Next Article in Journal
Resource Allocation Combining Heuristic Matching and Particle Swarm Optimization Approaches: The Case of Downlink Non-Orthogonal Multiple Access
Previous Article in Journal
Relative Reduction of Neighborhood-Covering Pessimistic Multigranulation Rough Set Based on Evidence Theory
Previous Article in Special Issue
Analysis and Comparison of Bitcoin and S and P 500 Market Features Using HMMs and HSMMs
Open AccessArticle

Studying Transaction Fees in the Bitcoin Blockchain with Probabilistic Logic Programming

1
Dipartimento di Ingegneria, University of Ferrara, Via Saragat 1, I-44122 Ferrara, Italy
2
Dipartimento di Matematica e Informatica, University of Ferrara, Via Saragat 1, I-44122 Ferrara, Italy
*
Author to whom correspondence should be addressed.
This paper is an extended version of our paper published in BSCT 2019—Azzolini, D.; Riguzzi, F.; Lamma, E. Analyzing Transaction Fees with Probabilistic Logic Programming.
Information 2019, 10(11), 335; https://doi.org/10.3390/info10110335
Received: 30 September 2019 / Revised: 25 October 2019 / Accepted: 26 October 2019 / Published: 30 October 2019
(This article belongs to the Special Issue Blockchain and Smart Contract Technologies)
In Bitcoin, if a miner is able to solve a computationally hard problem called proof of work, it will receive an amount of bitcoin as a reward which is the sum of the fees for the transactions included in a block plus an amount inversely proportional to the number of blocks discovered so far. At the moment of writing, the block reward is several orders of magnitude greater than the sum of transaction fees. Usually, miners try to collect the largest reward by including transactions associated with high fees. The main purpose of transaction fees is to prevent network spamming. However, they are also used to prioritize transactions. In order to use the minimum amount of fees, users usually have to find a compromise between fees and urgency of a transaction. In this paper, we develop a probabilistic logic model to experimentally analyze how fees affect confirmation time and miner’s revenue and to predict if an increase of average fees will generate a situation when the miner gets more reward by not following the protocol. View Full-Text
Keywords: bitcoin; blockchain; probabilistic logic programming bitcoin; blockchain; probabilistic logic programming
Show Figures

Figure 1

MDPI and ACS Style

Azzolini, D.; Riguzzi, F.; Lamma, E. Studying Transaction Fees in the Bitcoin Blockchain with Probabilistic Logic Programming. Information 2019, 10, 335.

Show more citation formats Show less citations formats
Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.

Article Access Map by Country/Region

1
Back to TopTop