EDSC: An Event-Driven Smart Contract Platform

Abstract: This paper presents EDSC, a novel smart contract platform design based on the event-driven execution model as opposed to the traditionally employed transaction-driven execution model. We reason that such a design is a better fit for many emerging smart contract applications and is better positioned to address the scalability and performance challenges plaguing the smart contract ecosystem. We propose EDSC's design under the Ethereum framework, and the design can be easily adapted for other existing smart contract platforms. We have conducted implementation using Ethereum client and experiments where performance modeling results show on average 2.2 to 4.6 times reduced total latency of event triggered smart contracts, which demonstrates its effectiveness for supporting contracts that demand timely execution based on events. In addition, we discuss example use cases to demonstrate the design's utility and comment on its potential security dynamics.