Shorting attack: Predatory, destructive short selling on Proof-of-Stake cryptocurrencies
DC Field | Value | Language |
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dc.contributor.author | Lee, Suhyeon | - |
dc.contributor.author | Kim, Seungjoo | - |
dc.date.accessioned | 2022-04-02T08:41:23Z | - |
dc.date.available | 2022-04-02T08:41:23Z | - |
dc.date.created | 2022-04-01 | - |
dc.date.issued | 2021 | - |
dc.identifier.issn | 1532-0626 | - |
dc.identifier.uri | https://scholar.korea.ac.kr/handle/2021.sw.korea/139489 | - |
dc.description.abstract | Bitcoin introduced blockchain which is the transparent and decentralized way of recording the lists of digital currency transactions. Bitcoin's blockchain uses Proof-of-Work as a Sybil control mechanism. However, PoW wastes energy since it uses hash computing competitions to find a block. Hence, various alternative mechanisms have been proposed. Among them, Proof-of-Stake, which is based on the deposit, has been spotlighted. As opposed to Proof-of-Work, Proof-of-Stake requires nodes to have a certain amount of tokens (stake) in order to qualify to validate blocks. The "one-sentence philosophy" of proof of stake is not "security comes from burning energy," but rather "security comes from putting up economic value-at-loss." In this article, contrary to popular belief, we point out that this value-at-loss can be hedged by short selling or other financial products. We propose a "shorting attack," which makes a profit by massive short selling and sabotage to a Proof-of-Stake-based cryptocurrency. The shorting attack implies that the security of Proof-of-Stake-based cryptocurrency can be vulnerable by a low stake ratio. | - |
dc.language | English | - |
dc.language.iso | en | - |
dc.publisher | WILEY | - |
dc.subject | MARKET | - |
dc.title | Shorting attack: Predatory, destructive short selling on Proof-of-Stake cryptocurrencies | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Kim, Seungjoo | - |
dc.identifier.doi | 10.1002/cpe.6585 | - |
dc.identifier.scopusid | 2-s2.0-85114373830 | - |
dc.identifier.wosid | 000695509400001 | - |
dc.identifier.bibliographicCitation | CONCURRENCY AND COMPUTATION-PRACTICE & EXPERIENCE | - |
dc.relation.isPartOf | CONCURRENCY AND COMPUTATION-PRACTICE & EXPERIENCE | - |
dc.citation.title | CONCURRENCY AND COMPUTATION-PRACTICE & EXPERIENCE | - |
dc.type.rims | ART | - |
dc.type.docType | Article; Early Access | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | scie | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Computer Science | - |
dc.relation.journalWebOfScienceCategory | Computer Science, Software Engineering | - |
dc.relation.journalWebOfScienceCategory | Computer Science, Theory & Methods | - |
dc.subject.keywordPlus | MARKET | - |
dc.subject.keywordAuthor | blockchain | - |
dc.subject.keywordAuthor | Proof-of-Stake | - |
dc.subject.keywordAuthor | security | - |
dc.subject.keywordAuthor | short selling | - |
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