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Blockchain systems are being used in a wide range of application domains. They can support trusted transactions in time critical applications. In this paper, we study how miners should pick up transactions from a transaction pool so as to minimize the average waiting time per transaction. We derive an expression for the average transaction waiting time of the proposed mining scheme and determine the optimum decision rule. Numerical results show that the average waiting time per transaction can be reduced by about 10% compared to the traditional no-wait scheme in which miners immediately start the next mining round using all transactions waiting in the pool.
A blockchain is an append-only linked-list of blocks, which is maintained at each participating node. Each block records a set of transactions and their associated metadata. Blockchain transactions act on the identical ledger data stored at each node
Multiserver jobs, which are jobs that occupy multiple servers simultaneously during service, are prevalent in todays computing clusters. But little is known about the delay performance of systems with multiserver jobs. We consider queueing models for
This exposition presents a novel approach to solving an M/M/m queue for the waiting time and the residence time. The motivation comes from an algebraic solution for the residence time of the M/M/1 queue. The key idea is the introduction of an ansatz
We study the strategic implications that arise from adding one extra option to the miners participating in the bitcoin protocol. We propose that when adding a block, miners also have the ability to pay forward an amount to be collected by the first m
Many blockchain-based cryptocurrencies provide users with online blockchain explorers for viewing online transaction data. However, traditional blockchain explorers mostly present transaction information in textual and tabular forms. Such forms make