwalker-info-585 784 2 proves prove VBZ randomwalker-info-585 784 3 that that IN randomwalker-info-585 784 4 f−1(B f−1(B NNP randomwalker-info-585 784 5 ) ) -RRB- randomwalker-info-585 784 6 = = NFP randomwalker-info-585 784 7 2y 2y NN randomwalker-info-585 784 8 + + CC randomwalker-info-585 784 9 ln(B ln(b NN randomwalker-info-585 784 10 / / SYM randomwalker-info-585 784 11 y)−B y)−B NNP randomwalker-info-585 784 12 when when WRB randomwalker-info-585 784 13 B b NN randomwalker-info-585 784 14 ∈ ∈ NNP randomwalker-info-585 784 15 [ [ -LRB- randomwalker-info-585 784 16 y y NNP randomwalker-info-585 784 17 , , , randomwalker-info-585 784 18 1 1 CD randomwalker-info-585 784 19 ] ] -RRB- randomwalker-info-585 784 20 and and CC randomwalker-info-585 784 21 completes complete VBZ randomwalker-info-585 784 22 the the DT randomwalker-info-585 784 23 middle middle JJ randomwalker-info-585 784 24 bullet bullet NN randomwalker-info-585 784 25 . . . randomwalker-info-585 785 1 Corollary Corollary NNP randomwalker-info-585 785 2 C.5 C.5 NNP randomwalker-info-585 785 3 . . . randomwalker-info-585 786 1 If if IN randomwalker-info-585 786 2 y y NNP randomwalker-info-585 786 3 ∈ ∈ NNP randomwalker-info-585 786 4 ( ( -LRB- randomwalker-info-585 786 5 0 0 CD randomwalker-info-585 786 6 , , , randomwalker-info-585 786 7 1/2 1/2 CD randomwalker-info-585 786 8 ] ] -RRB- randomwalker-info-585 786 9 , , , randomwalker-info-585 786 10 then then RB randomwalker-info-585 786 11 Be−B−f Be−B−f NNP randomwalker-info-585 786 12 −1(B −1(B NNP randomwalker-info-585 786 13 ) ) -RRB- randomwalker-info-585 786 14 is be VBZ randomwalker-info-585 786 15 strictly strictly RB randomwalker-info-585 786 16 increasing increase VBG randomwalker-info-585 786 17 on on IN randomwalker-info-585 786 18 [ [ -LRB- randomwalker-info-585 786 19 0,y 0,y NN randomwalker-info-585 786 20 ] ] -RRB- randomwalker-info-585 786 21 and and CC randomwalker-info-585 786 22 constant constant JJ randomwalker-info-585 786 23 on on IN randomwalker-info-585 786 24 [ [ -LRB- randomwalker-info-585 786 25 y y NNP randomwalker-info-585 786 26 , , , randomwalker-info-585 786 27 1 1 CD randomwalker-info-585 786 28 ] ] -RRB- randomwalker-info-585 786 29 . . . randomwalker-info-585 787 1 Proof proof NN randomwalker-info-585 787 2 . . . randomwalker-info-585 788 1 Be−B−f Be−B−f NNP randomwalker-info-585 788 2 −1(B −1(B NNP randomwalker-info-585 788 3 ) ) -RRB- randomwalker-info-585 788 4 is be VBZ randomwalker-info-585 788 5 clearly clearly RB randomwalker-info-585 788 6 constant constant JJ randomwalker-info-585 788 7 on on IN randomwalker-info-585 788 8 [ [ -LRB- randomwalker-info-585 788 9 y y NNP randomwalker-info-585 788 10 , , , randomwalker-info-585 788 11 1 1 CD randomwalker-info-585 788 12 ] ] -RRB- randomwalker-info-585 788 13 , , , randomwalker-info-585 788 14 so so CC randomwalker-info-585 788 15 we -PRON- PRP randomwalker-info-585 788 16 just just RB randomwalker-info-585 788 17 need need VBP randomwalker-info-585 788 18 to to TO randomwalker-info-585 788 19 confirm confirm VB randomwalker-info-585 788 20 that that IN randomwalker-info-585 788 21 it -PRON- PRP randomwalker-info-585 788 22 ’s ’ VBZ randomwalker-info-585 788 23 strictly strictly RB randomwalker-info-585 788 24 increasing increase VBG randomwalker-info-585 788 25 on on IN randomwalker-info-585 788 26 [ [ -LRB- randomwalker-info-585 788 27 0,y 0,y NN randomwalker-info-585 788 28 ] ] -RRB- randomwalker-info-585 788 29 . . . randomwalker-info-585 789 1 The the DT randomwalker-info-585 789 2 derivative derivative NN randomwalker-info-585 789 3 of of IN randomwalker-info-585 789 4 Be−2B Be−2B NNP randomwalker-info-585 789 5 is be VBZ randomwalker-info-585 789 6 ( ( -LRB- randomwalker-info-585 789 7 1−2B)e−2B 1−2b)e−2b CD randomwalker-info-585 789 8 , , , randomwalker-info-585 789 9 which which WDT randomwalker-info-585 789 10 is be VBZ randomwalker-info-585 789 11 strictly strictly RB randomwalker-info-585 789 12 positive positive JJ randomwalker-info-585 789 13 on on IN randomwalker-info-585 789 14 [ [ -LRB- randomwalker-info-585 789 15 0 0 CD randomwalker-info-585 789 16 , , , randomwalker-info-585 789 17 1/2 1/2 CD randomwalker-info-585 789 18 ] ] -RRB- randomwalker-info-585 789 19 ( ( -LRB- randomwalker-info-585 789 20 and and CC randomwalker-info-585 789 21 therefore therefore RB randomwalker-info-585 789 22 on on IN randomwalker-info-585 789 23 [ [ -LRB- randomwalker-info-585 789 24 0,y 0,y NN randomwalker-info-585 789 25 ] ] -RRB- randomwalker-info-585 789 26 for for IN randomwalker-info-585 789 27 all all DT randomwalker-info-585 789 28 y y NN randomwalker-info-585 789 29 ≤ ≤ NN randomwalker-info-585 789 30 1/2 1/2 CD randomwalker-info-585 789 31 ) ) -RRB- randomwalker-info-585 789 32 , , , randomwalker-info-585 789 33 as as IN randomwalker-info-585 789 34 desired desire VBN randomwalker-info-585 789 35 . . . randomwalker-info-585 790 1 Proof Proof NNP randomwalker-info-585 790 2 of of IN randomwalker-info-585 790 3 Theorem Theorem NNP randomwalker-info-585 790 4 5.1 5.1 CD randomwalker-info-585 790 5 : : : randomwalker-info-585 790 6 We -PRON- PRP randomwalker-info-585 790 7 want want VBP randomwalker-info-585 790 8 to to TO randomwalker-info-585 790 9 invoke invoke VB randomwalker-info-585 790 10 Corollary Corollary NNP randomwalker-info-585 790 11 C.3 C.3 NNP randomwalker-info-585 790 12 combined combine VBN randomwalker-info-585 790 13 with with IN randomwalker-info-585 790 14 Corollary Corollary NNP randomwalker-info-585 790 15 C.5 C.5 NNP randomwalker-info-585 790 16 . . . randomwalker-info-585 791 1 Together together RB randomwalker-info-585 791 2 , , , randomwalker-info-585 791 3 these these DT randomwalker-info-585 791 4 immediately immediately RB randomwalker-info-585 791 5 say say VBP randomwalker-info-585 791 6 that that IN randomwalker-info-585 791 7 for for IN randomwalker-info-585 791 8 any any DT randomwalker-info-585 791 9 1 1 CD randomwalker-info-585 791 10 ≥ ≥ UH randomwalker-info-585 791 11 B1 b1 NN randomwalker-info-585 791 12 > > FW randomwalker-info-585 791 13 B2 b2 NN randomwalker-info-585 791 14 ≥ ≥ CD randomwalker-info-585 791 15 0 0 NFP randomwalker-info-585 791 16 , , , randomwalker-info-585 791 17 it -PRON- PRP randomwalker-info-585 791 18 is be VBZ randomwalker-info-585 791 19 at at IN randomwalker-info-585 791 20 least least JJS randomwalker-info-585 791 21 as as IN randomwalker-info-585 791 22 good good JJ randomwalker-info-585 791 23 to to TO randomwalker-info-585 791 24 authorize authorize VB randomwalker-info-585 791 25 B1 B1 NNP randomwalker-info-585 791 26 BTC BTC NNP randomwalker-info-585 791 27 as as IN randomwalker-info-585 791 28 B2 b2 NN randomwalker-info-585 791 29 . . . randomwalker-info-585 792 1 As as IN randomwalker-info-585 792 2 authorizing authorize VBG randomwalker-info-585 792 3 B b NN randomwalker-info-585 792 4 > > NN randomwalker-info-585 792 5 1 1 CD randomwalker-info-585 792 6 BTC BTC NNP randomwalker-info-585 792 7 always always RB randomwalker-info-585 792 8 results result VBZ randomwalker-info-585 792 9 in in IN randomwalker-info-585 792 10 expected expected JJ randomwalker-info-585 792 11 reward reward NN randomwalker-info-585 792 12 of of IN randomwalker-info-585 792 13 0 0 CD randomwalker-info-585 792 14 , , , randomwalker-info-585 792 15 this this DT randomwalker-info-585 792 16 immediately immediately RB randomwalker-info-585 792 17 implies imply VBZ randomwalker-info-585 792 18 by by IN randomwalker-info-585 792 19 Corollary Corollary NNP randomwalker-info-585 792 20 C.2 C.2 NNP randomwalker-info-585 792 21 that that DT randomwalker-info-585 792 22 for for IN randomwalker-info-585 792 23 any any DT randomwalker-info-585 792 24 b b NN randomwalker-info-585 792 25 , , , randomwalker-info-585 792 26 min{1,b}∈ min{1,b}∈ . randomwalker-info-585 792 27 argmaxB∈[0,b]{Be argmaxB∈[0,b]{Be NNS randomwalker-info-585 792 28 −max{0,B+f−1(B)−Rem(Mosti −max{0,B+f−1(B)−Rem(Mosti NNP randomwalker-info-585 792 29 ) ) -RRB- randomwalker-info-585 792 30 } } -RRB- randomwalker-info-585 792 31 } } -RRB- randomwalker-info-585 792 32 . . . randomwalker-info-585 793 1 Now now RB randomwalker-info-585 793 2 , , , randomwalker-info-585 793 3 we -PRON- PRP randomwalker-info-585 793 4 also also RB randomwalker-info-585 793 5 want want VBP randomwalker-info-585 793 6 to to TO randomwalker-info-585 793 7 invoke invoke VB randomwalker-info-585 793 8 Corollary Corollary NNP randomwalker-info-585 793 9 C.4 C.4 NNP randomwalker-info-585 793 10 to to TO randomwalker-info-585 793 11 show show VB randomwalker-info-585 793 12 that that IN randomwalker-info-585 793 13 there there EX randomwalker-info-585 793 14 may may MD randomwalker-info-585 793 15 exist exist VB randomwalker-info-585 793 16 other other JJ randomwalker-info-585 793 17 maximizers maximizer NNS randomwalker-info-585 793 18 as as RB randomwalker-info-585 793 19 well well RB randomwalker-info-585 793 20 if if IN randomwalker-info-585 793 21 Rem(Mosti Rem(Mosti NNP randomwalker-info-585 793 22 ) ) -RRB- randomwalker-info-585 793 23 ∈ ∈ NNP randomwalker-info-585 793 24 [ [ -LRB- randomwalker-info-585 793 25 y y NNP randomwalker-info-585 793 26 , , , randomwalker-info-585 793 27 2y 2y CD randomwalker-info-585 793 28 − − NNP randomwalker-info-585 793 29 ln(y ln(y NNP randomwalker-info-585 793 30 ) ) -RRB- randomwalker-info-585 793 31 − − NNP randomwalker-info-585 793 32 1 1 CD randomwalker-info-585 793 33 ] ] -RRB- randomwalker-info-585 793 34 . . . randomwalker-info-585 794 1 Note note VB randomwalker-info-585 794 2 that that IN randomwalker-info-585 794 3 f f NNP randomwalker-info-585 794 4 ( ( -LRB- randomwalker-info-585 794 5 · · NFP randomwalker-info-585 794 6 ) ) -RRB- randomwalker-info-585 794 7 is be VBZ randomwalker-info-585 794 8 strictly strictly RB randomwalker-info-585 794 9 increasing increase VBG randomwalker-info-585 794 10 in in IN randomwalker-info-585 794 11 this this DT randomwalker-info-585 794 12 range range NN randomwalker-info-585 794 13 , , , randomwalker-info-585 794 14 meaning mean VBG randomwalker-info-585 794 15 that that IN randomwalker-info-585 794 16 f−1(f(Rem(Mosti f−1(f(Rem(Mosti NNP randomwalker-info-585 794 17 ) ) -RRB- randomwalker-info-585 794 18 ) ) -RRB- randomwalker-info-585 794 19 ) ) -RRB- randomwalker-info-585 794 20 = = NFP randomwalker-info-585 794 21 Rem(Mosti rem(mosti XX randomwalker-info-585 794 22 ) ) -RRB- randomwalker-info-585 794 23 . . . randomwalker-info-585 795 1 Therefore therefore RB randomwalker-info-585 795 2 , , , randomwalker-info-585 795 3 we -PRON- PRP randomwalker-info-585 795 4 see see VBP randomwalker-info-585 795 5 that that IN randomwalker-info-585 795 6 Rem(Mosti rem(mosti NN randomwalker-info-585 795 7 ) ) -RRB- randomwalker-info-585 795 8 ≤ ≤ NNP randomwalker-info-585 795 9 f(Rem(Mosti f(Rem(Mosti NNP randomwalker-info-585 795 10 ) ) -RRB- randomwalker-info-585 795 11 ) ) -RRB- randomwalker-info-585 795 12 + + NFP randomwalker-info-585 795 13 f−1(f(Rem(Mosti f−1(f(Rem(Mosti NNP randomwalker-info-585 795 14 ) ) -RRB- randomwalker-info-585 795 15 ) ) -RRB- randomwalker-info-585 795 16 ) ) -RRB- randomwalker-info-585 795 17 ( ( -LRB- randomwalker-info-585 795 18 the the DT randomwalker-info-585 795 19 miner miner NN randomwalker-info-585 795 20 will will MD randomwalker-info-585 795 21 be be VB randomwalker-info-585 795 22 undercut undercut JJ randomwalker-info-585 795 23 with with IN randomwalker-info-585 795 24 positive positive JJ randomwalker-info-585 795 25 probability probability NN randomwalker-info-585 795 26 when when WRB randomwalker-info-585 795 27 authorizing authorize VBG randomwalker-info-585 795 28 f(Rem(Mosti f(Rem(Mosti NNP randomwalker-info-585 795 29 ) ) -RRB- randomwalker-info-585 795 30 ) ) -RRB- randomwalker-info-585 795 31 BTC BTC NNP randomwalker-info-585 795 32 ) ) -RRB- randomwalker-info-585 795 33 on on IN randomwalker-info-585 795 34 this this DT randomwalker-info-585 795 35 entire entire JJ randomwalker-info-585 795 36 range range NN randomwalker-info-585 795 37 . . . randomwalker-info-585 796 1 Together together RB randomwalker-info-585 796 2 with with IN randomwalker-info-585 796 3 Corollary Corollary NNP randomwalker-info-585 796 4 C.5 C.5 NNP randomwalker-info-585 796 5 , , , randomwalker-info-585 796 6 this this DT randomwalker-info-585 796 7 means mean VBZ randomwalker-info-585 796 8 that that IN randomwalker-info-585 796 9 the the DT randomwalker-info-585 796 10 hypotheses hypothesis NNS randomwalker-info-585 796 11 of of IN randomwalker-info-585 796 12 Corollary Corollary NNP randomwalker-info-585 796 13 C.4 C.4 NNP randomwalker-info-585 796 14 are be VBP randomwalker-info-585 796 15 satisfied satisfied JJ randomwalker-info-585 796 16 taking take VBG randomwalker-info-585 796 17 B2 b2 NN randomwalker-info-585 796 18 = = SYM randomwalker-info-585 796 19 f(Rem(Mosti f(Rem(Mosti NNP randomwalker-info-585 796 20 ) ) -RRB- randomwalker-info-585 796 21 ) ) -RRB- randomwalker-info-585 796 22 and and CC randomwalker-info-585 796 23 any any DT randomwalker-info-585 796 24 B1 B1 NNP randomwalker-info-585 796 25 ≥ ≥ NN randomwalker-info-585 796 26 B2 b2 NN randomwalker-info-585 796 27 . . . randomwalker-info-585 797 1 Combined combine VBN randomwalker-info-585 797 2 with with IN randomwalker-info-585 797 3 the the DT randomwalker-info-585 797 4 reasoning reasoning NN randomwalker-info-585 797 5 above above RB randomwalker-info-585 797 6 , , , randomwalker-info-585 797 7 this this DT randomwalker-info-585 797 8 means mean VBZ randomwalker-info-585 797 9 that that IN randomwalker-info-585 797 10 when when WRB randomwalker-info-585 797 11 Rem(Mosti Rem(Mosti NNP randomwalker-info-585 797 12 ) ) -RRB- randomwalker-info-585 797 13 ∈ ∈ NNP randomwalker-info-585 797 14 [ [ -LRB- randomwalker-info-585 797 15 y y NNP randomwalker-info-585 797 16 , , , randomwalker-info-585 797 17 2y 2y CD randomwalker-info-585 797 18 − − NNP randomwalker-info-585 797 19 ln(y ln(y NNP randomwalker-info-585 797 20 ) ) -RRB- randomwalker-info-585 797 21 − − NNP randomwalker-info-585 797 22 1 1 CD randomwalker-info-585 797 23 ] ] -RRB- randomwalker-info-585 797 24 and and CC randomwalker-info-585 797 25 b b NN randomwalker-info-585 797 26 ≥ ≥ NN randomwalker-info-585 797 27 f(Rem(Mosti f(Rem(Mosti NNP randomwalker-info-585 797 28 ) ) -RRB- randomwalker-info-585 797 29 ) ) -RRB- randomwalker-info-585 797 30 , , , randomwalker-info-585 797 31 we -PRON- PRP randomwalker-info-585 797 32 also also RB randomwalker-info-585 797 33 have have VBP randomwalker-info-585 797 34 f(Rem(Mosti f(Rem(Mosti NNP randomwalker-info-585 797 35 ) ) -RRB- randomwalker-info-585 797 36 ) ) -RRB- randomwalker-info-585 797 37 ∈ ∈ VBZ randomwalker-info-585 797 38 argmaxB∈[0,b]{Be argmaxB∈[0,b]{Be NNS randomwalker-info-585 797 39 −max{0,B+f−1(B)−Rem(Mosti −max{0,B+f−1(B)−Rem(Mosti NNP randomwalker-info-585 797 40 ) ) -RRB- randomwalker-info-585 797 41 } } -RRB- randomwalker-info-585 797 42 } } -RRB- randomwalker-info-585 797 43 . . . randomwalker-info-585 798 1 Therefore therefore RB randomwalker-info-585 798 2 , , , randomwalker-info-585 798 3 when when WRB randomwalker-info-585 798 4 b b NN randomwalker-info-585 798 5 = = SYM randomwalker-info-585 798 6 Rem(MostH Rem(MostH NNP randomwalker-info-585 798 7 ) ) -RRB- randomwalker-info-585 798 8 , , , randomwalker-info-585 798 9 we -PRON- PRP randomwalker-info-585 798 10 recover recover VBP randomwalker-info-585 798 11 that that DT randomwalker-info-585 798 12 f(Rem(MostH f(rem(mosth NN randomwalker-info-585 798 13 ) ) -RRB- randomwalker-info-585 798 14 ) ) -RRB- randomwalker-info-585 798 15 is be VBZ randomwalker-info-585 798 16 an an DT randomwalker-info-585 798 17 optimal optimal JJ randomwalker-info-585 798 18 choice choice NN randomwalker-info-585 798 19 of of IN randomwalker-info-585 798 20 BTC BTC NNP randomwalker-info-585 798 21 to to TO randomwalker-info-585 798 22 authorize authorize VB randomwalker-info-585 798 23 when when WRB randomwalker-info-585 798 24 continuing continue VBG randomwalker-info-585 798 25 . . . randomwalker-info-585 799 1 When when WRB randomwalker-info-585 799 2 b b NNP randomwalker-info-585 799 3 = = SYM randomwalker-info-585 799 4 GapH GapH NNP randomwalker-info-585 799 5 , , , randomwalker-info-585 799 6 we -PRON- PRP randomwalker-info-585 799 7 recover recover VBP randomwalker-info-585 799 8 that that IN randomwalker-info-585 799 9 min{1,GapH min{1,gaph RB randomwalker-info-585 799 10 , , , randomwalker-info-585 799 11 f(Rem(MostH−1 f(rem(mosth−1 LS randomwalker-info-585 799 12 ) ) -RRB- randomwalker-info-585 799 13 ) ) -RRB- randomwalker-info-585 799 14 } } -RRB- randomwalker-info-585 799 15 = = NFP randomwalker-info-585 799 16 min{GapH min{GapH '' randomwalker-info-585 799 17 , , , randomwalker-info-585 799 18 f(Rem(MostH−1 f(rem(mosth−1 LS randomwalker-info-585 799 19 ) ) -RRB- randomwalker-info-585 799 20 ) ) -RRB- randomwalker-info-585 799 21 } } -RRB- randomwalker-info-585 799 22 is be VBZ randomwalker-info-585 799 23 an an DT randomwalker-info-585 799 24 optimal optimal JJ randomwalker-info-585 799 25 choice choice NN randomwalker-info-585 799 26 of of IN randomwalker-info-585 799 27 BTC BTC NNP randomwalker-info-585 799 28 to to TO randomwalker-info-585 799 29 authorize authorize VB randomwalker-info-585 799 30 when when WRB randomwalker-info-585 799 31 undercutting undercut VBG randomwalker-info-585 799 32 . . . randomwalker-info-585 800 1 So so CC randomwalker-info-585 800 2 FunctionFork(f FunctionFork(f NNS randomwalker-info-585 800 3 ) ) -RRB- randomwalker-info-585 800 4 correctly correctly RB randomwalker-info-585 800 5 chooses choose VBZ randomwalker-info-585 800 6 how how WRB randomwalker-info-585 800 7 many many JJ randomwalker-info-585 800 8 BTC BTC NNP randomwalker-info-585 800 9 to to TO randomwalker-info-585 800 10 authorize authorize VB randomwalker-info-585 800 11 when when WRB randomwalker-info-585 800 12 continuing continue VBG randomwalker-info-585 800 13 and and CC randomwalker-info-585 800 14 when when WRB randomwalker-info-585 800 15 undercutting undercut VBG randomwalker-info-585 800 16 , , , randomwalker-info-585 800 17 we -PRON- PRP randomwalker-info-585 800 18 just just RB randomwalker-info-585 800 19 need need VBP randomwalker-info-585 800 20 to to TO randomwalker-info-585 800 21 check check VB randomwalker-info-585 800 22 that that IN randomwalker-info-585 800 23 it -PRON- PRP randomwalker-info-585 800 24 also also RB randomwalker-info-585 800 25 chooses choose VBZ randomwalker-info-585 800 26 when when WRB randomwalker-info-585 800 27 to to TO randomwalker-info-585 800 28 undercut undercut VB randomwalker-info-585 800 29 and and CC randomwalker-info-585 800 30 when when WRB randomwalker-info-585 800 31 to to TO randomwalker-info-585 800 32 continue continue VB randomwalker-info-585 800 33 . . . randomwalker-info-585 801 1 If if IN randomwalker-info-585 801 2 GapH GapH NNP randomwalker-info-585 801 3 > > XX randomwalker-info-585 801 4 f(Rem(MostH f(rem(mosth NN randomwalker-info-585 801 5 ) ) -RRB- randomwalker-info-585 801 6 ) ) -RRB- randomwalker-info-585 801 7 , , , randomwalker-info-585 801 8 then then RB randomwalker-info-585 801 9 min{GapH min{GapH `` randomwalker-info-585 801 10 , , , randomwalker-info-585 801 11 f(Rem(MostH−1))}≥ f(rem(mosth−1))}≥ ADD randomwalker-info-585 801 12 f(Rem(MostH f(rem(mosth NN randomwalker-info-585 801 13 ) ) -RRB- randomwalker-info-585 801 14 ) ) -RRB- randomwalker-info-585 801 15 as as RB randomwalker-info-585 801 16 well well RB randomwalker-info-585 801 17 , , , randomwalker-info-585 801 18 and and CC randomwalker-info-585 801 19 we -PRON- PRP randomwalker-info-585 801 20 can can MD randomwalker-info-585 801 21 invoke invoke VB randomwalker-info-585 801 22 Corollary Corollary NNP randomwalker-info-585 801 23 C.3 C.3 NNP randomwalker-info-585 801 24 with with IN randomwalker-info-585 801 25 B1 b1 NN randomwalker-info-585 801 26 = = SYM randomwalker-info-585 801 27 min{GapH min{GapH '' randomwalker-info-585 801 28 , , , randomwalker-info-585 801 29 f(Rem(MostH−1 f(rem(mosth−1 LS randomwalker-info-585 801 30 ) ) -RRB- randomwalker-info-585 801 31 ) ) -RRB- randomwalker-info-585 801 32 } } -RRB- randomwalker-info-585 801 33 and and CC randomwalker-info-585 801 34 B2 b2 NN randomwalker-info-585 801 35 = = SYM randomwalker-info-585 801 36 f(Rem(MostH f(rem(mosth NN randomwalker-info-585 801 37 ) ) -RRB- randomwalker-info-585 801 38 ) ) -RRB- randomwalker-info-585 801 39 . . . randomwalker-info-585 802 1 By by IN randomwalker-info-585 802 2 the the DT randomwalker-info-585 802 3 argument argument NN randomwalker-info-585 802 4 above above RB randomwalker-info-585 802 5 , , , randomwalker-info-585 802 6 because because IN randomwalker-info-585 802 7 1 1 CD randomwalker-info-585 802 8 ≥ ≥ UH randomwalker-info-585 802 9 B1 B1 NNP randomwalker-info-585 802 10 ≥ ≥ NNP randomwalker-info-585 802 11 B2 b2 NN randomwalker-info-585 802 12 , , , randomwalker-info-585 802 13 the the DT randomwalker-info-585 802 14 hypotheses hypothesis NNS randomwalker-info-585 802 15 of of IN randomwalker-info-585 802 16 Corollary Corollary NNP randomwalker-info-585 802 17 C.3 C.3 NNP randomwalker-info-585 802 18 are be VBP randomwalker-info-585 802 19 satisfied satisfied JJ randomwalker-info-585 802 20 , , , randomwalker-info-585 802 21 and and CC randomwalker-info-585 802 22 the the DT randomwalker-info-585 802 23 expected expect VBN randomwalker-info-585 802 24 re- re- NN randomwalker-info-585 802 25 ward ward NN randomwalker-info-585 802 26 is be VBZ randomwalker-info-585 802 27 at at IN randomwalker-info-585 802 28 least least JJS randomwalker-info-585 802 29 as as RB randomwalker-info-585 802 30 high high JJ randomwalker-info-585 802 31 when when WRB randomwalker-info-585 802 32 authorizing authorize VBG randomwalker-info-585 802 33 B1 b1 NN randomwalker-info-585 802 34 as as IN randomwalker-info-585 802 35 B2 b2 NN randomwalker-info-585 802 36 , , , randomwalker-info-585 802 37 so so RB randomwalker-info-585 802 38 undercutting undercutting NN randomwalker-info-585 802 39 is be VBZ randomwalker-info-585 802 40 at at IN randomwalker-info-585 802 41 least least JJS randomwalker-info-585 802 42 as as RB randomwalker-info-585 802 43 good good JJ randomwalker-info-585 802 44 as as IN randomwalker-info-585 802 45 continuing continue VBG randomwalker-info-585 802 46 . . . randomwalker-info-585 803 1 Similarly similarly RB randomwalker-info-585 803 2 , , , randomwalker-info-585 803 3 if if IN randomwalker-info-585 803 4 f(Rem(MostH f(rem(mosth NN randomwalker-info-585 803 5 ) ) -RRB- randomwalker-info-585 803 6 ) ) -RRB- randomwalker-info-585 803 7 ≥ ≥ UH randomwalker-info-585 803 8 GapH GapH NNP randomwalker-info-585 803 9 , , , randomwalker-info-585 803 10 then then RB randomwalker-info-585 803 11 f(Rem(MostH f(Rem(MostH NNP randomwalker-info-585 803 12 ) ) -RRB- randomwalker-info-585 803 13 ) ) -RRB- randomwalker-info-585 803 14 ≥ ≥ UH randomwalker-info-585 803 15 min{GapH min{GapH : randomwalker-info-585 803 16 , , , randomwalker-info-585 803 17 f(Rem(MostH−1 f(rem(mosth−1 LS randomwalker-info-585 803 18 ) ) -RRB- randomwalker-info-585 803 19 ) ) -RRB- randomwalker-info-585 803 20 } } -RRB- randomwalker-info-585 803 21 . . . randomwalker-info-585 804 1 So so RB randomwalker-info-585 804 2 we -PRON- PRP randomwalker-info-585 804 3 may may MD randomwalker-info-585 804 4 again again RB randomwalker-info-585 804 5 invoke invoke VB randomwalker-info-585 804 6 Corollary Corollary NNP randomwalker-info-585 804 7 C.3 C.3 NNP randomwalker-info-585 804 8 , , , randomwalker-info-585 804 9 this this DT randomwalker-info-585 804 10 time time NN randomwalker-info-585 804 11 with with IN randomwalker-info-585 804 12 B1 b1 NN randomwalker-info-585 804 13 = = SYM randomwalker-info-585 804 14 f(Rem(MostH f(rem(mosth NN randomwalker-info-585 804 15 ) ) -RRB- randomwalker-info-585 804 16 ) ) -RRB- randomwalker-info-585 804 17 and and CC randomwalker-info-585 804 18 B2 b2 NN randomwalker-info-585 804 19 = = SYM randomwalker-info-585 804 20 min{GapH min{GapH '' randomwalker-info-585 804 21 , , , randomwalker-info-585 804 22 f(Rem(MostH−1 f(rem(mosth−1 LS randomwalker-info-585 804 23 ) ) -RRB- randomwalker-info-585 804 24 ) ) -RRB- randomwalker-info-585 804 25 } } -RRB- randomwalker-info-585 804 26 . . . randomwalker-info-585 805 1 So so RB randomwalker-info-585 805 2 now now RB randomwalker-info-585 805 3 we -PRON- PRP randomwalker-info-585 805 4 have have VBP randomwalker-info-585 805 5 shown show VBN randomwalker-info-585 805 6 that that IN randomwalker-info-585 805 7 the the DT randomwalker-info-585 805 8 FunctionFork(f FunctionFork(f NNS randomwalker-info-585 805 9 ) ) -RRB- randomwalker-info-585 805 10 correctly correctly RB randomwalker-info-585 805 11 chooses choose VBZ randomwalker-info-585 805 12 how how WRB randomwalker-info-585 805 13 many many JJ randomwalker-info-585 805 14 BTC BTC NNP randomwalker-info-585 805 15 to to TO randomwalker-info-585 805 16 authorize authorize VB randomwalker-info-585 805 17 when when WRB randomwalker-info-585 805 18 continuing continue VBG randomwalker-info-585 805 19 and and CC randomwalker-info-585 805 20 when when WRB randomwalker-info-585 805 21 undercutting undercut VBG randomwalker-info-585 805 22 , , , randomwalker-info-585 805 23 and and CC randomwalker-info-585 805 24 also also RB randomwalker-info-585 805 25 chooses choose VBZ randomwalker-info-585 805 26 correctly correctly RB randomwalker-info-585 805 27 whether whether IN randomwalker-info-585 805 28 to to TO randomwalker-info-585 805 29 continue continue VB randomwalker-info-585 805 30 or or CC randomwalker-info-585 805 31 undercut undercut JJ randomwalker-info-585 805 32 . . . randomwalker-info-585 806 1 So so CC