Graphchain: A blockchain-free scalable decentralised ledger

Boyen, Xavier; Carr, Christopher; Haines, Thomas

Abstract

© 2018 Copyright held by the owner/author(s). 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.

• Presentation Conference Type: Conference Paper (published)
• Conference Name: BCC 2018 - Proceedings of the 2nd ACM Workshop on Blockchains, Cryptocurrencies, and Contracts, Co-located with ASIA CCS 2018
• Start Date: May 1, 2018
• Acceptance Date: Jan 1, 2018
• Publication Date: May 22, 2018
• Deposit Date: Feb 25, 2020
• Pages: 21-33
• ISBN: 9781450357586
• DOI: https://doi.org/10.1145/3205230.3205235
• Public URL: https://uwe-repository.worktribe.com/output/5452594
• Publisher URL: https://doi.org/10.1145/3205230.3205235
• Related Public URLs: https://eprint.iacr.org/