Analysis of Blockchain System With Token-Based Bookkeeping Method

We propose a token-based blockchain system that streamlines abstractions into a universal token structure. In the proposed system, each token has an identity that enables the implementation of specific rollbacks and governance that make 51% attacks unprofitable. Because the token-based bookkeeping m...

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Bibliographic Details
Published inIEEE access Vol. 7; pp. 50823 - 50832
Main Authors Cai, Tianqi, Cai, H. J., Wang, Hao, Cheng, Xiji, Wang, Linfeng
Format Journal Article
LanguageEnglish
Published Piscataway IEEE 2019
The Institute of Electrical and Electronics Engineers, Inc. (IEEE)
Subjects
Bitcoin
Blockchain
Cryptography
Parallel processing
Plasmas
regulatory-friendly
Smart contracts
specific-rollback
Token-based
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Summary:We propose a token-based blockchain system that streamlines abstractions into a universal token structure. In the proposed system, each token has an identity that enables the implementation of specific rollbacks and governance that make 51% attacks unprofitable. Because the token-based bookkeeping method only verifies and updates the ownership within each transaction, the proposed system supports parallel expansion and cross-chain transactions without limit. The flexible authority management mechanism of the proposed system is regulatory-friendly, as the intensity of supervision and governance can be adapted to accommodate different application scenarios.
ISSN:2169-3536
2169-3536
DOI:10.1109/ACCESS.2019.2911124