randomwalker-info-585 806 2 it -PRON- PRP randomwalker-info-585 806 3 is be VBZ randomwalker-info-585 806 4 an an DT randomwalker-info-585 806 5 equilibrium equilibrium NN randomwalker-info-585 806 6 . . . randomwalker-info-585 807 1 The the DT randomwalker-info-585 807 2 last last JJ randomwalker-info-585 807 3 part part NN randomwalker-info-585 807 4 we -PRON- PRP randomwalker-info-585 807 5 need need VBP randomwalker-info-585 807 6 to to TO randomwalker-info-585 807 7 reason reason VB randomwalker-info-585 807 8 about about IN randomwalker-info-585 807 9 is be VBZ randomwalker-info-585 807 10 the the DT randomwalker-info-585 807 11 connection connection NN randomwalker-info-585 807 12 to to IN randomwalker-info-585 807 13 random random JJ randomwalker-info-585 807 14 walks walk NNS randomwalker-info-585 807 15 . . . randomwalker-info-585 808 1 Observe observe VB randomwalker-info-585 808 2 that that IN randomwalker-info-585 808 3 the the DT randomwalker-info-585 808 4 number number NN randomwalker-info-585 808 5 of of IN randomwalker-info-585 808 6 transaction transaction NN randomwalker-info-585 808 7 fees fee NNS randomwalker-info-585 808 8 grows grow VBZ randomwalker-info-585 808 9 continuously continuously RB randomwalker-info-585 808 10 at at IN randomwalker-info-585 808 11 a a DT randomwalker-info-585 808 12 rate rate NN randomwalker-info-585 808 13 of of IN randomwalker-info-585 808 14 1 1 CD randomwalker-info-585 808 15 per per IN randomwalker-info-585 808 16 unit unit NN randomwalker-info-585 808 17 . . . randomwalker-info-585 809 1 Every every DT randomwalker-info-585 809 2 time time NN randomwalker-info-585 809 3 a a DT randomwalker-info-585 809 4 block block NN randomwalker-info-585 809 5 is be VBZ randomwalker-info-585 809 6 found find VBN randomwalker-info-585 809 7 , , , randomwalker-info-585 809 8 it -PRON- PRP randomwalker-info-585 809 9 drops drop VBZ randomwalker-info-585 809 10 by by IN randomwalker-info-585 809 11 at at IN randomwalker-info-585 809 12 most most JJS randomwalker-info-585 809 13 1 1 CD randomwalker-info-585 809 14 . . . randomwalker-info-585 810 1 So so RB randomwalker-info-585 810 2 definitely definitely RB randomwalker-info-585 810 3 the the DT randomwalker-info-585 810 4 backlogged backlogge VBN randomwalker-info-585 810 5 transactions transaction NNS randomwalker-info-585 810 6 will will MD randomwalker-info-585 810 7 be be VB randomwalker-info-585 810 8 at at IN randomwalker-info-585 810 9 least least JJS randomwalker-info-585 810 10 as as RB randomwalker-info-585 810 11 bad bad JJ randomwalker-info-585 810 12 as as IN randomwalker-info-585 810 13 a a DT randomwalker-info-585 810 14 random random JJ randomwalker-info-585 810 15 walk walk NN randomwalker-info-585 810 16 that that WDT randomwalker-info-585 810 17 drops drop VBZ randomwalker-info-585 810 18 by by IN randomwalker-info-585 810 19 exactly exactly RB randomwalker-info-585 810 20 1 1 CD randomwalker-info-585 810 21 ( ( -LRB- randomwalker-info-585 810 22 because because IN randomwalker-info-585 810 23 it -PRON- PRP randomwalker-info-585 810 24 will will MD randomwalker-info-585 810 25 only only RB randomwalker-info-585 810 26 drop drop VB randomwalker-info-585 810 27 further further RB randomwalker-info-585 810 28 ) ) -RRB- randomwalker-info-585 810 29 . . . randomwalker-info-585 811 1 Lemma Lemma NNP randomwalker-info-585 811 2 C.7 C.7 NNP randomwalker-info-585 811 3 below below IN randomwalker-info-585 811 4 proves prove VBZ randomwalker-info-585 811 5 that that IN randomwalker-info-585 811 6 with with IN randomwalker-info-585 811 7 constant constant JJ randomwalker-info-585 811 8 probability probability NN randomwalker-info-585 811 9 , , , randomwalker-info-585 811 10 the the DT randomwalker-info-585 811 11 number number NN randomwalker-info-585 811 12 of of IN randomwalker-info-585 811 13 blocks block NNS randomwalker-info-585 811 14 found find VBN randomwalker-info-585 811 15 in in IN randomwalker-info-585 811 16 a a DT randomwalker-info-585 811 17 time time NN randomwalker-info-585 811 18 interval interval NN randomwalker-info-585 811 19 of of IN randomwalker-info-585 811 20 length length NN randomwalker-info-585 811 21 n n NNP randomwalker-info-585 811 22 + + CC randomwalker-info-585 811 23 √ √ NNP randomwalker-info-585 811 24 n n RB randomwalker-info-585 811 25 is be VBZ randomwalker-info-585 811 26 at at RB randomwalker-info-585 811 27 most most JJS randomwalker-info-585 811 28 n. n. NN randomwalker-info-585 811 29 When when WRB randomwalker-info-585 811 30 this this DT randomwalker-info-585 811 31 occurs occur VBZ randomwalker-info-585 811 32 , , , randomwalker-info-585 811 33 there there EX randomwalker-info-585 811 34 is be VBZ randomwalker-info-585 811 35 a a DT randomwalker-info-585 811 36 backlog backlog NN randomwalker-info-585 811 37 of of IN randomwalker-info-585 811 38 at at IN randomwalker-info-585 811 39 least least JJS randomwalker-info-585 811 40 √ √ NN randomwalker-info-585 811 41 n n CC randomwalker-info-585 811 42 transactions transaction NNS randomwalker-info-585 811 43 at at IN randomwalker-info-585 811 44 time time NN randomwalker-info-585 811 45 n n CC randomwalker-info-585 811 46 + + CC randomwalker-info-585 811 47 √ √ NNP randomwalker-info-585 811 48 n. n. NN randomwalker-info-585 811 49 Therefore therefore RB randomwalker-info-585 811 50 , , , randomwalker-info-585 811 51 the the DT randomwalker-info-585 811 52 expected expected JJ randomwalker-info-585 811 53 backlog backlog NN randomwalker-info-585 811 54 is be VBZ randomwalker-info-585 811 55 at at IN randomwalker-info-585 811 56 least least JJS randomwalker-info-585 811 57 Θ Θ NNP randomwalker-info-585 811 58 ( ( -LRB- randomwalker-info-585 811 59 √ √ NNP randomwalker-info-585 811 60 n n CC randomwalker-info-585 811 61 ) ) -RRB- randomwalker-info-585 811 62 ( ( -LRB- randomwalker-info-585 811 63 in in IN randomwalker-info-585 811 64 fact fact NN randomwalker-info-585 811 65 , , , randomwalker-info-585 811 66 it -PRON- PRP randomwalker-info-585 811 67 is be VBZ randomwalker-info-585 811 68 exactly exactly RB randomwalker-info-585 811 69 Θ Θ NNP randomwalker-info-585 811 70 ( ( -LRB- randomwalker-info-585 811 71 √ √ NNP randomwalker-info-585 811 72 n n NNP randomwalker-info-585 811 73 ) ) -RRB- randomwalker-info-585 811 74 ) ) -RRB- randomwalker-info-585 811 75 . . . randomwalker-info-585 812 1 During during IN randomwalker-info-585 812 2 this this DT randomwalker-info-585 812 3 time time NN randomwalker-info-585 812 4 , , , randomwalker-info-585 812 5 new new JJ randomwalker-info-585 812 6 transactions transaction NNS randomwalker-info-585 812 7 take take VBP randomwalker-info-585 812 8 Θ Θ NNP randomwalker-info-585 812 9 ( ( -LRB- randomwalker-info-585 812 10 √ √ NNP randomwalker-info-585 812 11 n n CC randomwalker-info-585 812 12 ) ) -RRB- randomwalker-info-585 812 13 time time NN randomwalker-info-585 812 14 steps step NNS randomwalker-info-585 812 15 before before IN randomwalker-info-585 812 16 they -PRON- PRP randomwalker-info-585 812 17 are be VBP randomwalker-info-585 812 18 included include VBN randomwalker-info-585 812 19 in in IN randomwalker-info-585 812 20 a a DT randomwalker-info-585 812 21 block block NN randomwalker-info-585 812 22 . . . randomwalker-info-585 813 1 2 2 CD randomwalker-info-585 813 2 Before before IN randomwalker-info-585 813 3 proving prove VBG randomwalker-info-585 813 4 Lemma Lemma NNP randomwalker-info-585 813 5 C.7 C.7 NNP randomwalker-info-585 813 6 , , , randomwalker-info-585 813 7 we -PRON- PRP randomwalker-info-585 813 8 recall recall VBP randomwalker-info-585 813 9 the the DT randomwalker-info-585 813 10 Berry Berry NNP randomwalker-info-585 813 11 - - HYPH randomwalker-info-585 813 12 Esseen Esseen NNP randomwalker-info-585 813 13 theorem theorem NN randomwalker-info-585 813 14 : : : randomwalker-info-585 813 15 Theorem theorem JJ randomwalker-info-585 813 16 C.6 c.6 NN randomwalker-info-585 813 17 ( ( -LRB- randomwalker-info-585 813 18 Berry Berry NNP randomwalker-info-585 813 19 - - HYPH randomwalker-info-585 813 20 Esseen Esseen NNP randomwalker-info-585 813 21 ) ) -RRB- randomwalker-info-585 813 22 . . . randomwalker-info-585 814 1 Let let VB randomwalker-info-585 814 2 X1 X1 NNP randomwalker-info-585 814 3 , , , randomwalker-info-585 814 4 . . . randomwalker-info-585 815 1 . . . randomwalker-info-585 816 1 . . . randomwalker-info-585 817 1 , , , randomwalker-info-585 817 2 Xn Xn NNP randomwalker-info-585 817 3 be be VB randomwalker-info-585 817 4 i.i.d i.i.d JJ randomwalker-info-585 817 5 . . . randomwalker-info-585 818 1 random random JJ randomwalker-info-585 818 2 variables variable NNS randomwalker-info-585 818 3 with with IN randomwalker-info-585 818 4 mean mean NNP randomwalker-info-585 818 5 0 0 CD randomwalker-info-585 818 6 , , , randomwalker-info-585 818 7 E[X2i E[X2i , randomwalker-info-585 818 8 ] ] -RRB- randomwalker-info-585 818 9 = = SYM randomwalker-info-585 818 10 σ σ NNP randomwalker-info-585 818 11 2 2 CD randomwalker-info-585 818 12 , , , randomwalker-info-585 818 13 E[X3i e[x3i ADD randomwalker-info-585 818 14 ] ] -RRB- randomwalker-info-585 818 15 = = NFP randomwalker-info-585 818 16 ρ ρ XX randomwalker-info-585 818 17 . . . randomwalker-info-585 819 1 Then then RB randomwalker-info-585 819 2 for for IN randomwalker-info-585 819 3 all all DT randomwalker-info-585 819 4 x x NN randomwalker-info-585 819 5 : : : randomwalker-info-585 819 6 Pr pr NN randomwalker-info-585 819 7 [ [ -LRB- randomwalker-info-585 819 8 ∑ ∑ . randomwalker-info-585 819 9 i i PRP randomwalker-info-585 819 10 Xi Xi NNP randomwalker-info-585 819 11 σ σ NNP randomwalker-info-585 819 12 √ √ NNP randomwalker-info-585 819 13 n n CC randomwalker-info-585 819 14 ≥ ≥ NN randomwalker-info-585 819 15 x x NN randomwalker-info-585 819 16 ] ] -RRB- randomwalker-info-585 819 17 − − NNP randomwalker-info-585 819 18 Φ(x φ(x CD randomwalker-info-585 819 19 ) ) -RRB- randomwalker-info-585 819 20 = = NFP randomwalker-info-585 819 21 O o FW randomwalker-info-585 819 22 ( ( -LRB- randomwalker-info-585 819 23 ρ ρ NN randomwalker-info-585 819 24 σ3 σ3 NNP randomwalker-info-585 819 25 √ √ NNP randomwalker-info-585 819 26 n n NNP randomwalker-info-585 819 27 ) ) -RRB- randomwalker-info-585 819 28 , , , randomwalker-info-585 819 29 Where where WRB randomwalker-info-585 819 30 Φ(x Φ(x NNS randomwalker-info-585 819 31 ) ) -RRB- randomwalker-info-585 819 32 denotes denote VBZ randomwalker-info-585 819 33 the the DT randomwalker-info-585 819 34 probability probability NN randomwalker-info-585 819 35 that that IN randomwalker-info-585 819 36 a a DT randomwalker-info-585 819 37 Gaussian gaussian JJ randomwalker-info-585 819 38 random random JJ randomwalker-info-585 819 39 variable variable NN randomwalker-info-585 819 40 with with IN randomwalker-info-585 819 41 mean mean NNP randomwalker-info-585 819 42 0 0 CD randomwalker-info-585 819 43 and and CC randomwalker-info-585 819 44 standard standard JJ randomwalker-info-585 819 45 deviation deviation NN randomwalker-info-585 819 46 1 1 CD randomwalker-info-585 819 47 exceeds exceed VBZ randomwalker-info-585 819 48 x. x. NN randomwalker-info-585 819 49 Lemma Lemma NNP randomwalker-info-585 819 50 C.7 C.7 NNP randomwalker-info-585 819 51 . . . randomwalker-info-585 820 1 Define Define NNP randomwalker-info-585 820 2 Xi Xi NNP randomwalker-info-585 820 3 to to TO randomwalker-info-585 820 4 be be VB randomwalker-info-585 820 5 an an DT randomwalker-info-585 820 6 exponential exponential JJ randomwalker-info-585 820 7 random random JJ randomwalker-info-585 820 8 variable variable NN randomwalker-info-585 820 9 with with IN randomwalker-info-585 820 10 mean mean NNP randomwalker-info-585 820 11 1 1 CD randomwalker-info-585 820 12 . . . randomwalker-info-585 821 1 Then then RB randomwalker-info-585 821 2 : : : randomwalker-info-585 821 3 Pr pr NN randomwalker-info-585 821 4 [ [ -LRB- randomwalker-info-585 821 5 n∑ n∑ NN randomwalker-info-585 821 6 i=1 i=1 NNS randomwalker-info-585 821 7 Xi Xi NNP randomwalker-info-585 821 8 > > XX randomwalker-info-585 821 9 n n CC randomwalker-info-585 821 10 + + CC randomwalker-info-585 821 11 √ √ NNP randomwalker-info-585 821 12 n n NN randomwalker-info-585 821 13 ] ] -RRB- randomwalker-info-585 821 14 = = SYM randomwalker-info-585 821 15 Θ(1 θ(1 LS randomwalker-info-585 821 16 ) ) -RRB- randomwalker-info-585 821 17 . . . randomwalker-info-585 822 1 In in IN randomwalker-info-585 822 2 particular particular JJ randomwalker-info-585 822 3 , , , randomwalker-info-585 822 4 this this DT randomwalker-info-585 822 5 implies imply VBZ randomwalker-info-585 822 6 that that IN randomwalker-info-585 822 7 probability probability NN randomwalker-info-585 822 8 that that IN randomwalker-info-585 822 9 fewer few JJR randomwalker-info-585 822 10 than than IN randomwalker-info-585 822 11 n n JJ randomwalker-info-585 822 12 blocks block NNS randomwalker-info-585 822 13 are be VBP randomwalker-info-585 822 14 found find VBN randomwalker-info-585 822 15 in in IN randomwalker-info-585 822 16 n n CC randomwalker-info-585 822 17 + + CC randomwalker-info-585 822 18 √ √ NN randomwalker-info-585 822 19 n n CD randomwalker-info-585 822 20 time time NN randomwalker-info-585 822 21 steps step NNS randomwalker-info-585 822 22 is be VBZ randomwalker-info-585 822 23 Θ(1 θ(1 XX randomwalker-info-585 822 24 ) ) -RRB- randomwalker-info-585 822 25 . . . randomwalker-info-585 823 1 Proof proof NN randomwalker-info-585 823 2 . . . randomwalker-info-585 824 1 Define Define NNP randomwalker-info-585 824 2 Yi Yi NNP randomwalker-info-585 824 3 = = NFP randomwalker-info-585 824 4 Xi Xi NNP randomwalker-info-585 824 5 − − NNP randomwalker-info-585 824 6 1 1 CD randomwalker-info-585 824 7 . . . randomwalker-info-585 825 1 Then then RB randomwalker-info-585 825 2 the the DT randomwalker-info-585 825 3 Yi Yi NNP randomwalker-info-585 825 4 are be VBP randomwalker-info-585 825 5 i.i.d i.i.d JJ randomwalker-info-585 825 6 . . . randomwalker-info-585 826 1 random random JJ randomwalker-info-585 826 2 variables variable NNS randomwalker-info-585 826 3 with with IN randomwalker-info-585 826 4 mean mean NNP randomwalker-info-585 826 5 0 0 CD randomwalker-info-585 826 6 , , , randomwalker-info-585 826 7 E[Y E[Y JJR randomwalker-info-585 826 8 2i 2i LS randomwalker-info-585 826 9 ] ] -RRB- randomwalker-info-585 826 10 = = SYM randomwalker-info-585 826 11 σ σ NNP randomwalker-info-585 826 12 < < XX randomwalker-info-585 826 13 2 2 CD randomwalker-info-585 826 14 , , , randomwalker-info-585 826 15 and and CC randomwalker-info-585 826 16 E[Y E[Y JJR randomwalker-info-585 826 17 3i 3i NNPS randomwalker-info-585 826 18 ] ] -RRB- randomwalker-info-585 826 19 = = NFP randomwalker-info-585 826 20 ρ ρ NNP randomwalker-info-585 826 21 < < XX randomwalker-info-585 826 22 6 6 CD randomwalker-info-585 826 23 . . . randomwalker-info-585 827 1 Plugging plug VBG randomwalker-info-585 827 2 into into IN randomwalker-info-585 827 3 Berry Berry NNP randomwalker-info-585 827 4 - - HYPH randomwalker-info-585 827 5 Esseen Esseen NNP randomwalker-info-585 827 6 ( ( -LRB- randomwalker-info-585 827 7 stated state VBN randomwalker-info-585 827 8 below below RB randomwalker-info-585 827 9 ) ) -RRB- randomwalker-info-585 827 10 , , , randomwalker-info-585 827 11 we -PRON- PRP randomwalker-info-585 827 12 get get VBP randomwalker-info-585 827 13 : : : randomwalker-info-585 827 14 Pr pr NN randomwalker-info-585 827 15 [ [ -LRB- randomwalker-info-585 827 16 n∑ n∑ NN randomwalker-info-585 827 17 i=1 i=1 NNP randomwalker-info-585 827 18 Yi Yi NNP randomwalker-info-585 827 19 > > FW randomwalker-info-585 827 20 √ √ NNP randomwalker-info-585 827 21 n n CC randomwalker-info-585 827 22 ] ] -RRB- randomwalker-info-585 827 23 = = NFP randomwalker-info-585 827 24 Pr pr NN randomwalker-info-585 827 25 [ [ -LRB- randomwalker-info-585 827 26 ∑n ∑n NN randomwalker-info-585 827 27 i=1 i=1 UH randomwalker-info-585 827 28 Yi Yi NNP randomwalker-info-585 827 29 σ σ NNP randomwalker-info-585 827 30 √ √ NNP randomwalker-info-585 827 31 n n IN randomwalker-info-585 827 32 > > NN randomwalker-info-585 827 33 1 1 CD randomwalker-info-585 827 34 σ σ NNP randomwalker-info-585 827 35 ] ] -RRB- randomwalker-info-585 827 36 ≥ ≥ NN randomwalker-info-585 827 37 Φ φ NN randomwalker-info-585 827 38 ( ( -LRB- randomwalker-info-585 827 39 1 1 CD randomwalker-info-585 827 40 σ σ NN randomwalker-info-585 827 41 ) ) -RRB- randomwalker-info-585 827 42 −O −O NNP randomwalker-info-585 827 43 ( ( -LRB- randomwalker-info-585 827 44 1 1 CD randomwalker-info-585 827 45 √ √ NNP randomwalker-info-585 827 46 n n NN randomwalker-info-585 827 47 ) ) -RRB- randomwalker-info-585 827 48 . . . randomwalker-info-585 828 1 As as IN randomwalker-info-585 828 2 σ σ NN randomwalker-info-585 828 3 is be VBZ randomwalker-info-585 828 4 a a DT randomwalker-info-585 828 5 constant constant JJ randomwalker-info-585 828 6 independent independent NN randomwalker-info-585 828 7 of of IN randomwalker-info-585 828 8 n n NN randomwalker-info-585 828 9 , , , randomwalker-info-585 828 10 Φ(σ φ(σ JJ randomwalker-info-585 828 11 ) ) -RRB- randomwalker-info-585 828 12 is be VBZ randomwalker-info-585 828 13 also also RB randomwalker-info-585 828 14 independent independent JJ randomwalker-info-585 828 15 of of IN randomwalker-info-585 828 16 n n NN randomwalker-info-585 828 17 , , , randomwalker-info-585 828 18 so so RB randomwalker-info-585 828 19 Φ φ NN randomwalker-info-585 828 20 ( ( -LRB- randomwalker-info-585 828 21 1 1 CD randomwalker-info-585 828 22 σ σ NN randomwalker-info-585 828 23 ) ) -RRB- randomwalker-info-585 828 24 −O −O NNP randomwalker-info-585 828 25 ( ( -LRB- randomwalker-info-585 828 26 1√ 1√ CD randomwalker-info-585 828 27 n n CC randomwalker-info-585 828 28 ) ) -RRB- randomwalker-info-585 828 29 = = NFP randomwalker-info-585 828 30 Θ(1 θ(1 LS randomwalker-info-585 828 31 ) ) -RRB- randomwalker-info-585 828 32 , , , randomwalker-info-585 828 33 as as IN randomwalker-info-585 828 34 desired desire VBN randomwalker-info-585 828 35 . . . randomwalker-info-585 829 1 D. D. NNP randomwalker-info-585 829 2 WHEN when WRB randomwalker-info-585 829 3 DEFAULT DEFAULT NNP randomwalker-info-585 829 4 MINING MINING NNP randomwalker-info-585 829 5 IS be VBZ randomwalker-info-585 829 6 AN an DT randomwalker-info-585 829 7 EQUILIBRIUM EQUILIBRIUM NNP randomwalker-info-585 829 8 FOR for IN randomwalker-info-585 829 9 NON NON NNP randomwalker-info-585 829 10 - - NN randomwalker-info-585 829 11 ATOMIC atomic JJ randomwalker-info-585 829 12 MINERS miner NNS randomwalker-info-585 829 13 In in IN randomwalker-info-585 829 14 the the DT randomwalker-info-585 829 15 absence absence NN randomwalker-info-585 829 16 of of IN randomwalker-info-585 829 17 latency latency NN randomwalker-info-585 829 18 , , , randomwalker-info-585 829 19 default default NN randomwalker-info-585 829 20 mining mining NN randomwalker-info-585 829 21 is be VBZ randomwalker-info-585 829 22 an an DT randomwalker-info-585 829 23 equilibrium equilibrium NN randomwalker-info-585 829 24 for for IN randomwalker-info-585 829 25 non non JJ randomwalker-info-585 829 26 - - JJ randomwalker-info-585 829 27 atomic atomic JJ randomwalker-info-585 829 28 miners miner NNS randomwalker-info-585 829 29 regardless regardless RB randomwalker-info-585 829 30 of of IN randomwalker-info-585 829 31 the the DT randomwalker-info-585 829 32 reward reward NN randomwalker-info-585 829 33 model model NN randomwalker-info-585 829 34 , , , randomwalker-info-585 829 35 and and CC randomwalker-info-585 829 36 the the DT randomwalker-info-585 829 37 reasoning reasoning NN randomwalker-info-585 829 38 is be VBZ randomwalker-info-585 829 39 simple simple JJ randomwalker-info-585 829 40 : : : randomwalker-info-585 829 41 if if IN randomwalker-info-585 829 42 you -PRON- PRP randomwalker-info-585 829 43 do do VBP randomwalker-info-585 829 44 anything anything NN randomwalker-info-585 829 45 except except IN randomwalker-info-585 829 46 extend extend VB randomwalker-info-585 829 47 the the DT randomwalker-info-585 829 48 unique unique JJ randomwalker-info-585 829 49 longest long JJS randomwalker-info-585 829 50 chain chain NN randomwalker-info-585 829 51 , , , randomwalker-info-585 829 52 your -PRON- PRP$ randomwalker-info-585 829 53 block block NN randomwalker-info-585 829 54 will will MD randomwalker-info-585 829 55 be be VB randomwalker-info-585 829 56 orphaned orphan VBN randomwalker-info-585 829 57 and and CC randomwalker-info-585 829 58 you -PRON- PRP randomwalker-info-585 829 59 will will MD randomwalker-info-585 829 60 receive receive VB randomwalker-info-585 829 61 reward reward NN randomwalker-info-585 829 62 zero zero CD randomwalker-info-585 829 63 . . . randomwalker-info-585 830 1 If if IN randomwalker-info-585 830 2 you -PRON- PRP randomwalker-info-585 830 3 wait wait VBP randomwalker-info-585 830 4 to to TO randomwalker-info-585 830 5 publish publish VB randomwalker-info-585 830 6 your -PRON- PRP$ randomwalker-info-585 830 7 block block NN randomwalker-info-585 830 8 , , , randomwalker-info-585 830 9 you -PRON- PRP randomwalker-info-585 830 10 risk risk VBP randomwalker-info-585 830 11 losing lose VBG randomwalker-info-585 830 12 the the DT randomwalker-info-585 830 13 option option NN randomwalker-info-585 830 14 to to TO randomwalker-info-585 830 15 publish publish VB randomwalker-info-585 830 16 it -PRON- PRP randomwalker-info-585 830 17 without without IN randomwalker-info-585 830 18 being be VBG randomwalker-info-585 830 19 orphaned orphan VBN randomwalker-info-585 830 20 . . . randomwalker-info-585 831 1 All all DT randomwalker-info-585 831 2 other other JJ randomwalker-info-585 831 3 miners miner NNS randomwalker-info-585 831 4 ignore ignore VBP randomwalker-info-585 831 5 the the DT randomwalker-info-585 831 6 transactions transaction NNS randomwalker-info-585 831 7 included include VBN randomwalker-info-585 831 8 in in IN randomwalker-info-585 831 9 your -PRON- PRP$ randomwalker-info-585 831 10 block block NN randomwalker-info-585 831 11 when when WRB randomwalker-info-585 831 12 deciding decide VBG randomwalker-info-585 831 13 where where WRB randomwalker-info-585 831 14 to to TO randomwalker-info-585 831 15 extend extend VB randomwalker-info-585 831 16 , , , randomwalker-info-585 831 17 so so RB randomwalker-info-585 831 18 you -PRON- PRP randomwalker-info-585 831 19 may may MD randomwalker-info-585 831 20 as as RB randomwalker-info-585 831 21 well well RB randomwalker-info-585 831 22 include include VB randomwalker-info-585 831 23 as as RB randomwalker-info-585 831 24 many many JJ randomwalker-info-585 831 25 transactions transaction NNS randomwalker-info-585 831 26 as as IN randomwalker-info-585 831 27 possible possible JJ randomwalker-info-585 831 28 . . . randomwalker-info-585 832 1 In in IN randomwalker-info-585 832 2 the the DT randomwalker-info-585 832 3 presence presence NN randomwalker-info-585 832 4 of of IN randomwalker-info-585 832 5 latency latency NN randomwalker-info-585 832 6 , , , randomwalker-info-585 832 7 forks fork NNS randomwalker-info-585 832 8 will will MD randomwalker-info-585 832 9 naturally naturally RB randomwalker-info-585 832 10 occur occur VB randomwalker-info-585 832 11 , , , randomwalker-info-585 832 12 so so RB randomwalker-info-585 832 13 PettyCompliant PettyCompliant NNP randomwalker-info-585 832 14 outperforms outperform VBZ randomwalker-info-585 832 15 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 832 16 in in IN randomwalker-info-585 832 17 the the DT randomwalker-info-585 832 18 trans- trans- JJ randomwalker-info-585 832 19 action action NN randomwalker-info-585 832 20 fees fee NNS randomwalker-info-585 832 21 model model NN randomwalker-info-585 832 22 . . . randomwalker-info-585 833 1 In in IN randomwalker-info-585 833 2 the the DT randomwalker-info-585 833 3 fixed fixed JJ randomwalker-info-585 833 4 reward reward NN randomwalker-info-585 833 5 model model NN randomwalker-info-585 833 6 , , , randomwalker-info-585 833 7 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 833 8 remains remain VBZ randomwalker-info-585 833 9 an an DT randomwalker-info-585 833 10 equilibrium equilibrium NN randomwalker-info-585 833 11 under under IN randomwalker-info-585 833 12 quite quite RB randomwalker-info-585 833 13 general general JJ randomwalker-info-585 833 14 models model NNS randomwalker-info-585 833 15 of of IN randomwalker-info-585 833 16 latency latency NN randomwalker-info-585 833 17 ( ( -LRB- randomwalker-info-585 833 18 still still RB randomwalker-info-585 833 19 assuming assume VBG randomwalker-info-585 833 20 non non JJ randomwalker-info-585 833 21 - - JJ randomwalker-info-585 833 22 atomic atomic JJ randomwalker-info-585 833 23 miners miner NNS randomwalker-info-585 833 24 ) ) -RRB- randomwalker-info-585 833 25 . . . randomwalker-info-585 834 1 Consider consider VB randomwalker-info-585 834 2 , , , randomwalker-info-585 834 3 for for IN randomwalker-info-585 834 4 instance instance NN randomwalker-info-585 834 5 , , , randomwalker-info-585 834 6 any any DT randomwalker-info-585 834 7 model model NN randomwalker-info-585 834 8 of of IN randomwalker-info-585 834 9 latency latency NN randomwalker-info-585 834 10 with with IN randomwalker-info-585 834 11 the the DT randomwalker-info-585 834 12 following follow VBG randomwalker-info-585 834 13 property property NN randomwalker-info-585 834 14 . . . randomwalker-info-585 835 1 When- When- NNP randomwalker-info-585 835 2 ever ever RB randomwalker-info-585 835 3 miner miner NNP randomwalker-info-585 835 4 m m NNP randomwalker-info-585 835 5 finds find VBZ randomwalker-info-585 835 6 a a DT randomwalker-info-585 835 7 block block NN randomwalker-info-585 835 8 , , , randomwalker-info-585 835 9 and