Abstract
In this brief, we conduct a complex-network analysis of the Bitcoin transaction network. In particular, we design a new sampling method, namely random walk with flying-back (RWFB), to conduct effective data sampling. We then conduct a comprehensive analysis of the Bitcoin network in terms of the degree distribution, clustering coefficient, the shortest-path length, connected component, centrality, assortativity, and the rich-club coefficient. We obtain several important observations including the small-world phenomenon, multi-center status, preferential attachment, and non-rich-club effect of the current network. This work brings up an in-depth understanding of the current Bitcoin blockchain network and offers implications for future directions in malicious activity and fraud detection in cryptocurrency blockchain networks.
| Original language | English |
|---|---|
| Pages (from-to) | 1009-1013 |
| Number of pages | 5 |
| Journal | IEEE Transactions on Circuits and Systems II: Express Briefs |
| Volume | 69 |
| Issue number | 3 |
| Early online date | 15 Nov 2021 |
| DOIs | |
| Publication status | Published - 1 Mar 2022 |
Bibliographical note
Funding Agency: Science and Technology Development Fund, Macau SAR (Grant Number: 0028/2021/A1)Publisher Copyright:
© 2004-2012 IEEE.
Keywords
- Bitcoin
- Blockchain
- complex network
- network analysis
