Ticket-based multi-strand method for increased efficiency in proof-of-work based blockchains

TL;DR

This paper proposes a ticket-based multi-strand method to enhance proof-of-work blockchain efficiency by enabling parallel block addition across multiple semi-independent chains, significantly increasing transaction throughput while preserving decentralization and security.

Contribution

Introduces a novel ticket-based multi-chain approach that allows parallel block creation, overcoming serial bottlenecks in traditional proof-of-work blockchains.

Findings

Achieves several orders of magnitude increase in transaction rate.

Maintains decentralization and security against attacks.

Enables parallel processing in proof-of-work systems.

Abstract

This paper outlines a method aiming to increase the efficiency of proof-of-work based blockchains using a ticket-based approach. To avoid the limitation of serially adding one block at a time to a blockchain, multiple semi-independent chains are used such that several valid blocks can be added in parallel, when they are added to separate chains. Blocks are added to different chains, the chain index being determined by a ``ticket'' that the miner must produce before creating a new block. This allows increasing the transaction rate by several orders of magnitude while the system is still fully decentralized and permissionless, and maintaining security in the sense that a successful attack would require the attacker to control a significant portion of the whole network.