Abstract
In this paper, we provide a comprehensive analytical model for Bitcoin's blockchain distribution network. Components of the model are derived from recent measurements and business analysis reports. We model the data distribution algorithm using branching processes in the network with random distribution of node connectivity. Then, we apply Jackson network model to the entire network in which individual nodes operate as priority M/G/1 queuing systems. Data arrival to the nodes is modeled as a non-homogeneous Poisson process where the distribution of arrival rate to the nodes is derived from the analytical model of data delivery protocol. Within performance results, we present probability distributions of block and transaction distribution time, node response time, forking probabilities, network partition sizes, and duration of ledger's inconsistency period.
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