Evolutionary dynamics of cryptocurrency transaction networks: An empirical study
Jiaqi, Liang1,2; Linjing, Li1; Daniel, Zeng1,2,3
Source PublicationPLOS ONE
2018-08-17
Volume13Issue:8Pages:1-18
SubtypeArticle
Abstract

Cryptocurrency 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.

Keywordcryptocurrency blockchain bitcoin transaction networks network analysis
WOS HeadingsScience & Technology
Subject AreaScience Technology, Social Sciences
DOI10.1371/journal.pone.0202202
WOS KeywordCOMPLEX NETWORKS
Indexed BySCI
Language英语
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
Citation statistics
Document Type期刊论文
Identifierhttp://ir.ia.ac.cn/handle/173211/21866
Collection复杂系统管理与控制国家重点实验室_互联网大数据与信息安全
Corresponding AuthorJiaqi, Liang; Linjing, Li
Affiliation1.The State Key Laboratory of Management and Control for Complex Systems, Institute of Automation, Chinese Academy of Sciences, Beijing, China
2.School of Computer and Control Engineering, University of Chinese Academy of Sciences, Beijing, China
3.Department of Management of Information Systems, The University of Arizona, Tucson, AZ, United States of America
First Author AffilicationInstitute of Automation, Chinese Academy of Sciences
Corresponding Author AffilicationInstitute of Automation, Chinese Academy of Sciences
Recommended Citation
GB/T 7714
Jiaqi, Liang,Linjing, Li,Daniel, Zeng. Evolutionary dynamics of cryptocurrency transaction networks: An empirical study[J]. PLOS ONE,2018,13(8):1-18.
APA Jiaqi, Liang,Linjing, Li,&Daniel, Zeng.(2018).Evolutionary dynamics of cryptocurrency transaction networks: An empirical study.PLOS ONE,13(8),1-18.
MLA Jiaqi, Liang,et al."Evolutionary dynamics of cryptocurrency transaction networks: An empirical study".PLOS ONE 13.8(2018):1-18.
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