Iurii Shyshatskyi | Northwestern University (original) (raw)
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Papers by Iurii Shyshatskyi
ArXiv, 2020
Today's world is organized based on merit and value. A single global currency that's dece... more Today's world is organized based on merit and value. A single global currency that's decentralized is needed for a global economy. Bitcoin is a partial solution to this need, however it suffers from scalability problems which prevent it from being mass-adopted. Also, the deflationary nature of bitcoin motivates people to hoard and speculate on them instead of using them for day to day transactions. We propose a scalable, decentralized cryptocurrency that is based on Proof of Work.The solution involves having parallel chains in a closed network using a mechanism which rewards miners proportional to their effort in maintaining the network.The proposed design introduces a novel approach for solving scalability problem in blockchain network based on merged mining.
ArXiv, 2020
Today's world is organized based on merit and value. A single global currency that's dece... more Today's world is organized based on merit and value. A single global currency that's decentralized is needed for a global economy. Bitcoin is a partial solution to this need, however it suffers from scalability problems which prevent it from being mass-adopted. Also, the deflationary nature of bitcoin motivates people to hoard and speculate on them instead of using them for day to day transactions. We propose a scalable, decentralized cryptocurrency that is based on Proof of Work.The solution involves having parallel chains in a closed network using a mechanism which rewards miners proportional to their effort in maintaining the network.The proposed design introduces a novel approach for solving scalability problem in blockchain network based on merged mining.