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arXiv:1412.7935cs.DC

Bitcoin Meets Strong Consistency

Christian Decker, Jochen Seidel, Roger Wattenhofer

Early discovery. Linked by one identifiable commenter. This paper is outside the main ranking; a mention is not an endorsement.

Abstract

The Bitcoin system only provides eventual consistency. For everyday life, the time to confirm a Bitcoin transaction is prohibitively slow. In this paper we propose a new system, built on the Bitcoin blockchain, which enables strong consistency. Our system, PeerCensus, acts as a certification authority, manages peer identities in a peer-to-peer network, and ultimately enhances Bitcoin and similar systems with strong consistency. Our extensive analysis shows that PeerCensus is in a secure state with high probability. We also show how Discoin, a Bitcoin variant that decouples block creation and transaction confirmation, can be built on top of PeerCensus, enabling real-time payments. Unlike Bitcoin, once transactions in Discoin are committed, they stay committed.

arXiv comments
Journal reference
DOI
Subjects
cs.DCDistributed, Parallel, and Cluster Computing cs.CRCryptography and Security

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Discussed in comments1 thread

  1. Ask HN: What happens to blockchain transactions in case of network partition? 1 comment

    • >> Why would there be any need for a contingency plan? That question is probably best put the person that wrote the statement and mentioned that it was under discussion: Christian Decker. He is a published block chain researcher and may have a good answer for you.…

      cnnsucksView on HNParent context

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