Knowledge Commons of Institute of Automation,CAS
A Novel GSP Auction Mechanism for Ranking Bitcoin Transactions in Blockchain Mining | |
Li, Juanjuan1,2,3; Yuan, Yong2,3; Wang, Fei-Yue2,3 | |
发表期刊 | DECISION SUPPORT SYSTEMS |
ISSN | 0167-9236 |
2019-07 | |
卷号 | 124期号:2019页码:NA |
摘要 | Bitcoin is gaining ground in recent years. In the Bitcoin system, miners provide computing power to confirm transactions and mine blocks in pursuit of transaction fees, while users compete by bidding transaction fees for faster confirmation. This process is in essence analogous to online ad auctions, where advertisers bid for more prominent ad slots. Therefore, inspired by the Generalized Second Price (GSP) mechanism dominantly used in online ad auctions, we propose to adopt the GSP auction model in the Bitcoin transaction confirmation game. Also, we use weighted fees as the new ranking basis, which can be calculated by user-submitted fees, transaction size, quality scores and virtual fees accumulated from the waiting time. We show that the formulated static GSP transaction fee auction with complete information has a unique Pure Strategy Nash Equilibrium. Then, we discuss the impacts of quality scores and virtual fees on users' equilibrium fee decisions and payoffs. Finally, computational experiments are designed to validate our theoretical models and analysis. Our research findings indicate that this novel GSP mechanism is superior to the currently adopted GFP mechanism, and can help users save fees. Besides, quality scores and virtual fees are also proven to be effective on reducing users' paid fees. Moreover, the design of virtual fees allows all transactions to be processed more efficiently in a uniform pipeline, and the interests of transactions with and without associated fees are taken into consideration. |
关键词 | Blockchain Generalized Second Price auction Transaction fee Quality score Virtual fee |
DOI | 10.1016/j.dss.2019.113094 |
关键词[WOS] | INTERNET |
收录类别 | SCI |
语种 | 英语 |
资助项目 | National Natural Science Foundation of China[61533019] ; National Natural Science Foundation of China[71702182] ; National Natural Science Foundation of China[61533019] ; National Natural Science Foundation of China[71702182] |
WOS研究方向 | Computer Science ; Operations Research & Management Science |
WOS类目 | Computer Science, Artificial Intelligence ; Computer Science, Information Systems ; Operations Research & Management Science |
WOS记录号 | WOS:000484648000005 |
出版者 | ELSEVIER |
七大方向——子方向分类 | 博弈论与学习 |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://ir.ia.ac.cn/handle/173211/25803 |
专题 | 多模态人工智能系统全国重点实验室_平行智能技术与系统团队 |
通讯作者 | Yuan, Yong |
作者单位 | 1.Beijing Inst Technol, Sch Automat, Beijing 100081, Peoples R China 2.Chinese Acad Sci, Inst Automat, State Key Lab Management & Control Complex Syst, Beijing 100190, Peoples R China 3.Qingdao Acad Intelligent Ind, Qingdao 266109, Shandong, Peoples R China |
第一作者单位 | 中国科学院自动化研究所 |
通讯作者单位 | 中国科学院自动化研究所 |
推荐引用方式 GB/T 7714 | Li, Juanjuan,Yuan, Yong,Wang, Fei-Yue. A Novel GSP Auction Mechanism for Ranking Bitcoin Transactions in Blockchain Mining[J]. DECISION SUPPORT SYSTEMS,2019,124(2019):NA. |
APA | Li, Juanjuan,Yuan, Yong,&Wang, Fei-Yue.(2019).A Novel GSP Auction Mechanism for Ranking Bitcoin Transactions in Blockchain Mining.DECISION SUPPORT SYSTEMS,124(2019),NA. |
MLA | Li, Juanjuan,et al."A Novel GSP Auction Mechanism for Ranking Bitcoin Transactions in Blockchain Mining".DECISION SUPPORT SYSTEMS 124.2019(2019):NA. |
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