Research On "Miner" Dynamic Game Mechanism Based On Blockchain In Uncertain Environment

Blockchain is one of the most concerned directions in the field of financial technology at present.It originated from bitcoin,a peer-to-peer e-cash system.Blockchain is the technical basis for constructing bitcoin data structure and encrypted transmission of transaction information,realizing mining and transaction of bitcoin.Based on the background of blockchain,this paper focuses on the economic and financial mechanism contained in the mining market,including the maximization of the utility of miners and mining pools,the continuous trend of the whole market to dynamic equilibrium,and uses some of these mechanisms to provide a theoretical model framework for the application research of blockchain in the financial field.Firstly,in the introduction part,the paper expounds the research background and significance,sorts out the research status at home and abroad,and finally the context structure of the full text is given.Secondly,this paper studies the behavior of miners and mining pools from the micro level based on the proof-of-work protocol of blockchain,uses the cumulative computing power over a period of time as the basic parameter,starts with the event of finding random numbers in mining,establishes the mining income and deterministic equivalent income models,and finds that the risk of miners mining alone is high,joining the mining pool for joint mining can bring greater risk sharing benefits.Then it establishes the maximization income model for miners to distribute their own computing power and the maximization expected utility model for pool managers to charge pool fees,analyzes and obtains the relationship between important parameters such as risk aversion parameters,pool fees,the growth proportion of pool computing power and the initial passive computing power scale of the pool,and further analyzes the economic problems such as the impact of risk aversion demand in the pool on pool fees and the impact of pool fees on computing power investment through numerical simulation.Thirdly,this paper deeply studies the dynamic equilibrium of the mining market from a macro perspective.Assuming that the total reward returns in the irreversible investment of mining meets the Choquet-Brown process and considering the ambiguity aversion of miners,this paper uses the exchange rate of bitcoin to the US dollar to establish the bitcoin network computing power prediction model,and uses the stochastic analysis method under the financial point of view to study.The research shows that the mining investment decision of miners is affected by many factors such as technology renewal,power cost,market environment and so on.The mining income has an upper limit due to free entry.When other conditions remain unchanged,the higher the degree of ambiguity,the lower the value of computing power and the lower the mining return.The behavior of miners is very consistent with the existing traditional industry dynamic economic theory.The mining investment of miners can be approximately regarded as a standard model of industry dynamics with irreversible investment.Then,considering the application of blockchain technology in the financial field,the development of blockchain provides innovative solutions to some existing problems in the financial field.In view of the lag of securities transaction settlement,this paper gives a blockchain solution,and fully considers the "fork" behavior that may occur when using blockchain technology.On this basis,this paper establishes an asset transaction settlement system model based on blockchain,which provides investors with the opportunity to choose the settlement time for securities transactions.Through modeling analysis,this paper expounds the operation mechanism of the system,and takes the expected net surplus as the objective function to analyze the impact of the core parameters of the system,block size and block time.In addition,in view of the knight uncertainty in the valuation reversal rate of the buyer and the seller,this paper discusses the maximization of the interests of the miners "forking" blockchain,obtains the optimal solution through numerical simulation,and analyzes the economic meaning.Finally,it summarizes and prospects the full text,and puts forward the possible follow-up research.