• Corpus ID: 591770

Blockchain-Free Cryptocurrencies : A Framework for Truly Decentralised Fast Transactions

  title={Blockchain-Free Cryptocurrencies : A Framework for Truly Decentralised Fast Transactions},
  author={Xavier Boyen and Christopher Carr and Thomas Haines},
The “blockchain” distributed ledger pioneered by Bitcoin is effective at preventing double-spending, but inherently attracts (1) “user cartels” and (2) incompressible delays, as a result of linear verification and a winner-takes-all incentive lottery. We propose to forgo the “blocks” and “chain” entirely, and build a truly distributed ledger system based on a lean graph of cross-verifying transactions, which now become the main and only objects in the system. A fully distributed consensus… 

Figures and Tables from this paper

Sharding PoW-based Blockchains via Proofs of Knowledge
EWoK (Entangled proofs of WOrk and Knowledge) regulates in a decentralized-manner the minimum number of replicas that should be stored by tying replication to the only directly-incentivized process in PoW-blockchains—which is PoW itself.
SoK: Diving into DAG-based Blockchain Systems
The security and performance of several leading systems are analyzed, followed by discussions and comparisons with concurrent (scaling blockchain) techniques, and open challenges are identified to highlight the potentiality of DAG-based solutions and indicate their promising directions for future research.
Fast-to-Converge PoW-like Consensus Protocol
As the fundamental component of various bitcoin-derived blockchains, proof-of-work (PoW) scheme has been widely leveraged to provide consensus for maintaining a distributed public ledger. However,
Improving the Efficiency of Blockchain Applications with Smart Contract based Cyber-insurance
A new smart contract based cyber-insurance framework, which can greatly shorten the delay, and enable the workers to obtain the economic compensation for increased security risk caused by a conflict between the need to provide service quickly and delay in payment.
A Comprehensive Overview of the Constructive Minutiae of the Bitcoin-Blockchain
Blockchain is a nifty breakthrough in the field of computer technology, that spans over the varied components that bricks up the wired web and transpires as the new hysteria in the digital world of
Bobtail: Improved Blockchain Security with Low-Variance Mining
It is shown that high variance is at the root of several fundamental aˆacks on PoW blockchains, and an alternative process for PoW-based block discovery is proposed that results in an inter-block time with signi€cantly lower variance, called Bobtail.
Nash Equilibrium of Multiple, Non-Uniform Bitcoin Block Withholding Attackers
  • S. Elliott
  • Computer Science
    2019 2nd International Conference on Data Intelligence and Security (ICDIS)
  • 2019
An in-depth profit analysis of a more complex and realistic BWH attack scenario, which includes mutual attacks between multiple, non-uniform Bitcoin mining pools, indicates that while the presence of BWH is a net negative for smaller pools, they must participate in BWH to maximize their remaining profits.
Bobtail: A Proof-of-Work Target that Minimizes Blockchain Mining Variance (Draft)
This work proposes an alternative process for PoW-based block discovery that results in an inter-block time with significantly lower variance, and shows that low-variance mining significantly thwarts doublespend and selfish mining attacks.
Multi-agent Based Simulations of Block-Free Distributed Ledgers
A new block-less, fee-less paradigm for distributed ledgers suitable for the WSN, IoT and CPS in which transactions are nodes of a directed acyclic graph that overcomes the limitations of blockchains for these applications.
Implementation of High-Performance Blockchain Network Based on Cross-Chain Technology for IoT Applications
An improved blockchain consensus algorithm, which is implemented based on the mortgage model instead of probability model, and a high-performance cross-chain blockchain network structure, which could handle more than 1000 transactions per second per chain by verification are proposed.


Hawk: The Blockchain Model of Cryptography and Privacy-Preserving Smart Contracts
Hawk is a decentralized smart contract system that does not store financial transactions in the clear on the blockchain, thus retaining transactional privacy from the public's view, and is the first to formalize the blockchain model of cryptography.
Centrally Banked Cryptocurrencies
RSCoin is introduced, a cryptocurrency framework in which central banks maintain complete control over the monetary supply, but rely on a distributed set of authorities, or mintettes, to prevent double-spending.
Analysis of the Blockchain Protocol in Asynchronous Networks
Nakamoto’s famous blockchain protocol enables achieving consensus in a so-called permissionless setting—anyone can join (or leave) the protocol execution, and the protocol instructions do not depend
Zerocash: Decentralized Anonymous Payments from Bitcoin
This paper formulate and construct decentralized anonymous payment schemes (DAP schemes) and builds Zero cash, a practical instantiation of the DAP scheme construction that is orders of magnitude more efficient than the less-anonymous Zero coin and competitive with plain Bit coin.
Bitcoin: A Peer-to-Peer Electronic Cash System
A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution. Digital signatures provide
Inclusive Block Chain Protocols
The mechanics of the block chain and block propagation are constrained: if blocks are created at a high rate compared to their propagation time in the network, many conflicting blocks arecreated and performance suffers greatly, and transactions take long to securely confirm, and their throughput is greatly limited.
SoK: Research Perspectives and Challenges for Bitcoin and Cryptocurrencies
This work identifies three key components of Bit coin's design that can be decoupled, and maps the design space for numerous proposed modifications, providing comparative analyses for alternative consensus mechanisms, currency allocation mechanisms, computational puzzles, and key management tools.
Permacoin: Repurposing Bitcoin Work for Data Preservation
This work proposes a modification to Bit coin that repurposes its mining resources to achieve a more broadly useful goal: distributed storage of archival data and presents an alternative scratch-off puzzle for Bit coin based on Proofs-of-Retrievability (PORs).
Accelerating Bitcoin's Transaction Processing. Fast Money Grows on Trees, Not Chains
The block generation rate can be securely increased to more than one block per second – a 600 fold speedup compared to today’s rate, while still allowing the network to processes many transactions per second.
Majority Is Not Enough: Bitcoin Mining Is Vulnerable
The Bitcoin cryptocurrency records its transactions in a public log called the blockchain, and conventional wisdom asserts that the mining protocol is incentive-compatible and secure against colluding minority groups.