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arXiv · 2309.13191

Grassroots Flash: A Payment System for Grassroots Cryptocurrencies

Andrew Lewis-Pye·Oded Naor·Ehud Shapiro
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Abstract

The goal of grassroots cryptocurrencies is to provide a foundation with which local digital economies can emerge independently of each other and of global digital platforms and global cryptocurrencies; can form and grow without initial capital or external credit; can trade with each other; and can gradually merge into a global digital economy. Grassroots cryptocurrencies turn mutual trust into liquidity and thus could be a powerful means for 'banking the unbanked'. Grassroots cryptocurrencies have not been provided yet with a payment system, which is the goal of this paper. Here, we present Grassroots Flash, a payment system for grassroots cryptocurrencies that employs the blocklace -- a DAG-like counterpart of the blockchain data structure. We analyze its security (safety, liveness, and privacy) and efficiency, prove that it is indeed grassroots.

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Andrew Lewis-Pye, Oded Naor, Ehud Shapiro. 2023-09-22. Grassroots Flash: A Payment System for Grassroots Cryptocurrencies. https://arxiv.org/abs/2309.13191

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