chainBoost: A Secure Performance Booster for Blockchain-based Resource Markets
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arXiv
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| Format: | Preprint |
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2024
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| _version_ | 1866914836299907072 |
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| author | Motaqy, Zahra Najd, Mohamed E. Almashaqbeh, Ghada |
| author_facet | Motaqy, Zahra Najd, Mohamed E. Almashaqbeh, Ghada |
| contents | Cryptocurrencies and blockchain technology provide an innovative model for reshaping digital services. Driven by the movement toward Web 3.0, recent systems started to provide distributed services, such as computation outsourcing or file storage, on top of the currency exchange medium. By allowing anyone to join and collect payments for serving others, these systems create decentralized markets for trading digital resources. Yet, there is still a big gap between the promise of these markets and their practical viability. Existing initiatives are still early-stage and have already encountered security and efficiency obstacles. At the same time, existing work around promising ideas, specifically sidechains, fall short in exploiting their full potential in addressing these problems.
To bridge this gap, we propose chainBoost, a secure performance booster for decentralized resource markets. It expedites service related operations, reduces the blockchain size, and supports flexible service-payment exchange modalities at low overhead. At its core, chainBoost employs a sidechain, that has a (security and semantic) mutual-dependence with the mainchain, to which the system offloads heavy/frequent operations. To enable it, we develop a novel sidechain architecture composed of temporary and permanent blocks, a block suppression mechanism to prune the sidechain, a syncing protocol to permit arbitrary data exchange between the two chains, and an autorecovery protocol to support robustness and resilience. We analyze the security of chainBoost, and implement a proof-of-concept prototype for a distributed file storage market as a use case. For a market handling around 2000 transactions per round, our experiments show up to 11x improvement in throughput and 94% reduction in confirmation time. They also show that chainBoost can reduce the main blockchain size by around 90%. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2402_16095 |
| institution | arXiv |
| publishDate | 2024 |
| record_format | arxiv |
| spellingShingle | chainBoost: A Secure Performance Booster for Blockchain-based Resource Markets Motaqy, Zahra Najd, Mohamed E. Almashaqbeh, Ghada Cryptography and Security Cryptocurrencies and blockchain technology provide an innovative model for reshaping digital services. Driven by the movement toward Web 3.0, recent systems started to provide distributed services, such as computation outsourcing or file storage, on top of the currency exchange medium. By allowing anyone to join and collect payments for serving others, these systems create decentralized markets for trading digital resources. Yet, there is still a big gap between the promise of these markets and their practical viability. Existing initiatives are still early-stage and have already encountered security and efficiency obstacles. At the same time, existing work around promising ideas, specifically sidechains, fall short in exploiting their full potential in addressing these problems. To bridge this gap, we propose chainBoost, a secure performance booster for decentralized resource markets. It expedites service related operations, reduces the blockchain size, and supports flexible service-payment exchange modalities at low overhead. At its core, chainBoost employs a sidechain, that has a (security and semantic) mutual-dependence with the mainchain, to which the system offloads heavy/frequent operations. To enable it, we develop a novel sidechain architecture composed of temporary and permanent blocks, a block suppression mechanism to prune the sidechain, a syncing protocol to permit arbitrary data exchange between the two chains, and an autorecovery protocol to support robustness and resilience. We analyze the security of chainBoost, and implement a proof-of-concept prototype for a distributed file storage market as a use case. For a market handling around 2000 transactions per round, our experiments show up to 11x improvement in throughput and 94% reduction in confirmation time. They also show that chainBoost can reduce the main blockchain size by around 90%. |
| title | chainBoost: A Secure Performance Booster for Blockchain-based Resource Markets |
| topic | Cryptography and Security |
| url | https://arxiv.org/abs/2402.16095 |