JaxNet: Scalable Blockchain Network

Iurii Shyshatsky; Vinod Manoharan; Taras Emelyanenko; Lucas Leger

Paper 2020/511

JaxNet: Scalable Blockchain Network

Iurii Shyshatsky, Vinod Manoharan, Taras Emelyanenko, and Lucas Leger

Abstract

Today’s world is organized based on merit and value. A single global currency that’s decentralized is needed for a global economy. Bitcoin is a partial solution to this need, however it suffers from scalability problems which prevent it from being mass-adopted. Also, the deflationary nature of bitcoin motivates people to hoard and speculate on them instead of using them for day to day transactions. We propose a scalable, decentralized cryptocurrency that is based on Proof of Work. The solution involves having parallel chains in a closed network using a mechanism which rewards miners proportional to their effort in maintaining the network. The proposed design introduces a novel approach for solving scalability problem in blockchain network based on merged mining.

Metadata

Available format(s): PDF
Category: Cryptographic protocols
Publication info: Preprint. MINOR revision.
Keywords: blockchain scalability sharding merged-mining distributed networks
Contact author(s): y shishatskiy @ gmail com
iurii @ jax net
History: 2020-05-05: received
Short URL: https://ia.cr/2020/511
License: CC BY

BibTeX

@misc{cryptoeprint:2020/511,
      author = {Iurii Shyshatsky and Vinod Manoharan and Taras Emelyanenko and Lucas Leger},
      title = {{JaxNet}: Scalable Blockchain Network},
      howpublished = {Cryptology {ePrint} Archive, Paper 2020/511},
      year = {2020},
      url = {https://eprint.iacr.org/2020/511}
}