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UID:515@lincs.fr
DTSTART;TZID=Europe/Paris:20191218T140000
DTEND;TZID=Europe/Paris:20191218T150000
DTSTAMP:20200120T092150Z
URL:https://www.lincs.fr/events/talk-by-marianna-belotti/
SUMMARY:Rewarding Miners: Bankruptcy games and Pooling Strategies
DESCRIPTION:In the Bitcoin system\, mining is the procedure through which
 miners can gain money on regular basis by finding solutions to a
 mathematical crypto puzzle (full solution) which validates bitcoin
 transactions. In order to reduce the uncertainty of the remuneration over
 time\, miners cooperate and form pools. Each pool receives a reward which
 has to be split among pool's participants. The focus of this paper is to
 understand which is best method for a mining pool to redistribute the
 reward among cooperating miners using proper game theoretical
 models.\nThere exist\, in the literature and in practice\, several reward
 functions which allocate bitcoins inside pools such as: (i) the
 proportional rule\, (ii) the pay-per-share rule and (iii) an incentive
 compatible rule ensuring that miners report full solutions to the pool
 immediately and not with a delay. However\, this last rule encourages a
 harmful intra-pool behaviour (i.e. pool hopping) in bankruptcy situations
 (where the gained reward results insufficient to remunerate pool miners)
 that causes a loss in terms of pool's computational power.\nBy
 reinterpreting the allocating rules as outcomes of bankruptcy games (i.e.\,
 a type of cooperative games) we construct two new reward functions (i.e.\,
 the PPS-CEA and the PPS-CEL) and investigate their properties. The PPS-CEL
 rules results having a good inter-pool behavior discouraging pool hopping
 however\, concerning the intra-pool behavior it does not behave as well as
 the incentive compatible rule.\nWe provide then a suitable modification of
 the PPS-CEL that discourages pool hopping in bankruptcy situations while
 guaranteeing the incentive compatible property.
CATEGORIES:Seminars,Youtube
LOCATION:Paris-Rennes Room (EIT Digital)\, 23 avenue d'Italie\, 75013
 Paris\, France
X-APPLE-STRUCTURED-LOCATION;VALUE=URI;X-ADDRESS=23 avenue d'Italie\, 75013
 Paris\, France;X-APPLE-RADIUS=100;X-TITLE=Paris-Rennes Room (EIT
 Digital):geo:0,0
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TZID:Europe/Paris
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DTSTART:20191027T020000
TZOFFSETFROM:+0200
TZOFFSETTO:+0100
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