A. Cullen, P. Ferraro, C. King, and R. Shorten
Abstract—Directed Acyclic Graph (DAG) based Distributed Ledgers can be useful in a number of applications in the IoT domain. A distributed ledger should serve as an immutable and irreversible record of transactions, however, a DAG structure is amore complicated mathematical object than its blockchain counterparts, and as a result, providing guarantees of immutabilityand irreversibility is more involved. In this paper, we analyse a commonly discussed attack scenario known as a parasite chainattack for the IOTA Foundation’s DAG based ledger. We analysethe efficacy of IOTA’s core MCMC algorithm using a matrixmodel and present an extension which improves the ledger’s resistance to these attacks.
Distributed Ledger has attracted a great deal of attention in recent years, initially as a peer-to-peer electronic cash system , but more recently, distributed ledgers have been applied to problems in the IoT domain, as discussed in detail in. Not all distributed…