{"id":"https://openalex.org/W3125604357","doi":"https://doi.org/10.1145/3391403.3399475","title":"An Economic Analysis of Difficulty Adjustment Algorithms in Proof-of-Work Blockchain Systems","display_name":"An Economic Analysis of Difficulty Adjustment Algorithms in Proof-of-Work Blockchain Systems","publication_year":2020,"publication_date":"2020-07-09","ids":{"openalex":"https://openalex.org/W3125604357","doi":"https://doi.org/10.1145/3391403.3399475","mag":"3125604357"},"language":"en","primary_location":{"id":"doi:10.1145/3391403.3399475","is_oa":false,"landing_page_url":"https://doi.org/10.1145/3391403.3399475","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the 21st ACM Conference on Economics and Computation","raw_type":"proceedings-article"},"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5031171972","display_name":"Shunya Noda","orcid":"https://orcid.org/0000-0001-6955-3373"},"institutions":[{"id":"https://openalex.org/I141945490","display_name":"University of British Columbia","ror":"https://ror.org/03rmrcq20","country_code":"CA","type":"education","lineage":["https://openalex.org/I141945490"]}],"countries":["CA"],"is_corresponding":true,"raw_author_name":"Shunya Noda","raw_affiliation_strings":["University of British Columbia, Vancouver, BC, Canada"],"affiliations":[{"raw_affiliation_string":"University of British Columbia, Vancouver, BC, Canada","institution_ids":["https://openalex.org/I141945490"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5011324578","display_name":"Kyohei Okumura","orcid":"https://orcid.org/0000-0002-1946-8522"},"institutions":[{"id":"https://openalex.org/I74801974","display_name":"The University of Tokyo","ror":"https://ror.org/057zh3y96","country_code":"JP","type":"education","lineage":["https://openalex.org/I74801974"]},{"id":"https://openalex.org/I153327471","display_name":"Bunkyo University","ror":"https://ror.org/053h75930","country_code":"JP","type":"education","lineage":["https://openalex.org/I153327471"]}],"countries":["JP"],"is_corresponding":false,"raw_author_name":"Kyohei Okumura","raw_affiliation_strings":["University of Tokyo, Bunkyo, Japan"],"affiliations":[{"raw_affiliation_string":"University of Tokyo, Bunkyo, Japan","institution_ids":["https://openalex.org/I153327471","https://openalex.org/I74801974"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5054363481","display_name":"Yoshinori Hashimoto","orcid":null},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Yoshinori Hashimoto","raw_affiliation_strings":["Turingum K.K., Chiyoda, Japan"],"affiliations":[{"raw_affiliation_string":"Turingum K.K., Chiyoda, Japan","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":3,"corresponding_author_ids":["https://openalex.org/A5031171972"],"corresponding_institution_ids":["https://openalex.org/I141945490"],"apc_list":null,"apc_paid":null,"fwci":5.0712,"has_fulltext":false,"cited_by_count":25,"citation_normalized_percentile":{"value":0.95886775,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":null,"issue":null,"first_page":"611","last_page":"611"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.9997000098228455,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},"topics":[{"id":"https://openalex.org/T10270","display_name":"Blockchain Technology Applications and Security","score":0.9997000098228455,"subfield":{"id":"https://openalex.org/subfields/1710","display_name":"Information Systems"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/cryptocurrency","display_name":"Cryptocurrency","score":0.872714638710022},{"id":"https://openalex.org/keywords/hash-function","display_name":"Hash function","score":0.823483943939209},{"id":"https://openalex.org/keywords/proof-of-work-system","display_name":"Proof-of-work system","score":0.7187881469726562},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.6445926427841187},{"id":"https://openalex.org/keywords/fiat-money","display_name":"Fiat money","score":0.6322808265686035},{"id":"https://openalex.org/keywords/blockchain","display_name":"Blockchain","score":0.5748411417007446},{"id":"https://openalex.org/keywords/profit","display_name":"Profit (economics)","score":0.5138295292854309},{"id":"https://openalex.org/keywords/cash","display_name":"Cash","score":0.4833669066429138},{"id":"https://openalex.org/keywords/work","display_name":"Work (physics)","score":0.43007534742355347},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.3606295585632324},{"id":"https://openalex.org/keywords/monetary-economics","display_name":"Monetary economics","score":0.2739029824733734},{"id":"https://openalex.org/keywords/computer-security","display_name":"Computer security","score":0.2525530755519867},{"id":"https://openalex.org/keywords/monetary-policy","display_name":"Monetary policy","score":0.17136171460151672},{"id":"https://openalex.org/keywords/microeconomics","display_name":"Microeconomics","score":0.1586100459098816},{"id":"https://openalex.org/keywords/engineering","display_name":"Engineering","score":0.1125175952911377},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.09587216377258301}],"concepts":[{"id":"https://openalex.org/C180706569","wikidata":"https://www.wikidata.org/wiki/Q13479982","display_name":"Cryptocurrency","level":2,"score":0.872714638710022},{"id":"https://openalex.org/C99138194","wikidata":"https://www.wikidata.org/wiki/Q183427","display_name":"Hash