A Step towards Blockchain Scalability Resolution

Abstract:

After mainframes, people computers, the internet, mobile communications, and social media, blockchain has been dubbed the sixth disruptive technology. For system decentralization, it is referred to as a distributed peer-to-peer (P2P) database enabler. There is a scalability issue that is a major roadblock to widespread Blockchain adoption. The goal of this study is to overcome the barriers that are preventing this technology from becoming as widely accepted as it was designed to be. This research provides the groundwork for an improved blockchain by identifying the right balance between block size and block interval, switching to a better consensus mechanism like PoS, and indicating sharding.

• Periodical: Advances in Science and Technology (Volume 124)
• Pages: 635-643
• DOI: https://doi.org/10.4028/p-6287yh
• Online since: February 2023
• Authors: Aayush Goel, G. Suseela*
• Keywords: Block Interval, Block Size, Blockchain, Consensus Mechanism, Cryptocurrency, Proof of Stake, Proof of Work, Scalability, Sharding

References

[1] J. Poon and V. Buterin, 'Plasma: Scalable autonomous smart contracts,', White Paper, 2017, p.1–47. [Online]. Available: https://www.plasma.io 2.

[2] Cosmos. Accessed: Sep. 1, 2019. [Online]. Available: https:// cosmos.network/whitepaper.

[3] K. Croman, C. Decker, I. Eyal, A. E. Gencer, A. Juels, A. Kosba, A. Miller, P. Saxena, E. Shi, D. Song, R. Wattenhofer, and E. G. Sirer, 'On scaling decentralized blockchains,', in Proc. Int. Conf. Financial Cryptogr. Data Secur. Christ Church, Barbados: Springer, 2016, p.106–125.

DOI: 10.1007/978-3-662-53357-4_8

[4] Scalability of Bitcoin. Accessed: Sep. 1, 2019. [Online]. Available: https://en.bitcoin.it/wiki/Scalability.

[5] Back, A.; Bentov, I. Note on fair coin toss via bitcoin. arXiv 2014, arXiv preprint. arXiv:1402.3698. Available online: https://arxiv.org/abs/1402.3698 (accessed on 5 February 2020).

DOI: 10.1063/pt.5.028530

[6] Luu, L.; Narayanan, V.; Zheng, C.; Baweja, K.; Gilbert, S.; Saxena, P. A secure sharding protocol for open blockchains. In Proceedings of the 2016 ACM SIGSAC Conference on Computer and Communications Security, Vienna, Austria, 24–28 October 2016; p.17–30).

DOI: 10.1145/2976749.2978389

[7] E. K. Kogias, P. Jovanovic, N. Gailly, I. Khoffi, L. Gasser, and B. Ford, 'Enhancing bitcoin security and performance with strong consistency via collective signing,', in Proc. 25th USENIX Security Symp. USENIX Secur., 2016, p.279–296.

DOI: 10.1109/sp.2017.45

[8] M. Zamani, M. Movahedi, and M. Raykova, 'RapidChain: Scaling blockchain via full sharding,', in Proc. ACM SIGSAC Conf. Comput. Commun. Secur., Jan. (2018).

DOI: 10.1145/3243734.3243853

[9] J. Wang and H. Wang, 'Monoxide: Scale out blockchains with asynchronous consensus zones,', in Proc. 16th USENIX Symp. Netw. Syst. Design Implement. (NSDI), (2019).

[10] Raiden Network. Accessed: Sep. 1, 2019. [Online]. Available: https://raiden.network.

[11] J. Teutsch and C. Reitwießner, 'A scalable verification solution for blockchains,', 2019, arXiv:1908.04756. [Online]. Available: https://arxiv.org/abs/1908.04756.

[12] A. Nandwani, M. Gupta, and N. Thakur, 'Proof-of-participation: Implementation of proof-of-stake through proof-of-work,', in Proc. Int. Conf. Innov. Comput. Commun. New Delhi, India: Springer, (2019).

DOI: 10.1007/978-981-13-2324-9_3

[13] A. Hafid, A. S. Hafid and M. Samih, Scaling Blockchains: A Comprehensive Survey,, in IEEE Access, vol. 8, pp.125244-125262, 2020,.

DOI: 10.1109/access.2020.3007251

[14] Yang, Di, et al. A review on scalability of blockchain., Proceedings of the 2020 The 2nd International Conference on Blockchain Technology. (2020).

[15] D. Ding, X. Jiang, J. Wang, H. Wang, X. Zhang, and Y. Sun, 'Txilm: Lossy block compression with salted short hashing,', 2019, arXiv:1906.06500. [Online]. Available: https://arxiv.org/abs/1906.06500.