Cryptology ePrint Archive: Report 2020/511

JaxNet: Scalable Blockchain Network

Iurii Shyshatsky and Vinod Manoharan and Taras Emelyanenko and Lucas Leger

Abstract: Todayís world is organized based on merit and value. A single global currency thatís 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.

Category / Keywords: cryptographic protocols / blockchain, scalability, sharding, merged-mining, distributed networks

Date: received 1 May 2020

Contact author: y shishatskiy at gmail com,iurii@jax net

Available format(s): PDF | BibTeX Citation

Version: 20200505:010853 (All versions of this report)

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