Paper 2020/511 Original: eprint.iacr.org/2020/511 ↗
JaxNet: Scalable Blockchain Network
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.
- History
- 2020-05-05: last updated
- 2020-05-05: published
- Short URL
- https://ia.cr/2020/511
- License
- https://creativecommons.org/licenses/by/4.0/
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}
}