Graphchain: a Blockchain-Free Scalable Decentralised Ledger.
BCC@AsiaCCS(2018)
摘要
Blockchain-based replicated ledgers, pioneered in Bitcoin, are effective against double spending, but inherently attract centralised mining pools and incompressible transaction delays.
We propose a framework that forgoes blockchains, building a decentralised ledger as a self-scaling graph of cross-verifying transactions. New transactions validate prior ones, forming a thin graph secured by a cumulative proof-of-work mechanism giving fair and predictable rewards for each participant.
We exhibit rapid confirmation of new transactions, even across a large network affected by latency. We also show, both theoretically and experimentally, a strong convergence property: that any valid transaction entering the system quickly become enshrined in the ancestry of all future transactions.
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关键词
Cryptocurrencies, Consensus, Decentralisation
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