Work

Grassroots Flash: A Payment System for Grassroots Cryptocurrencies

Year: 2023

Type: preprint

Abstract: The goal of grassroots cryptocurrencies is to provide a foundation with which local digital economies can emerge independently of each other and of global digital platforms and global cryptocurrencies; can form and grow without initial capital or external credit; can trade with each other; and can gradually merge into a global digital economy. Grassroots cryptocurrencies turn mutual trust into liquidity and thus could be a powerful means for 'banking the unbanked'. Grassroots cryptocurrencies have not been provided yet with a payment system, which is the goal of this paper. Here, we present Grassroots Flash, a payment system for grassroots cryptocurrencies that employs the blocklace -- a DAG-like counterpart of the blockchain data structure. We analyze its security (safety, liveness, and privacy) and efficiency, prove that it is indeed grassroots.

Source: arXiv (Cornell University)

DOI: 10.48550/arxiv.2309.13191

Authors: Lewis-Pye, Andrew, Naor, Oded, Shapiro, Ehud

Institutions: London School of Economics and Political Science, Technion – Israel Institute of Technology, Weizmann Institute of Science

Language: English

Topic: Blockchain Technology Applications and Security

Subfield: Information Systems

Field: Computer Science

Domain: Physical Sciences

Open Access status: green

OpenAlex ID: W4387074803

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