1 research outputs found
JaxNet: Scalable Blockchain Network
Today's world is organized based on merit and value. A single global currency
that's decentralized is needed for a global economy. Bitcoin is a partial
solution to this need, however it suffers from scalability problems which
prevent it from being mass-adopted. Also, the deflationary nature of bitcoin
motivates people to hoard and speculate on them instead of using them for day
to day transactions. We propose a scalable, decentralized cryptocurrency that
is based on Proof of Work.The solution involves having parallel chains in a
closed network using a mechanism which rewards miners proportional to their
effort in maintaining the network.The proposed design introduces a novel
approach for solving scalability problem in blockchain network based on merged
mining.Comment: 55 pages. 10 figure