The bitcoin P2P network

Joan Antoni Donet Donet; Cristina Pérez-Solà; Jordi Herrera-Joancomartí

doi:10.1007/978-3-662-44774-1_7

The bitcoin P2P network

Joan Antoni Donet Donet, Cristina Pérez-Solà^*, Jordi Herrera-Joancomartí

^*Corresponding author for this work

Research output: Contribution to journal › Article › Research › peer-review

55 Citations (Scopus)

Abstract

The Bitcoin virtual currency is built on the top of a decentralized peer-to-peer (P2P) network used to propagate system information such as transactions or blockchain updates. In this paper, we have performed a data collection process identifying more than 872000 different Bitcoin nodes. This data allows us to present information on the size of the Bitcoin P2P network, the node geographic distribution, the network stability in terms of interrupted availability of nodes, as well as some data regarding the propagation time of the transmitted information. Furthermore, although not every Bitcoin user can be identified as a P2P network node, measurements of the P2P network can be considered as a lower bound for Bitcoin usage, and they provide interesting results on the adoption of such virtual currency.

Original language	American English
Pages (from-to)	87-102
Number of pages	16
Journal	Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)
DOIs	https://doi.org/10.1007/978-3-662-44774-1_7
Publication status	Published - 2014

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AB - The Bitcoin virtual currency is built on the top of a decentralized peer-to-peer (P2P) network used to propagate system information such as transactions or blockchain updates. In this paper, we have performed a data collection process identifying more than 872000 different Bitcoin nodes. This data allows us to present information on the size of the Bitcoin P2P network, the node geographic distribution, the network stability in terms of interrupted availability of nodes, as well as some data regarding the propagation time of the transmitted information. Furthermore, although not every Bitcoin user can be identified as a P2P network node, measurements of the P2P network can be considered as a lower bound for Bitcoin usage, and they provide interesting results on the adoption of such virtual currency.

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