and CC randomwalker-info-585 835 10 miner miner NN randomwalker-info-585 835 11 m′ m′ NNP randomwalker-info-585 835 12 finds find VBZ randomwalker-info-585 835 13 a a DT randomwalker-info-585 835 14 block block NN randomwalker-info-585 835 15 at at IN randomwalker-info-585 835 16 a a DT randomwalker-info-585 835 17 later later JJ randomwalker-info-585 835 18 time time NN randomwalker-info-585 835 19 , , , randomwalker-info-585 835 20 we -PRON- PRP randomwalker-info-585 835 21 have have VBP randomwalker-info-585 835 22 Bm Bm NNP randomwalker-info-585 835 23 ⊆ ⊆ ADD randomwalker-info-585 835 24 Bm′ Bm′ NNP randomwalker-info-585 835 25 , , , randomwalker-info-585 835 26 where where WRB randomwalker-info-585 835 27 Bm Bm NNP randomwalker-info-585 835 28 denotes denote VBZ randomwalker-info-585 835 29 the the DT randomwalker-info-585 835 30 set set NN randomwalker-info-585 835 31 of of IN randomwalker-info-585 835 32 blocks block NNS randomwalker-info-585 835 33 that that WDT randomwalker-info-585 835 34 miner miner NN randomwalker-info-585 835 35 m m NNP randomwalker-info-585 835 36 had have VBD randomwalker-info-585 835 37 heard hear VBN randomwalker-info-585 835 38 of of IN randomwalker-info-585 835 39 when when WRB randomwalker-info-585 835 40 they -PRON- PRP randomwalker-info-585 835 41 found find VBD randomwalker-info-585 835 42 their -PRON- PRP$ randomwalker-info-585 835 43 block block NN randomwalker-info-585 835 44 . . . randomwalker-info-585 836 1 In in IN randomwalker-info-585 836 2 other other JJ randomwalker-info-585 836 3 words word NNS randomwalker-info-585 836 4 , , , randomwalker-info-585 836 5 by by IN randomwalker-info-585 836 6 the the DT randomwalker-info-585 836 7 time time NN randomwalker-info-585 836 8 miner miner NN randomwalker-info-585 836 9 m′ m′ NNP randomwalker-info-585 836 10 solves solve VBZ randomwalker-info-585 836 11 their -PRON- PRP$ randomwalker-info-585 836 12 block block NN randomwalker-info-585 836 13 , , , randomwalker-info-585 836 14 they -PRON- PRP randomwalker-info-585 836 15 have have VBP randomwalker-info-585 836 16 become become VBN randomwalker-info-585 836 17 aware aware JJ randomwalker-info-585 836 18 of of IN randomwalker-info-585 836 19 at at IN randomwalker-info-585 836 20 least least JJS randomwalker-info-585 836 21 every every DT randomwalker-info-585 836 22 block block NN randomwalker-info-585 836 23 that that WDT randomwalker-info-585 836 24 m m NNP randomwalker-info-585 836 25 was be VBD randomwalker-info-585 836 26 aware aware JJ randomwalker-info-585 836 27 of of IN randomwalker-info-585 836 28 when when WRB randomwalker-info-585 836 29 they -PRON- PRP randomwalker-info-585 836 30 solved solve VBD randomwalker-info-585 836 31 their -PRON- PRP$ randomwalker-info-585 836 32 block block NN randomwalker-info-585 836 33 earlier early RBR randomwalker-info-585 836 34 ( ( -LRB- randomwalker-info-585 836 35 but but CC randomwalker-info-585 836 36 perhaps perhaps RB randomwalker-info-585 836 37 not not RB randomwalker-info-585 836 38 m m NN randomwalker-info-585 836 39 ’s ’s POS randomwalker-info-585 836 40 block block NN randomwalker-info-585 836 41 , , , randomwalker-info-585 836 42 nor nor CC randomwalker-info-585 836 43 any any DT randomwalker-info-585 836 44 blocks block NNS randomwalker-info-585 836 45 that that WDT randomwalker-info-585 836 46 m m NNP randomwalker-info-585 836 47 was be VBD randomwalker-info-585 836 48 not not RB randomwalker-info-585 836 49 herself -PRON- PRP randomwalker-info-585 836 50 aware aware JJ randomwalker-info-585 836 51 of of IN randomwalker-info-585 836 52 ) ) -RRB- randomwalker-info-585 836 53 . . . randomwalker-info-585 837 1 It -PRON- PRP randomwalker-info-585 837 2 is be VBZ randomwalker-info-585 837 3 easy easy JJ randomwalker-info-585 837 4 to to TO randomwalker-info-585 837 5 see see VB randomwalker-info-585 837 6 that that DT randomwalker-info-585 837 7 simple simple JJ randomwalker-info-585 837 8 latency latency NN randomwalker-info-585 837 9 models model NNS randomwalker-info-585 837 10 ( ( -LRB- randomwalker-info-585 837 11 such such JJ randomwalker-info-585 837 12 as as IN randomwalker-info-585 837 13 all all DT randomwalker-info-585 837 14 announcements announcement NNS randomwalker-info-585 837 15 being be VBG randomwalker-info-585 837 16 grouped group VBN randomwalker-info-585 837 17 into into IN randomwalker-info-585 837 18 chunks chunk NNS randomwalker-info-585 837 19 of of IN randomwalker-info-585 837 20 λ λ DT randomwalker-info-585 837 21 seconds second NNS randomwalker-info-585 837 22 ) ) -RRB- randomwalker-info-585 837 23 have have VBP randomwalker-info-585 837 24 this this DT randomwalker-info-585 837 25 property property NN randomwalker-info-585 837 26 , , , randomwalker-info-585 837 27 as as RB randomwalker-info-585 837 28 well well RB randomwalker-info-585 837 29 as as IN randomwalker-info-585 837 30 much much RB randomwalker-info-585 837 31 more more RBR randomwalker-info-585 837 32 general general JJ randomwalker-info-585 837 33 latency latency NN randomwalker-info-585 837 34 models model NNS randomwalker-info-585 837 35 . . . randomwalker-info-585 838 1 It -PRON- PRP randomwalker-info-585 838 2 is be VBZ randomwalker-info-585 838 3 also also RB randomwalker-info-585 838 4 easy easy JJ randomwalker-info-585 838 5 to to TO randomwalker-info-585 838 6 see see VB randomwalker-info-585 838 7 that that IN randomwalker-info-585 838 8 in in IN randomwalker-info-585 838 9 the the DT randomwalker-info-585 838 10 transaction transaction NN randomwalker-info-585 838 11 fees fee NNS randomwalker-info-585 838 12 model model NN randomwalker-info-585 838 13 , , , randomwalker-info-585 838 14 the the DT randomwalker-info-585 838 15 simple simple JJ randomwalker-info-585 838 16 latency latency NN randomwalker-info-585 838 17 model model NN randomwalker-info-585 838 18 where where WRB randomwalker-info-585 838 19 announcements announcement NNS randomwalker-info-585 838 20 are be VBP randomwalker-info-585 838 21 grouped group VBN randomwalker-info-585 838 22 into into IN randomwalker-info-585 838 23 chunks chunk NNS randomwalker-info-585 838 24 of of IN randomwalker-info-585 838 25 λ λ DT randomwalker-info-585 838 26 seconds second NNS randomwalker-info-585 838 27 is be VBZ randomwalker-info-585 838 28 rich rich JJ randomwalker-info-585 838 29 enough enough RB randomwalker-info-585 838 30 so so IN randomwalker-info-585 838 31 that that IN randomwalker-info-585 838 32 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 838 33 is be VBZ randomwalker-info-585 838 34 strictly strictly RB randomwalker-info-585 838 35 outperformed outperform VBN randomwalker-info-585 838 36 by by IN randomwalker-info-585 838 37 PettyCompliant PettyCompliant NNP randomwalker-info-585 838 38 and and CC randomwalker-info-585 838 39 therefore therefore RB randomwalker-info-585 838 40 not not RB randomwalker-info-585 838 41 an an DT randomwalker-info-585 838 42 equilibrium equilibrium NN randomwalker-info-585 838 43 . . . randomwalker-info-585 839 1 Proposition proposition NN randomwalker-info-585 839 2 D.1 D.1 NNP randomwalker-info-585 839 3 . . . randomwalker-info-585 840 1 When when WRB randomwalker-info-585 840 2 miners miner NNS randomwalker-info-585 840 3 are be VBP randomwalker-info-585 840 4 non non JJ randomwalker-info-585 840 5 - - JJ randomwalker-info-585 840 6 atomic atomic JJ randomwalker-info-585 840 7 , , , randomwalker-info-585 840 8 even even RB randomwalker-info-585 840 9 in in IN randomwalker-info-585 840 10 the the DT randomwalker-info-585 840 11 presence presence NN randomwalker-info-585 840 12 of of IN randomwalker-info-585 840 13 any any DT randomwalker-info-585 840 14 latency latency NN randomwalker-info-585 840 15 of of IN randomwalker-info-585 840 16 the the DT randomwalker-info-585 840 17 form form NN randomwalker-info-585 840 18 described describe VBN randomwalker-info-585 840 19 above above RB randomwalker-info-585 840 20 , , , randomwalker-info-585 840 21 it -PRON- PRP randomwalker-info-585 840 22 is be VBZ randomwalker-info-585 840 23 an an DT randomwalker-info-585 840 24 equilibrium equilibrium NN randomwalker-info-585 840 25 for for IN randomwalker-info-585 840 26 every every DT randomwalker-info-585 840 27 miner miner NN randomwalker-info-585 840 28 to to TO randomwalker-info-585 840 29 use use VB randomwalker-info-585 840 30 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 840 31 . . . randomwalker-info-585 841 1 Proof proof NN randomwalker-info-585 841 2 . . . randomwalker-info-585 842 1 The the DT randomwalker-info-585 842 2 proof proof NN randomwalker-info-585 842 3 is be VBZ randomwalker-info-585 842 4 actually actually RB randomwalker-info-585 842 5 very very RB randomwalker-info-585 842 6 straight straight RB randomwalker-info-585 842 7 - - HYPH randomwalker-info-585 842 8 forward forward RB randomwalker-info-585 842 9 : : : randomwalker-info-585 842 10 assuming assume VBG randomwalker-info-585 842 11 that that IN randomwalker-info-585 842 12 all all DT randomwalker-info-585 842 13 other other JJ randomwalker-info-585 842 14 miners miner NNS randomwalker-info-585 842 15 are be VBP randomwalker-info-585 842 16 DefaultCompliant defaultcompliant JJ randomwalker-info-585 842 17 , , , randomwalker-info-585 842 18 mining mine VBG randomwalker-info-585 842 19 anywhere anywhere RB randomwalker-info-585 842 20 except except IN randomwalker-info-585 842 21 on on IN randomwalker-info-585 842 22 top top NN randomwalker-info-585 842 23 of of IN randomwalker-info-585 842 24 a a DT randomwalker-info-585 842 25 longest long JJS randomwalker-info-585 842 26 chain chain NN randomwalker-info-585 842 27 guarantees guarantee NNS randomwalker-info-585 842 28 that that IN randomwalker-info-585 842 29 your -PRON- PRP$ randomwalker-info-585 842 30 block block NN randomwalker-info-585 842 31 will will MD randomwalker-info-585 842 32 be be VB randomwalker-info-585 842 33 orphaned orphan VBN randomwalker-info-585 842 34 and and CC randomwalker-info-585 842 35 you -PRON- PRP randomwalker-info-585 842 36 will will MD randomwalker-info-585 842 37 receive receive VB randomwalker-info-585 842 38 a a DT randomwalker-info-585 842 39 reward reward NN randomwalker-info-585 842 40 of of IN randomwalker-info-585 842 41 zero zero CD randomwalker-info-585 842 42 ( ( -LRB- randomwalker-info-585 842 43 because because IN randomwalker-info-585 842 44 our -PRON- PRP$ randomwalker-info-585 842 45 latency latency NN randomwalker-info-585 842 46 assumptions assumption NNS randomwalker-info-585 842 47 guarantee guarantee VBP randomwalker-info-585 842 48 that that IN randomwalker-info-585 842 49 the the DT randomwalker-info-585 842 50 next next JJ randomwalker-info-585 842 51 miner miner NN randomwalker-info-585 842 52 and and CC randomwalker-info-585 842 53 all all DT randomwalker-info-585 842 54 future future JJ randomwalker-info-585 842 55 miners miner NNS randomwalker-info-585 842 56 will will MD randomwalker-info-585 842 57 have have VB randomwalker-info-585 842 58 heard hear VBN randomwalker-info-585 842 59 about about IN randomwalker-info-585 842 60 the the DT randomwalker-info-585 842 61 blocks block NNS randomwalker-info-585 842 62 you -PRON- PRP randomwalker-info-585 842 63 chose choose VBD randomwalker-info-585 842 64 to to TO randomwalker-info-585 842 65 undercut undercut VB randomwalker-info-585 842 66 before before IN randomwalker-info-585 842 67 yours -PRON- PRP randomwalker-info-585 842 68 , , , randomwalker-info-585 842 69 and and CC randomwalker-info-585 842 70 they -PRON- PRP randomwalker-info-585 842 71 are be VBP randomwalker-info-585 842 72 all all DT randomwalker-info-585 842 73 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 842 74 ) ) -RRB- randomwalker-info-585 842 75 . . . randomwalker-info-585 843 1 So so RB randomwalker-info-585 843 2 the the DT randomwalker-info-585 843 3 only only JJ randomwalker-info-585 843 4 choices choice NNS randomwalker-info-585 843 5 are be VBP randomwalker-info-585 843 6 how how WRB randomwalker-info-585 843 7 to to TO randomwalker-info-585 843 8 tie tie VB randomwalker-info-585 843 9 - - HYPH randomwalker-info-585 843 10 break break NN randomwalker-info-585 843 11 among among IN randomwalker-info-585 843 12 multiple multiple JJ randomwalker-info-585 843 13 longest long JJS randomwalker-info-585 843 14 chains chain NNS randomwalker-info-585 843 15 . . . randomwalker-info-585 844 1 But but CC randomwalker-info-585 844 2 this this DT randomwalker-info-585 844 3 choice choice NN randomwalker-info-585 844 4 neither neither DT randomwalker-info-585 844 5 affects affect VBZ randomwalker-info-585 844 6 your -PRON- PRP$ randomwalker-info-585 844 7 rewards reward NNS randomwalker-info-585 844 8 ( ( -LRB- randomwalker-info-585 844 9 they -PRON- PRP randomwalker-info-585 844 10 are be VBP randomwalker-info-585 844 11 fixed fix VBN randomwalker-info-585 844 12 ! ! . randomwalker-info-585 845 1 ) ) -RRB- randomwalker-info-585 845 2 , , , randomwalker-info-585 845 3 nor nor CC randomwalker-info-585 845 4 the the DT randomwalker-info-585 845 5 likelihood likelihood NN randomwalker-info-585 845 6 that that IN randomwalker-info-585 845 7 your -PRON- PRP$ randomwalker-info-585 845 8 block block NN randomwalker-info-585 845 9 will will MD randomwalker-info-585 845 10 be be VB randomwalker-info-585 845 11 chosen choose VBN randomwalker-info-585 845 12 by by IN randomwalker-info-585 845 13 the the DT randomwalker-info-585 845 14 next next JJ randomwalker-info-585 845 15 miner miner NN randomwalker-info-585 845 16 ( ( -LRB- randomwalker-info-585 845 17 as as IN randomwalker-info-585 845 18 this this DT randomwalker-info-585 845 19 depends depend VBZ randomwalker-info-585 845 20 only only RB randomwalker-info-585 845 21 on on RB randomwalker-info-585 845 22 how how WRB randomwalker-info-585 845 23 quickly quickly RB randomwalker-info-585 845 24 they -PRON- PRP randomwalker-info-585 845 25 hear hear VBP randomwalker-info-585 845 26 about about IN randomwalker-info-585 845 27 your -PRON- PRP$ randomwalker-info-585 845 28 block block NN randomwalker-info-585 845 29 and and CC randomwalker-info-585 845 30 not not RB randomwalker-info-585 845 31 on on IN randomwalker-info-585 845 32 its -PRON- PRP$ randomwalker-info-585 845 33 contents content NNS randomwalker-info-585 845 34 ) ) -RRB- randomwalker-info-585 845 35 . . . randomwalker-info-585 846 1 So so RB randomwalker-info-585 846 2 tie tie NN randomwalker-info-585 846 3 - - HYPH randomwalker-info-585 846 4 breaking breaking NN randomwalker-info-585 846 5 in in IN randomwalker-info-585 846 6 favor favor NN randomwalker-info-585 846 7 of of IN randomwalker-info-585 846 8 the the DT randomwalker-info-585 846 9 earliest early JJS randomwalker-info-585 846 10 chain chain NN randomwalker-info-585 846 11 is be VBZ randomwalker-info-585 846 12 at at IN randomwalker-info-585 846 13 least least JJS randomwalker-info-585 846 14 as as RB randomwalker-info-585 846 15 good good JJ randomwalker-info-585 846 16 as as IN randomwalker-info-585 846 17 any any DT randomwalker-info-585 846 18 other other JJ randomwalker-info-585 846 19 tie tie NN randomwalker-info-585 846 20 - - HYPH randomwalker-info-585 846 21 breaking break VBG randomwalker-info-585 846 22 rule rule NN randomwalker-info-585 846 23 . . . randomwalker-info-585 847 1 Finally finally RB randomwalker-info-585 847 2 , , , randomwalker-info-585 847 3 it -PRON- PRP randomwalker-info-585 847 4 is be VBZ randomwalker-info-585 847 5 also also RB randomwalker-info-585 847 6 easy easy JJ randomwalker-info-585 847 7 to to TO randomwalker-info-585 847 8 see see VB randomwalker-info-585 847 9 that that DT randomwalker-info-585 847 10 publishing publishing NN randomwalker-info-585 847 11 as as RB randomwalker-info-585 847 12 soon soon RB randomwalker-info-585 847 13 as as IN randomwalker-info-585 847 14 possible possible JJ randomwalker-info-585 847 15 is be VBZ randomwalker-info-585 847 16 optimal optimal JJ randomwalker-info-585 847 17 , , , randomwalker-info-585 847 18 as as IN randomwalker-info-585 847 19 this this DT randomwalker-info-585 847 20 maximizes maximize VBZ randomwalker-info-585 847 21 the the DT randomwalker-info-585 847 22 likelihood likelihood NN randomwalker-info-585 847 23 that that IN randomwalker-info-585 847 24 your -PRON- PRP$ randomwalker-info-585 847 25 block block NN randomwalker-info-585 847 26 is be VBZ randomwalker-info-585 847 27 chosen choose VBN randomwalker-info-585 847 28 to to TO randomwalker-info-585 847 29 be be VB randomwalker-info-585 847 30 extended extend VBN randomwalker-info-585 847 31 . . . randomwalker-info-585 848 1 The the DT randomwalker-info-585 848 2 point point NN randomwalker-info-585 848 3 of of IN randomwalker-info-585 848 4 Proposition Proposition NNP randomwalker-info-585 848 5 D.1 D.1 NNP randomwalker-info-585 848 6 is be VBZ randomwalker-info-585 848 7 again again RB randomwalker-info-585 848 8 just just RB randomwalker-info-585 848 9 to to TO randomwalker-info-585 848 10 contrast contrast VB randomwalker-info-585 848 11 the the DT randomwalker-info-585 848 12 difference difference NN randomwalker-info-585 848 13 between between IN randomwalker-info-585 848 14 transaction transaction NN randomwalker-info-585 848 15 fees fee NNS randomwalker-info-585 848 16 and and CC randomwalker-info-585 848 17 fixed fix VBN randomwalker-info-585 848 18 rewards reward NNS randomwalker-info-585 848 19 . . . randomwalker-info-585 849 1 In in IN randomwalker-info-585 849 2 the the DT randomwalker-info-585 849 3 non- non- NNP randomwalker-info-585 849 4 atomic atomic NNP randomwalker-info-585 849 5 regime regime NN randomwalker-info-585 849 6 , , , randomwalker-info-585 849 7 even even RB randomwalker-info-585 849 8 in in IN randomwalker-info-585 849 9 quite quite RB randomwalker-info-585 849 10 general general JJ randomwalker-info-585 849 11 latency latency NN randomwalker-info-585 849 12 models model NNS randomwalker-info-585 849 13 , , , randomwalker-info-585 849 14 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 849 15 mining mining NN randomwalker-info-585 849 16 is be VBZ randomwalker-info-585 849 17 an an DT randomwalker-info-585 849 18 equilibrium equilibrium NN randomwalker-info-585 849 19 in in IN randomwalker-info-585 849 20 the the DT randomwalker-info-585 849 21 fixed fix VBN randomwalker-info-585 849 22 - - HYPH randomwalker-info-585 849 23 reward reward NN randomwalker-info-585 849 24 model model NN randomwalker-info-585 849 25 . . . randomwalker-info-585 850 1 The the DT randomwalker-info-585 850 2 proof proof NN randomwalker-info-585 850 3 is be VBZ randomwalker-info-585 850 4 simple simple JJ randomwalker-info-585 850 5 and and CC randomwalker-info-585 850 6 matches match VBZ randomwalker-info-585 850 7 exactly exactly RB randomwalker-info-585 850 8 our -PRON- PRP$ randomwalker-info-585 850 9 intuition intuition NN randomwalker-info-585 850 10 for for IN randomwalker-info-585 850 11 why why WRB randomwalker-info-585 850 12 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 850 13 should should MD randomwalker-info-585 850 14 make make VB randomwalker-info-585 850 15 sense sense NN randomwalker-info-585 850 16 . . . randomwalker-info-585 851 1 But but CC randomwalker-info-585 851 2 in in IN randomwalker-info-585 851 3 the the DT randomwalker-info-585 851 4 transaction transaction NN randomwalker-info-585 851 5 fees fee NNS randomwalker-info-585 851 6 model model NN randomwalker-info-585 851 7 , , , randomwalker-info-585 851 8 whenever whenever WRB randomwalker-info-585 851 9 there there EX randomwalker-info-585 851 10 exists exist VBZ randomwalker-info-585 851 11 a a DT randomwalker-info-585 851 12 possibility possibility NN randomwalker-info-585 851 13 for for IN randomwalker-info-585 851 14 forks fork NNS randomwalker-info-585 851 15 , , , randomwalker-info-585 851 16 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 851 17 is be VBZ randomwalker-info-585 851 18 strictly strictly RB randomwalker-info-585 851 19 outperformed outperform VBN randomwalker-info-585 851 20 by by IN randomwalker-info-585 851 21 PettyCompliant PettyCompliant NNP randomwalker-info-585 851 22 , , , randomwalker-info-585 851 23 and and CC randomwalker-info-585 851 24 the the DT randomwalker-info-585 851 25 space space NN randomwalker-info-585 851 26 of of IN randomwalker-info-585 851 27 equilibria equilibria NNP randomwalker-info-585 851 28 is be VBZ randomwalker-info-585 851 29 therefore therefore RB randomwalker-info-585 851 30 much much RB randomwalker-info-585 851 31 more more RBR randomwalker-info-585 851 32 complex complex JJ randomwalker-info-585 851 33 . . . randomwalker-info-585 852 1 In in IN randomwalker-info-585 852 2 particular particular JJ randomwalker-info-585 852 3 , , , randomwalker-info-585 852 4 it -PRON- PRP randomwalker-info-585 852 5 would would MD randomwalker-info-585 852 6 be be VB randomwalker-info-585 852 7 interesting interesting JJ randomwalker-info-585 852 8 for for IN randomwalker-info-585 852 9 future future JJ randomwalker-info-585 852 10 work work NN randomwalker-info-585 852 11 to to TO randomwalker-info-585 852 12 identify identify VB randomwalker-info-585 852 13 an an DT randomwalker-info-585 852 14 equilibrium equilibrium NN randomwalker-info-585 852 15 for for IN randomwalker-info-585 852 16 non non JJ randomwalker-info-585 852 17 - - JJ randomwalker-info-585 852 18 atomic atomic JJ randomwalker-info-585 852 19 miners miner NNS randomwalker-info-585 852 20 in in IN randomwalker-info-585 852 21 the the DT randomwalker-info-585 852 22 transaction transaction NN randomwalker-info-585 852 23 fees fee NNS randomwalker-info-585 852 24 model model NN randomwalker-info-585 852 25 in in IN randomwalker-info-585 852 26 any any DT randomwalker-info-585 852 27 non non JJ randomwalker-info-585 852 28 - - JJ randomwalker-info-585 852 29 trivial trivial JJ randomwalker-info-585 852 30 latency latency NN randomwalker-info-585 852 31 model model NN randomwalker-info-585 852 32 . . . randomwalker-info-585 853 1 E. E. NNP randomwalker-info-585 853 2 SELFISH SELFISH NNP randomwalker-info-585 853 3 MINING mining NN randomwalker-info-585 853 4 E.1 E.1 NNP randomwalker-info-585 853 5 Classic Classic NNP randomwalker-info-585 853 6 Selfish Selfish NNP randomwalker-info-585 853 7 Mining Mining NNP randomwalker-info-585 853 8 with with IN randomwalker-info-585 853 9 transaction transaction NN randomwalker-info-585 853 10 fees fee NNS randomwalker-info-585 853 11 Here here RB randomwalker-info-585 853 12 we -PRON- PRP randomwalker-info-585 853 13 provide provide VBP randomwalker-info-585 853 14 details detail NNS randomwalker-info-585 853 15 on on IN randomwalker-info-585 853 16 how how WRB randomwalker-info-585 853 17 to to TO randomwalker-info-585 853 18 analyze analyze VB randomwalker-info-585 853 19 selfish selfish JJ randomwalker-info-585 853 20 mining mining NN randomwalker-info-585 853 21 in in IN randomwalker-info-585 853 22 the the DT randomwalker-info-585 853 23 transaction transaction NN randomwalker-info-585 853 24 fee fee NN randomwalker-info-585 853 25 regime regime NN randomwalker-info-585 853 26 . . . randomwalker-info-585 854 1 Recall recall VB randomwalker-info-585 854 2 that that IN randomwalker-info-585 854 3 Eyal Eyal NNP randomwalker-info-585 854 4 and and CC randomwalker-info-585 854 5 Sirer Sirer NNP randomwalker-info-585 854 6 [ [ -LRB- randomwalker-info-585 854 7 9 9 CD randomwalker-info-585 854 8 ] ] -RRB- randomwalker-info-585 854 9 have have VBP randomwalker-info-585 854 10 already already RB randomwalker-info-585 854 11 computed compute VBN randomwalker-info-585 854 12 ps ps NNP randomwalker-info-585 854 13 for for IN randomwalker-info-585 854 14 all all DT randomwalker-info-585 854 15 s s NNPS randomwalker-info-585 854 16 , , , randomwalker-info-585 854 17 the the DT randomwalker-info-585 854 18 probability probability NN randomwalker-info-585 854 19 that that WDT randomwalker-info-585 854 20 the the DT randomwalker-info-585 854 21 block block NN randomwalker-info-585 854 22 chain chain NN randomwalker-info-585 854 23 is be VBZ randomwalker-info-585 854 24 in in IN randomwalker-info-585 854 25 state state NN randomwalker-info-585 854 26 s. s. NN randomwalker-info-585 854 27 Below below RB randomwalker-info-585 854 28 we -PRON- PRP randomwalker-info-585 854 29 compute compute VBP randomwalker-info-585 854 30 fs f NNS randomwalker-info-585 854 31 for for IN randomwalker-info-585 854 32 all all DT randomwalker-info-585 854 33 states state NNS randomwalker-info-585 854 34 s s POS randomwalker-info-585 854 35 , , , randomwalker-info-585 854 36 the the DT randomwalker-info-585 854 37 probability probability NN randomwalker-info-585 854 38 that that IN randomwalker-info-585 854 39 a a DT randomwalker-info-585 854 40 transaction transaction NN randomwalker-info-585 854 41 winds wind VBZ randomwalker-info-585 854 42 up up RP randomwalker-info-585 854 43 with with IN randomwalker-info-585 854 44 the the DT randomwalker-info-585 854 45 selfish selfish JJ randomwalker-info-585 854 46 miner miner NN randomwalker-info-585 854 47 conditioned condition VBN randomwalker-info-585 854 48 on on IN randomwalker-info-585 854 49 that that DT randomwalker-info-585 854 50 transaction transaction NN randomwalker-info-585 854 51 arriving arrive VBG randomwalker-info-585 854 52 while while IN randomwalker-info-585 854 53 the the DT randomwalker-info-585 854 54 blockchain blockchain NNP randomwalker-info-585 854 55 is be VBZ randomwalker-info-585 854 56 in in IN randomwalker-info-585 854 57 state state NN randomwalker-info-585 854 58 s. s. NNP randomwalker-info-585 854 59 Computing Computing NNP randomwalker-info-585 854 60 f0 f0 NN randomwalker-info-585 854 61 : : : randomwalker-info-585 854 62 Let let VB randomwalker-info-585 