An Approach for Evaluating User Participation in Bitcoin

Bitcoin, a decentralized P2P cryptocurrency, is the most successful application of blockchain that has gained widespread attention over the past several years. It allows users to create individual transactions and any number of addresses, which is used to send and accept Bitcoin. Generally, the value of Bitcoin is mainly reflected in the degree of users' participation and recognition. In the past, there are many proposed research successfully clustering various addresses into different groups to help identify specific users by using two heuristics. However, they paid little attention to exploit the users' activeness and possible impacts on the development of Bitcoin system. Participation ranking as an indicator is important for enhancing Proof-of-Activity based algorithm and predicting the activity of blockchain system. In this paper, we proposed a model to evaluate users' participation and importance objectively and mechanically by adapting PageRank algorithm. We finally run experiments on the public available metadata of blockchain and compare the results with some well-known addresses to assess its competitiveness.