A Novel GSP Auction Mechanism for Dynamic Confirmation Games on Bitcoin Transactions
Li, Juanjuan; Ni, Xiaochun; Yuan, Yong; Wang, Fei-Yue
发表期刊IEEE Transactions on Services Computing
2020-05
期号NA页码:NA
摘要

We propose to apply the Generalized Second Price (GSP) auction mechanism in the dynamic confirmation game on Bitcoin transactions. Our model is targeted to deal with the instability and low efficiency of the currently-adopted Generalized First Price (GFP) mechanism. Besides, we use the "rank-by-cost" rule to replace the "rank-by-fee" rule, where each transaction's cost is calculated by the fee and the waiting time. Aiming to probe users' equilibrium strategy, we first discuss the GSP game with complete information under synchronous submissions, and show that it has the Locally Envy-Free equilibrium. Then, we study the GSP game with incomplete information under asynchronous submissions, and define two types of strategies, i.e. the Farsighted Balanced (FB) strategy and the Instant Balanced (IB) strategy. The FB strategy is in line with users' needs of maximizing the long-term payoffs; however it cannot generate a stable equilibrium. Alternatively, the IB strategy focuses on the instant payoff maximization, and if all users follow the IB strategy, their equilibrium fees can finally converge to a stable profile. Finally, we design computational experiments to validate our theoretical analysis, and results indicate that this GSP mechanism is superior to the GFP mechanism, and it can converge under the IB strategy.

关键词Blockchain Transaction Fee Bitcoin transaction confirmation game Generalized Second Price mechanism
DOI10.1109/TSC.2020.2994582
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收录类别SCI
语种英语
WOS记录号WOS:000812532400021
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被引频次:12[WOS]   [WOS记录]     [WOS相关记录]
文献类型期刊论文
条目标识符http://ir.ia.ac.cn/handle/173211/40586
专题复杂系统管理与控制国家重点实验室_平行智能技术与系统团队
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Li, Juanjuan,Ni, Xiaochun,Yuan, Yong,et al. A Novel GSP Auction Mechanism for Dynamic Confirmation Games on Bitcoin Transactions[J]. IEEE Transactions on Services Computing,2020(NA):NA.
APA Li, Juanjuan,Ni, Xiaochun,Yuan, Yong,&Wang, Fei-Yue.(2020).A Novel GSP Auction Mechanism for Dynamic Confirmation Games on Bitcoin Transactions.IEEE Transactions on Services Computing(NA),NA.
MLA Li, Juanjuan,et al."A Novel GSP Auction Mechanism for Dynamic Confirmation Games on Bitcoin Transactions".IEEE Transactions on Services Computing .NA(2020):NA.
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