854 63 ’s -PRON- PRP randomwalker-info-585 854 64 consider consider VB randomwalker-info-585 854 65 the the DT randomwalker-info-585 854 66 possible possible JJ randomwalker-info-585 854 67 outcomes outcome NNS randomwalker-info-585 854 68 when when WRB randomwalker-info-585 854 69 a a DT randomwalker-info-585 854 70 transaction transaction NN randomwalker-info-585 854 71 arrives arrive VBZ randomwalker-info-585 854 72 in in IN randomwalker-info-585 854 73 state state NN randomwalker-info-585 854 74 0 0 CD randomwalker-info-585 854 75 : : : randomwalker-info-585 854 76 • • XX randomwalker-info-585 854 77 If if IN randomwalker-info-585 854 78 a a DT randomwalker-info-585 854 79 default default NN randomwalker-info-585 854 80 miner miner NN randomwalker-info-585 854 81 mines mine NNS randomwalker-info-585 854 82 the the DT randomwalker-info-585 854 83 next next JJ randomwalker-info-585 854 84 block block NN randomwalker-info-585 854 85 , , , randomwalker-info-585 854 86 it -PRON- PRP randomwalker-info-585 854 87 will will MD randomwalker-info-585 854 88 contain contain VB randomwalker-info-585 854 89 this this DT randomwalker-info-585 854 90 transaction transaction NN randomwalker-info-585 854 91 , , , randomwalker-info-585 854 92 and and CC randomwalker-info-585 854 93 this this DT randomwalker-info-585 854 94 block block NN randomwalker-info-585 854 95 will will MD randomwalker-info-585 854 96 definitely definitely RB randomwalker-info-585 854 97 be be VB randomwalker-info-585 854 98 in in IN randomwalker-info-585 854 99 the the DT randomwalker-info-585 854 100 eventual eventual JJ randomwalker-info-585 854 101 longest long JJS randomwalker-info-585 854 102 chain chain NN randomwalker-info-585 854 103 . . . randomwalker-info-585 855 1 This this DT randomwalker-info-585 855 2 happens happen VBZ randomwalker-info-585 855 3 with with IN randomwalker-info-585 855 4 probability probability NN randomwalker-info-585 855 5 ( ( -LRB- randomwalker-info-585 855 6 1 1 CD randomwalker-info-585 855 7 −α −α CD randomwalker-info-585 855 8 ) ) -RRB- randomwalker-info-585 855 9 . . . randomwalker-info-585 856 1 • • NNP randomwalker-info-585 856 2 Alternatively alternatively RB randomwalker-info-585 856 3 , , , randomwalker-info-585 856 4 the the DT randomwalker-info-585 856 5 selfish selfish JJ randomwalker-info-585 856 6 miner miner NN randomwalker-info-585 856 7 could could MD randomwalker-info-585 856 8 find find VB randomwalker-info-585 856 9 the the DT randomwalker-info-585 856 10 next next JJ randomwalker-info-585 856 11 block block NN randomwalker-info-585 856 12 . . . randomwalker-info-585 857 1 If if IN randomwalker-info-585 857 2 the the DT randomwalker-info-585 857 3 selfish selfish JJ randomwalker-info-585 857 4 miner miner NN randomwalker-info-585 857 5 finds find VBZ randomwalker-info-585 857 6 the the DT randomwalker-info-585 857 7 next next JJ randomwalker-info-585 857 8 block block NN randomwalker-info-585 857 9 , , , randomwalker-info-585 857 10 they -PRON- PRP randomwalker-info-585 857 11 will will MD randomwalker-info-585 857 12 include include VB randomwalker-info-585 857 13 the the DT randomwalker-info-585 857 14 transaction transaction NN randomwalker-info-585 857 15 in in IN randomwalker-info-585 857 16 their -PRON- PRP$ randomwalker-info-585 857 17 block block NN randomwalker-info-585 857 18 , , , randomwalker-info-585 857 19 but but CC randomwalker-info-585 857 20 they -PRON- PRP randomwalker-info-585 857 21 keep keep VBP randomwalker-info-585 857 22 this this DT randomwalker-info-585 857 23 block block NN randomwalker-info-585 857 24 private private JJ randomwalker-info-585 857 25 after after IN randomwalker-info-585 857 26 they -PRON- PRP randomwalker-info-585 857 27 find find VBP randomwalker-info-585 857 28 it -PRON- PRP randomwalker-info-585 857 29 . . . randomwalker-info-585 858 1 This this DT randomwalker-info-585 858 2 happens happen VBZ randomwalker-info-585 858 3 with with IN randomwalker-info-585 858 4 probability probability NN randomwalker-info-585 858 5 α α XX randomwalker-info-585 858 6 , , , randomwalker-info-585 858 7 but but CC randomwalker-info-585 858 8 this this DT randomwalker-info-585 858 9 block block NN randomwalker-info-585 858 10 is be VBZ randomwalker-info-585 858 11 not not RB randomwalker-info-585 858 12 guaranteed guarantee VBN randomwalker-info-585 858 13 to to TO randomwalker-info-585 858 14 make make VB randomwalker-info-585 858 15 it -PRON- PRP randomwalker-info-585 858 16 into into IN randomwalker-info-585 858 17 the the DT randomwalker-info-585 858 18 eventual eventual JJ randomwalker-info-585 858 19 longest long JJS randomwalker-info-585 858 20 chain chain NN randomwalker-info-585 858 21 , , , randomwalker-info-585 858 22 yet yet RB randomwalker-info-585 858 23 . . . randomwalker-info-585 859 1 • • VB randomwalker-info-585 859 2 From from IN randomwalker-info-585 859 3 here here RB randomwalker-info-585 859 4 , , , randomwalker-info-585 859 5 maybe maybe RB randomwalker-info-585 859 6 the the DT randomwalker-info-585 859 7 selfish selfish JJ randomwalker-info-585 859 8 miner miner NN randomwalker-info-585 859 9 finds find VBZ randomwalker-info-585 859 10 the the DT randomwalker-info-585 859 11 next next JJ randomwalker-info-585 859 12 block block NN randomwalker-info-585 859 13 as as RB randomwalker-info-585 859 14 well well RB randomwalker-info-585 859 15 . . . randomwalker-info-585 860 1 This this DT randomwalker-info-585 860 2 happens happen VBZ randomwalker-info-585 860 3 with with IN randomwalker-info-585 860 4 probability probability NN randomwalker-info-585 860 5 α α XX randomwalker-info-585 860 6 . . . randomwalker-info-585 861 1 Once once IN randomwalker-info-585 861 2 this this DT randomwalker-info-585 861 3 happens happen VBZ randomwalker-info-585 861 4 , , , randomwalker-info-585 861 5 both both DT randomwalker-info-585 861 6 blocks block NNS randomwalker-info-585 861 7 are be VBP randomwalker-info-585 861 8 guaranteed guarantee VBN randomwalker-info-585 861 9 to to TO randomwalker-info-585 861 10 be be VB randomwalker-info-585 861 11 in in IN randomwalker-info-585 861 12 the the DT randomwalker-info-585 861 13 eventual eventual JJ randomwalker-info-585 861 14 longest long JJS randomwalker-info-585 861 15 chain chain NN randomwalker-info-585 861 16 . . . randomwalker-info-585 862 1 So so RB randomwalker-info-585 862 2 this this DT randomwalker-info-585 862 3 event event NN randomwalker-info-585 862 4 contributes contribute VBZ randomwalker-info-585 862 5 a a DT randomwalker-info-585 862 6 probability probability NN randomwalker-info-585 862 7 α2 α2 XX randomwalker-info-585 862 8 that that IN randomwalker-info-585 862 9 the the DT randomwalker-info-585 862 10 transaction transaction NN randomwalker-info-585 862 11 winds wind VBZ randomwalker-info-585 862 12 up up RP randomwalker-info-585 862 13 in in IN randomwalker-info-585 862 14 the the DT randomwalker-info-585 862 15 selfish selfish JJ randomwalker-info-585 862 16 miner miner NN randomwalker-info-585 862 17 ’s ’s POS randomwalker-info-585 862 18 block block NN randomwalker-info-585 862 19 . . . randomwalker-info-585 863 1 • • NNP randomwalker-info-585 863 2 Alternatively alternatively RB randomwalker-info-585 863 3 , , , randomwalker-info-585 863 4 a a DT randomwalker-info-585 863 5 default default NN randomwalker-info-585 863 6 miner miner NN randomwalker-info-585 863 7 might may MD randomwalker-info-585 863 8 find find VB randomwalker-info-585 863 9 the the DT randomwalker-info-585 863 10 next next JJ randomwalker-info-585 863 11 block block NN randomwalker-info-585 863 12 , , , randomwalker-info-585 863 13 which which WDT randomwalker-info-585 863 14 triggers trigger VBZ randomwalker-info-585 863 15 a a DT randomwalker-info-585 863 16 race race NN randomwalker-info-585 863 17 . . . randomwalker-info-585 864 1 This this DT randomwalker-info-585 864 2 happens happen VBZ randomwalker-info-585 864 3 with with IN randomwalker-info-585 864 4 probability probability NN randomwalker-info-585 864 5 ( ( -LRB- randomwalker-info-585 864 6 1−α 1−α CD randomwalker-info-585 864 7 ) ) -RRB- randomwalker-info-585 864 8 . . . randomwalker-info-585 865 1 Both both DT randomwalker-info-585 865 2 racing racing NN randomwalker-info-585 865 3 blocks block NNS randomwalker-info-585 865 4 contain contain VBP randomwalker-info-585 865 5 the the DT randomwalker-info-585 865 6 transaction transaction NN randomwalker-info-585 865 7 being be VBG randomwalker-info-585 865 8 considered consider VBN randomwalker-info-585 865 9 , , , randomwalker-info-585 865 10 so so CC randomwalker-info-585 865 11 whoever whoever WP randomwalker-info-585 865 12 wins win VBZ randomwalker-info-585 865 13 the the DT randomwalker-info-585 865 14 race race NN randomwalker-info-585 865 15 receives receive VBZ randomwalker-info-585 865 16 the the DT randomwalker-info-585 865 17 corresponding correspond VBG randomwalker-info-585 865 18 transaction transaction NN randomwalker-info-585 865 19 fees fee NNS randomwalker-info-585 865 20 . . . randomwalker-info-585 866 1 The the DT randomwalker-info-585 866 2 selfish selfish JJ randomwalker-info-585 866 3 miner miner NN randomwalker-info-585 866 4 wins win VBZ randomwalker-info-585 866 5 the the DT randomwalker-info-585 866 6 race race NN randomwalker-info-585 866 7 with with IN randomwalker-info-585 866 8 probability probability NN randomwalker-info-585 866 9 α α CD randomwalker-info-585 866 10 + + CC randomwalker-info-585 866 11 γ(1 γ(1 $ randomwalker-info-585 866 12 −α −α XX randomwalker-info-585 866 13 ) ) -RRB- randomwalker-info-585 866 14 , , , randomwalker-info-585 866 15 so so CC randomwalker-info-585 866 16 this this DT randomwalker-info-585 866 17 event event NN randomwalker-info-585 866 18 contributes contribute VBZ randomwalker-info-585 866 19 α(1 α(1 ADD randomwalker-info-585 866 20 −α)(α −α)(α NNP randomwalker-info-585 866 21 + + NFP randomwalker-info-585 866 22 γ(1 γ(1 $ randomwalker-info-585 866 23 −α −α XX randomwalker-info-585 866 24 ) ) -RRB- randomwalker-info-585 866 25 ) ) -RRB- randomwalker-info-585 866 26 in in IN randomwalker-info-585 866 27 total total NN randomwalker-info-585 866 28 . . . randomwalker-info-585 867 1 Therefore therefore RB randomwalker-info-585 867 2 , , , randomwalker-info-585 867 3 we -PRON- PRP randomwalker-info-585 867 4 see see VBP randomwalker-info-585 867 5 that that DT randomwalker-info-585 867 6 : : : randomwalker-info-585 867 7 f0 f0 NN randomwalker-info-585 867 8 = = SYM randomwalker-info-585 867 9 α α NNP randomwalker-info-585 867 10 2 2 CD randomwalker-info-585 867 11 + + SYM randomwalker-info-585 867 12 α(1 α(1 NFP randomwalker-info-585 867 13 −α −α CD randomwalker-info-585 867 14 ) ) -RRB- randomwalker-info-585 867 15 ( ( -LRB- randomwalker-info-585 867 16 α α NNP randomwalker-info-585 867 17 + + SYM randomwalker-info-585 867 18 γ(1 γ(1 $ randomwalker-info-585 867 19 −α −α CD randomwalker-info-585 867 20 ) ) -RRB- randomwalker-info-585 867 21 ) ) -RRB- randomwalker-info-585 867 22 ( ( -LRB- randomwalker-info-585 867 23 4 4 LS randomwalker-info-585 867 24 ) ) -RRB- randomwalker-info-585 867 25 Computing computing NN randomwalker-info-585 867 26 f0′ f0′ NN randomwalker-info-585 867 27 : : : randomwalker-info-585 867 28 If if IN randomwalker-info-585 867 29 a a DT randomwalker-info-585 867 30 new new JJ randomwalker-info-585 867 31 transaction transaction NN randomwalker-info-585 867 32 is be VBZ randomwalker-info-585 867 33 announced announce VBN randomwalker-info-585 867 34 in in IN randomwalker-info-585 867 35 state state NN randomwalker-info-585 867 36 0 0 CD randomwalker-info-585 867 37 ′ ′ XX randomwalker-info-585 867 38 , , , randomwalker-info-585 867 39 then then RB randomwalker-info-585 867 40 the the DT randomwalker-info-585 867 41 next next JJ randomwalker-info-585 867 42 block block NN randomwalker-info-585 867 43 found find VBN randomwalker-info-585 867 44 is be VBZ randomwalker-info-585 867 45 certainly certainly RB randomwalker-info-585 867 46 contained contain VBN randomwalker-info-585 867 47 in in IN randomwalker-info-585 867 48 the the DT randomwalker-info-585 867 49 eventual eventual JJ randomwalker-info-585 867 50 longest long JJS randomwalker-info-585 867 51 chain chain NN randomwalker-info-585 867 52 because because IN randomwalker-info-585 867 53 it -PRON- PRP randomwalker-info-585 867 54 is be VBZ randomwalker-info-585 867 55 always always RB randomwalker-info-585 867 56 announced announce VBN randomwalker-info-585 867 57 and and CC randomwalker-info-585 867 58 every every DT randomwalker-info-585 867 59 miner miner NN randomwalker-info-585 867 60 chooses choose VBZ randomwalker-info-585 867 61 to to IN randomwalker-info-585 867 62 mine -PRON- PRP randomwalker-info-585 867 63 on on IN randomwalker-info-585 867 64 top top NN randomwalker-info-585 867 65 of of IN randomwalker-info-585 867 66 it -PRON- PRP randomwalker-info-585 867 67 . . . randomwalker-info-585 868 1 So so RB randomwalker-info-585 868 2 this this DT randomwalker-info-585 868 3 transaction transaction NN randomwalker-info-585 868 4 is be VBZ randomwalker-info-585 868 5 won win VBN randomwalker-info-585 868 6 by by IN randomwalker-info-585 868 7 whichever whichever WDT randomwalker-info-585 868 8 miner miner NN randomwalker-info-585 868 9 finds find VBZ randomwalker-info-585 868 10 the the DT randomwalker-info-585 868 11 next next JJ randomwalker-info-585 868 12 block block NN randomwalker-info-585 868 13 , , , randomwalker-info-585 868 14 which which WDT randomwalker-info-585 868 15 is be VBZ randomwalker-info-585 868 16 the the DT randomwalker-info-585 868 17 selfish selfish JJ randomwalker-info-585 868 18 miner miner NN randomwalker-info-585 868 19 with with IN randomwalker-info-585 868 20 probability probability NN randomwalker-info-585 868 21 α α NNP randomwalker-info-585 868 22 . . . randomwalker-info-585 869 1 Therefore therefore RB randomwalker-info-585 869 2 : : : randomwalker-info-585 869 3 f0′ f0′ NN randomwalker-info-585 869 4 = = SYM randomwalker-info-585 869 5 α α FW randomwalker-info-585 869 6 ( ( -LRB- randomwalker-info-585 869 7 5 5 CD randomwalker-info-585 869 8 ) ) -RRB- randomwalker-info-585 869 9 f1 f1 NNP randomwalker-info-585 869 10 : : : randomwalker-info-585 869 11 Consider consider VB randomwalker-info-585 869 12 now now RB randomwalker-info-585 869 13 a a DT randomwalker-info-585 869 14 transaction transaction NN randomwalker-info-585 869 15 announced announce VBN randomwalker-info-585 869 16 in in IN randomwalker-info-585 869 17 state state NN randomwalker-info-585 869 18 1 1 CD randomwalker-info-585 869 19 , , , randomwalker-info-585 869 20 and and CC randomwalker-info-585 869 21 where where WRB randomwalker-info-585 869 22 it -PRON- PRP randomwalker-info-585 869 23 might may MD randomwalker-info-585 869 24 wind wind VB randomwalker-info-585 869 25 up up RP randomwalker-info-585 869 26 : : : randomwalker-info-585 869 27 • • VB randomwalker-info-585 869 28 If if IN randomwalker-info-585 869 29 the the DT randomwalker-info-585 869 30 selfish selfish JJ randomwalker-info-585 869 31 miner miner NN randomwalker-info-585 869 32 finds find VBZ randomwalker-info-585 869 33 the the DT randomwalker-info-585 869 34 next next JJ randomwalker-info-585 869 35 block block NN randomwalker-info-585 869 36 , , , randomwalker-info-585 869 37 they -PRON- PRP randomwalker-info-585 869 38 will will MD randomwalker-info-585 869 39 have have VB randomwalker-info-585 869 40 a a DT randomwalker-info-585 869 41 private private JJ randomwalker-info-585 869 42 chain chain NN randomwalker-info-585 869 43 of of IN randomwalker-info-585 869 44 length length NN randomwalker-info-585 869 45 2 2 CD randomwalker-info-585 869 46 , , , randomwalker-info-585 869 47 in in IN randomwalker-info-585 869 48 which which WDT randomwalker-info-585 869 49 case case NN randomwalker-info-585 869 50 both both DT randomwalker-info-585 869 51 blocks block NNS randomwalker-info-585 869 52 are be VBP randomwalker-info-585 869 53 guaranteed guarantee VBN randomwalker-info-585 869 54 to to TO randomwalker-info-585 869 55 make make VB randomwalker-info-585 869 56 it -PRON- PRP randomwalker-info-585 869 57 into into IN randomwalker-info-585 869 58 the the DT randomwalker-info-585 869 59 final final JJ randomwalker-info-585 869 60 block block NN randomwalker-info-585 869 61 chain chain NN randomwalker-info-585 869 62 . . . randomwalker-info-585 870 1 Therefore therefore RB randomwalker-info-585 870 2 , , , randomwalker-info-585 870 3 this this DT randomwalker-info-585 870 4 transaction transaction NN randomwalker-info-585 870 5 will will MD randomwalker-info-585 870 6 certainly certainly RB randomwalker-info-585 870 7 wind wind VB randomwalker-info-585 870 8 up up RP randomwalker-info-585 870 9 in in IN randomwalker-info-585 870 10 a a DT randomwalker-info-585 870 11 block block NN randomwalker-info-585 870 12 mined mine VBN randomwalker-info-585 870 13 by by IN randomwalker-info-585 870 14 the the DT randomwalker-info-585 870 15 selfish selfish JJ randomwalker-info-585 870 16 miner miner NN randomwalker-info-585 870 17 . . . randomwalker-info-585 871 1 This this DT randomwalker-info-585 871 2 happens happen VBZ randomwalker-info-585 871 3 with with IN randomwalker-info-585 871 4 probability probability NN randomwalker-info-585 871 5 α α XX randomwalker-info-585 871 6 . . . randomwalker-info-585 872 1 • • NNP randomwalker-info-585 872 2 Alternatively alternatively RB randomwalker-info-585 872 3 , , , randomwalker-info-585 872 4 the the DT randomwalker-info-585 872 5 rest rest NN randomwalker-info-585 872 6 of of IN randomwalker-info-585 872 7 the the DT randomwalker-info-585 872 8 network network NN randomwalker-info-585 872 9 might may MD randomwalker-info-585 872 10 find find VB randomwalker-info-585 872 11 the the DT randomwalker-info-585 872 12 next next JJ randomwalker-info-585 872 13 block block NN randomwalker-info-585 872 14 . . . randomwalker-info-585 873 1 This this DT randomwalker-info-585 873 2 happens happen VBZ randomwalker-info-585 873 3 with with IN randomwalker-info-585 873 4 probability probability NN randomwalker-info-585 873 5 ( ( -LRB- randomwalker-info-585 873 6 1−α 1−α CD randomwalker-info-585 873 7 ) ) -RRB- randomwalker-info-585 873 8 . . . randomwalker-info-585 874 1 But but CC randomwalker-info-585 874 2 we -PRON- PRP randomwalker-info-585 874 3 do do VBP randomwalker-info-585 874 4 n’t not RB randomwalker-info-585 874 5 yet yet RB randomwalker-info-585 874 6 know know VB randomwalker-info-585 874 7 whether whether IN randomwalker-info-585 874 8 or or CC randomwalker-info-585 874 9 not not RB randomwalker-info-585 874 10 this this DT randomwalker-info-585 874 11 block block NN randomwalker-info-585 874 12 will will MD randomwalker-info-585 874 13 make make VB randomwalker-info-585 874 14 it -PRON- PRP randomwalker-info-585 874 15 in in IN randomwalker-info-585 874 16 the the DT randomwalker-info-585 874 17 eventual eventual JJ randomwalker-info-585 874 18 longest long JJS randomwalker-info-585 874 19 chain chain NN randomwalker-info-585 874 20 because because IN randomwalker-info-585 874 21 this this DT randomwalker-info-585 874 22 triggers trigger VBZ randomwalker-info-585 874 23 the the DT randomwalker-info-585 874 24 “ " `` randomwalker-info-585 874 25 race race NN randomwalker-info-585 874 26 , , , randomwalker-info-585 874 27 ” " '' randomwalker-info-585 874 28 and and CC randomwalker-info-585 874 29 puts put VBZ randomwalker-info-585 874 30 us -PRON- PRP randomwalker-info-585 874 31 in in IN randomwalker-info-585 874 32 state state NN randomwalker-info-585 874 33 0′. 0′. CD randomwalker-info-585 875 1 Note note VB randomwalker-info-585 875 2 though though IN randomwalker-info-585 875 3 that that IN randomwalker-info-585 875 4 the the DT randomwalker-info-585 875 5 racing race VBG randomwalker-info-585 875 6 selfish selfish JJ randomwalker-info-585 875 7 block block NN randomwalker-info-585 875 8 does do VBZ randomwalker-info-585 875 9 not not RB randomwalker-info-585 875 10 contain contain VB randomwalker-info-585 875 11 this this DT randomwalker-info-585 875 12 transaction transaction NN randomwalker-info-585 875 13 that that WDT randomwalker-info-585 875 14 arrived arrive VBD randomwalker-info-585 875 15 once once IN randomwalker-info-585 875 16 we -PRON- PRP randomwalker-info-585 875 17 were be VBD randomwalker-info-585 875 18 already already RB randomwalker-info-585 875 19 in in IN randomwalker-info-585 875 20 state state NN randomwalker-info-585 875 21 1 1 CD randomwalker-info-585 875 22 . . . randomwalker-info-585 876 1 Therefore therefore RB randomwalker-info-585 876 2 , , , randomwalker-info-585 876 3 even even RB randomwalker-info-585 876 4 if if IN randomwalker-info-585 876 5 the the DT randomwalker-info-585 876 6 selfish selfish JJ randomwalker-info-585 876 7 miner miner NN randomwalker-info-585 876 8 wins win VBZ randomwalker-info-585 876 9 the the DT randomwalker-info-585 876 10 race race NN randomwalker-info-585 876 11 , , , randomwalker-info-585 876 12 but but CC randomwalker-info-585 876 13 because because IN randomwalker-info-585 876 14 a a DT randomwalker-info-585 876 15 default default NN randomwalker-info-585 876 16 miner miner NN randomwalker-info-585 876 17 chose choose VBD randomwalker-info-585 876 18 their -PRON- PRP$ randomwalker-info-585 876 19 block block NN randomwalker-info-585 876 20 , , , randomwalker-info-585 876 21 the the DT randomwalker-info-585 876 22 selfish selfish JJ randomwalker-info-585 876 23 miner miner NN randomwalker-info-585 876 24 will will MD randomwalker-info-585 876 25 not not RB randomwalker-info-585 876 26 get get VB randomwalker-info-585 876 27 this this DT randomwalker-info-585 876 28 transaction transaction NN randomwalker-info-585 876 29 . . . randomwalker-info-585 877 1 So so RB randomwalker-info-585 877 2 the the DT randomwalker-info-585 877 3 only only JJ randomwalker-info-585 877 4 way way NN randomwalker-info-585 877 5 for for IN randomwalker-info-585 877 6 the the DT randomwalker-info-585 877 7 selfish selfish JJ randomwalker-info-585 877 8 miner miner NN randomwalker-info-585 877 9 to to TO randomwalker-info-585 877 10 win win VB randomwalker-info-585 877 11 this this DT randomwalker-info-585 877 12 transaction transaction NN randomwalker-info-585 877 13 is be VBZ randomwalker-info-585 877 14 to to TO randomwalker-info-585 877 15 find find VB randomwalker-info-585 877 16 the the DT randomwalker-info-585 877 17 block block NN randomwalker-info-585 877 18 that that WDT randomwalker-info-585 877 19 ends end VBZ randomwalker-info-585 877 20 the the DT randomwalker-info-585 877 21 race race NN randomwalker-info-585 877 22 . . . randomwalker-info-585 878 1 This this DT randomwalker-info-585 878 2 happens happen VBZ randomwalker-info-585 878 3 with with IN randomwalker-info-585 878 4 probability probability NN randomwalker-info-585 878 5 α α NNP randomwalker-info-585 878 6 . . . randomwalker-info-585 878 7 f1 f1 NNP randomwalker-info-585 878 8 = = SYM randomwalker-info-585 878 9 α α NNP randomwalker-info-585 878 10 + + SYM randomwalker-info-585 878 11 ( ( -LRB- randomwalker-info-585 878 12 1 1 CD randomwalker-info-585 878 13 −α)α −α)α NNS randomwalker-info-585 878 14 = = SYM randomwalker-info-585 878 15 α(2 α(2 $ randomwalker-info-585 878 16 −α −α CD randomwalker-info-585 878 17 ) ) -RRB- randomwalker-info-585 878 18 . . . randomwalker-info-585 879 1 ( ( -LRB- randomwalker-info-585 879 2 6 6 LS randomwalker-info-585 879 3 ) ) -RRB- randomwalker-info-585 879 4 Computing computing NN randomwalker-info-585 879 5 fi fi NN randomwalker-info-585 879 6 : : : randomwalker-info-585 879 7 Finally finally RB randomwalker-info-585 879 8 , , , randomwalker-info-585 879 9 consider consider VB randomwalker-info-585 879 10 a a DT randomwalker-info-585 879 11 transaction transaction NN randomwalker-info-585 879 12 arriving arrive VBG randomwalker-info-585 879 13 to to IN randomwalker-info-585 879 14 the the DT randomwalker-info-585 879 15 system system NN randomwalker-info-585 879 16 in in IN randomwalker-info-585 879 17 state state NN randomwalker-info-585 879 18 i i NNP randomwalker-info-585 879 19 , , , randomwalker-info-585 879 20 i i PRP randomwalker-info-585 879 21 > > XX randomwalker-info-585 879 22 1 1 CD randomwalker-info-585 879 23 . . . randomwalker-info-585 880 1 In in IN randomwalker-info-585 880 2 these these DT randomwalker-info-585 880 3 states state NNS randomwalker-info-585 880 4 , , , randomwalker-info-585 880 5 it -PRON- PRP randomwalker-info-585 880 6 is be VBZ randomwalker-info-585 880 7 easier easy JJR randomwalker-info-585 880 8 to to TO randomwalker-info-585 880 9 consider consider VB randomwalker-info-585 880 10 what what WP randomwalker-info-585 880 11 must must MD randomwalker-info-585 880 12 happen happen VB randomwalker-info-585 880 13 in in IN randomwalker-info-585 880 14 order order NN randomwalker-info-585 880 15 for for IN randomwalker-info-585 880 16 the the DT randomwalker-info-585 880 17 transaction transaction NN randomwalker-info-585 880 18 to to TO randomwalker-info-585 880 19 not not RB randomwalker-info-585 880 20 end end VB randomwalker-info-585 880 21 up up RP randomwalker-info-585 880 22 in in IN randomwalker-info-585 880 23 a a DT randomwalker-info-585 880 24 block block NN randomwalker-info-585 880 25 the the DT randomwalker-info-585 880 26 selfish selfish JJ randomwalker-info-585 880 27 miner miner NN randomwalker-info-585 880 28 owns own VBZ randomwalker-info-585 880 29 . . . randomwalker-info-585 881 1 For for IN randomwalker-info-585 881 2 the the DT randomwalker-info-585 881 3 transaction transaction NN randomwalker-info-585 881 4 to to TO randomwalker-info-585 881 5 wind wind VB randomwalker-info-585 881 6 up up RP