Implicit Consensus: Blockchain with Unbounded Throughput (1705.11046v3)

Abstract: Recently, the blockchain technique was put in the spotlight as it introduced a systematic approach for multiple parties to reach consensus without needing trust. However, the application of this technique in practice is severely restricted due to its limitations in throughput. In this paper, we propose a novel consensus model, namely the implicit consensus, with a distinctive blockchain-based distributed ledger in which each node holds its individual blockchain. In our system, the consensus is not on the transactions, but on a special type of blocks called Check Points that are used to validate individual transactions. Our system exploits the ideas of self-interest and spontaneous sharding and achieves unbounded throughput with the transaction reliability that equivalent to traditional Byzantine fault tolerance schemes.