Paper 2022/1717 Original: eprint.iacr.org/2022/1717 ↗
Scaling Blockchain-Based Tokens with Joint Cryptographic Accumulators
Abstract
As digital tokens on blockchains such as non-fungible tokens (NFTs) increase in popularity and scale, the existing interfaces (ERC-721, ERC-20, and many more) are being exposed for being expensive and not scalable. As a result, tokens are being forced to be implemented on alternative blockchains where it is cheaper but less secure. To offer a solution without making security tradeoffs, we propose using joint cryptographic accumulators (e.g. joint Merkle trees). We propose a method of creating such joint accumulators in a decentralized fashion which is secured by the same set of validating nodes as existing blockchains. Such accumulators allow the tokens for certain applications to be implemented using up to 99.99% less of the blockchain’s resources by outsourcing most of the storage and computational requirements to the users creating the tokens. This is done without sacrificing permanence and verifiability of these tokens. This system achieves optimizations mainly by allowing certain storage of a blockchain to be used in a cross-application manner, instead of a per-application manner. Additionally, we show how it can be beneficial in other areas like privacy-preserving timestamps or shortening file hashes
Metadata
- Available format(s)
PDF- Category
- Cryptographic protocols
- Publication info
- Preprint.
- History
- 2022-12-12: last updated
- 2022-12-12: published
- Short URL
- https://ia.cr/2022/1717
- License
- https://creativecommons.org/licenses/by/4.0/
BibTeX
@misc{cryptoeprint:2022/1717,
author = {Trevor Miller},
title = {Scaling Blockchain-Based Tokens with Joint Cryptographic Accumulators},
howpublished = {Cryptology {ePrint} Archive, Paper 2022/1717},
year = {2022},
url = {https://eprint.iacr.org/2022/1717}
}