randomwalker-info-585 881 7 in in IN randomwalker-info-585 881 8 a a DT randomwalker-info-585 881 9 default default NN randomwalker-info-585 881 10 miner miner NN randomwalker-info-585 881 11 ’s ’s POS randomwalker-info-585 881 12 block block NN randomwalker-info-585 881 13 , , , randomwalker-info-585 881 14 it -PRON- PRP randomwalker-info-585 881 15 needs need VBZ randomwalker-info-585 881 16 to to TO randomwalker-info-585 881 17 be be VB randomwalker-info-585 881 18 the the DT randomwalker-info-585 881 19 case case NN randomwalker-info-585 881 20 that that IN randomwalker-info-585 881 21 the the DT randomwalker-info-585 881 22 selfish selfish JJ randomwalker-info-585 881 23 miner miner NN randomwalker-info-585 881 24 releases release VBZ randomwalker-info-585 881 25 their -PRON- PRP$ randomwalker-info-585 881 26 entire entire JJ randomwalker-info-585 881 27 private private JJ randomwalker-info-585 881 28 chain chain NN randomwalker-info-585 881 29 before before IN randomwalker-info-585 881 30 mining mine VBG randomwalker-info-585 881 31 a a DT randomwalker-info-585 881 32 new new JJ randomwalker-info-585 881 33 block block NN randomwalker-info-585 881 34 ( ( -LRB- randomwalker-info-585 881 35 which which WDT randomwalker-info-585 881 36 would would MD randomwalker-info-585 881 37 contain contain VB randomwalker-info-585 881 38 this this DT randomwalker-info-585 881 39 transaction transaction NN randomwalker-info-585 881 40 ) ) -RRB- randomwalker-info-585 881 41 . . . randomwalker-info-585 882 1 This this DT randomwalker-info-585 882 2 is be VBZ randomwalker-info-585 882 3 because because IN randomwalker-info-585 882 4 any any DT randomwalker-info-585 882 5 blocks block NNS randomwalker-info-585 882 6 found find VBN randomwalker-info-585 882 7 by by IN randomwalker-info-585 882 8 default default NN randomwalker-info-585 882 9 miners miner NNS randomwalker-info-585 882 10 before before IN randomwalker-info-585 882 11 this this DT randomwalker-info-585 882 12 trigger trigger NN randomwalker-info-585 882 13 are be VBP randomwalker-info-585 882 14 all all RB randomwalker-info-585 882 15 orphaned orphan VBN randomwalker-info-585 882 16 . . . randomwalker-info-585 883 1 For for IN randomwalker-info-585 883 2 a a DT randomwalker-info-585 883 3 release release NN randomwalker-info-585 883 4 to to TO randomwalker-info-585 883 5 be be VB randomwalker-info-585 883 6 triggered trigger VBN randomwalker-info-585 883 7 , , , randomwalker-info-585 883 8 a a DT randomwalker-info-585 883 9 default default NN randomwalker-info-585 883 10 miner miner NN randomwalker-info-585 883 11 must must MD randomwalker-info-585 883 12 find find VB randomwalker-info-585 883 13 each each DT randomwalker-info-585 883 14 of of IN randomwalker-info-585 883 15 the the DT randomwalker-info-585 883 16 next next JJ randomwalker-info-585 883 17 i− i− NNP randomwalker-info-585 883 18 1 1 CD randomwalker-info-585 883 19 blocks block NNS randomwalker-info-585 883 20 , , , randomwalker-info-585 883 21 which which WDT randomwalker-info-585 883 22 happens happen VBZ randomwalker-info-585 883 23 with with IN randomwalker-info-585 883 24 probability probability NN randomwalker-info-585 883 25 ( ( -LRB- randomwalker-info-585 883 26 1 1 CD randomwalker-info-585 883 27 −α)i−1 −α)i−1 NNP randomwalker-info-585 883 28 . . . randomwalker-info-585 884 1 If if IN randomwalker-info-585 884 2 this this DT randomwalker-info-585 884 3 happens happen VBZ randomwalker-info-585 884 4 , , , randomwalker-info-585 884 5 we -PRON- PRP randomwalker-info-585 884 6 still still RB randomwalker-info-585 884 7 do do VBP randomwalker-info-585 884 8 n’t not RB randomwalker-info-585 884 9 know know VB randomwalker-info-585 884 10 where where WRB randomwalker-info-585 884 11 this this DT randomwalker-info-585 884 12 transaction transaction NN randomwalker-info-585 884 13 winds wind VBZ randomwalker-info-585 884 14 up up RP randomwalker-info-585 884 15 , , , randomwalker-info-585 884 16 because because IN randomwalker-info-585 884 17 each each DT randomwalker-info-585 884 18 of of IN randomwalker-info-585 884 19 the the DT randomwalker-info-585 884 20 i−1 i−1 NN randomwalker-info-585 884 21 blocks block NNS randomwalker-info-585 884 22 found find VBN randomwalker-info-585 884 23 will will MD randomwalker-info-585 884 24 be be VB randomwalker-info-585 884 25 orphaned orphan VBN randomwalker-info-585 884 26 . . . randomwalker-info-585 885 1 But but CC randomwalker-info-585 885 2 we -PRON- PRP randomwalker-info-585 885 3 have have VBP randomwalker-info-585 885 4 now now RB randomwalker-info-585 885 5 returned return VBN randomwalker-info-585 885 6 to to IN randomwalker-info-585 885 7 state state NN randomwalker-info-585 885 8 0 0 CD randomwalker-info-585 885 9 , , , randomwalker-info-585 885 10 and and CC randomwalker-info-585 885 11 the the DT randomwalker-info-585 885 12 remainder remainder NN randomwalker-info-585 885 13 of of IN randomwalker-info-585 885 14 the the DT randomwalker-info-585 885 15 analysis analysis NN randomwalker-info-585 885 16 concludes conclude VBZ randomwalker-info-585 885 17 as as IN randomwalker-info-585 885 18 if if IN randomwalker-info-585 885 19 the the DT randomwalker-info-585 885 20 transaction transaction NN randomwalker-info-585 885 21 had have VBD randomwalker-info-585 885 22 been be VBN randomwalker-info-585 885 23 announced announce VBN randomwalker-info-585 885 24 during during IN randomwalker-info-585 885 25 state state NN randomwalker-info-585 885 26 0 0 CD randomwalker-info-585 885 27 . . . randomwalker-info-585 886 1 So so RB randomwalker-info-585 886 2 the the DT randomwalker-info-585 886 3 probability probability NN randomwalker-info-585 886 4 that that IN randomwalker-info-585 886 5 a a DT randomwalker-info-585 886 6 default default NN randomwalker-info-585 886 7 miner miner NN randomwalker-info-585 886 8 winds wind VBZ randomwalker-info-585 886 9 up up RP randomwalker-info-585 886 10 with with IN randomwalker-info-585 886 11 a a DT randomwalker-info-585 886 12 transaction transaction NN randomwalker-info-585 886 13 arriving arrive VBG randomwalker-info-585 886 14 in in IN randomwalker-info-585 886 15 state state NN randomwalker-info-585 886 16 i i PRP randomwalker-info-585 886 17 is be VBZ randomwalker-info-585 886 18 ( ( -LRB- randomwalker-info-585 886 19 1 1 CD randomwalker-info-585 886 20 −α)i−1(1 −α)i−1(1 NNP randomwalker-info-585 886 21 −f0 −f0 NNP randomwalker-info-585 886 22 ) ) -RRB- randomwalker-info-585 886 23 , , , randomwalker-info-585 886 24 and and CC randomwalker-info-585 886 25 therefore therefore RB randomwalker-info-585 886 26 : : : randomwalker-info-585 886 27 fi fi NN randomwalker-info-585 886 28 = = SYM randomwalker-info-585 886 29 1 1 CD randomwalker-info-585 886 30 − − NNP randomwalker-info-585 886 31 ( ( -LRB- randomwalker-info-585 886 32 ( ( -LRB- randomwalker-info-585 886 33 1 1 CD randomwalker-info-585 886 34 −α)i−1(1 −α)i−1(1 NNP randomwalker-info-585 886 35 −f0 −f0 NNP randomwalker-info-585 886 36 ) ) -RRB- randomwalker-info-585 886 37 ) ) -RRB- randomwalker-info-585 886 38 ( ( -LRB- randomwalker-info-585 886 39 7 7 LS randomwalker-info-585 886 40 ) ) -RRB- randomwalker-info-585 886 41 Summing sum VBG randomwalker-info-585 886 42 everything everything NN randomwalker-info-585 886 43 together together RB randomwalker-info-585 886 44 , , , randomwalker-info-585 886 45 we -PRON- PRP randomwalker-info-585 886 46 get get VBP randomwalker-info-585 886 47 the the DT randomwalker-info-585 886 48 following follow VBG randomwalker-info-585 886 49 : : : randomwalker-info-585 886 50 Theorem theorem NN randomwalker-info-585 886 51 E.1 E.1 NNP randomwalker-info-585 886 52 . . . randomwalker-info-585 887 1 If if IN randomwalker-info-585 887 2 all all DT randomwalker-info-585 887 3 other other JJ randomwalker-info-585 887 4 miners miner NNS randomwalker-info-585 887 5 remain remain VBP randomwalker-info-585 887 6 DefaultCompliant DefaultCompliant NNP randomwalker-info-585 887 7 , , , randomwalker-info-585 887 8 a a DT randomwalker-info-585 887 9 selfish selfish JJ randomwalker-info-585 887 10 miner miner NN randomwalker-info-585 887 11 in in IN randomwalker-info-585 887 12 the the DT randomwalker-info-585 887 13 transaction transaction NN randomwalker-info-585 887 14 fees fee NNS randomwalker-info-585 887 15 model model NN randomwalker-info-585 887 16 with with IN randomwalker-info-585 887 17 an an DT randomwalker-info-585 887 18 α α XX randomwalker-info-585 887 19 ∈ ∈ NNP randomwalker-info-585 887 20 ( ( -LRB- randomwalker-info-585 887 21 0 0 NFP randomwalker-info-585 887 22 , , , randomwalker-info-585 887 23 .5 .5 NFP randomwalker-info-585 887 24 ) ) -RRB- randomwalker-info-585 887 25 fraction fraction NN randomwalker-info-585 887 26 of of IN randomwalker-info-585 887 27 the the DT randomwalker-info-585 887 28 mining mining NN randomwalker-info-585 887 29 power power NN randomwalker-info-585 887 30 and and CC randomwalker-info-585 887 31 racing racing NN randomwalker-info-585 887 32 parameter parameter NN randomwalker-info-585 887 33 γ γ NN randomwalker-info-585 887 34 ∈ ∈ NNP randomwalker-info-585 887 35 [ [ -LRB- randomwalker-info-585 887 36 0 0 CD randomwalker-info-585 887 37 , , , randomwalker-info-585 887 38 1 1 LS randomwalker-info-585 887 39 ] ] -RRB- randomwalker-info-585 887 40 achieves achieve VBZ randomwalker-info-585 887 41 reward reward VBP randomwalker-info-585 887 42 Reward(α Reward(α NNP randomwalker-info-585 887 43 , , , randomwalker-info-585 887 44 γ γ NNP randomwalker-info-585 887 45 ) ) -RRB- randomwalker-info-585 887 46 with with IN randomwalker-info-585 887 47 : : : randomwalker-info-585 887 48 Reward(α Reward(α NNP randomwalker-info-585 887 49 , , , randomwalker-info-585 887 50 γ γ NNP randomwalker-info-585 887 51 ) ) -RRB- randomwalker-info-585 887 52 = = SYM randomwalker-info-585 887 53 5α2 5α2 CD randomwalker-info-585 887 54 − − NNP randomwalker-info-585 887 55 12α3 12α3 CD randomwalker-info-585 887 56 + + SYM randomwalker-info-585 887 57 9α4 9α4 CD randomwalker-info-585 887 58 − − NNP randomwalker-info-585 887 59 2α5 2α5 CD randomwalker-info-585 887 60 + + SYM randomwalker-info-585 887 61 γ(α− γ(α− NNP randomwalker-info-585 887 62 4α2 4α2 CD randomwalker-info-585 887 63 + + SYM randomwalker-info-585 887 64 6α3 6α3 CD randomwalker-info-585 887 65 − − NNP randomwalker-info-585 887 66 5α4 5α4 CD randomwalker-info-585 887 67 + + SYM randomwalker-info-585 887 68 2α5 2α5 CD randomwalker-info-585 887 69 ) ) -RRB- randomwalker-info-585 887 70 2α3 2α3 CD randomwalker-info-585 887 71 − − NNP randomwalker-info-585 887 72 4α2 4α2 CD randomwalker-info-585 887 73 + + SYM randomwalker-info-585 887 74 1 1 CD randomwalker-info-585 887 75 Proof proof NN randomwalker-info-585 887 76 . . . randomwalker-info-585 888 1 The the DT randomwalker-info-585 888 2 only only RB randomwalker-info-585 888 3 remaining remain VBG randomwalker-info-585 888 4 part part NN randomwalker-info-585 888 5 of of IN randomwalker-info-585 888 6 the the DT randomwalker-info-585 888 7 proof proof NN randomwalker-info-585 888 8 is be VBZ randomwalker-info-585 888 9 summing sum VBG randomwalker-info-585 888 10 p0f0 p0f0 NN randomwalker-info-585 888 11 + + NNS randomwalker-info-585 888 12 p0′f0′ p0′f0′ NN randomwalker-info-585 888 13 + + SYM randomwalker-info-585 888 14 p1f1 p1f1 NN randomwalker-info-585 888 15 + + SYM randomwalker-info-585 888 16 ∑ ∑ . randomwalker-info-585 888 17 i>1 i>1 NN randomwalker-info-585 888 18 pifi pifi VBD randomwalker-info-585 888 19 . . . randomwalker-info-585 889 1 p0f0 p0f0 NNP randomwalker-info-585 889 2 = = SYM randomwalker-info-585 889 3 1 1 CD randomwalker-info-585 889 4 − − NNP randomwalker-info-585 889 5 2α 2α CD randomwalker-info-585 889 6 2α3 2α3 CD randomwalker-info-585 889 7 − − NNP randomwalker-info-585 889 8 4α2 4α2 CD randomwalker-info-585 889 9 + + SYM randomwalker-info-585 889 10 1 1 CD randomwalker-info-585 889 11 · · NFP randomwalker-info-585 889 12 ( ( -LRB- randomwalker-info-585 889 13 α α DT randomwalker-info-585 889 14 2 2 CD randomwalker-info-585 889 15 + + SYM randomwalker-info-585 889 16 α(1 α(1 ADD randomwalker-info-585 889 17 −α)(α −α)(α ADD randomwalker-info-585 889 18 + + NFP randomwalker-info-585 889 19 ( ( -LRB- randomwalker-info-585 889 20 1 1 CD randomwalker-info-585 889 21 −α)γ −α)γ NNP randomwalker-info-585 889 22 ) ) -RRB- randomwalker-info-585 889 23 ) ) -RRB- randomwalker-info-585 889 24 = = NFP randomwalker-info-585 889 25 2α2 2α2 CD randomwalker-info-585 889 26 − − NNP randomwalker-info-585 889 27 5α3 5α3 CD randomwalker-info-585 889 28 + + CC randomwalker-info-585 889 29 2α4 2α4 CD randomwalker-info-585 889 30 + + SYM randomwalker-info-585 889 31 αγ αγ NNP randomwalker-info-585 889 32 − − NNP randomwalker-info-585 889 33 4α2γ 4α2γ NNP randomwalker-info-585 889 34 + + SYM randomwalker-info-585 889 35 5α3γ 5α3γ CD randomwalker-info-585 889 36 − − NNP randomwalker-info-585 889 37 2α4γ 2α4γ CD randomwalker-info-585 889 38 2α3 2α3 CD randomwalker-info-585 889 39 − − NNP randomwalker-info-585 889 40 4α2 4α2 CD randomwalker-info-585 889 41 + + SYM randomwalker-info-585 889 42 1 1 CD randomwalker-info-585 889 43 p0′f0′ p0′f0′ NNS randomwalker-info-585 889 44 = = SYM randomwalker-info-585 889 45 ( ( -LRB- randomwalker-info-585 889 46 1 1 CD randomwalker-info-585 889 47 −α)(α− −α)(α− JJ randomwalker-info-585 889 48 2α2 2α2 CD randomwalker-info-585 889 49 ) ) -RRB- randomwalker-info-585 889 50 2α3 2α3 CD randomwalker-info-585 889 51 − − NNP randomwalker-info-585 889 52 4α2 4α2 CD randomwalker-info-585 889 53 + + SYM randomwalker-info-585 889 54 1 1 CD randomwalker-info-585 889 55 · · SYM randomwalker-info-585 889 56 α α XX randomwalker-info-585 889 57 = = SYM randomwalker-info-585 889 58 α2 α2 NN randomwalker-info-585 889 59 − − NNP randomwalker-info-585 889 60 3α3 3α3 CD randomwalker-info-585 889 61 + + CC randomwalker-info-585 889 62 2α4 2α4 CD randomwalker-info-585 889 63 2α3 2α3 CD randomwalker-info-585 889 64 − − NNP randomwalker-info-585 889 65 4α2 4α2 CD randomwalker-info-585 889 66 + + SYM randomwalker-info-585 889 67 1 1 CD randomwalker-info-585 889 68 p1f1 p1f1 NNS randomwalker-info-585 889 69 = = SYM randomwalker-info-585 889 70 α− α− NNP randomwalker-info-585 889 71 2α2 2α2 CD randomwalker-info-585 889 72 2α3 2α3 CD randomwalker-info-585 889 73 − − NNP randomwalker-info-585 889 74 4α2 4α2 CD randomwalker-info-585 889 75 + + SYM randomwalker-info-585 889 76 1 1 CD randomwalker-info-585 889 77 · · SYM randomwalker-info-585 889 78 α(2 α(2 $ randomwalker-info-585 889 79 −α −α CD randomwalker-info-585 889 80 ) ) -RRB- randomwalker-info-585 889 81 = = NFP randomwalker-info-585 889 82 2α2 2α2 CD randomwalker-info-585 889 83 − − NNP randomwalker-info-585 889 84 5α3 5α3 CD randomwalker-info-585 889 85 + + SYM randomwalker-info-585 889 86 2α4 2α4 CD randomwalker-info-585 889 87 2α3 2α3 CD randomwalker-info-585 889 88 − − NNP randomwalker-info-585 889 89 4α2 4α2 CD randomwalker-info-585 889 90 + + SYM randomwalker-info-585 889 91 1 1 CD randomwalker-info-585 889 92 pifi pifi NN randomwalker-info-585 889 93 = = SYM randomwalker-info-585 889 94 ( ( -LRB- randomwalker-info-585 889 95 α α DT randomwalker-info-585 889 96 1 1 CD randomwalker-info-585 889 97 −α −α CD randomwalker-info-585 889 98 ) ) -RRB- randomwalker-info-585 889 99 i−1 i−1 NNP randomwalker-info-585 889 100 α− α− NNP randomwalker-info-585 889 101 2α2 2α2 CD randomwalker-info-585 889 102 2α3 2α3 CD randomwalker-info-585 889 103 − − NNP randomwalker-info-585 889 104 4α2 4α2 CD randomwalker-info-585 889 105 + + SYM randomwalker-info-585 889 106 1 1 CD randomwalker-info-585 889 107 −αi−1(1 −αi−1(1 NNP randomwalker-info-585 889 108 −f0 −f0 NNP randomwalker-info-585 889 109 ) ) -RRB- randomwalker-info-585 889 110 α− α− NNP randomwalker-info-585 889 111 2α2 2α2 CD randomwalker-info-585 889 112 2α3 2α3 CD randomwalker-info-585 889 113 − − NNP randomwalker-info-585 889 114 4α2 4α2 CD randomwalker-info-585 889 115 + + SYM randomwalker-info-585 889 116 1∑ 1∑ CD randomwalker-info-585 889 117 i>1 i>1 NN randomwalker-info-585 889 118 ( ( -LRB- randomwalker-info-585 889 119 α α NNP randomwalker-info-585 889 120 1 1 CD randomwalker-info-585 889 121 −α −α CD randomwalker-info-585 889 122 ) ) -RRB- randomwalker-info-585 889 123 i−1 i−1 NNP randomwalker-info-585 889 124 = = SYM randomwalker-info-585 889 125 α α NNP randomwalker-info-585 889 126 1 1 CD randomwalker-info-585 889 127 − − NNP randomwalker-info-585 889 128 2α 2α CD randomwalker-info-585 889 129 ⇒ ⇒ CD randomwalker-info-585 889 130 ∑ ∑ . randomwalker-info-585 889 131 i>1 i>1 NN randomwalker-info-585 889 132 pifi pifi NN randomwalker-info-585 889 133 = = SYM randomwalker-info-585 889 134 α2 α2 NNP randomwalker-info-585 889 135 2α3 2α3 CD randomwalker-info-585 889 136 − − NNP randomwalker-info-585 889 137 4α2 4α2 CD randomwalker-info-585 889 138 + + SYM randomwalker-info-585 889 139 1 1 CD randomwalker-info-585 889 140 − − NNP randomwalker-info-585 889 141 ∑ ∑ . randomwalker-info-585 889 142 i>1 i>1 NN randomwalker-info-585 889 143 α α NNP randomwalker-info-585 889 144 i−1 i−1 NNP randomwalker-info-585 889 145 ( ( -LRB- randomwalker-info-585 889 146 1 1 CD randomwalker-info-585 889 147 −f0 −f0 CD randomwalker-info-585 889 148 ) ) -RRB- randomwalker-info-585 889 149 α− α− NNP randomwalker-info-585 889 150 2α2 2α2 CD randomwalker-info-585 889 151 2α3 2α3 CD randomwalker-info-585 889 152 − − NNP randomwalker-info-585 889 153 4α2 4α2 CD randomwalker-info-585 889 154 + + SYM randomwalker-info-585 889 155 1∑ 1∑ CD randomwalker-info-585 889 156 i>1 i>1 NN randomwalker-info-585 889 157 α α NNP randomwalker-info-585 889 158 i−1 i−1 NNP randomwalker-info-585 889 159 = = SYM randomwalker-info-585 889 160 α α NNP randomwalker-info-585 889 161 1 1 CD randomwalker-info-585 889 162 −α −α CD randomwalker-info-585 889 163 ⇒ ⇒ CD randomwalker-info-585 889 164 ∑ ∑ . randomwalker-info-585 889 165 i>1 i>1 NN randomwalker-info-585 889 166 pifi pifi NN randomwalker-info-585 889 167 = = SYM randomwalker-info-585 889 168 α2 α2 NNP randomwalker-info-585 889 169 2α3 2α3 CD randomwalker-info-585 889 170 − − NNP randomwalker-info-585 889 171 4α2 4α2 CD randomwalker-info-585 889 172 + + SYM randomwalker-info-585 889 173 1 1 CD randomwalker-info-585 889 174 − − NNP randomwalker-info-585 889 175 α(1 α(1 : randomwalker-info-585 889 176 −α −α CD randomwalker-info-585 889 177 + + CC randomwalker-info-585 889 178 α(1 α(1 NFP randomwalker-info-585 889 179 −α)2(1 −α)2(1 NNP randomwalker-info-585 889 180 −γ))(α− −γ))(α− NNP randomwalker-info-585 889 181 2α2 2α2 CD randomwalker-info-585 889 182 ) ) -RRB- randomwalker-info-585 889 183 ( ( -LRB- randomwalker-info-585 889 184 1 1 CD randomwalker-info-585 889 185 −α)2α3 −α)2α3 NNP randomwalker-info-585 889 186 − − NNP randomwalker-info-585 889 187 4α2 4α2 CD randomwalker-info-585 889 188 + + SYM randomwalker-info-585 889 189 1 1 CD randomwalker-info-585 889 190 = = SYM randomwalker-info-585 889 191 α2 α2 NN randomwalker-info-585 889 192 −α(1 −α(1 NNP randomwalker-info-585 889 193 + + SYM randomwalker-info-585 889 194 α(1 α(1 NFP randomwalker-info-585 889 195 −α)(1 −α)(1 CD randomwalker-info-585 889 196 −γ))(α− −γ))(α− NNP randomwalker-info-585 889 197 2α2 2α2 CD randomwalker-info-585 889 198 ) ) -RRB- randomwalker-info-585 889 199 2α3 2α3 CD randomwalker-info-585 889 200 − − NNP randomwalker-info-585 889 201 4α2 4α2 CD randomwalker-info-585 889 202 + + SYM randomwalker-info-585 889 203 1 1 CD randomwalker-info-585 889 204 . . . randomwalker-info-585 890 1 = = NFP randomwalker-info-585 890 2 2α3 2α3 CD randomwalker-info-585 890 3 −α2(α− −α2(α− NNP randomwalker-info-585 890 4 2α2 2α2 CD randomwalker-info-585 890 5 −α2 −α2 NN randomwalker-info-585 890 6 + + SYM randomwalker-info-585 890 7 2α3 2α3 CD randomwalker-info-585 890 8 −γα −γα CD randomwalker-info-585 890 9 + + SYM randomwalker-info-585 890 10 2γα2 2γα2 CD randomwalker-info-585 890 11 + + CC randomwalker-info-585 890 12 γα2 γα2 NN randomwalker-info-585 890 13 − − NNP randomwalker-info-585 890 14 2γα3 2γα3 CD randomwalker-info-585 890 15 ) ) -RRB- randomwalker-info-585 890 16 2α3 2α3 CD randomwalker-info-585 890 17 − − NNP randomwalker-info-585 890 18 4α2 4α2 CD randomwalker-info-585 890 19 + + SYM randomwalker-info-585 890 20 1 1 CD randomwalker-info-585 890 21 = = SYM randomwalker-info-585 890 22 α3 α3 NN randomwalker-info-585 890 23 + + CC randomwalker-info-585 890 24 3α4 3α4 CD randomwalker-info-585 890 25 − − NNP randomwalker-info-585 890 26 2α5 2α5 CD randomwalker-info-585 890 27 + + SYM randomwalker-info-585 890 28 γα3 γα3 NNS randomwalker-info-585 890 29 − − NNP randomwalker-info-585 890 30 3γα4 3γα4 CD randomwalker-info-585 890 31 + + CC randomwalker-info-585 890 32 2γα5 2γα5 CD randomwalker-info-585 890 33 2α3 2α3 CD randomwalker-info-585 890 34 − − NNP randomwalker-info-585 890 35 4α2 4α2 CD randomwalker-info-585 890 36 + + SYM randomwalker-info-585 890 37 1 1 CD randomwalker-info-585 890 38 The the DT randomwalker-info-585 890 39 proof proof NN randomwalker-info-585 890 40 concludes conclude VBZ randomwalker-info-585 890 41 by by IN randomwalker-info-585 890 42 just just RB randomwalker-info-585 890 43 summing sum VBG randomwalker-info-585 890 44 the the DT randomwalker-info-585 890 45 four four CD randomwalker-info-585 890 46 terms term NNS randomwalker-info-585 890 47 . . . randomwalker-info-585 891 1 E.2 E.2 NNP randomwalker-info-585 891 2 Improved Improved NNP randomwalker-info-585 891 3 Selfish Selfish NNP randomwalker-info-585 891 4 Mining Mining NNP randomwalker-info-585 891 5 with with IN randomwalker-info-585 891 6 a a DT randomwalker-info-585 891 7 cutoff cutoff NN randomwalker-info-585 891 8 In in IN randomwalker-info-585 891 9 this this DT randomwalker-info-585 891 10 section section NN randomwalker-info-585 891 11 , , , randomwalker-info-585 891 12 we -PRON- PRP randomwalker-info-585 891 13 complete complete VBP randomwalker-info-585 891 14 our -PRON- PRP$ randomwalker-info-585 891 15 analysis analysis NN randomwalker-info-585 891 16 of of IN randomwalker-info-585 891 17 our -PRON- PRP$ randomwalker-info-585 891 18 improved improved JJ randomwalker-info-585 891 19 selfish selfish JJ randomwalker-info-585 891 20 mining mining NN randomwalker-info-585 891 21 with with IN randomwalker-info-585 891 22 a a DT randomwalker-info-585 891 23 cutoff cutoff NN randomwalker-info-585 891 24 . . . randomwalker-info-585 892 1 In in IN randomwalker-info-585 892 2 order order NN randomwalker-info-585 892 3 to to TO randomwalker-info-585 892 4 keep keep VB randomwalker-info-585 892 5 the the DT randomwalker-info-585 892 6 analysis analysis NN randomwalker-info-585 892 7 of of IN randomwalker-info-585 892 8 this this DT randomwalker-info-585 892 9 strategy strategy NN randomwalker-info-585 892 10 tractable tractable NN randomwalker-info-585 892 11 , , , randomwalker-info-585 892 12 we -PRON- PRP randomwalker-info-585 892 13 choose choose VBP randomwalker-info-585 892 14 to to TO randomwalker-info-585 892 15 slightly slightly RB randomwalker-info-585 892 16 tweak tweak VB randomwalker-info-585 892 17 our -PRON- PRP$ randomwalker-info-585 892 18 analysis analysis NN randomwalker-info-585 892 19 ( ( -LRB- randomwalker-info-585 892 20 but but CC randomwalker-info-585 892 21 our -PRON- PRP$ randomwalker-info-585 892 22 theory theory NN randomwalker-info-585 892 23 - - HYPH randomwalker-info-585 892 24 matches match NNS randomwalker-info-585 892 25 - - HYPH randomwalker-info-585 892 26 simulation simulation NN randomwalker-info-585 892 27 plot plot NN randomwalker-info-585 892 28 in in IN randomwalker-info-585 892 29 Figure Figure NNP randomwalker-info-585 892 30 6.2 6.2 CD randomwalker-info-585 892 31 shows show VBZ randomwalker-info-585 892 32 that that IN randomwalker-info-585 892 33 this this DT randomwalker-info-585 892 34 tweak tweak NN randomwalker-info-585 892 35 is be VBZ randomwalker-info-585 892 36 essentially essentially RB randomwalker-info-585 892 37 irrelevant irrelevant JJ randomwalker-info-585 892 38 ) ) -RRB- randomwalker-info-585 892 39 . . . randomwalker-info-585 893 1 The the DT randomwalker-info-585 893 2 only only JJ randomwalker-info-585 893 3 tweak tweak NN randomwalker-info-585 893 4 we -PRON- PRP randomwalker-info-585 893 5 make make VBP randomwalker-info-585 893 6 is be VBZ randomwalker-info-585 893 7 that that DT randomwalker-info-585 893 8 right right RB randomwalker-info-585 893 9 after after IN randomwalker-info-585 893 10 the the DT randomwalker-info-585 893 11 selfish selfish JJ randomwalker-info-585 893 12 miner miner NN randomwalker-info-585 893 13 releases release VBZ randomwalker-info-585 893 14 a a DT randomwalker-info-585 893 15 chain chain NN randomwalker-info-585 893 16 of of IN randomwalker-info-585 893 17 length length NN randomwalker-info-585 893 18 two two CD randomwalker-info-585 893 19 simultaneously simultaneously RB randomwalker-info-585 893 20 , , , randomwalker-info-585 893 21 they -PRON- PRP randomwalker-info-585 893 22 immediately immediately RB randomwalker-info-585 893 23 publish publish VBP randomwalker-info-585 893 24 the the DT randomwalker-info-585 893 25 next next JJ randomwalker-info-585 893 26 block block NN randomwalker-info-585 893 27 ( ( -LRB- randomwalker-info-585 893 28 if if IN randomwalker-info-585 893 29 they -PRON- PRP randomwalker-info-585 893 30 find find VBP randomwalker-info-585 893 31 it -PRON- PRP randomwalker-info-585 893 32 ) ) -RRB- randomwalker-info-585 893 33 , , , randomwalker-info-585 893 34 and and CC randomwalker-info-585 893 35 then then RB randomwalker-info-585 893 36 return return VB randomwalker-info-585 893 37 to to IN randomwalker-info-585 893 38 selfish selfish JJ randomwalker-info-585 893 39 mining mining NN randomwalker-info-585 893 40 . . . randomwalker-info-585 894 1 In in IN randomwalker-info-585 894 2 the the DT randomwalker-info-585 894 3 language language NN randomwalker-info-585 894 4 of of IN randomwalker-info-585 894 5 Eyal Eyal NNP randomwalker-info-585 894 6 and and CC randomwalker-info-585 894 7 Sirer Sirer NNP randomwalker-info-585 894 8 , , , randomwalker-info-585 894 9 this this DT randomwalker-info-585 894 10 is be VBZ randomwalker-info-585 894 11 like like IN randomwalker-info-585 894 12 adding add VBG randomwalker-info-585 894 13 an an DT randomwalker-info-585 894 14 additional additional JJ randomwalker-info-585 894 15 state state NN randomwalker-info-585 894 16 0′′ 0′′ CD randomwalker-info-585 894 17 where where WRB randomwalker-info-585 894 18 the the DT randomwalker-info-585 894 19 selfish selfish JJ randomwalker-info-585 894 20 miner miner NN randomwalker-info-585 894 21 honestly honestly RB randomwalker-info-585 894 22 mines mine NNS randomwalker-info-585 894 23 . . . randomwalker-info-585 895 1 No no RB randomwalker-info-585 895 2 matter matter RB randomwalker-info-585 895 3 who who WP randomwalker-info-585 895 4 finds find VBZ randomwalker-info-585 895 5 a a DT randomwalker-info-585 895 6 block block NN randomwalker-info-585 895 7 in in IN randomwalker-info-585 895 8 this this DT randomwalker-info-585 895 9 state state NN randomwalker-info-585 895 10 , , , randomwalker-info-585 895 11 the the DT randomwalker-info-585 895 12 next next JJ randomwalker-info-585 895 13 state state NN randomwalker-info-585 895 14 is be VBZ randomwalker-info-585 895 15 0 0 CD randomwalker-info-585 895 16 . . . randomwalker-info-585 896 1 The the DT randomwalker-info-585 896 2 only only JJ randomwalker-info-585 896 3 transition transition NN randomwalker-info-585 896 4 into into IN randomwalker-info-585 896 5 this this DT randomwalker-info-585 896 6 state state NN randomwalker-info-585 896 7 is be VBZ randomwalker-info-585 896 8 when when WRB randomwalker-info-585 896 9 the the DT randomwalker-info-585 896 10 honest honest JJ randomwalker-info-585 896 11 portion portion NN randomwalker-info-585 896 12 of of IN randomwalker-info-585 896 13 the the DT randomwalker-info-585 896 14 network network NN randomwalker-info-585 896 15 finds find VBZ randomwalker-info-585 896 16 a a DT randomwalker-info-585 896 17 block block NN randomwalker-info-585 896 18 when when WRB randomwalker-info-585 896 19 the the DT randomwalker-info-585 896 20 selfish selfish JJ randomwalker-info-585 896 21 miner miner NN randomwalker-info-585 896 22 has have VBZ randomwalker-info-585 896 23 a a DT randomwalker-info-585 896 24 lead lead NN randomwalker-info-585 896 25 of of IN randomwalker-info-585 896 26 2 2 CD randomwalker-info-585 896 27 13 13 CD randomwalker-info-585 896 28 shows show VBZ randomwalker-info-585 896 29 an an DT randomwalker-info-585 896 30 updated update VBN randomwalker-info-585 896 31 Markov Markov NNP randomwalker-info-585 896 32 chain chain NN randomwalker-info-585 896 33 with with IN randomwalker-info-585 896 34 state state NN randomwalker-info-585 896 35 0′′. 