Bitcoin Scaling with Specialization
Name
Oliver-Matis Lill
Abstract
Bitcoin is a young cryptocurrency, which has seen a rapid growth of popularity in the recent years. If the current trend continues then the scaling issues will become critical for the future use of bitcoin.
In this thesis, we propose a new architecture for Bitcoin-like cryptocurrency, which efficiently facilitates Bitcoin scaling. Our scheme relies on a new type of node called validator - a node that validates transactions and detects double
spending.
We propose a system based on binary trees and pseudorandom number generators that distributes the transactions among validators such that the individual workload is small but the whole system is properly validated.
We also provide mechanisms for validators and other nodes to cooperate in order to add new blocks and ensure the trustworthiness of the stored data. Finally, we study practical aspects of the proposed system, analyze various attack scenarios that may occur, and propose countermeasures.
In this thesis, we propose a new architecture for Bitcoin-like cryptocurrency, which efficiently facilitates Bitcoin scaling. Our scheme relies on a new type of node called validator - a node that validates transactions and detects double
spending.
We propose a system based on binary trees and pseudorandom number generators that distributes the transactions among validators such that the individual workload is small but the whole system is properly validated.
We also provide mechanisms for validators and other nodes to cooperate in order to add new blocks and ensure the trustworthiness of the stored data. Finally, we study practical aspects of the proposed system, analyze various attack scenarios that may occur, and propose countermeasures.
Graduation Thesis language
English
Graduation Thesis type
Bachelor - Computer Science
Supervisor(s)
Vitaly Skachek
Defence year
2018