The Bitcoin Backbone: Full Analysis in the Dynamic Setting

We abstract the core of the bitcoin protocol, termed the bitcoin backbone in earlier work, now including the target recalculation mechanism, and we show that it can be instantiated to implement a robust transaction ledger. This is, to our knowledge, the first full analysis of the bitcoin protocol in a dynamic environment where the number of participants is allowed to evolve over time. 

Joint work with Juan Garay and Nikos Leonardos.