Abstract
The advent of Bitcoin paved the way for a plethora of blockchain systems supporting diverse applications beyond cryptocurrencies. Although in-depth studies of the consensus protocols as well as the privacy of blockchain transactions are available, there is no formal model of the transaction semantics that a blockchain is supposed to guarantee.
Highlights
The success of Bitcoin [1] has sparked the development of many other blockchain systems
We introduce a formal model, called the transaction graph or TDAG for short, a directed acyclic graph that models the transactions occurring on a blockchain and how they interact through states
It is more abstract than [17], but the scope is different: While BitML targets modeling and describing concrete contracts, the TDAG model aims to model the consistency of the platform as a whole
Summary
The success of Bitcoin [1] has sparked the development of many other blockchain systems. Generic, and more complex blockchains, such as Ethereum or Hyperledger Fabric, a proper model of the guarantees they provide appears necessary. Such a model should allow for reasoning whether the intuitively expected guarantees are achieved. We describe the states and transactions of the TDAG, specify the notion of consistency, and define the validity of transactions This shows the broad applicability of our model, and results in an abstract description of these real-world systems
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