0′′. . randomwalker-info-585 897 1 Again again RB randomwalker-info-585 897 2 , , , randomwalker-info-585 897 3 note note VB randomwalker-info-585 897 4 that that IN randomwalker-info-585 897 5 this this DT randomwalker-info-585 897 6 modification modification NN randomwalker-info-585 897 7 is be VBZ randomwalker-info-585 897 8 just just RB randomwalker-info-585 897 9 for for IN randomwalker-info-585 897 10 analysis analysis NN randomwalker-info-585 897 11 . . . randomwalker-info-585 898 1 The the DT randomwalker-info-585 898 2 selfish selfish JJ randomwalker-info-585 898 3 mining mining NN randomwalker-info-585 898 4 with with IN randomwalker-info-585 898 5 cutoff cutoff NN randomwalker-info-585 898 6 that that WDT randomwalker-info-585 898 7 is be VBZ randomwalker-info-585 898 8 implemented implement VBN randomwalker-info-585 898 9 in in IN randomwalker-info-585 898 10 our -PRON- PRP$ randomwalker-info-585 898 11 simulator simulator NN randomwalker-info-585 898 12 is be VBZ randomwalker-info-585 898 13 as as RB randomwalker-info-585 898 14 described describe VBN randomwalker-info-585 898 15 in in IN randomwalker-info-585 898 16 the the DT randomwalker-info-585 898 17 body body NN randomwalker-info-585 898 18 . . . randomwalker-info-585 899 1 In in IN randomwalker-info-585 899 2 order order NN randomwalker-info-585 899 3 to to TO randomwalker-info-585 899 4 calculate calculate VB randomwalker-info-585 899 5 the the DT randomwalker-info-585 899 6 selfish selfish JJ randomwalker-info-585 899 7 miner miner NN randomwalker-info-585 899 8 ’s ’s POS randomwalker-info-585 899 9 expected expect VBN randomwalker-info-585 899 10 revenue revenue NN randomwalker-info-585 899 11 , , , randomwalker-info-585 899 12 we -PRON- PRP randomwalker-info-585 899 13 must must MD randomwalker-info-585 899 14 again again RB randomwalker-info-585 899 15 calculate calculate VB randomwalker-info-585 899 16 the the DT randomwalker-info-585 899 17 probability probability NN randomwalker-info-585 899 18 of of IN randomwalker-info-585 899 19 the the DT randomwalker-info-585 899 20 system system NN randomwalker-info-585 899 21 being be VBG randomwalker-info-585 899 22 in in IN randomwalker-info-585 899 23 any any DT randomwalker-info-585 899 24 given give VBN randomwalker-info-585 899 25 state state NN randomwalker-info-585 899 26 , , , randomwalker-info-585 899 27 and and CC randomwalker-info-585 899 28 the the DT randomwalker-info-585 899 29 chance chance NN randomwalker-info-585 899 30 that that IN randomwalker-info-585 899 31 a a DT randomwalker-info-585 899 32 transaction transaction NN randomwalker-info-585 899 33 arriving arrive VBG randomwalker-info-585 899 34 to to IN randomwalker-info-585 899 35 the the DT randomwalker-info-585 899 36 system system NN randomwalker-info-585 899 37 while while IN randomwalker-info-585 899 38 in in IN randomwalker-info-585 899 39 one one CD randomwalker-info-585 899 40 of of IN randomwalker-info-585 899 41 these these DT randomwalker-info-585 899 42 states state NNS randomwalker-info-585 899 43 eventually eventually RB randomwalker-info-585 899 44 ends end VBZ randomwalker-info-585 899 45 up up RP randomwalker-info-585 899 46 in in IN randomwalker-info-585 899 47 a a DT randomwalker-info-585 899 48 block block NN randomwalker-info-585 899 49 mined mine VBN randomwalker-info-585 899 50 by by IN randomwalker-info-585 899 51 the the DT randomwalker-info-585 899 52 selfish selfish JJ randomwalker-info-585 899 53 miner miner NN randomwalker-info-585 899 54 . . . randomwalker-info-585 900 1 From from IN randomwalker-info-585 900 2 looking look VBG randomwalker-info-585 900 3 at at IN randomwalker-info-585 900 4 the the DT randomwalker-info-585 900 5 state state NN randomwalker-info-585 900 6 transitions transition NNS randomwalker-info-585 900 7 in in IN randomwalker-info-585 900 8 Figure Figure NNP randomwalker-info-585 900 9 13 13 CD randomwalker-info-585 900 10 , , , randomwalker-info-585 900 11 we -PRON- PRP randomwalker-info-585 900 12 can can MD randomwalker-info-585 900 13 derive derive VB randomwalker-info-585 900 14 the the DT randomwalker-info-585 900 15 following follow VBG randomwalker-info-585 900 16 formulas formula NNS randomwalker-info-585 900 17 relating relate VBG randomwalker-info-585 900 18 the the DT randomwalker-info-585 900 19 probabilities probability NNS randomwalker-info-585 900 20 of of IN randomwalker-info-585 900 21 being be VBG randomwalker-info-585 900 22 in in IN randomwalker-info-585 900 23 each each DT randomwalker-info-585 900 24 state state NN randomwalker-info-585 900 25 : : : randomwalker-info-585 900 26 piα piα NN randomwalker-info-585 900 27 = = NFP randomwalker-info-585 900 28 pi+1(1 pi+1(1 CD randomwalker-info-585 900 29 −α −α CD randomwalker-info-585 900 30 ) ) -RRB- randomwalker-info-585 900 31 ( ( -LRB- randomwalker-info-585 900 32 8) 8) CD randomwalker-info-585 900 33 = = SYM randomwalker-info-585 900 34 ⇒ ⇒ NNP randomwalker-info-585 900 35 pi pi NN randomwalker-info-585 900 36 = = SYM randomwalker-info-585 900 37 ( ( -LRB- randomwalker-info-585 900 38 α α DT randomwalker-info-585 900 39 1 1 CD randomwalker-info-585 900 40 −α −α CD randomwalker-info-585 900 41 ) ) -RRB- randomwalker-info-585 900 42 i−1 i−1 NNP randomwalker-info-585 900 43 p1 p1 NN randomwalker-info-585 900 44 ( ( -LRB- randomwalker-info-585 900 45 9 9 CD randomwalker-info-585 900 46 ) ) -RRB- randomwalker-info-585 900 47 p0′′ p0′′ NNP randomwalker-info-585 900 48 = = SYM randomwalker-info-585 900 49 ( ( -LRB- randomwalker-info-585 900 50 1 1 CD randomwalker-info-585 900 51 −α)p2 −α)p2 NNP randomwalker-info-585 900 52 = = SYM randomwalker-info-585 900 53 αp1 αp1 NNP randomwalker-info-585 900 54 ( ( -LRB- randomwalker-info-585 900 55 10 10 CD randomwalker-info-585 900 56 ) ) -RRB- randomwalker-info-585 900 57 p0′ p0′ NNP randomwalker-info-585 900 58 = = NNS randomwalker-info-585 900 59 ( ( -LRB- randomwalker-info-585 900 60 1 1 CD randomwalker-info-585 900 61 −α)p1 −α)p1 NN randomwalker-info-585 900 62 ( ( -LRB- randomwalker-info-585 900 63 11 11 CD randomwalker-info-585 900 64 ) ) -RRB- randomwalker-info-585 900 65 Figure figure NN randomwalker-info-585 900 66 13 13 CD randomwalker-info-585 900 67 : : : randomwalker-info-585 900 68 State state NN randomwalker-info-585 900 69 machine machine NN randomwalker-info-585 900 70 for for IN randomwalker-info-585 900 71 selfish selfish JJ randomwalker-info-585 900 72 mining mining NN randomwalker-info-585 900 73 with with IN randomwalker-info-585 900 74 a a DT randomwalker-info-585 900 75 cutoff cutoff NN randomwalker-info-585 900 76 , , , randomwalker-info-585 900 77 introducing introduce VBG randomwalker-info-585 900 78 state state NN randomwalker-info-585 900 79 0′′. 0′′. . randomwalker-info-585 901 1 p0 p0 NN randomwalker-info-585 901 2 = = SYM randomwalker-info-585 901 3 p1 p1 NN randomwalker-info-585 901 4 α(1 α(1 NFP randomwalker-info-585 901 5 −e−β −e−β NN randomwalker-info-585 901 6 ) ) -RRB- randomwalker-info-585 901 7 ( ( -LRB- randomwalker-info-585 901 8 12 12 CD randomwalker-info-585 901 9 ) ) -RRB- randomwalker-info-585 901 10 We -PRON- PRP randomwalker-info-585 901 11 also also RB randomwalker-info-585 901 12 know know VBP randomwalker-info-585 901 13 that that IN randomwalker-info-585 901 14 the the DT randomwalker-info-585 901 15 system system NN randomwalker-info-585 901 16 is be VBZ randomwalker-info-585 901 17 guaranteed guarantee VBN randomwalker-info-585 901 18 to to TO randomwalker-info-585 901 19 be be VB randomwalker-info-585 901 20 in in IN randomwalker-info-585 901 21 some some DT randomwalker-info-585 901 22 state state NN randomwalker-info-585 901 23 , , , randomwalker-info-585 901 24 which which WDT randomwalker-info-585 901 25 means mean VBZ randomwalker-info-585 901 26 the the DT randomwalker-info-585 901 27 following following NN randomwalker-info-585 901 28 . . . randomwalker-info-585 902 1 p0 p0 NN randomwalker-info-585 902 2 + + SYM randomwalker-info-585 902 3 p0′ p0′ NN randomwalker-info-585 902 4 + + CC randomwalker-info-585 902 5 p0′′ p0′′ NN randomwalker-info-585 902 6 + + SYM randomwalker-info-585 902 7 i=∞∑ i=∞∑ NN randomwalker-info-585 902 8 i=1 i=1 NNPS randomwalker-info-585 902 9 pi pi NN randomwalker-info-585 902 10 = = SYM randomwalker-info-585 902 11 1 1 CD randomwalker-info-585 902 12 ( ( -LRB- randomwalker-info-585 902 13 13 13 CD randomwalker-info-585 902 14 ) ) -RRB- randomwalker-info-585 902 15 Which which WDT randomwalker-info-585 902 16 together together RB randomwalker-info-585 902 17 imply imply VBP randomwalker-info-585 902 18 that that DT randomwalker-info-585 902 19 p1 p1 NN randomwalker-info-585 902 20 = = NFP randomwalker-info-585 902 21 α(2α− α(2α− NNP randomwalker-info-585 902 22 1)(eβ 1)(eβ CD randomwalker-info-585 902 23 − − NNP randomwalker-info-585 902 24 1 1 CD randomwalker-info-585 902 25 ) ) -RRB- randomwalker-info-585 902 26 3α2(eβ 3α2(eβ CD randomwalker-info-585 902 27 − − NNP randomwalker-info-585 902 28 1 1 CD randomwalker-info-585 902 29 ) ) -RRB- randomwalker-info-585 902 30 + + CC randomwalker-info-585 902 31 2α−eβ 2α−eβ CD randomwalker-info-585 902 32 ( ( -LRB- randomwalker-info-585 902 33 14 14 CD randomwalker-info-585 902 34 ) ) -RRB- randomwalker-info-585 902 35 With with IN randomwalker-info-585 902 36 equations equation NNS randomwalker-info-585 902 37 9 9 CD randomwalker-info-585 902 38 - - SYM randomwalker-info-585 902 39 12 12 CD randomwalker-info-585 902 40 , , , randomwalker-info-585 902 41 this this DT randomwalker-info-585 902 42 gives give VBZ randomwalker-info-585 902 43 expressions expression NNS randomwalker-info-585 902 44 for for IN randomwalker-info-585 902 45 the the DT randomwalker-info-585 902 46 probabilities probability NNS randomwalker-info-585 902 47 of of IN randomwalker-info-585 902 48 all all PDT randomwalker-info-585 902 49 the the DT randomwalker-info-585 902 50 possible possible JJ randomwalker-info-585 902 51 states state NNS randomwalker-info-585 902 52 the the DT randomwalker-info-585 902 53 system system NN randomwalker-info-585 902 54 could could MD randomwalker-info-585 902 55 be be VB randomwalker-info-585 902 56 in in IN randomwalker-info-585 902 57 . . . randomwalker-info-585 903 1 Now now RB randomwalker-info-585 903 2 we -PRON- PRP randomwalker-info-585 903 3 need need VBP randomwalker-info-585 903 4 to to TO randomwalker-info-585 903 5 compute compute VB randomwalker-info-585 903 6 the the DT randomwalker-info-585 903 7 probability probability NN randomwalker-info-585 903 8 that that IN randomwalker-info-585 903 9 a a DT randomwalker-info-585 903 10 transaction transaction NN randomwalker-info-585 903 11 that that WDT randomwalker-info-585 903 12 arrives arrive VBZ randomwalker-info-585 903 13 when when WRB randomwalker-info-585 903 14 the the DT randomwalker-info-585 903 15 system system NN randomwalker-info-585 903 16 is be VBZ randomwalker-info-585 903 17 in in IN randomwalker-info-585 903 18 state state NN randomwalker-info-585 903 19 s s POS randomwalker-info-585 903 20 winds wind VBZ randomwalker-info-585 903 21 up up RP randomwalker-info-585 903 22 with with IN randomwalker-info-585 903 23 the the DT randomwalker-info-585 903 24 selfish selfish JJ randomwalker-info-585 903 25 miner miner NN randomwalker-info-585 903 26 . . . randomwalker-info-585 904 1 Unfortunately unfortunately RB randomwalker-info-585 904 2 , , , randomwalker-info-585 904 3 this this DT randomwalker-info-585 904 4 is be VBZ randomwalker-info-585 904 5 not not RB randomwalker-info-585 904 6 a a DT randomwalker-info-585 904 7 clean clean JJ randomwalker-info-585 904 8 approach approach NN randomwalker-info-585 904 9 : : : randomwalker-info-585 904 10 because because IN randomwalker-info-585 904 11 in in IN randomwalker-info-585 904 12 state state NN randomwalker-info-585 904 13 0 0 NFP randomwalker-info-585 904 14 the the DT randomwalker-info-585 904 15 selfish selfish JJ randomwalker-info-585 904 16 miner miner NN randomwalker-info-585 904 17 will will MD randomwalker-info-585 904 18 sometimes sometimes RB randomwalker-info-585 904 19 publish publish VB randomwalker-info-585 904 20 and and CC randomwalker-info-585 904 21 sometimes sometimes RB randomwalker-info-585 904 22 hide hide VB randomwalker-info-585 904 23 their -PRON- PRP$ randomwalker-info-585 904 24 block block NN randomwalker-info-585 904 25 , , , randomwalker-info-585 904 26 depending depend VBG randomwalker-info-585 904 27 on on IN randomwalker-info-585 904 28 how how WRB randomwalker-info-585 904 29 much much JJ randomwalker-info-585 904 30 time time NN randomwalker-info-585 904 31 has have VBZ randomwalker-info-585 904 32 passed pass VBN randomwalker-info-585 904 33 since since IN randomwalker-info-585 904 34 the the DT randomwalker-info-585 904 35 last last JJ randomwalker-info-585 904 36 block block NN randomwalker-info-585 904 37 was be VBD randomwalker-info-585 904 38 found find VBN randomwalker-info-585 904 39 , , , randomwalker-info-585 904 40 we -PRON- PRP randomwalker-info-585 904 41 need need VBP randomwalker-info-585 904 42 actually actually RB randomwalker-info-585 904 43 to to TO randomwalker-info-585 904 44 introduce introduce VB randomwalker-info-585 904 45 a a DT randomwalker-info-585 904 46 continuum continuum NN randomwalker-info-585 904 47 of of IN randomwalker-info-585 904 48 states state NNS randomwalker-info-585 904 49 for for IN randomwalker-info-585 904 50 each each DT randomwalker-info-585 904 51 amount amount NN randomwalker-info-585 904 52 of of IN randomwalker-info-585 904 53 time time NN randomwalker-info-585 904 54 x x NNS randomwalker-info-585 904 55 for for IN randomwalker-info-585 904 56 the the DT randomwalker-info-585 904 57 size size NN randomwalker-info-585 904 58 of of IN randomwalker-info-585 904 59 the the DT randomwalker-info-585 904 60 block block NN randomwalker-info-585 904 61 that that WDT randomwalker-info-585 904 62 is be VBZ randomwalker-info-585 904 63 building build VBG randomwalker-info-585 904 64 during during IN randomwalker-info-585 904 65 state state NN randomwalker-info-585 904 66 0 0 CD randomwalker-info-585 904 67 . . . randomwalker-info-585 905 1 So so RB randomwalker-info-585 905 2 let let VB randomwalker-info-585 905 3 ’s -PRON- PRP randomwalker-info-585 905 4 define define VB randomwalker-info-585 905 5 a a DT randomwalker-info-585 905 6 new new JJ randomwalker-info-585 905 7 variable variable NN randomwalker-info-585 905 8 , , , randomwalker-info-585 905 9 p0(x p0(x NNP randomwalker-info-585 905 10 ) ) -RRB- randomwalker-info-585 905 11 which which WDT randomwalker-info-585 905 12 denotes denote VBZ randomwalker-info-585 905 13 the the DT randomwalker-info-585 905 14 probability probability NN randomwalker-info-585 905 15 that that IN randomwalker-info-585 905 16 the the DT randomwalker-info-585 905 17 system system NN randomwalker-info-585 905 18 is be VBZ randomwalker-info-585 905 19 in in IN randomwalker-info-585 905 20 state state NN randomwalker-info-585 905 21 0 0 CD randomwalker-info-585 905 22 and and CC randomwalker-info-585 905 23 x x SYM randomwalker-info-585 905 24 units unit NNS randomwalker-info-585 905 25 of of IN randomwalker-info-585 905 26 time time NN randomwalker-info-585 905 27 have have VBP randomwalker-info-585 905 28 passed pass VBN randomwalker-info-585 905 29 since since IN randomwalker-info-585 905 30 the the DT randomwalker-info-585 905 31 system system NN randomwalker-info-585 905 32 entered enter VBD randomwalker-info-585 905 33 state state NN randomwalker-info-585 905 34 0 0 CD randomwalker-info-585 905 35 . . . randomwalker-info-585 906 1 Because because IN randomwalker-info-585 906 2 we -PRON- PRP randomwalker-info-585 906 3 introduced introduce VBD randomwalker-info-585 906 4 this this DT randomwalker-info-585 906 5 new new JJ randomwalker-info-585 906 6 state state NN randomwalker-info-585 906 7 0′′ 0′′ NNP randomwalker-info-585 906 8 , , , randomwalker-info-585 906 9 whenever whenever WRB randomwalker-info-585 906 10 we -PRON- PRP randomwalker-info-585 906 11 enter enter VBP randomwalker-info-585 906 12 state state NN randomwalker-info-585 906 13 0 0 CD randomwalker-info-585 906 14 , , , randomwalker-info-585 906 15 the the DT randomwalker-info-585 906 16 initial initial JJ randomwalker-info-585 906 17 block block NN randomwalker-info-585 906 18 is be VBZ randomwalker-info-585 906 19 empty empty JJ randomwalker-info-585 906 20 . . . randomwalker-info-585 907 1 Therefore therefore RB randomwalker-info-585 907 2 , , , randomwalker-info-585 907 3 the the DT randomwalker-info-585 907 4 probability probability NN randomwalker-info-585 907 5 that that WDT randomwalker-info-585 907 6 we -PRON- PRP randomwalker-info-585 907 7 wind wind VBP randomwalker-info-585 907 8 up up RP randomwalker-info-585 907 9 in in IN randomwalker-info-585 907 10 state state NN randomwalker-info-585 907 11 0 0 CD randomwalker-info-585 907 12 with with IN randomwalker-info-585 907 13 a a DT randomwalker-info-585 907 14 block block NN randomwalker-info-585 907 15 of of IN randomwalker-info-585 907 16 size size NN randomwalker-info-585 907 17 at at IN randomwalker-info-585 907 18 least least JJS randomwalker-info-585 907 19 x x NN randomwalker-info-585 907 20 is be VBZ randomwalker-info-585 907 21 p0e p0e NNP randomwalker-info-585 907 22 −x −x CD randomwalker-info-585 907 23 , , , randomwalker-info-585 907 24 and and CC randomwalker-info-585 907 25 we -PRON- PRP randomwalker-info-585 907 26 have have VBP randomwalker-info-585 907 27 : : : randomwalker-info-585 907 28 p0(x p0(x ADD randomwalker-info-585 907 29 ) ) -RRB- randomwalker-info-585 907 30 = = NFP randomwalker-info-585 907 31 p0e p0e ADD randomwalker-info-585 907 32 −x −x CD randomwalker-info-585 907 33 dx dx NNP randomwalker-info-585 907 34 ( ( -LRB- randomwalker-info-585 907 35 15 15 CD randomwalker-info-585 907 36 ) ) -RRB- randomwalker-info-585 907 37 We -PRON- PRP randomwalker-info-585 907 38 must must MD randomwalker-info-585 907 39 now now RB randomwalker-info-585 907 40 calculate calculate VB randomwalker-info-585 907 41 the the DT randomwalker-info-585 907 42 associated associated JJ randomwalker-info-585 907 43 fs fs NNP randomwalker-info-585 907 44 ( ( -LRB- randomwalker-info-585 907 45 probability probability NN randomwalker-info-585 907 46 that that IN randomwalker-info-585 907 47 a a DT randomwalker-info-585 907 48 transaction transaction NN randomwalker-info-585 907 49 winds wind VBZ randomwalker-info-585 907 50 up up RP randomwalker-info-585 907 51 with with IN randomwalker-info-585 907 52 the the DT randomwalker-info-585 907 53 selfish selfish JJ randomwalker-info-585 907 54 miner miner NN randomwalker-info-585 907 55 conditioned condition VBN randomwalker-info-585 907 56 on on IN randomwalker-info-585 907 57 arriving arrive VBG randomwalker-info-585 907 58 during during IN randomwalker-info-585 907 59 state state NN randomwalker-info-585 907 60 s s NNPS randomwalker-info-585 907 61 ) ) -RRB- randomwalker-info-585 907 62 in in IN randomwalker-info-585 907 63 order order NN randomwalker-info-585 907 64 to to TO randomwalker-info-585 907 65 calculate calculate VB randomwalker-info-585 907 66 the the DT randomwalker-info-585 907 67 expected expect VBN randomwalker-info-585 907 68 fraction fraction NN randomwalker-info-585 907 69 of of IN randomwalker-info-585 907 70 the the DT randomwalker-info-585 907 71 rewards reward NNS randomwalker-info-585 907 72 claimed claim VBN randomwalker-info-585 907 73 by by IN randomwalker-info-585 907 74 the the DT randomwalker-info-585 907 75 selfish selfish JJ randomwalker-info-585 907 76 miner miner NN randomwalker-info-585 907 77 . . . randomwalker-info-585 908 1 Computing Computing NNP randomwalker-info-585 908 2 f0(x f0(x NNP randomwalker-info-585 908 3 ) ) -RRB- randomwalker-info-585 908 4 . . . randomwalker-info-585 909 1 If if IN randomwalker-info-585 909 2 a a DT randomwalker-info-585 909 3 new new JJ randomwalker-info-585 909 4 transaction transaction NN randomwalker-info-585 909 5 arrives arrive VBZ randomwalker-info-585 909 6 in in IN randomwalker-info-585 909 7 state state NN randomwalker-info-585 909 8 0 0 CD randomwalker-info-585 909 9 , , , randomwalker-info-585 909 10 let let VB randomwalker-info-585 909 11 ’s -PRON- PRP randomwalker-info-585 909 12 look look VB randomwalker-info-585 909 13 at at IN randomwalker-info-585 909 14 where where WRB randomwalker-info-585 909 15 this this DT randomwalker-info-585 909 16 transaction transaction NN randomwalker-info-585 909 17 might may MD randomwalker-info-585 909 18 wind wind VB randomwalker-info-585 909 19 up up RP randomwalker-info-585 909 20 . . . randomwalker-info-585 910 1 Note note VB randomwalker-info-585 910 2 that that IN randomwalker-info-585 910 3 this this DT randomwalker-info-585 910 4 depends depend VBZ randomwalker-info-585 910 5 on on IN randomwalker-info-585 910 6 how how WRB randomwalker-info-585 910 7 long long JJ randomwalker-info-585 910 8 it -PRON- PRP randomwalker-info-585 910 9 ’s ’ VBZ randomwalker-info-585 910 10 been be VBN randomwalker-info-585 910 11 ( ( -LRB- randomwalker-info-585 910 12 x x LS randomwalker-info-585 910 13 ) ) -RRB- randomwalker-info-585 910 14 since since IN randomwalker-info-585 910 15 the the DT randomwalker-info-585 910 16 last last JJ randomwalker-info-585 910 17 block block NN randomwalker-info-585 910 18 was be VBD randomwalker-info-585 910 19 found find VBN randomwalker-info-585 910 20 . . . randomwalker-info-585 911 1 • • VB randomwalker-info-585 911 2 If if IN randomwalker-info-585 911 3 the the DT randomwalker-info-585 911 4 next next JJ randomwalker-info-585 911 5 block block NN randomwalker-info-585 911 6 is be VBZ randomwalker-info-585 911 7 found find VBN randomwalker-info-585 911 8 by by IN randomwalker-info-585 911 9 the the DT randomwalker-info-585 911 10 honest honest JJ randomwalker-info-585 911 11 miner miner NN randomwalker-info-585 911 12 , , , randomwalker-info-585 911 13 then then RB randomwalker-info-585 911 14 this this DT randomwalker-info-585 911 15 transaction transaction NN randomwalker-info-585 911 16 will will MD randomwalker-info-585 911 17 certainly certainly RB randomwalker-info-585 911 18 wind wind VB randomwalker-info-585 911 19 up up RP randomwalker-info-585 911 20 with with IN randomwalker-info-585 911 21 the the DT randomwalker-info-585 911 22 honest honest JJ randomwalker-info-585 911 23 miners miner NNS randomwalker-info-585 911 24 . . . randomwalker-info-585 912 1 This this DT randomwalker-info-585 912 2 happens happen VBZ randomwalker-info-585 912 3 with with IN randomwalker-info-585 912 4 probability probability NN randomwalker-info-585 912 5 1 1 CD randomwalker-info-585 912 6 −α −α CD randomwalker-info-585 912 7 . . . randomwalker-info-585 913 1 • • VB randomwalker-info-585 913 2 If if IN randomwalker-info-585 913 3 x x LS randomwalker-info-585 913 4 ≥ ≥ UH randomwalker-info-585 913 5 β β NN randomwalker-info-585 913 6 , , , randomwalker-info-585 913 7 and and CC randomwalker-info-585 913 8 the the DT randomwalker-info-585 913 9 next next JJ randomwalker-info-585 913 10 block block NN randomwalker-info-585 913 11 is be VBZ randomwalker-info-585 913 12 found find VBN randomwalker-info-585 913 13 by by IN randomwalker-info-585 913 14 the the DT randomwalker-info-585 913 15 selfish selfish JJ randomwalker-info-585 913 16 miner miner NN randomwalker-info-585 913 17 , , , randomwalker-info-585 913 18 then then RB randomwalker-info-585 913 19 it -PRON- PRP randomwalker-info-585 913 20 certainly certainly RB randomwalker-info-585 913 21 winds wind VBZ randomwalker-info-585 913 22 up up RP randomwalker-info-585 913 23 with with IN randomwalker-info-585 913 24 the the DT randomwalker-info-585 913 25 selfish selfish JJ randomwalker-info-585 913 26 miner miner NN randomwalker-info-585 913 27 . . . randomwalker-info-585 914 1 This this DT randomwalker-info-585 914 2 happens happen VBZ randomwalker-info-585 914 3 with with IN randomwalker-info-585 914 4 probability probability NN randomwalker-info-585 914 5 α α XX randomwalker-info-585 914 6 . . . randomwalker-info-585 915 1 • • VB randomwalker-info-585 915 2 If if IN randomwalker-info-585 915 3 x x NNS randomwalker-info-585 915 4 < < XX randomwalker-info-585 915 5 β β XX randomwalker-info-585 915 6 , , , randomwalker-info-585 915 7 and and CC randomwalker-info-585 915 8 the the DT randomwalker-info-585 915 9 next next JJ randomwalker-info-585 915 10 block block NN randomwalker-info-585 915 11 is be VBZ randomwalker-info-585 915 12 found find VBN randomwalker-info-585 915 13 by by IN randomwalker-info-585 915 14 the the DT randomwalker-info-585 915 15 selfish selfish JJ randomwalker-info-585 915 16 miner miner NN randomwalker-info-585 915 17 after after IN randomwalker-info-585 915 18 time time NN randomwalker-info-585 915 19 β−x β−x VBD randomwalker-info-585 915 20 as as IN randomwalker-info-585 915 21 passed pass VBN randomwalker-info-585 915 22 , , , randomwalker-info-585 915 23 then then RB randomwalker-info-585 915 24 it -PRON- PRP randomwalker-info-585 915 25 certainly certainly RB randomwalker-info-585 915 26 winds wind VBZ randomwalker-info-585 915 27 up up RP randomwalker-info-585 915 28 with with IN randomwalker-info-585 915 29 the the DT randomwalker-info-585 915 30 selfish selfish JJ randomwalker-info-585 915 31 miner miner NN randomwalker-info-585 915 32 . . . randomwalker-info-585 916 1 This this DT randomwalker-info-585 916 2 happens happen VBZ randomwalker-info-585 916 3 with with IN randomwalker-info-585 916 4 probability probability NN randomwalker-info-585 916 5 αe−β+x αe−β+x NNP randomwalker-info-585 916 6 . . . randomwalker-info-585 917 1 • • VB randomwalker-info-585 917 2 If if IN randomwalker-info-585 917 3 x x NNS randomwalker-info-585 917 4 < < XX randomwalker-info-585 917 5 β β XX randomwalker-info-585 917 6 , , , randomwalker-info-585 917 7 and and CC randomwalker-info-585 917 8 the the DT randomwalker-info-585 917 9 next next JJ randomwalker-info-585 917 10 block block NN randomwalker-info-585 917 11 is be VBZ randomwalker-info-585 917 12 found find VBN randomwalker-info-585 917 13 by by IN randomwalker-info-585 917 14 the the DT randomwalker-info-585 917 15 selfish selfish JJ randomwalker-info-585 917 16 miner miner NN randomwalker-info-585 917 17 within within IN randomwalker-info-585 917 18 β β NNP randomwalker-info-585 917 19 −x −x CD randomwalker-info-585 917 20 time time NN randomwalker-info-585 917 21 , , , randomwalker-info-585 917 22 then then RB randomwalker-info-585 917 23 this this DT randomwalker-info-585 917 24 transaction transaction NN randomwalker-info-585 917 25 is be VBZ randomwalker-info-585 917 26 n’t not RB randomwalker-info-585 917 27 determined determine VBN randomwalker-info-585 917 28 yet yet RB randomwalker-info-585 917 29 because because IN randomwalker-info-585 917 30 the the DT randomwalker-info-585 917 31 selfish selfish JJ randomwalker-info-585 917 32 miner miner NN randomwalker-info-585 917 33 chooses choose VBZ randomwalker-info-585 917 34 to to TO randomwalker-info-585 917 35 hide hide VB randomwalker-info-585 917 36 that that DT randomwalker-info-585 917 37 block block NN randomwalker-info-585 917 38 . . . randomwalker-info-585 918 1 But but CC randomwalker-info-585 918 2 this this DT randomwalker-info-585 918 3 happens happen VBZ randomwalker-info-585 918 4 with with IN randomwalker-info-585 918 5 probability probability NN randomwalker-info-585 918 6 α(1 α(1 NNP randomwalker-info-585 918 7 −e−β+x −e−β+x NNP randomwalker-info-585 918 8 ) ) -RRB- randomwalker-info-585 918 9 . . . randomwalker-info-585 919 1 • • VB randomwalker-info-585 919 2 If if IN randomwalker-info-585 919 3 both both DT randomwalker-info-585 919 4 of of IN randomwalker-info-585 919 5 the the DT randomwalker-info-585 919 6 next next JJ randomwalker-info-585 919 7 two two CD randomwalker-info-585 919 8 blocks block NNS randomwalker-info-585 919 9 are be VBP randomwalker-info-585 919 10 found find VBN randomwalker-info-585 919 11 by by IN randomwalker-info-585 919 12 the the DT randomwalker-info-585 919 13 selfish selfish JJ randomwalker-info-585 919 14 miner miner NN randomwalker-info-585 919 15 , , , randomwalker-info-585 919 16 than than IN randomwalker-info-585 919 17 this this DT randomwalker-info-585 919 18 transaction transaction NN randomwalker-info-585 919 19 is be VBZ randomwalker-info-585 919 20 contained contain VBN randomwalker-info-585 919 21 in in IN randomwalker-info-585 919 22 a a DT randomwalker-info-585 919 23 block block NN randomwalker-info-585 919 24 of of IN randomwalker-info-585 919 25 the the DT randomwalker-info-585 919 26 selfish selfish JJ randomwalker-info-585 919 27 miner miner NN randomwalker-info-585 919 28 that that WDT randomwalker-info-585 919 29 will will MD randomwalker-info-585 919 30 certainly certainly RB randomwalker-info-585 919 31 be be VB randomwalker-info-585 919 32 included include VBN randomwalker-info-585 919 33 in in IN randomwalker-info-585 919 34 the the DT randomwalker-info-585 919 35 eventual eventual JJ randomwalker-info-585 919 36 longest long JJS randomwalker-info-585 919 37 chain chain NN randomwalker-info-585 919 38 . . . randomwalker-info-585 920 1 This this DT randomwalker-info-585 920 2 happens happen VBZ randomwalker-info-585 920 3 with with IN randomwalker-info-585 920 4 probability probability NN randomwalker-info-585 920 5 α2(1 α2(1 NNP randomwalker-info-585 920 6 −e−β+x −e−β+x NNP randomwalker-info-585 920 7 ) ) -RRB- randomwalker-info-585 920 8 . . . randomwalker-info-585 921 1 • • VB randomwalker-info-585 921 2 If if IN randomwalker-info-585 921 3 the the DT randomwalker-info-585 921 4 next next JJ randomwalker-info-585 921 5 block block NN randomwalker-info-585 921 6 is be VBZ randomwalker-info-585 921 7 found find VBN randomwalker-info-585 921 8 by by IN randomwalker-info-585 921 9 the the DT randomwalker-info-585 921 10 selfish selfish JJ randomwalker-info-585 921 11 miner miner NN randomwalker-info-585 921 12 , , , randomwalker-info-585 921 13 followed follow VBN randomwalker-info-585 921 14 by by IN randomwalker-info-585 921 15 a a DT randomwalker-info-585 921 16 block block NN randomwalker-info-585 921 17 by by IN randomwalker-info-585 921 18 the the DT randomwalker-info-585 921 19 honest honest JJ randomwalker-info-585 921 20 miner miner NN randomwalker-info-585 921 21 , , , randomwalker-info-585 921 22 then then RB randomwalker-info-585 921 23 a a DT randomwalker-info-585 921 24 race race NN randomwalker-info-585 921 25 is be VBZ randomwalker-info-585 921 26 triggered trigger VBN randomwalker-info-585 921 27 . . . randomwalker-info-585 922 1 This this DT randomwalker-info-585 922 2 transaction transaction NN randomwalker-info-585 922 3 is be VBZ randomwalker-info-585 922 4 contained contain VBN randomwalker-info-585 922 5 in in IN randomwalker-info-585 922 6 the the DT randomwalker-info-585 922 7 two two CD randomwalker-info-585 922 8 racing racing NN randomwalker-info-585 922 9 blocks block NNS randomwalker-info-585 922 10 , , , randomwalker-info-585 922 11 so so CC randomwalker-info-585 922 12 whoever whoever WP randomwalker-info-585 922 13 wins win VBZ randomwalker-info-585 922 14 the the DT randomwalker-info-585 922 15 race race NN randomwalker-info-585 922 16 gets get VBZ randomwalker-info-585 922 17 this this DT randomwalker-info-585 922 18 transaction transaction NN randomwalker-info-585 922 19 . . . randomwalker-info-585 923 1 The the DT randomwalker-info-585 923 2 race race NN randomwalker-info-585 923 3 occurs occur VBZ randomwalker-info-585 923 4 with with IN randomwalker-info-585 923 5 probability probability NN randomwalker-info-585 923 6 α(1 α(1 VB randomwalker-info-585 923 7 −e−β+x)(1 −e−β+x)(1 IN randomwalker-info-585 923 8 −α −α CD randomwalker-info-585 923 9 ) ) -RRB- randomwalker-info-585 923 10 , , , randomwalker-info-585 923 11 and and CC randomwalker-info-585 923 12 the the DT randomwalker-info-585 923 13 selfish selfish JJ randomwalker-info-585 923 14 miner miner NN randomwalker-info-585 923 15 wins win VBZ randomwalker-info-585 923 16 the the DT randomwalker-info-585 923 17 race race NN randomwalker-info-585 923 18 with with IN randomwalker-info-585 923 19 probability probability NN randomwalker-info-585 923 20 α α CD randomwalker-info-585 923 21 + + CC randomwalker-info-585 923 22 ( ( -LRB- randomwalker-info-585 923 23 1 1 CD randomwalker-info-585 923 24 −α)γ −α)γ NNP randomwalker-info-585 923 25 . . . randomwalker-info-585 924 1 So so RB randomwalker-info-585 924 2 in in IN randomwalker-info-585 924 3 total total NN randomwalker-info-585 924 4 , , , randomwalker-info-585 924 5 we -PRON- PRP randomwalker-info-585 924 6 see see VBP randomwalker-info-585 924 7 that that IN randomwalker-info-585 924 8 f0(x f0(x NNP randomwalker-info-585 924 9 ) ) -RRB- randomwalker-info-585 924 10 = = NFP randomwalker-info-585 924 11 α α XX randomwalker-info-585 924 12 , , , randomwalker-info-585 924 13 when when WRB randomwalker-info-585 924 14 x x LS randomwalker-info-585 924 15 ≥ ≥ UH randomwalker-info-585 924 16 β β NN randomwalker-info-585 924 17 , , , randomwalker-info-585 924 18 and and CC randomwalker-info-585 924 19 f0(x f0(x NNP randomwalker-info-585 924 20 ) ) -RRB- randomwalker-info-585 924 21 = = NFP randomwalker-info-585 924 22 αe−β+x αe−β+x NN randomwalker-info-585 924 23 + + XX randomwalker-info-585 924 24 α2(1 α2(1 NNP randomwalker-info-585 924 25 −e−β+x −e−β+x NNP randomwalker-info-585 924 26 ) ) -RRB- randomwalker-info-585 924 27 + + CC randomwalker-info-585 924 28 α(1 α(1 NFP randomwalker-info-585 924 29 −α)(1 −α)(1 XX randomwalker-info-585 924 30 −e−β+x)(α −e−β+x)(α FW randomwalker-info-585 924 31 + + NFP randomwalker-info-585 924 32 ( ( -LRB- randomwalker-info-585 924 33 1 1 CD randomwalker-info-585 924 34 −α)γ −α)γ NNP randomwalker-info-585 924 35 ) ) -RRB- randomwalker-info-585 924 36 if if IN randomwalker-info-585 924 37 x x NNP randomwalker-info-585 924 38 ≤ ≤ NNP randomwalker-info-585 924 39 β β NNP randomwalker-info-585 924 40 . . . randomwalker-info-585 924 41 Computing computing NN randomwalker-info-585 924 42 f0′. f0′. NNS randomwalker-info-585 925 1 If if IN randomwalker-info-585 925 2 a a DT randomwalker-info-585 925 3 new new JJ randomwalker-info-585 925 4 transaction transaction NN randomwalker-info-585 925 5 arrives arrive VBZ randomwalker-info-585 925 6 when when WRB randomwalker-info-585 925 7 there there EX randomwalker-info-585 925 8 are be VBP randomwalker-info-585 925 9 two two CD randomwalker-info-585 925 10 chains chain NNS randomwalker-info-585 925 11 competing compete VBG randomwalker-info-585 925 12 of of IN randomwalker-info-585 925 13 the the DT randomwalker-info-585 925 14 same same JJ randomwalker-info-585 925 15 length length NN randomwalker-info-585 925 16 , , , randomwalker-info-585 925 17 then then RB randomwalker-info-585 925 18 the the DT randomwalker-info-585 925 19 next next JJ randomwalker-info-585 925 20 block block NN randomwalker-info-585 925 21 found find VBN randomwalker-info-585 925 22 is be VBZ randomwalker-info-585 925 23 certainly certainly RB randomwalker-info-585 925 24 contained contain VBN randomwalker-info-585 925 25 in in IN randomwalker-info-585 925 26 the the DT randomwalker-info-585 925 27 eventual eventual JJ randomwalker-info-585 925 28 longest long JJS randomwalker-info-585 925 29 chain chain NN randomwalker-info-585 925 30 ( ( -LRB- randomwalker-info-585 925 31 because because IN randomwalker-info-585 925 32 both both DT randomwalker-info-585 925 33 miners miner NNS randomwalker-info-585 925 34 choose choose VBP randomwalker-info-585 925 35 to to TO randomwalker-info-585 925 36 mine -PRON- PRP randomwalker-info-585 925 37 on on IN randomwalker-info-585 925 38 top top NN randomwalker-info-585 925 39 of of IN randomwalker-info-585 925 40 it -PRON- PRP randomwalker-info-585 925 41 ) ) -RRB- randomwalker-info-585 925 42 . . . randomwalker-info-585 926 1 So so CC randomwalker-info-585 926 2 if if IN randomwalker-info-585 926 3 the the DT randomwalker-info-585 926 4 next next JJ randomwalker-info-585 926 5 block block NN randomwalker-info-585 926 6 is be VBZ randomwalker-info-585 926 7 found find VBN randomwalker-info-585 926 8 by by IN randomwalker-info-585 926 9 the the DT randomwalker-info-585 926 10 selfish selfish JJ randomwalker-info-585 926 11 miner miner NN randomwalker-info-585 926 12 , , , randomwalker-info-585 926 13 this this DT randomwalker-info-585 926 14 transaction transaction NN randomwalker-info-585 926 15 is be VBZ randomwalker-info-585 926 16 won win VBN randomwalker-info-585 926 17 by by IN randomwalker-info-585 926 18 him -PRON- PRP randomwalker-info-585 926 19 . . . randomwalker-info-585 927 1 Otherwise otherwise RB randomwalker-info-585 927 2 , , , randomwalker-info-585 927 3 it -PRON- PRP randomwalker-info-585 927 4 ’s ’ VBZ randomwalker-info-585 927 5 won win VBN randomwalker-info-585 927 6 by by IN randomwalker-info-585 927 7 the the DT randomwalker-info-585 927 8 honest honest JJ randomwalker-info-585 927 9 miner miner NN randomwalker-info-585 927 10 . . . randomwalker-info-585 928 1 So so RB randomwalker-info-585 928 2 we -PRON- PRP randomwalker-info-585 928 3 have have VBP randomwalker-info-585 928 4 f0′ f0′ NN randomwalker-info-585 928 5 = = SYM randomwalker-info-585 928 6 α α XX randomwalker-info-585 928 7 . . . randomwalker-info-585 928 8 Computing computing NN randomwalker-info-585 928 9 f0′′. f0′′. '' randomwalker-info-585 929 1 If if IN randomwalker-info-585 929 2 a a DT randomwalker-info-585 929 3 new new JJ randomwalker-info-585 929 4 transaction transaction NN randomwalker-info-585 929 5 arrives arrive VBZ randomwalker-info-585 929 6 during during IN randomwalker-info-585 929 7 the the DT randomwalker-info-585 929 8 state state NN randomwalker-info-585 929 9 0 0 CD randomwalker-info-585 929 10 ′′ ′′ NN randomwalker-info-585 929 11 , , , randomwalker-info-585 929 12 the the DT randomwalker-info-585 929 13 next next JJ randomwalker-info-585 929 14 block block NN randomwalker-info-585 929 15 found find VBN randomwalker-info-585 929 16 is be VBZ randomwalker-info-585 929 17 certainly certainly RB randomwalker-info-585 929 18 contained contain VBN randomwalker-info-585 929 19 in in IN randomwalker-info-585 929 20 the the DT randomwalker-info-585 929 21 eventual eventual JJ randomwalker-info-585 929 22 longest long JJS randomwalker-info-585 929 23 chain chain NN randomwalker-info-585 929 24 again again RB randomwalker-info-585 929 25 . . . randomwalker-info-585 930 1 So so RB randomwalker-info-585 930 2 we -PRON- PRP randomwalker-info-585 930 3 again again RB randomwalker-info-585 930 4 have have VBP randomwalker-info-585 930 5 f0′′ f0′′ NNP randomwalker-info-585 930 6 = = SYM randomwalker-info-585 930 7 α α XX randomwalker-info-585 930 8 . . . randomwalker-info-585 930 9 Computing Computing NNP randomwalker-info-585 930 10 f1 f1 NNP randomwalker-info-585 930 11 . . . randomwalker-info-585 931 1 If if IN randomwalker-info-585 931 2 a a DT randomwalker-info-585 931 3 new new JJ randomwalker-info-585 931 4 transaction transaction NN randomwalker-info-585 931 5 arrives arrive VBZ randomwalker-info-585 931 6 when when WRB randomwalker-info-585 931 7 the the DT randomwalker-info-585 931 8 sefish sefish JJ randomwalker-info-585 931 9 miner miner NN randomwalker-info-585 931 10 has have VBZ randomwalker-info-585 931 11 a a DT randomwalker-info-585 931 12 private private JJ randomwalker-info-585 931 13 chain chain NN randomwalker-info-585 931 14 of of IN randomwalker-info-585 931 15 length length NN randomwalker-info-585 931 16 1 1 CD randomwalker-info-585 931 17 , , , randomwalker-info-585 931 18 let let VB randomwalker-info-585 931 19 ’s -PRON- PRP randomwalker-info-585 931 20 consider consider VB randomwalker-info-585 931 21 where where WRB randomwalker-info-585 931 22 the the DT randomwalker-info-585 931 23 transaction transaction NN randomwalker-info-585 931 24 might may MD randomwalker-info-585 931 25 wind wind VB randomwalker-info-585 931 26 up up RP randomwalker-info-585 931 27 : : : randomwalker-info-585 931 28 • • VB randomwalker-info-585 931 29 If if IN randomwalker-info-585 931 30 the the DT randomwalker-info-585 931 31 next next JJ randomwalker-info-585 931 32 block block NN randomwalker-info-585 931 33 is be VBZ randomwalker-info-585 931 34 found find VBN randomwalker-info-585 931 35 by by IN randomwalker-info-585 931 36 the the DT randomwalker-info-585 931 37 selfish selfish JJ randomwalker-info-585 931 38 miner miner NN randomwalker-info-585 931 39 , , , randomwalker-info-585 931 40 then then RB randomwalker-info-585 931 41 this this DT randomwalker-info-585 931 42 transaction transaction NN randomwalker-info-585 931 43 is be VBZ randomwalker-info-585 931 44 contained contain VBN randomwalker-info-585 931 45 in in IN randomwalker-info-585 931 46 a a DT randomwalker-info-585 931 47 block block NN randomwalker-info-585 931 48 of of IN randomwalker-info-585 931 49 the the DT randomwalker-info-585 931 50 selfish selfish JJ randomwalker-info-585 931 51 miner miner NN randomwalker-info-585 931 52 that that WDT randomwalker-info-585 931 53 will will MD randomwalker-info-585 931 54 certainly certainly RB randomwalker-info-585 931 55 be be VB randomwalker-info-585 931 56 included include VBN randomwalker-info-585 931 57 in in IN randomwalker-info-585 931 58 the the DT randomwalker-info-585 931 59 eventual eventual JJ randomwalker-info-585 931 60 longest long JJS randomwalker-info-585 931 61 chain chain NN randomwalker-info-585 931 62 . . . randomwalker-info-585 932 1 This this DT randomwalker-info-585 932 2 happens happen VBZ randomwalker-info-585 932 3 with with IN randomwalker-info-585 932 4 probability probability NN randomwalker-info-585 932 5 α α XX randomwalker-info-585 932 6 . . . randomwalker-info-585 933 1 • • VB randomwalker-info-585 933 2 If if IN randomwalker-info-585 933 3 the the DT randomwalker-info-585 933 4 next next JJ randomwalker-info-585 933 5 block block NN randomwalker-info-585 933 6 is be VBZ randomwalker-info-585 933 7 found find VBN randomwalker-info-585 933 8 by by IN randomwalker-info-585 933 9 the the DT randomwalker-info-585 933 10 honest honest JJ randomwalker-info-585 933 11 miner miner NN randomwalker-info-585 933 12 , , , randomwalker-info-585 933 13 then then RB randomwalker-info-585 933 14 this this DT randomwalker-info-585 933 15 triggers trigger VBZ randomwalker-info-585 933 16 a a DT randomwalker-info-585 933 17 release release NN randomwalker-info-585 933 18 of of IN randomwalker-info-585 933 19 the the DT randomwalker-info-585 933 20 private private JJ randomwalker-info-585 933 21 block block NN randomwalker-info-585 933 22 and and CC randomwalker-info-585 933 23 a a DT randomwalker-info-585 933 24 race race NN randomwalker-info-585 933 25 . . . randomwalker-info-585 934 1 But but CC randomwalker-info-585 934 2 , , , randomwalker-info-585 934 3 the the DT randomwalker-info-585 934 4 racing race VBG randomwalker-info-585 934 5 selfish selfish JJ randomwalker-info-585 934 6 block block NN randomwalker-info-585 934 7 does do VBZ randomwalker-info-585 934 8 not not RB randomwalker-info-585 934 9 contain contain VB randomwalker-info-585 934 10 this this DT randomwalker-info-585 934 11 transaction transaction NN randomwalker-info-585 934 12 , , , randomwalker-info-585 934 13 whereas whereas IN randomwalker-info-585 934 14 the the DT randomwalker-info-585 934 15 racing race VBG randomwalker-info-585 934 16 honest honest JJ randomwalker-info-585 934 17 block block NN randomwalker-info-585 934 18 does do VBZ randomwalker-info-585 934 19 . . . randomwalker-info-585 935 1 So so CC randomwalker-info-585 935 2 if if IN randomwalker-info-585 935 3 the the DT randomwalker-info-585 935 4 racing race VBG randomwalker-info-585 935 5 honest honest JJ randomwalker-info-585 935 6 block block NN randomwalker-info-585 935 7 wins win NNS randomwalker-info-585 935 8 , , , randomwalker-info-585 935 9 the the DT randomwalker-info-585 935 10 honest honest JJ randomwalker-info-585 935 11 miner miner NN randomwalker-info-585 935 12 gets get VBZ randomwalker-info-585 935 13 this this DT randomwalker-info-585 935 14 transaction transaction NN randomwalker-info-585 935 15 . . . randomwalker-info-585 936 1 If if IN randomwalker-info-585 936 2 the the DT randomwalker-info-585 936 3 racing race VBG randomwalker-info-585 936 4 selfish selfish JJ randomwalker-info-585 936 5 block block NN randomwalker-info-585 936 6 wins win NNS randomwalker-info-585 936 7 , , , randomwalker-info-585 936 8 whoever whoever WP randomwalker-info-585 936 9 finds find VBZ randomwalker-info-585 936 10 the the DT randomwalker-info-585 936 11 block block NN randomwalker-info-585 936 12 that that WDT randomwalker-info-585 936 13 ends end VBZ randomwalker-info-585 936 14 the the DT randomwalker-info-585 936 15 race race NN randomwalker-info-585 936 16 gets get VBZ randomwalker-info-585 936 17 this this DT randomwalker-info-585 936 18 transaction transaction NN randomwalker-info-585 936 19 . . . randomwalker-info-585 937 1 So so IN randomwalker-info-585 937 2 the the DT randomwalker-info-585 937 3 selfish selfish JJ randomwalker-info-585 937 4 miner miner NN randomwalker-info-585 937 5 gets get VBZ randomwalker-info-585 937 6 the the DT randomwalker-info-585 937 7 transaction transaction NN randomwalker-info-585 937 8 in in IN randomwalker-info-585 937 9 this this DT randomwalker-info-585 937 10 case case NN randomwalker-info-585 937 11 only only RB randomwalker-info-585 937 12 if if IN randomwalker-info-585 937 13 he -PRON- PRP randomwalker-info-585 937 14 finds find VBZ randomwalker-info-585 937 15 the the DT randomwalker-info-585 937 16 block block NN randomwalker-info-585 937 17 that that WDT randomwalker-info-585 937 18 ends end VBZ randomwalker-info-585 937 19 the the DT randomwalker-info-585 937 20 race race NN randomwalker-info-585 937 21 . . . randomwalker-info-585 938 1 This this DT randomwalker-info-585 938 2 happens happen VBZ randomwalker-info-585 938 3 with with IN randomwalker-info-585 938 4 probability probability NN randomwalker-info-585 938 5 ( ( -LRB- randomwalker-info-585 938 6 1 1 CD randomwalker-info-585 938 7 −α)α −α)α NNS randomwalker-info-585 938 8 . . . randomwalker-info-585 939 1 So so RB randomwalker-info-585 939 2 we -PRON- PRP randomwalker-info-585 939 3 see see VBP randomwalker-info-585 939 4 that that DT randomwalker-info-585 939 5 f1 f1 NNP randomwalker-info-585 939 6 = = SYM randomwalker-info-585 939 7 α α NNP randomwalker-info-585 939 8 + + SYM randomwalker-info-585 939 9 ( ( -LRB- randomwalker-info-585 939 10 1 1 CD randomwalker-info-585 939 11 −α)α −α)α NNS randomwalker-info-585 939 12 = = SYM randomwalker-info-585 939 13 α(2 α(2 $ randomwalker-info-585 939 14 −α −α CD randomwalker-info-585 939 15 ) ) -RRB- randomwalker-info-585 939 16 . . . randomwalker-info-585 940 1 Computing computing NN randomwalker-info-585 940 2 fi fi RB randomwalker-info-585 940 3 , , , randomwalker-info-585 940 4 i i PRP randomwalker-info-585 940 5 > > XX randomwalker-info-585 940 6 1 1 CD randomwalker-info-585 940 7 . . . randomwalker-info-585 941 1 If if IN randomwalker-info-585 941 2 a a DT randomwalker-info-585 941 3 new new JJ randomwalker-info-585 941 4 transaction transaction NN randomwalker-info-585 941 5 arrives arrive VBZ randomwalker-info-585 941 6 when when WRB randomwalker-info-585 941 7 the the DT randomwalker-info-585 941 8 selfish selfish JJ randomwalker-info-585 941 9 miner miner NN randomwalker-info-585 941 10 has have VBZ randomwalker-info-585 941 11 a a DT randomwalker-info-585 941 12 private private JJ randomwalker-info-585 941 13 chain chain NN randomwalker-info-585 941 14 of of IN randomwalker-info-585 941 15 length length NN randomwalker-info-585 941 16 i i PRP randomwalker-info-585 941 17 > > VBP randomwalker-info-585 941 18 1 1 CD randomwalker-info-585 941 19 , , , randomwalker-info-585 941 20 let let VB randomwalker-info-585 941 21 ’s -PRON- PRP randomwalker-info-585 941 22 again again RB randomwalker-info-585 941 23 consider consider VB randomwalker-info-585 941 24 where where WRB randomwalker-info-585 941 25 this this DT randomwalker-info-585 941 26 transaction transaction NN randomwalker-info-585 941 27 might may MD randomwalker-info-585 941 28 wind wind VB randomwalker-info-585 941 29 up up RP randomwalker-info-585 941 30 : : : randomwalker-info-585 941 31 • • VB randomwalker-info-585 941 32 If if IN randomwalker-info-585 941 33 the the DT randomwalker-info-585 941 34 next next JJ randomwalker-info-585 941 35 block block NN