VAPOR: A Value-Centric Blockchain that is Scale-out, Decentralized, and Flexible by Design

Zhijie Ren, Zekeriya Erkin

Research output: Chapter in Book/Conference proceedings/Edited volumeConference contributionScientificpeer-review

2 Citations (Scopus)
9 Downloads (Pure)

Abstract

Blockchains is a special type of distributed systems that operates in unsafe networks. In most blockchains, all nodes should reach consensus on all state transitions with Byzantine fault tolerant algorithms, which creates bottlenecks in performance. In this paper, we propose a new type of blockchains, namely Value-Centric Blockchains (VCBs), in which the states are specified as values (or more comprehensively, coins) with owners and the state transition records are then specified as proofs of the ownerships of individual values. We then formalize the “rational” assumptions that have been used in most blockchains. We further propose a VCB, VAPOR, that guarantees secure value transfers if all nodes are rational and keep the proofs of the values they owned, which is merely parts of the whole state transition record. As a result, we show that VAPOR enjoys significant benefits in throughput, decentralization, and flexibility without compromising security.

Original languageEnglish
Title of host publicationFinancial Cryptography and Data Security
Subtitle of host publication23rd International Conference, FC 2019, Revised Selected Papers
EditorsIan Goldberg, Tyler Moore
Place of PublicationCham
PublisherSpringer
Pages487-507
Number of pages21
ISBN (Electronic)978-3-030-32101-7
ISBN (Print)978-3-030-32100-0
DOIs
Publication statusPublished - 2019
Event23rd International Conference on Financial Cryptography and Data Security, FC 2019 - St. Kitts, Saint Kitts and Nevis
Duration: 18 Feb 201922 Feb 2019

Publication series

NameLecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics)
Volume11598
ISSN (Print)0302-9743
ISSN (Electronic)1611-3349
NameSecurity and Cryptology
Volume11598

Conference

Conference23rd International Conference on Financial Cryptography and Data Security, FC 2019
CountrySaint Kitts and Nevis
CitySt. Kitts
Period18/02/1922/02/19

Keywords

  • Blockchain
  • Consensus algorithm
  • Decentralization
  • Distributed ledgers
  • Scalability

Fingerprint Dive into the research topics of 'VAPOR: A Value-Centric Blockchain that is Scale-out, Decentralized, and Flexible by Design'. Together they form a unique fingerprint.

Cite this