Hierarchical Multi-Blockchain System for Parallel Computation in Cryptocurrency Transfers and Smart Contracts

Most of the existing smart-contract-based cryptocurrencies, such as Ethereum, use an account-based ledger. However, while the account-based model is advantageous for the efficient use of smart contracts and the increased exchangeability of cryptocurrencies, it is not well-suited to the parallel exec...

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Autor principal:	Nam-Yong Lee
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	unspent transaction output account sharding sidechains Technology T Engineering (General). Civil engineering (General) TA1-2040 Biology (General) QH301-705.5 Physics QC1-999 Chemistry QD1-999
Acceso en línea:	https://doaj.org/article/22b80ec63e6f406e8cc2363a5f6ed7a5
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spelling	oai:doaj.org-article:22b80ec63e6f406e8cc2363a5f6ed7a52021-11-11T15:13:48ZHierarchical Multi-Blockchain System for Parallel Computation in Cryptocurrency Transfers and Smart Contracts10.3390/app1121101732076-3417https://doaj.org/article/22b80ec63e6f406e8cc2363a5f6ed7a52021-10-01T00:00:00Zhttps://www.mdpi.com/2076-3417/11/21/10173https://doaj.org/toc/2076-3417Most of the existing smart-contract-based cryptocurrencies, such as Ethereum, use an account-based ledger. However, while the account-based model is advantageous for the efficient use of smart contracts and the increased exchangeability of cryptocurrencies, it is not well-suited to the parallel execution of smart contracts. However, unspent transaction output (UTXO)-based cryptocurrencies such as Bitcoin are advantageous for parallel cryptocurrency transfers but not well-suited to smart contracts. In this paper, we propose a hierarchical multi-blockchain system that uses multiple pairs of sidechain and dual-sidechains extended by independent block mining in their blockchain networks and a <i>mainchain</i> to control the branching and connection process of sidechains and dual sidechains. In the proposed method, one pair of a sidechain and dual sidechain forms one shard. The proposed method uses multiple shards to execute cryptocurrency transfers and smart contracts in parallel. In addition, the proposed model uses an <i>accoutchain</i> to record the resulting state changes generated by smart contract executions in each shard and securely share them with all other nodes. The proposed method uses a modifiable blockchain structure for the accountchain to obtain the database to record the smart contract execution results in each shard in as small and secure a manner as possible to ensure that all nodes trust the recorded results without executing smart contracts themselves. To examine the validity of the proposed method, we conducted a threat analysis of the proposed method by examining possible attacks in various scenarios as a thought experiment. This threat analysis concludes that the proposed blockchain system can execute smart contracts in parallel while keeping the concurrency in resulting state changes secure.Nam-Yong LeeMDPI AGarticleunspent transaction outputaccountshardingsidechainsTechnologyTEngineering (General). Civil engineering (General)TA1-2040Biology (General)QH301-705.5PhysicsQC1-999ChemistryQD1-999ENApplied Sciences, Vol 11, Iss 10173, p 10173 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	unspent transaction output account sharding sidechains Technology T Engineering (General). Civil engineering (General) TA1-2040 Biology (General) QH301-705.5 Physics QC1-999 Chemistry QD1-999
spellingShingle	unspent transaction output account sharding sidechains Technology T Engineering (General). Civil engineering (General) TA1-2040 Biology (General) QH301-705.5 Physics QC1-999 Chemistry QD1-999 Nam-Yong Lee Hierarchical Multi-Blockchain System for Parallel Computation in Cryptocurrency Transfers and Smart Contracts
description	Most of the existing smart-contract-based cryptocurrencies, such as Ethereum, use an account-based ledger. However, while the account-based model is advantageous for the efficient use of smart contracts and the increased exchangeability of cryptocurrencies, it is not well-suited to the parallel execution of smart contracts. However, unspent transaction output (UTXO)-based cryptocurrencies such as Bitcoin are advantageous for parallel cryptocurrency transfers but not well-suited to smart contracts. In this paper, we propose a hierarchical multi-blockchain system that uses multiple pairs of sidechain and dual-sidechains extended by independent block mining in their blockchain networks and a <i>mainchain</i> to control the branching and connection process of sidechains and dual sidechains. In the proposed method, one pair of a sidechain and dual sidechain forms one shard. The proposed method uses multiple shards to execute cryptocurrency transfers and smart contracts in parallel. In addition, the proposed model uses an <i>accoutchain</i> to record the resulting state changes generated by smart contract executions in each shard and securely share them with all other nodes. The proposed method uses a modifiable blockchain structure for the accountchain to obtain the database to record the smart contract execution results in each shard in as small and secure a manner as possible to ensure that all nodes trust the recorded results without executing smart contracts themselves. To examine the validity of the proposed method, we conducted a threat analysis of the proposed method by examining possible attacks in various scenarios as a thought experiment. This threat analysis concludes that the proposed blockchain system can execute smart contracts in parallel while keeping the concurrency in resulting state changes secure.
format	article
author	Nam-Yong Lee
author_facet	Nam-Yong Lee
author_sort	Nam-Yong Lee
title	Hierarchical Multi-Blockchain System for Parallel Computation in Cryptocurrency Transfers and Smart Contracts
title_short	Hierarchical Multi-Blockchain System for Parallel Computation in Cryptocurrency Transfers and Smart Contracts
title_full	Hierarchical Multi-Blockchain System for Parallel Computation in Cryptocurrency Transfers and Smart Contracts
title_fullStr	Hierarchical Multi-Blockchain System for Parallel Computation in Cryptocurrency Transfers and Smart Contracts
title_full_unstemmed	Hierarchical Multi-Blockchain System for Parallel Computation in Cryptocurrency Transfers and Smart Contracts
title_sort	hierarchical multi-blockchain system for parallel computation in cryptocurrency transfers and smart contracts
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/22b80ec63e6f406e8cc2363a5f6ed7a5
work_keys_str_mv	AT namyonglee hierarchicalmultiblockchainsystemforparallelcomputationincryptocurrencytransfersandsmartcontracts
_version_	1718436351116836864

Hierarchical Multi-Blockchain System for Parallel Computation in Cryptocurrency Transfers and Smart Contracts

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