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
- blockchainscalabilityshardingmerged-miningdistributed 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},
note = {\url{https://eprint.iacr.org/2020/511}},
url = {https://eprint.iacr.org/2020/511}
}