function","level":2,"score":0.823483943939209},{"id":"https://openalex.org/C123436394","wikidata":"https://www.wikidata.org/wiki/Q7249984","display_name":"Proof-of-work system","level":3,"score":0.7187881469726562},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.6445926427841187},{"id":"https://openalex.org/C2780589280","wikidata":"https://www.wikidata.org/wiki/Q240532","display_name":"Fiat money","level":3,"score":0.6322808265686035},{"id":"https://openalex.org/C2779687700","wikidata":"https://www.wikidata.org/wiki/Q20514253","display_name":"Blockchain","level":2,"score":0.5748411417007446},{"id":"https://openalex.org/C181622380","wikidata":"https://www.wikidata.org/wiki/Q26911","display_name":"Profit (economics)","level":2,"score":0.5138295292854309},{"id":"https://openalex.org/C2778083465","wikidata":"https://www.wikidata.org/wiki/Q693464","display_name":"Cash","level":2,"score":0.4833669066429138},{"id":"https://openalex.org/C18762648","wikidata":"https://www.wikidata.org/wiki/Q42213","display_name":"Work (physics)","level":2,"score":0.43007534742355347},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.3606295585632324},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.2739029824733734},{"id":"https://openalex.org/C38652104","wikidata":"https://www.wikidata.org/wiki/Q3510521","display_name":"Computer security","level":1,"score":0.2525530755519867},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.17136171460151672},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.1586100459098816},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.1125175952911377},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.09587216377258301},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1145/3391403.3399475","is_oa":false,"landing_page_url":"https://doi.org/10.1145/3391403.3399475","pdf_url":null,"source":null,"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Proceedings of the 21st ACM Conference on Economics and Computation","raw_type":"proceedings-article"}],"best_oa_location":null,"sustainable_development_goals":[{"score":0.6399999856948853,"display_name":"Decent work and economic growth","id":"https://metadata.un.org/sdg/8"}],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":1,"referenced_works":["https://openalex.org/W3125604357"],"related_works":["https://openalex.org/W4303984095","https://openalex.org/W4243271929","https://openalex.org/W3010746545","https://openalex.org/W2895521601","https://openalex.org/W4297726362","https://openalex.org/W4362501973","https://openalex.org/W4224304430","https://openalex.org/W3036622825","https://openalex.org/W4285133732","https://openalex.org/W4200592732"],"abstract_inverted_index":{"The":[0],"design":[1],"of":[2,8,28,53,68,99,120,171,180],"the":[3,9,29,42,47,51,61,65,69,76,81,87,92,97,112,118,135,142,154,169,186],"difficulty":[4,66],"adjustment":[5],"algorithm":[6],"(DAA)":[7],"Bitcoin":[10,82,103,144],"system":[11,145],"is":[12,45,79,105,115,123],"vulnerable":[13],"as":[14],"it":[15],"dismisses":[16],"miners'":[17],"strategic":[18],"responses":[19],"to":[20,38,85,91,107],"policy":[21],"changes.":[22],"We":[23,72,126],"develop":[24],"an":[25,197],"economic":[26],"model":[27,35],"Proof-of-Work":[30],"based":[31],"blockchain":[32,101],"system.":[33],"Our":[34,138],"allows":[36],"miners":[37,181],"pause":[39],"operation":[40],"when":[41,75,111],"expected":[43,194],"reward":[44,155],"below":[46],"shutdown":[48],"point.":[49],"Hence,":[50],"supply":[52,78,119],"aggregate":[54],"hash":[55,77,121],"power":[56,122],"can":[57,165,190],"be":[58,108,166],"elastic":[59],"in":[60,159],"cryptocurrency":[62,113],"price":[63,114,151],"and":[64,117,131],"target":[67],"mining":[70,157],"puzzle.":[71],"prove":[73],"that,":[74],"elastic,":[80],"DAA":[83,98,187],"fails":[84],"adjust":[86],"block":[88],"arrival":[89],"rate":[90],"targeted":[93],"level.":[94],"In":[95],"contrast,":[96],"another":[100],"system,":[102],"Cash,":[104],"shown":[106],"stable":[109],"even":[110],"volatile":[116],"highly":[124],"elastic.":[125],"also":[127,174],"provide":[128],"empirical":[129],"evidence":[130],"simulation":[132],"results":[133,139],"supporting":[134],"model's":[136],"prediction.":[137],"indicate":[140],"that":[141,176],"current":[143],"might":[146],"collapse":[147],"if":[148],"a":[149,177,192],"sharp":[150],"reduction":[152],"lowers":[153],"for":[156],"denominated":[158],"fiat":[160],"money.":[161],"While":[162],"this":[163],"crisis":[164],"prevented":[167],"through":[168],"upgrading":[170,185],"DAA,":[172],"we":[173],"discuss":[175],"large":[178],"fraction":[179],"may":[182],"disagree":[183],"with":[184],"because":[188],"they":[189],"obtain":[191],"larger":[193],"profit":[195],"from":[196],"unstable":[198],"DAA.":[199]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":4},{"year":2022,"cited_by_count":5},{"year":2021,"cited_by_count":9},{"year":2020,"cited_by_count":1},{"year":2019,"cited_by_count":1}],"updated_date":"2025-11-06T03:46:38.306776","created_date":"2025-10-10T00:00:00"}
