A scalable verification solution for blockchains

Jason Teutsch and Christian Reitwie{\ss}ner

Papers from arXiv.org

Abstract: 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.

Date: 2019-08
New Economics Papers: this item is included in nep-pay
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