randomwalker-info-585 941 36 is be VBZ randomwalker-info-585 941 37 found find VBN randomwalker-info-585 941 38 by by IN randomwalker-info-585 941 39 the the DT randomwalker-info-585 941 40 selfish selfish JJ randomwalker-info-585 941 41 miner miner NN randomwalker-info-585 941 42 , , , randomwalker-info-585 941 43 then then RB randomwalker-info-585 941 44 this this DT randomwalker-info-585 941 45 transaction transaction NN randomwalker-info-585 941 46 is be VBZ randomwalker-info-585 941 47 contained contain VBN randomwalker-info-585 941 48 in in IN randomwalker-info-585 941 49 a a DT randomwalker-info-585 941 50 block block NN randomwalker-info-585 941 51 of of IN randomwalker-info-585 941 52 the the DT randomwalker-info-585 941 53 selfish selfish JJ randomwalker-info-585 941 54 miner miner NN randomwalker-info-585 941 55 that that WDT randomwalker-info-585 941 56 will will MD randomwalker-info-585 941 57 certainly certainly RB randomwalker-info-585 941 58 be be VB randomwalker-info-585 941 59 included include VBN randomwalker-info-585 941 60 in in IN randomwalker-info-585 941 61 the the DT randomwalker-info-585 941 62 eventual eventual JJ randomwalker-info-585 941 63 longest long JJS randomwalker-info-585 941 64 chain chain NN randomwalker-info-585 941 65 . . . randomwalker-info-585 942 1 This this DT randomwalker-info-585 942 2 happens happen VBZ randomwalker-info-585 942 3 with with IN randomwalker-info-585 942 4 probability probability NN randomwalker-info-585 942 5 α α XX randomwalker-info-585 942 6 . . . randomwalker-info-585 943 1 • • VB randomwalker-info-585 943 2 If if IN randomwalker-info-585 943 3 the the DT randomwalker-info-585 943 4 next next JJ randomwalker-info-585 943 5 i− i− NNP randomwalker-info-585 943 6 1 1 CD randomwalker-info-585 943 7 blocks block NNS randomwalker-info-585 943 8 are be VBP randomwalker-info-585 943 9 all all DT randomwalker-info-585 943 10 found find VBN randomwalker-info-585 943 11 by by IN randomwalker-info-585 943 12 the the DT randomwalker-info-585 943 13 honest honest JJ randomwalker-info-585 943 14 miner miner NN randomwalker-info-585 943 15 , , , randomwalker-info-585 943 16 then then RB randomwalker-info-585 943 17 this this DT randomwalker-info-585 943 18 triggers trigger VBZ randomwalker-info-585 943 19 a a DT randomwalker-info-585 943 20 release release NN randomwalker-info-585 943 21 of of IN randomwalker-info-585 943 22 the the DT randomwalker-info-585 943 23 private private JJ randomwalker-info-585 943 24 chain chain NN randomwalker-info-585 943 25 , , , randomwalker-info-585 943 26 and and CC randomwalker-info-585 943 27 all all PDT randomwalker-info-585 943 28 those those DT randomwalker-info-585 943 29 blocks block NNS randomwalker-info-585 943 30 found find VBN randomwalker-info-585 943 31 by by IN randomwalker-info-585 943 32 the the DT randomwalker-info-585 943 33 honest honest JJ randomwalker-info-585 943 34 miner miner NN randomwalker-info-585 943 35 are be VBP randomwalker-info-585 943 36 immediately immediately RB randomwalker-info-585 943 37 ignored ignore VBN randomwalker-info-585 943 38 . . . randomwalker-info-585 944 1 At at IN randomwalker-info-585 944 2 this this DT randomwalker-info-585 944 3 point point NN randomwalker-info-585 944 4 , , , randomwalker-info-585 944 5 the the DT randomwalker-info-585 944 6 transaction transaction NN randomwalker-info-585 944 7 has have VBZ randomwalker-info-585 944 8 still still RB randomwalker-info-585 944 9 not not RB randomwalker-info-585 944 10 been be VBN randomwalker-info-585 944 11 included include VBN randomwalker-info-585 944 12 in in IN randomwalker-info-585 944 13 any any DT randomwalker-info-585 944 14 block block NN randomwalker-info-585 944 15 , , , randomwalker-info-585 944 16 so so CC randomwalker-info-585 944 17 it -PRON- PRP randomwalker-info-585 944 18 is be VBZ randomwalker-info-585 944 19 as as IN randomwalker-info-585 944 20 if if IN randomwalker-info-585 944 21 the the DT randomwalker-info-585 944 22 transaction transaction NN randomwalker-info-585 944 23 arrived arrive VBD randomwalker-info-585 944 24 in in IN randomwalker-info-585 944 25 state state NN randomwalker-info-585 944 26 0′′. 0′′. . randomwalker-info-585 945 1 So so IN randomwalker-info-585 945 2 the the DT randomwalker-info-585 945 3 selfish selfish JJ randomwalker-info-585 945 4 miner miner NN randomwalker-info-585 945 5 gets get VBZ randomwalker-info-585 945 6 this this DT randomwalker-info-585 945 7 transaction transaction NN randomwalker-info-585 945 8 with with IN randomwalker-info-585 945 9 probability probability NN randomwalker-info-585 945 10 f0′′ f0′′ NNS randomwalker-info-585 945 11 in in IN randomwalker-info-585 945 12 this this DT randomwalker-info-585 945 13 case case NN randomwalker-info-585 945 14 . . . randomwalker-info-585 946 1 • • VB randomwalker-info-585 946 2 If if IN randomwalker-info-585 946 3 any any DT randomwalker-info-585 946 4 of of IN randomwalker-info-585 946 5 the the DT randomwalker-info-585 946 6 next next JJ randomwalker-info-585 946 7 i−1 i−1 NN randomwalker-info-585 946 8 blocks block NNS randomwalker-info-585 946 9 are be VBP randomwalker-info-585 946 10 found find VBN randomwalker-info-585 946 11 by by IN randomwalker-info-585 946 12 the the DT randomwalker-info-585 946 13 selfish selfish JJ randomwalker-info-585 946 14 miner miner NN randomwalker-info-585 946 15 , , , randomwalker-info-585 946 16 then then RB randomwalker-info-585 946 17 this this DT randomwalker-info-585 946 18 block block NN randomwalker-info-585 946 19 is be VBZ randomwalker-info-585 946 20 certainly certainly RB randomwalker-info-585 946 21 included include VBN randomwalker-info-585 946 22 in in IN randomwalker-info-585 946 23 the the DT randomwalker-info-585 946 24 eventual eventual JJ randomwalker-info-585 946 25 longest long JJS randomwalker-info-585 946 26 chain chain NN randomwalker-info-585 946 27 , , , randomwalker-info-585 946 28 because because IN randomwalker-info-585 946 29 it -PRON- PRP randomwalker-info-585 946 30 is be VBZ randomwalker-info-585 946 31 found find VBN randomwalker-info-585 946 32 when when WRB randomwalker-info-585 946 33 the the DT randomwalker-info-585 946 34 selfish selfish JJ randomwalker-info-585 946 35 miner miner NN randomwalker-info-585 946 36 has have VBZ randomwalker-info-585 946 37 a a DT randomwalker-info-585 946 38 lead lead NN randomwalker-info-585 946 39 of of IN randomwalker-info-585 946 40 at at RB randomwalker-info-585 946 41 least least RBS randomwalker-info-585 946 42 two two CD randomwalker-info-585 946 43 . . . randomwalker-info-585 947 1 So so RB randomwalker-info-585 947 2 we -PRON- PRP randomwalker-info-585 947 3 see see VBP randomwalker-info-585 947 4 that that IN randomwalker-info-585 947 5 the the DT randomwalker-info-585 947 6 only only JJ randomwalker-info-585 947 7 way way NN randomwalker-info-585 947 8 the the DT randomwalker-info-585 947 9 selfish selfish JJ randomwalker-info-585 947 10 miner miner NN randomwalker-info-585 947 11 might may MD randomwalker-info-585 947 12 possibly possibly RB randomwalker-info-585 947 13 lose lose VB randomwalker-info-585 947 14 the the DT randomwalker-info-585 947 15 transaction transaction NN randomwalker-info-585 947 16 is be VBZ randomwalker-info-585 947 17 if if IN randomwalker-info-585 947 18 each each DT randomwalker-info-585 947 19 of of IN randomwalker-info-585 947 20 the the DT randomwalker-info-585 947 21 next next JJ randomwalker-info-585 947 22 i− i− NNP randomwalker-info-585 947 23 1 1 CD randomwalker-info-585 947 24 blocks block NNS randomwalker-info-585 947 25 are be VBP randomwalker-info-585 947 26 found find VBN randomwalker-info-585 947 27 by by IN randomwalker-info-585 947 28 the the DT randomwalker-info-585 947 29 honest honest JJ randomwalker-info-585 947 30 miner miner NN randomwalker-info-585 947 31 , , , randomwalker-info-585 947 32 and and CC randomwalker-info-585 947 33 even even RB randomwalker-info-585 947 34 in in IN randomwalker-info-585 947 35 this this DT randomwalker-info-585 947 36 case case NN randomwalker-info-585 947 37 the the DT randomwalker-info-585 947 38 selfish selfish JJ randomwalker-info-585 947 39 miner miner NN randomwalker-info-585 947 40 still still RB randomwalker-info-585 947 41 wins win VBZ randomwalker-info-585 947 42 the the DT randomwalker-info-585 947 43 transaction transaction NN randomwalker-info-585 947 44 with with IN randomwalker-info-585 947 45 probability probability NN randomwalker-info-585 947 46 f0′′ f0′′ NNP randomwalker-info-585 947 47 = = SYM randomwalker-info-585 947 48 α α XX randomwalker-info-585 947 49 . . . randomwalker-info-585 948 1 So so RB randomwalker-info-585 948 2 the the DT randomwalker-info-585 948 3 honest honest JJ randomwalker-info-585 948 4 miner miner NN randomwalker-info-585 948 5 only only RB randomwalker-info-585 948 6 wins win VBZ randomwalker-info-585 948 7 this this DT randomwalker-info-585 948 8 transaction transaction NN randomwalker-info-585 948 9 with with IN randomwalker-info-585 948 10 probability probability NN randomwalker-info-585 948 11 ( ( -LRB- randomwalker-info-585 948 12 1 1 CD randomwalker-info-585 948 13 −α)i−1(1 −α)i−1(1 NNP randomwalker-info-585 948 14 −α −α CD randomwalker-info-585 948 15 ) ) -RRB- randomwalker-info-585 948 16 , , , randomwalker-info-585 948 17 and and CC randomwalker-info-585 948 18 we -PRON- PRP randomwalker-info-585 948 19 have have VBP randomwalker-info-585 948 20 fi fi IN randomwalker-info-585 948 21 = = SYM randomwalker-info-585 948 22 1 1 CD randomwalker-info-585 948 23 − − NNP randomwalker-info-585 948 24 ( ( -LRB- randomwalker-info-585 948 25 1 1 CD randomwalker-info-585 948 26 −α)i −α)i NNP randomwalker-info-585 948 27 . . . randomwalker-info-585 949 1 Now now RB randomwalker-info-585 949 2 , , , randomwalker-info-585 949 3 we -PRON- PRP randomwalker-info-585 949 4 just just RB randomwalker-info-585 949 5 have have VBP randomwalker-info-585 949 6 to to TO randomwalker-info-585 949 7 sum sum VB randomwalker-info-585 949 8 / / SYM randomwalker-info-585 949 9 integrate integrate VB randomwalker-info-585 949 10 over over IN randomwalker-info-585 949 11 all all DT randomwalker-info-585 949 12 states state NNS randomwalker-info-585 949 13 and and CC randomwalker-info-585 949 14 success success NN randomwalker-info-585 949 15 probabilities probability NNS randomwalker-info-585 949 16 to to TO randomwalker-info-585 949 17 compute compute VB randomwalker-info-585 949 18 the the DT randomwalker-info-585 949 19 fraction fraction NN randomwalker-info-585 949 20 of of IN randomwalker-info-585 949 21 transactions transaction NNS randomwalker-info-585 949 22 that that WDT randomwalker-info-585 949 23 go go VBP randomwalker-info-585 949 24 to to IN randomwalker-info-585 949 25 the the DT randomwalker-info-585 949 26 selfish selfish JJ randomwalker-info-585 949 27 miner miner NN randomwalker-info-585 949 28 . . . randomwalker-info-585 950 1 f0′p0′ f0′p0′ NFP randomwalker-info-585 950 2 = = SYM randomwalker-info-585 950 3 α(1 α(1 ADD randomwalker-info-585 950 4 −α)p1 −α)p1 NNP randomwalker-info-585 950 5 . . . randomwalker-info-585 951 1 f0′′p0′′ f0′′p0′′ NNP randomwalker-info-585 951 2 = = SYM randomwalker-info-585 951 3 α α NNP randomwalker-info-585 951 4 2 2 CD randomwalker-info-585 951 5 p1 p1 NN randomwalker-info-585 951 6 . . . randomwalker-info-585 952 1 f1p1 f1p1 NN randomwalker-info-585 952 2 = = SYM randomwalker-info-585 952 3 α(2 α(2 $ randomwalker-info-585 952 4 −α)p1 −α)p1 NN randomwalker-info-585 952 5 . . . randomwalker-info-585 953 1 fipi fipi NNP randomwalker-info-585 953 2 = = SYM randomwalker-info-585 953 3 ( ( -LRB- randomwalker-info-585 953 4 1 1 CD randomwalker-info-585 953 5 − − NNP randomwalker-info-585 953 6 ( ( -LRB- randomwalker-info-585 953 7 1 1 CD randomwalker-info-585 953 8 −α)i)αi−1p1 −α)i)αi−1p1 CD randomwalker-info-585 953 9 ( ( -LRB- randomwalker-info-585 953 10 1 1 CD randomwalker-info-585 953 11 −α)i−1 −α)i−1 NNP randomwalker-info-585 953 12 , , , randomwalker-info-585 953 13 i i PRP randomwalker-info-585 953 14 > > VBP randomwalker-info-585 953 15 1 1 CD randomwalker-info-585 953 16 . . . randomwalker-info-585 953 17 f0(x)p0(x f0(x)p0(x NNP randomwalker-info-585 953 18 ) ) -RRB- randomwalker-info-585 953 19 = = NFP randomwalker-info-585 953 20 p1e p1e NNP randomwalker-info-585 953 21 −xdx −xdx NN randomwalker-info-585 953 22 1 1 CD randomwalker-info-585 953 23 −e−β −e−β NN randomwalker-info-585 953 24 , , , randomwalker-info-585 953 25 x x LS randomwalker-info-585 953 26 ≥ ≥ UH randomwalker-info-585 953 27 β β NN randomwalker-info-585 953 28 . . . randomwalker-info-585 953 29 f0(x)p0(x f0(x)p0(x NNP randomwalker-info-585 953 30 ) ) -RRB- randomwalker-info-585 953 31 = = NFP randomwalker-info-585 953 32 p1e p1e NNP randomwalker-info-585 953 33 −xdx(e−β+x −xdx(e−β+x JJ randomwalker-info-585 953 34 + + SYM randomwalker-info-585 953 35 α(1 α(1 NFP randomwalker-info-585 953 36 −e−β+x −e−β+x NN randomwalker-info-585 953 37 ) ) -RRB- randomwalker-info-585 953 38 + + CC randomwalker-info-585 953 39 ( ( -LRB- randomwalker-info-585 953 40 1 1 CD randomwalker-info-585 953 41 −α)(1 −α)(1 CD randomwalker-info-585 953 42 −e−β+x)(α −e−β+x)(α NNP randomwalker-info-585 953 43 + + NFP randomwalker-info-585 953 44 ( ( -LRB- randomwalker-info-585 953 45 1 1 CD randomwalker-info-585 953 46 −α)γ −α)γ NNP randomwalker-info-585 953 47 ) ) -RRB- randomwalker-info-585 953 48 ) ) -RRB- randomwalker-info-585 953 49 1 1 CD randomwalker-info-585 953 50 −e−β −e−β NN randomwalker-info-585 953 51 , , , randomwalker-info-585 953 52 x x NNP randomwalker-info-585 953 53 ≤ ≤ NNP randomwalker-info-585 953 54 β β NNP randomwalker-info-585 953 55 . . . randomwalker-info-585 954 1 ∑ ∑ NFP randomwalker-info-585 954 2 i>1 i>1 NN randomwalker-info-585 954 3 αi−1 αi−1 . randomwalker-info-585 954 4 ( ( -LRB- randomwalker-info-585 954 5 1 1 CD randomwalker-info-585 954 6 −α)i−1 −α)i−1 NNPS randomwalker-info-585 954 7 = = SYM randomwalker-info-585 954 8 α α NNP randomwalker-info-585 954 9 1 1 CD randomwalker-info-585 954 10 − − NNP randomwalker-info-585 954 11 2α 2α CD randomwalker-info-585 954 12 . . . randomwalker-info-585 955 1 ∑ ∑ NFP randomwalker-info-585 955 2 i>1 i>1 NN randomwalker-info-585 955 3 α α NNP randomwalker-info-585 955 4 i−1 i−1 NNP randomwalker-info-585 955 5 = = SYM randomwalker-info-585 955 6 α α NNP randomwalker-info-585 955 7 1 1 CD randomwalker-info-585 955 8 −α −α CD randomwalker-info-585 955 9 . . . randomwalker-info-585 956 1 ⇒ ⇒ NNP randomwalker-info-585 956 2 ∑ ∑ . randomwalker-info-585 956 3 i>1 i>1 NN randomwalker-info-585 956 4 fipi fipi NN randomwalker-info-585 956 5 = = SYM randomwalker-info-585 956 6 p1 p1 NN randomwalker-info-585 956 7 ( ( -LRB- randomwalker-info-585 956 8 ∑ ∑ . randomwalker-info-585 956 9 i>1 i>1 NN randomwalker-info-585 956 10 αi−1 αi−1 . randomwalker-info-585 956 11 ( ( -LRB- randomwalker-info-585 956 12 1 1 CD randomwalker-info-585 956 13 −α)i−1 −α)i−1 NNP randomwalker-info-585 956 14 − − NNP randomwalker-info-585 956 15 ( ( -LRB- randomwalker-info-585 956 16 1 1 CD randomwalker-info-585 956 17 −α −α CD randomwalker-info-585 956 18 ) ) -RRB- randomwalker-info-585 956 19 ∑ ∑ . randomwalker-info-585 956 20 i>1 i>1 NN randomwalker-info-585 956 21 α α NNP randomwalker-info-585 956 22 i−1 i−1 NN randomwalker-info-585 956 23 ) ) -RRB- randomwalker-info-585 956 24 = = NFP randomwalker-info-585 956 25 ( ( -LRB- randomwalker-info-585 956 26 α α DT randomwalker-info-585 956 27 1 1 CD randomwalker-info-585 956 28 − − NNP randomwalker-info-585 956 29 2α 2α CD randomwalker-info-585 956 30 −α −α CD randomwalker-info-585 956 31 ) ) -RRB- randomwalker-info-585 956 32 p1 p1 NN randomwalker-info-585 956 33 = = NFP randomwalker-info-585 956 34 2α2p1 2α2p1 CD randomwalker-info-585 956 35 1 1 CD randomwalker-info-585 956 36 − − NNP randomwalker-info-585 956 37 2α 2α CD randomwalker-info-585 956 38 . . . randomwalker-info-585 957 1 ∫ ∫ NFP randomwalker-info-585 957 2 x≥β x≥β NNP randomwalker-info-585 957 3 f0(x)p0(x f0(x)p0(x NNP randomwalker-info-585 957 4 ) ) -RRB- randomwalker-info-585 957 5 = = NFP randomwalker-info-585 957 6 p1 p1 NN randomwalker-info-585 957 7 1 1 CD randomwalker-info-585 957 8 −e−β −e−β NNP randomwalker-info-585 957 9 ∫ ∫ XX randomwalker-info-585 957 10 x≥β x≥β NNP randomwalker-info-585 957 11 e e NNP randomwalker-info-585 957 12 −x −x CD randomwalker-info-585 957 13 dx dx NNP randomwalker-info-585 957 14 = = FW randomwalker-info-585 957 15 e−βp1 e−βp1 NNP randomwalker-info-585 957 16 1 1 CD randomwalker-info-585 957 17 −e−β −e−β NN randomwalker-info-585 957 18 . . . randomwalker-info-585 958 1 ∫ ∫ NFP randomwalker-info-585 958 2 x=0 x=0 NNP randomwalker-info-585 958 3 β β NNP randomwalker-info-585 958 4 f0(x)p0(x f0(x)p0(x NNP randomwalker-info-585 958 5 ) ) -RRB- randomwalker-info-585 958 6 = = NFP randomwalker-info-585 958 7 ∫ ∫ NFP randomwalker-info-585 958 8 β β NNP randomwalker-info-585 958 9 x=0 x=0 NNP randomwalker-info-585 958 10 p1 p1 NNP randomwalker-info-585 958 11 1 1 CD randomwalker-info-585 958 12 −e−β −e−β NN randomwalker-info-585 958 13 ( ( -LRB- randomwalker-info-585 958 14 ( ( -LRB- randomwalker-info-585 958 15 e e NNP randomwalker-info-585 958 16 −β −β NNP randomwalker-info-585 958 17 −αe−β −αe−β NNP randomwalker-info-585 958 18 − − NNP randomwalker-info-585 958 19 ( ( -LRB- randomwalker-info-585 958 20 1 1 CD randomwalker-info-585 958 21 −α)(α −α)(α NNP randomwalker-info-585 958 22 + + NFP randomwalker-info-585 958 23 ( ( -LRB- randomwalker-info-585 958 24 1 1 CD randomwalker-info-585 958 25 −α)γ)e−β −α)γ)e−β NN randomwalker-info-585 958 26 ) ) -RRB- randomwalker-info-585 958 27 + + CC randomwalker-info-585 958 28 ( ( -LRB- randomwalker-info-585 958 29 αe αe UH randomwalker-info-585 958 30 −x −x CD randomwalker-info-585 958 31 + + SYM randomwalker-info-585 958 32 ( ( -LRB- randomwalker-info-585 958 33 1 1 CD randomwalker-info-585 958 34 −α)(α −α)(α NNP randomwalker-info-585 958 35 + + NFP randomwalker-info-585 958 36 ( ( -LRB- randomwalker-info-585 958 37 1 1 CD randomwalker-info-585 958 38 −α)γ)e−x −α)γ)e−x NNP randomwalker-info-585 958 39 ) ) -RRB- randomwalker-info-585 958 40 ) ) -RRB- randomwalker-info-585 958 41 dx dx NNP randomwalker-info-585 958 42 . . . randomwalker-info-585 959 1 = = NFP randomwalker-info-585 959 2 p1βe p1βe NNP randomwalker-info-585 959 3 −β(1 −β(1 NNP randomwalker-info-585 959 4 −α− −α− NN randomwalker-info-585 959 5 ( ( -LRB- randomwalker-info-585 959 6 1 1 CD randomwalker-info-585 959 7 −α)(α −α)(α NNP randomwalker-info-585 959 8 + + NFP randomwalker-info-585 959 9 ( ( -LRB- randomwalker-info-585 959 10 1 1 CD randomwalker-info-585 959 11 −α)γ −α)γ NNP randomwalker-info-585 959 12 ) ) -RRB- randomwalker-info-585 959 13 ) ) -RRB- randomwalker-info-585 959 14 1 1 CD randomwalker-info-585 959 15 −e−β −e−β NN randomwalker-info-585 959 16 + + CC randomwalker-info-585 959 17 p1(1 p1(1 . randomwalker-info-585 959 18 −e−β)(α −e−β)(α NNP randomwalker-info-585 959 19 + + NFP randomwalker-info-585 959 20 ( ( -LRB- randomwalker-info-585 959 21 1 1 CD randomwalker-info-585 959 22 −α)(α −α)(α NNS randomwalker-info-585 959 23 + + NFP randomwalker-info-585 959 24 ( ( -LRB- randomwalker-info-585 959 25 1 1 CD randomwalker-info-585 959 26 −α)γ −α)γ NNP randomwalker-info-585 959 27 ) ) -RRB- randomwalker-info-585 959 28 ) ) -RRB- randomwalker-info-585 959 29 1 1 CD randomwalker-info-585 959 30 −e−β −e−β NN randomwalker-info-585 959 31 = = SYM randomwalker-info-585 959 32 p1 p1 NN randomwalker-info-585 959 33 ( ( -LRB- randomwalker-info-585 959 34 βe−β(1 βe−β(1 CD randomwalker-info-585 959 35 −α)(1 −α)(1 VBN randomwalker-info-585 959 36 −α− −α− NNP randomwalker-info-585 959 37 ( ( -LRB- randomwalker-info-585 959 38 1 1 CD randomwalker-info-585 959 39 −α)γ −α)γ NNP randomwalker-info-585 959 40 ) ) -RRB- randomwalker-info-585 959 41 + + CC randomwalker-info-585 959 42 ( ( -LRB- randomwalker-info-585 959 43 1 1 CD randomwalker-info-585 959 44 −e−β)(α −e−β)(α NNP randomwalker-info-585 959 45 + + NFP randomwalker-info-585 959 46 ( ( -LRB- randomwalker-info-585 959 47 1 1 CD randomwalker-info-585 959 48 −α)(α −α)(α NNS randomwalker-info-585 959 49 + + NFP randomwalker-info-585 959 50 ( ( -LRB- randomwalker-info-585 959 51 1 1 CD randomwalker-info-585 959 52 −α)γ −α)γ NNP randomwalker-info-585 959 53 ) ) -RRB- randomwalker-info-585 959 54 ) ) -RRB- randomwalker-info-585 959 55 ) ) -RRB- randomwalker-info-585 959 56 1 1 CD randomwalker-info-585 959 57 −e−β −e−β NN randomwalker-info-585 959 58 . . . randomwalker-info-585 960 1 Summing sum VBG randomwalker-info-585 960 2 everything everything NN randomwalker-info-585 960 3 together together RB randomwalker-info-585 960 4 , , , randomwalker-info-585 960 5 we -PRON- PRP randomwalker-info-585 960 6 then then RB randomwalker-info-585 960 7 get:∫ get:∫ NNP randomwalker-info-585 960 8 ∞ ∞ NNP randomwalker-info-585 960 9 0 0 NFP randomwalker-info-585 960 10 p0(x)f0(x p0(x)f0(x NN randomwalker-info-585 960 11 ) ) -RRB- randomwalker-info-585 960 12 + + CC randomwalker-info-585 960 13 ∑ ∑ . randomwalker-info-585 960 14 i>1 i>1 NN randomwalker-info-585 960 15 pifi pifi NN randomwalker-info-585 960 16 + + CC randomwalker-info-585 960 17 p0′f0′ p0′f0′ XX randomwalker-info-585 960 18 + + SYM randomwalker-info-585 960 19 p0′′f0′′ p0′′f0′′ NNP randomwalker-info-585 960 20 + + SYM randomwalker-info-585 960 21 p1f1 p1f1 NNS randomwalker-info-585 960 22 = = FW randomwalker-info-585 960 23 ( ( -LRB- randomwalker-info-585 960 24 βe−β(1 βe−β(1 CD randomwalker-info-585 960 25 −α)(1 −α)(1 VBN randomwalker-info-585 960 26 −α− −α− NNP randomwalker-info-585 960 27 ( ( -LRB- randomwalker-info-585 960 28 1 1 CD randomwalker-info-585 960 29 −α)γ −α)γ NNP randomwalker-info-585 960 30 ) ) -RRB- randomwalker-info-585 960 31 1 1 CD randomwalker-info-585 960 32 −e−β −e−β NN randomwalker-info-585 960 33 + + SYM randomwalker-info-585 960 34 α α NN randomwalker-info-585 960 35 + + SYM randomwalker-info-585 960 36 ( ( -LRB- randomwalker-info-585 960 37 1 1 CD randomwalker-info-585 960 38 −α)(α −α)(α NNS randomwalker-info-585 960 39 + + NFP randomwalker-info-585 960 40 ( ( -LRB- randomwalker-info-585 960 41 1 1 CD randomwalker-info-585 960 42 −α)γ −α)γ NNP randomwalker-info-585 960 43 ) ) -RRB- randomwalker-info-585 960 44 + + CC randomwalker-info-585 960 45 e−β e−β NN randomwalker-info-585 960 46 1 1 CD randomwalker-info-585 960 47 −e−β −e−β NN randomwalker-info-585 960 48 + + CC randomwalker-info-585 960 49 2α2 2α2 CD randomwalker-info-585 960 50 1 1 CD randomwalker-info-585 960 51 − − NNP randomwalker-info-585 960 52 2α 2α CD randomwalker-info-585 960 53 + + SYM randomwalker-info-585 960 54 3α−α2 3α−α2 CD randomwalker-info-585 960 55 ) ) -RRB- randomwalker-info-585 960 56 p1 p1 NN randomwalker-info-585 960 57 . . . randomwalker-info-585 961 1 This this DT randomwalker-info-585 961 2 can can MD randomwalker-info-585 961 3 be be VB randomwalker-info-585 961 4 further further RB randomwalker-info-585 961 5 simplified simplify VBN randomwalker-info-585 961 6 to to TO randomwalker-info-585 961 7 yield yield VB randomwalker-info-585 961 8 the the DT randomwalker-info-585 961 9 bound bound NN randomwalker-info-585 961 10 provided provide VBN randomwalker-info-585 961 11 in in IN randomwalker-info-585 961 12 the the DT randomwalker-info-585 961 13 paper paper NN randomwalker-info-585 961 14 . . . randomwalker-info-585 962 1 ( ( -LRB- randomwalker-info-585 962 2 βe−β(1 βe−β(1 CD randomwalker-info-585 962 3 −α)(1 −α)(1 VBN randomwalker-info-585 962 4 −α− −α− NNP randomwalker-info-585 962 5 ( ( -LRB- randomwalker-info-585 962 6 1 1 CD randomwalker-info-585 962 7 −α)γ −α)γ NNP randomwalker-info-585 962 8 ) ) -RRB- randomwalker-info-585 962 9 1 1 CD randomwalker-info-585 962 10 −e−β −e−β NN randomwalker-info-585 962 11 + + SYM randomwalker-info-585 962 12 α α NN randomwalker-info-585 962 13 + + SYM randomwalker-info-585 962 14 ( ( -LRB- randomwalker-info-585 962 15 1 1 CD randomwalker-info-585 962 16 −α)(α −α)(α NNS randomwalker-info-585 962 17 + + NFP randomwalker-info-585 962 18 ( ( -LRB- randomwalker-info-585 962 19 1 1 CD randomwalker-info-585 962 20 −α)γ −α)γ NNP randomwalker-info-585 962 21 ) ) -RRB- randomwalker-info-585 962 22 + + CC randomwalker-info-585 962 23 e−β e−β NN randomwalker-info-585 962 24 1 1 CD randomwalker-info-585 962 25 −e−β −e−β NN randomwalker-info-585 962 26 + + CC randomwalker-info-585 962 27 2α2 2α2 CD randomwalker-info-585 962 28 1 1 CD randomwalker-info-585 962 29 − − NNP randomwalker-info-585 962 30 2α 2α CD randomwalker-info-585 962 31 + + SYM randomwalker-info-585 962 32 3α−α2 3α−α2 CD randomwalker-info-585 962 33 ) ) -RRB- randomwalker-info-585 962 34 p1 p1 NN randomwalker-info-585 962 35 . . . randomwalker-info-585 963 1 = = SYM randomwalker-info-585 963 2 1 1 CD randomwalker-info-585 963 3 + + SYM randomwalker-info-585 963 4 β(1 β(1 NNS randomwalker-info-585 963 5 −α)2(1 −α)2(1 NNP randomwalker-info-585 963 6 −γ −γ NNP randomwalker-info-585 963 7 ) ) -RRB- randomwalker-info-585 963 8 eβ eβ NNP randomwalker-info-585 963 9 − − NNP randomwalker-info-585 963 10 1 1 CD randomwalker-info-585 963 11 + + CC randomwalker-info-585 963 12 4α 4α CD randomwalker-info-585 963 13 + + SYM randomwalker-info-585 963 14 ( ( -LRB- randomwalker-info-585 963 15 1 1 CD randomwalker-info-585 963 16 −α)(α −α)(α NNS randomwalker-info-585 963 17 + + NFP randomwalker-info-585 963 18 ( ( -LRB- randomwalker-info-585 963 19 1 1 CD randomwalker-info-585 963 20 −α)γ −α)γ NNP randomwalker-info-585 963 21 ) ) -RRB- randomwalker-info-585 963 22 + + CC randomwalker-info-585 963 23 2α2 2α2 CD randomwalker-info-585 963 24 1 1 CD randomwalker-info-585 963 25 − − NNP randomwalker-info-585 963 26 2α 2α CD randomwalker-info-585 963 27 −α2 −α2 NNP randomwalker-info-585 963 28 . . .