Chain of Antichains: An Efficient and Secure Distributed Ledger Technology and Its Applications
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Since the inception of blockchain and Bitcoin (Nakamoto (2008)), a decentralized-distributed ledger system and its associated cryptocurrency, respectively, the world has witnessed a slew of newer adaptations and applications. Although the original distributed ledger technology (DLT) of blockchain is deemed secure and decentralized, the confirmation of transactions is inefficient by design. Recently adopted, directed acyclic graph (DAG)-based distributed ledgers validate transactions efficiently without the physically and environmentally costly building process of blocks (Lerner (2015)). However, centrally-controlled confirmation against the odds of multiple validation disqualifies DAG-ledgers as a decentralized-distributed network. In this regard, we introduce an innovative DLT by reconstructing a chain of antichains based on a given DAG-pool of transactions. Each antichain (box) contains distinct nodes whose approved transactions are recursively validated by subsequently augmenting nodes. The boxer node closes the box and keeps the hash of all transactions confirmed by the box-genesis node. The boxes are serially concatenated with recursive confirmation (boxchain) without incurring the cost of box generation. Rewards (boxcoin) are paid to the contributing nodes of the ecosystem whose trust is built on the doubly-secure protocol of confirmation. A value-preserving medium of payment (boxdollar) is among numerous practical applications discussed herein.
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