1 research outputs found
A Systems Approach to Minimize Wasted Work in Blockchains
Blockchain systems and distributed ledgers are getting increasing attention since the
release of Bitcoin. Everyday they make headlines in the news involving economists,
scientists, and technologists. The technology invented by Satoshi Nakamoto gave to the
world a quantum leap in the fields of distributed systems and digital currencies. Even
so, there are still some problems regarding the architecture in most existing blockchain
systems.
One of the main challenges in these systems is the structure of the network topology
and how peers disseminate messages between them, this leads to problems regarding the
system scalability and the efficiency of the transaction and blocks propagation, wasting
computational power, energy and network resources.
In this work we propose a novel solution to tackle these limitations. We propose
the design of membership and message dissemination protocols, based on the state-ofart,
that will boost the efficiency of the overlay network that support the interactions
between miners, reducing the number of exchanged messages and the used bandwidth.
This solution also reduces the computational power and energy consumed across all
nodes in the network, since the nodes avoid to process redundant network messages, and,
becoming aware of mined blocks faster, avoid to perform computations over an outdated
chain configuration