Evolutionary dynamics of cryptocurrency transaction networks: An empirical study
Liang, Jiaqi1,2; Li, Linjing1; Zeng, Daniel1,2,3
Source PublicationPLOS ONE
AbstractCryptocurrency is a well-developed blockchain technology application that is currently a heated topic throughout the world. The public availability of transaction histories offers an opportunity to analyze and compare different cryptocurrencies. In this paper, we present a dynamic network analysis of three representative blockchain-based cryptocurrencies: Bitcoin, Ethereum, and Namecoin. By analyzing the accumulated network growth, we find that, unlike most other networks, these cryptocurrency networks do not always densify over time, and they are changing all the time with relatively low node and edge repetition ratios. Therefore, we then construct separate networks on a monthly basis, trace the changes of typical network characteristics (including degree distribution, degree assortativity, clustering coefficient, and the largest connected component) over time, and compare the three. We find that the degree distribution of these monthly transaction networks cannot be well fitted by the famous power-law distribution, at the same time, different currency still has different network properties, e.g., both Bitcoin and Ethereum networks are heavy-tailed with disassortative mixing, however, only the former can be treated as a small world. These network properties reflect the evolutionary characteristics and competitive power of these three cryptocurrencies and provide a foundation for future research.
WOS HeadingsScience & Technology
Indexed BySCI
Funding OrganizationNational Key Research and Development Program of China(2017YFC0820105 ; National Natural Science Foundation of China(71621002 ; Key Research Program of the Chinese Academy of Sciences(ZDRW-XH-2017-3) ; 2016QY02D0305) ; U1435221)
WOS Research AreaScience & Technology - Other Topics
WOS SubjectMultidisciplinary Sciences
WOS IDWOS:000442282700017
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Document Type期刊论文
Affiliation1.Chinese Acad Sci, Inst Automat, State Key Lab Management & Control Complex Syst, Beijing, Peoples R China
2.Univ Chinese Acad Sci, Sch Comp & Control Engn, Beijing, Peoples R China
3.Univ Arizona, Dept Management Informat Syst, Tucson, AZ 85721 USA
Recommended Citation
GB/T 7714
Liang, Jiaqi,Li, Linjing,Zeng, Daniel. Evolutionary dynamics of cryptocurrency transaction networks: An empirical study[J]. PLOS ONE,2018,13(8).
APA Liang, Jiaqi,Li, Linjing,&Zeng, Daniel.(2018).Evolutionary dynamics of cryptocurrency transaction networks: An empirical study.PLOS ONE,13(8).
MLA Liang, Jiaqi,et al."Evolutionary dynamics of cryptocurrency transaction networks: An empirical study".PLOS ONE 13.8(2018).
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