Abstract
As the blockchain platform is widely used as a new trading way, both participants and transaction volume in the blockchain projects have been growing by leaps and bounds. The generic mechanisms of ranking transaction priorities are heavily dependent on the transaction fees the users append into each transaction; then, all transactions are ranked in the nonincreasing order according to the transaction fee amounts, and the selected transactions will be packed into a new created block in order based on the ranking results. However, more complex influence factors more than transaction fees on transaction priority ranking results are not taken into consideration in the generic transaction priority ranking mechanisms, and a single user is the objective to create transactions in these mechanisms. In order to optimize the generic transaction priority ranking mechanisms and enrich transaction creation modes, a novel user-coalition-based transaction pricing mechanism (UCTPM) is proposed, and the user coalition quality score, user coalition contribution degree, and the transaction type demand degree are formulated and introduced into the UCTPM mechanism. Our research findings indicate that the UCTPM mechanism satisfies the economic attributes of budget balanced, individual rationality, and incentive compatibility when the user coalition contribution degree increases through theoretical proof and experimental analysis. Moreover, the UCTPM mechanism allows all the transactions to be processed more efficiently by experimental analysis.
Highlights
In contrast to the traditional financial systems that heavily rely on centralized supervision, digital cryptocurrencies use blockchain as the technical solutions providing a decentralized distributed ledger economic model for the current financial market and enabling participants to freely join this kind of open-market platform without constraints
Considering the issues of single-user transaction creation modes and limited influence factors on transaction priority algorithms in the current blockchain research fields, we propose a novel pricing mechanism called the user-coalition-based transaction pricing mechanism (UCTPM) mechanism to optimize the traditional transaction priority algorithm and enrich the transaction creation modes
The user coalition quality score, user coalition contribution degree, and transaction type demand degree are introduced into the UCTPM mechanism to reduce the impact of the transaction fee on transaction priority ranking results
Summary
In contrast to the traditional financial systems that heavily rely on centralized supervision, digital cryptocurrencies use blockchain as the technical solutions providing a decentralized distributed ledger economic model for the current financial market and enabling participants to freely join this kind of open-market platform without constraints. We consider that the participants join the user coalitions as the transaction creation mode, which is fairly a novel transaction creation mode, and we believe that the main advantage to consider such a new transaction creation mode is that the efficiency of the transaction confirming process can be improved due to the transactions that are selected by batch instead of by individual, it is verified via the experiments conducted in this paper Whereafter, it is proved through theoretical proof that the UCTPM mechanism proposed in this paper satisfies the economic attributes of budget balanced, individual rationality, and incentive compatibility under the circumstance that the user coalition contribution degree increases.
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