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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| Format: | Article |
| Language: | English |
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MDPI AG
2021-10-01
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| Series: | Applied Sciences |
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| Online Access: | https://www.mdpi.com/2076-3417/11/21/10173 |
| _version_ | 1827678289443946496 |
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| author | Nam-Yong Lee |
| author_facet | Nam-Yong Lee |
| author_sort | Nam-Yong Lee |
| collection | DOAJ |
| 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. |
| first_indexed | 2024-03-10T06:06:15Z |
| format | Article |
| id | doaj.art-22b80ec63e6f406e8cc2363a5f6ed7a5 |
| institution | Directory Open Access Journal |
| issn | 2076-3417 |
| language | English |
| last_indexed | 2024-03-10T06:06:15Z |
| publishDate | 2021-10-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Applied Sciences |
| spelling | doaj.art-22b80ec63e6f406e8cc2363a5f6ed7a52023-11-22T20:28:49ZengMDPI AGApplied Sciences2076-34172021-10-0111211017310.3390/app112110173Hierarchical Multi-Blockchain System for Parallel Computation in Cryptocurrency Transfers and Smart ContractsNam-Yong Lee0College of Artificial Intelligence, Inje University, Gimhae 50834, KoreaMost 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.https://www.mdpi.com/2076-3417/11/21/10173unspent transaction outputaccountshardingsidechains |
| spellingShingle | Nam-Yong Lee Hierarchical Multi-Blockchain System for Parallel Computation in Cryptocurrency Transfers and Smart Contracts Applied Sciences unspent transaction output account sharding sidechains |
| title | 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_short | 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 |
| topic | unspent transaction output account sharding sidechains |
| url | https://www.mdpi.com/2076-3417/11/21/10173 |
| work_keys_str_mv | AT namyonglee hierarchicalmultiblockchainsystemforparallelcomputationincryptocurrencytransfersandsmartcontracts |