Grassroots Flash: A Payment System for Grassroots Cryptocurrencies

TL;DR

Grassroots Flash introduces a novel payment system for grassroots cryptocurrencies using a DAG-like structure called blocklace, enabling secure, efficient transactions to support local digital economies and financial inclusion.

Contribution

The paper presents Grassroots Flash, the first payment system tailored for grassroots cryptocurrencies utilizing blocklace, enhancing security and efficiency for decentralized local economies.

Findings

Proves security properties: safety, liveness, privacy.

Demonstrates efficiency of the payment system.

Confirms the system's grassroots nature.

Abstract

The goal of grassroots cryptocurrencies is to provide a foundation with which local digital economies can emerge independently of each other and of global digital platforms and global cryptocurrencies; can form and grow without initial capital or external credit; can trade with each other; and can gradually merge into a global digital economy. Grassroots cryptocurrencies turn mutual trust into liquidity and thus could be a powerful means for 'banking the unbanked'. Grassroots cryptocurrencies have not been provided yet with a payment system, which is the goal of this paper. Here, we present Grassroots Flash, a payment system for grassroots cryptocurrencies that employs the blocklace -- a DAG-like counterpart of the blockchain data structure. We analyze its security (safety, liveness, and privacy) and efficiency, prove that it is indeed grassroots.