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 the scalability problem in the blockchain network based on merged mining.
Cite
@article{arxiv.2005.01865,
title = {JaxNet: Scalable Blockchain Network},
author = {Iurii Shyshatsky and Vinod Manoharan and Taras Emelyanenko and Lucas Leger},
journal= {arXiv preprint arXiv:2005.01865},
year = {2020}
}
Comments
57 pages, 11 figures. Version of Oct 2020