A scalable verification solution for blockchains

Bitcoin and Ethereum, whose miners arguably collectively comprise the most powerful computational resource in the history of mankind, offer no more power for processing and verifying transactions than a typical smart phone. The system described herein bypasses this bottleneck and brings scalable com...

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Bibliographic Details
Published in:arXiv.org 2019-08
Main Authors: Teutsch, Jason, Reitwießner, Christian
Format: Article
Language:English
Subjects:
Computation
Digital currencies
Miners
Program verification (computers)
Smartphones
Transaction processing
Online Access:Get full text
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Summary:Bitcoin and Ethereum, whose miners arguably collectively comprise the most powerful computational resource in the history of mankind, offer no more power for processing and verifying transactions than a typical smart phone. The system described herein bypasses this bottleneck and brings scalable computation to Ethereum. Our new system consists of a financial incentive layer atop a dispute resolution layer where the latter takes form of a versatile "verification game." In addition to secure outsourced computation, immediate applications include decentralized mining pools whose operator is an Ethereum smart contract, a cryptocurrency with scalable transaction throughput, and a trustless means for transferring currency between disjoint cryptocurrency systems.
ISSN:2331-8422