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.
|Number of pages||5|
|Journal||IEEE Transactions on Circuits and Systems II: Express Briefs|
|Early online date||15 Nov 2021|
|Publication status||Published - 1 Mar 2022|
Bibliographical noteFunding Agency: Science and Technology Development Fund, Macau SAR (Grant Number: 0028/2021/A1)
© 2004-2012 IEEE.
- complex network
- network analysis