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arXiv · 2005.01865

JaxNet: Scalable Blockchain Network

Iurii Shyshatsky·Vinod Manoharan·Taras Emelyanenko·Lucas Leger
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Abstract

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 the scalability problem in the blockchain network based on merged mining.

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Iurii Shyshatsky, Vinod Manoharan, Taras Emelyanenko, Lucas Leger. 2020-05-04. JaxNet: Scalable Blockchain Network. https://doi.org/10.6084/m9.figshare.13154420

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