Analyzing Bitcoin transaction fees using a queueing game model | |
Li, Juanjuan1,2; Yuan, Yong2; Wang, Fei-Yue2 | |
刊名 | ELECTRONIC COMMERCE RESEARCH
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2020-05-27 | |
期号 | 3页码:21 |
关键词 | Bitcoin Blockchain Transaction fees Transaction confirmation queueing game |
ISSN号 | 1389-5753 |
DOI | 10.1007/s10660-020-09414-3 |
英文摘要 | In the Bitcoin system, large numbers of miners invest massive computing resources in the blockchain mining process in pursuit of Bitcoin rewards, which are comprised of a fixed amount of system-generated new block reward and a variable amount of user-submitted transaction fees. Here, transaction fees serve as the important tuner for the Bitcoin system to define the priorities in users' transaction confirmation. In this paper, we aim to study the priority rule for queueing transactions based on their associated fees, and in turn users' strategies in formulating their fees in the transaction confirmation game. We first establish a full-information game-theoretical model to study users' equilibrium fee decisions; and then discuss three types of Nash equilibria, under which no, all and some users submit transaction fees. Moreover, we conduct empirical studies and design computational experiments to validate our theoretical analysis. The experimental results show that (1) users' fee decisions will be significantly affected by their waiting time; (2) the reduced time costs, instead of transaction values, are the basis for users to evaluate their revenues; (3) longer waiting time and higher unit time cost drive users to submit transaction fees in pursuit of desired priorities; (4) with the required transaction fee increasing, the proportion of fee-submitting users decreases slowly at first followed by a sharp decline, and over-high required fees will make the transaction confirmation game end up with no users submitting fees. |
资助项目 | National Natural Science Foundation of China[61533019] |
WOS研究方向 | Business & Economics |
语种 | 英语 |
出版者 | SPRINGER |
WOS记录号 | WOS:000553944600001 |
资助机构 | National Natural Science Foundation of China |
内容类型 | 期刊论文 |
源URL | [http://ir.ia.ac.cn/handle/173211/40307] ![]() |
专题 | 自动化研究所_复杂系统管理与控制国家重点实验室_先进控制与自动化团队 |
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 |
推荐引用方式 GB/T 7714 | Li, Juanjuan,Yuan, Yong,Wang, Fei-Yue. Analyzing Bitcoin transaction fees using a queueing game model[J]. ELECTRONIC COMMERCE RESEARCH,2020(3):21. |
APA | Li, Juanjuan,Yuan, Yong,&Wang, Fei-Yue.(2020).Analyzing Bitcoin transaction fees using a queueing game model.ELECTRONIC COMMERCE RESEARCH(3),21. |
MLA | Li, Juanjuan,et al."Analyzing Bitcoin transaction fees using a queueing game model".ELECTRONIC COMMERCE RESEARCH .3(2020):21. |
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