MEchain—A novel mode to improve blockchain's real‐time and throughput

Abstract

AbstractBlockchain trilemma is a considerable obstacle for today's decentralized systems. It is hard to achieve a perfect balance among decentralization, security, and scalability. Many popular blockchain platforms sacrifice scalability to preserve decentralization and security, resulting in low speed, reduced throughput, and poor real‐time performance (the time from transaction initiation to confirmation). Currently, there are several technologies, such as sharding, directed acyclic graph technology, sidechains, off‐chain state channels etc., that aim to improve throughput and real‐time performance. However, most of these solutions compromise the core feature of blockchain, which is decentralization, and introduce new security risks. In this paper, the authors propose a novel method, called MEchain, based on the Proof of Time Series Algorithm. MEchain consists of two models: the multi‐chain model and the elastic‐chain model. The authors’ experimental results show that these two models can enhance real‐time performance and throughput to a higher level in the industry.