The technical problems that this technology provides a solution for are: communication and storage scalability, fairness and consistency. By communication scalability, we mean an efficient imposed communication overhead to the system for generating a single transaction or block. By storage scalability, we mean an efficient storage overhead on the participating nodes of the blockchain protocol. By fairness, we mean the uniform chance of the participating nodes in block generation decision making regardless of their influence in the system. By consistency, we mean an identical view of all participating nodes towards the blockchain.
The present technology relates to a blockchain architecture with improved communication and storage efficiency. It provides addressable peers, blocks, and transactions within the network; making them efficiently accessible in an on-demand manner by all the peers using the skip graph lookup operation in which no peers are required to store the entire blockchain, but store a replicated subset of the blocks and transactions and answer other peers' queries on those blocks and transactions. The technology also provides a fair blockchain with uniform chance for all the participating peers to be involved in the consensus protocol regardless of their influence in the system with an improved consistency in that it governs a deterministic fork-resolving policy.
Technology Features, Specifications and Advantages
The technology presents a blockchain architecture that considers the communication and storage efficiency, consistency, and decentralization of the blockchains altogether. It is a communication and storage efficient blockchain with fully decentralized and uniform block generation decision-making that operates on top of a Skip Graph-based structured Peer-to-peer (P2P) overlay.
The technology is fair in the sense that each of the participating peers in the system has a uniform chance of being involved in the consensus regardless of its influence. Having n peers and b blocks in the system, compared to the existing solutions that require the storage and communication complexity of O(n) and O(b), respectively, the technology requires O(b/n) storage on each peer, and incurs the communication complexity of O(log n) on generating a new block. These asymptotic operational complexities make the technology suitable for resource-limited environments.
By providing a light communication and storage overhead, the technology is suitable for resource-limited environments like P2P systems and Internet-of-Things applications where the devices have a limited storage and communication set of capabilities:
- Internet-of-things (IoT)
- Storage constraint devices (e.g. smart phones)
- Power constraint devices
- Bandwidth constraint devices (e.g. home subscribers)
This technology provides the benefits of communication and storage efficiency, consistency, and decentralization of the blockchains altogether. Each of the participating peers in the system has a uniform chance of being involved in the consensus regardless of its influence (e.g. processing power, available bandwidth, stakes value).