Mitigations on Sybil-Based Double-Spend Attacks in Bitcoin
Abstract
Double-spending is a potential flaw in cryptocurrencies. In recent years, double-spend attacks have caused severe economic damage to many Bitcoin consumers, thus double-spending problems have attracted wide attention. Studying related countermeasures and mitigations against such attacks is imperative. In this article, we briefly introduce a new form of combined attack: double-spending with a Sybil attack in the Bitcoin network and discuss how to mitigate it. We propose two mitigations such as charging an identity fee and setting a deadline to defend against this attack, and we evaluate the effect of these two mitigations through an economic analysis.
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Nguyen, D. C., Ding, M., Pham, Q.-V., Pathirana, P. N., Le, L. B., Seneviratne, A., Li, J., Niyato, D., & Poor, H. V. (2021) · IEEE Internet of Things Journal · doi:10.1109/jiot.2021.3072611 · Cited by 661 · see citing works
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- Authors
- Zhang, S., & Lee, J.-H.
- Affiliations
- Sejong University (KR)
- Venue
- IEEE Consumer Electronics Magazine
- Published
- 2021-09-01
- Volume
- 10
- Issue
- 5
- Pages
- 23-28
- ISSN
- 2162-2248 (ISSN-L)
- 2162-2256
- OpenAlex
- W3024090107
- Cited by
- 16
- References
- 15
- Citations by year
- 2026: 1 · 2025: 1 · 2024: 2 · 2023: 2 · 2022: 5 · 2021: 5
- FWCI
- 2.82
- Type
- journal article
- Language
- en
- Open access
- closed
- Licence
- Locations
- IEEE Consumer Electronics Magazine (publishedVersion)
- Funders
- Ministry of Science and ICT, South Korea
- Information Technology Research Center (IITP-2020-2018-0-01799)
- Institute for Information & communications Technology Planning & Evaluation
- Topics
- Physical Sciences › Computer Science › Information Systems › Blockchain Technology Applications and Security
- Physical Sciences › Computer Science › Artificial Intelligence › Cryptography and Data Security
- Physical Sciences › Computer Science › Computer Networks and Communications › Distributed systems and fault tolerance
- Keywords
- double-spending attacks, Sybil attack, Bitcoin, cryptocurrency security, attack mitigation, transaction deadlines
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