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Verex: A New Blockchain System Design

From: Deane E. Jill <deane.e.jill@gmail.com>
Date: Tue, 13 Feb 2018 11:58:25 -0600
Message-ID: <CAC6T2Pk_O+1qsNgrSHw7TQrbrdGaWrOOVUvRxcpGmMaZw4rJNQ@mail.gmail.com>
To: public-blockchain@w3.org
I have been working on a conceptual model for a blockchain system called
Verex that may solve many of the issues facing existing blockchains,
including those related to scalability and robustness. This is based on a
federated model with public transparency.


I welcome any feedback regarding this system. The whitepaper detailing the
non-technical design of this system can be found here:
https://github.com/deaneejill/verex


Abstract:

A useful blockchain should possess the following properties, one or more of
which many existing blockchain systems lack: 1) A sound consensus protocol.
2) An efficient transaction-processing system. 3) Immutability of history.
4) Decentralization. 5) An effective avenue for hard-forks and rule
changes. We propose a system named the “Verex Blockchain” that will fulfill
these requirements. This system employs an “Assigned-Majority-Validation”
consensus protocol whereby only nodes within a specialized, designated
network may vote on the correct state of the blockchain and add new blocks
of transactions without proof of work or stake. New nodes to this network
must be approved by existing nodes. These nodes will be controlled by
entities with high public visibility such as governments or multinational
technology companies, whose identities and actions will be made fully
transparent on the blockchain. Transactions will be charged fees in
cryptocurrency according to a fixed and known fee schedule, which will be
earned by nodes in the designated network. Any user in the world may
download the blockchain, receive and verify updates, and submit
transactions, but only nodes in the specialized network may write updates
to the blockchain.



Regards,

Deane E. Jill
deane.e.jill@gmail.com
Received on Wednesday, 14 February 2018 07:52:13 UTC

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