Formalising the Bitcoin protocol
نویسنده
چکیده
Bitcoin is a new, popular currency which is based on mathematical and cryptographic principles. The system relies on a decentralized peer-to-peer network of participants in which a majority decides on the validity of transactions. In this paper, the communication protocol used by Bitcoin to communicate between participants is investigated. We formally describe the protocol by specifying it in mCRL2. Using scenario-based verification, we verify that the Bitcoin protocol satisfies a number of requirements under various scenarios.
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