Cryptology ePrint Archive: Report 2020/352

Coda: Decentralized Cryptocurrency at Scale

Joseph Bonneau and Izaak Meckler and Vanishree Rao and Evan Shapiro

Abstract: We introduce the notion of a succinct blockchain, a replicated state machine in which each state transition (block) can be efficiently verified in constant time regardless of the number of prior transitions in the system. Traditional blockchains require verification time linear in the number of transitions. We show how to construct a succinct blockchain using recursively composed succinct non-interactive arguments of knowledge (SNARKs). Finally, we instantiate this construction to implement Coda, a payment system (cryptocurrency) using a succinct blockchain. Coda offers payment functionality similar to Bitcoin, with a dramatically faster verification time of 200ms making it practical for lightweight clients and mobile devices to perform full verification of the systemís history.

Category / Keywords: cryptographic protocols / Blockchain, Succinct Blockchain, Consensus, SNARKs, Zero-knowledge Proofs, Adaptive Security

Date: received 24 Mar 2020, last revised 24 Mar 2020

Contact author: hrao vanishree at gmail com

Available format(s): PDF | BibTeX Citation

Version: 20200326:074946 (All versions of this report)

Short URL: ia.cr/2020/352


[ Cryptology ePrint archive ]