A Scale-out Blockchain for Value Transfer with Spontaneous Sharding
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Blockchain technology, sometimes known by its applications like cryptocurrencies, suffers from the scalability problem mainly due to the unideal throughput of Byzantine fault tolerance consensus algorithms. Recently, many blockchains have been proposed to achieve scale-out throughput, i.e., the throughput of the system grows with the number of nodes. In this paper, we propose a novel scale-out blockchain system for the most considered type of ledgers, we call Value Transferring Ledgers, in which a transaction is a transfer of positive value from one node to another. In our system, nodes commonly agree on a main chain and individually generate their own chains. We propose a locally executable validation scheme with uncompromised validity and scalable throughput. Furthermore, a smart transacting algorithm is introduced so that the system is spontaneously sharded for individual transactions and achieves scale-out throughput.
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