Miner Revenue Maximization on Blockchain

PhD Qualifying Examination


Title: "Miner Revenue Maximization on Blockchain"

by

Miss Togzhan BARAKBAYEVA


Abstract:

Miners in a blockchain ecosystem are incentivized with rewards for successfully
generating and mining a new block. Transaction fees obtained from including
transactions in the block constitute a significant part of the miner revenue.
Therefore, maximizing transaction fees by forming an optimal block becomes a
relevant problem. Although an approach was developed that increases miner
revenue by 13.4% on Bitcoin, solving this for programmable blockchains, such as
Ethereum, remains an open issue. In this work, we will review the method for
Bitcoin and suggest an extension to Ethereum.

Forming an optimal block in Bitcoin is equivalent to solving the
dependencyconflict knapsack problem using a parameterized algorithm, where
dependencies and conflicts among transactions are modeled as a graph. Since
Ethereum introduces smart contracts and variable transaction fees based on gas
usage, a thorough investigation of the differences between Bitcoin and Ethereum
models is necessary. In addition, this work will review parameterized
algorithms using treewidth, and discuss how data-dependency and information
flow analysis can be utilized to identify transaction dependencies on Ethereum.


Date:                   Thursday, 7 December 2023

Time:                   2:00pm - 4:00pm

Venue:                  Room 3494
                        lifts 25/26

Committee Members:      Dr. Amir Goharshady (Supervisor)
                        Prof. Andrew Horner (Chairperson)
                        Prof. Cunsheng Ding
                        Dr. Dimitris Papadopoulos


**** ALL are Welcome ****