TrueChain: Highly Performant Decentralized Public Ledger

TL;DR

TrueChain introduces a novel consensus protocol that aims to achieve high performance, decentralization, and security simultaneously, overcoming limitations of existing blockchain solutions.

Contribution

The paper presents the Minerva consensus protocol, a hybrid consensus design, and a new virtual machine with sharding and permissioned transaction capabilities for blockchain scalability.

Findings

Achieves high performance, security, and decentralization simultaneously.

Proposes a permissioned-chain virtual machine on Ethereum.

Introduces ASIC-resistant mining algorithm Truehash.

Abstract

In this paper we present the initial design of Minerva consensus protocol for Truechain and other technical details. Currently, it is widely believed in the blockchain community that a public chain cannot simultaneously achieve high performance, decentralization and security. This is true in the case of a Nakamoto chain (low performance) or a delegated proof of stake chain (partially centralized), which are the most popular block chain solutions at time of writing. Our consensus design enjoys the same consistency, liveness, transaction finality and security guarantee, a de-facto with the Hybrid Consensus. We go on to propose the idea of a new virtual machine on top of Ethereum which adds permissioned-chain based transaction processing capabilities in a permissionless setting. We also use the idea of data sharding and speculative transactions, and evaluation of smart contracts in a sharding friendly virtual machine. Finally, we will briefly discuss our fundamentally ASIC resistant mining algorithm, Truehash.