Strategic Alliance for Blockchain Governance Game
This research addresses security vulnerabilities in blockchain networks for entities launching initial coin offerings or new blockchain-based services, though it appears incremental as it builds on existing stochastic game frameworks.
The paper tackles the problem of securing blockchain networks against attackers by developing a hybrid theoretical model that combines game theory, fluctuation theory, and Blockchain Governance Game to form strategic alliances among miners. The result includes analytically tractable parameters for predicting operational moments and determining the optimal number of alliance nodes to protect the network.
This paper deals with design of the alternative secure Blockchain network framework to prevent damages from an attacker. The concept of the strategic alliance of the management is applied on the top of the recent developed stochastic game framework. This new enhanced hybrid theoretical model has been developed based on the combination of the conventional game theory, the fluctuation theory and the Blockchain Governance Game to find best strategies towards preparation for preventing a network malfunction from an attacker by making the strategic alliance with other genuine miners. Analytically tractable results for decision making parameters are fully obtained which enable to predict the moment for operations and deliver the optimal number of the alliance with other nodes to protect the Blockchain network. This research helps for whom considers the initial coin offering or launching new blockchain based services with enhancing the security features by alliance with the trusted miners within the decentralized network.