Blockchain

Abstract

...ther, arguably more important, part of the Bitcoin experiment is the underlying blockchain technology as a tool of distributed consensus, and attention is rapidly startin...

Introduction and Existing Concepts

...proaches can be used to serve as the backbone of a cryptocurrency. The Bitcoin blockchain has proven remarkably robust in practice over the subsequent years of operation...

Mining

... since the previous block. Over time, this creates a persistent, ever-growing, "blockchain" that constantly updates to represent the latest state of the Bitcoin ledger. ...

Merkle Trees

...ficiency gains are substantial: while a full Bitcoin node must store the entire blockchain (approximately 15GB as of 2013), a simplified payment verification (SPV) node o...

Alternative Blockchain Applications

The success of Bitcoin's blockchain inspired numerous attempts to extend the concept beyond simple currency. Nameco...

Scripting

...o a maximum of X per day while leaving the remainder locked. Third, the lack of blockchain state awareness means that UTXO are either spent or unspent with no intermediat...

Ethereum

Ethereum's fundamental goal is to provide a blockchain with a built-in Turing-complete programming language that allows anyone to writ...

Ethereum Accounts

...iated code—they represent human users or external entities interacting with the blockchain. Contract accounts are controlled by their contract code and are activated when...

Ethereum State Transition Function

... transition function APPLY(S,TX) -> S' defines how a transaction transforms the blockchain state, and it follows a precise sequence of steps. First, the system checks tra...

Code Execution

... memory operations are cheap, while storage operations are expensive to prevent blockchain bloat. During execution, contract code has access to crucial context: it can r...

Blockchain and Mining

The Ethereum blockchain is fundamentally similar to Bitcoin's, serving as a database containing every t...

Financial Derivatives and Stable-Value Currencies

...ncial engineering while maintaining the transparency and security guarantees of blockchain technology.

Miscellanea And Concerns

... as every full node must process every transaction to verify the state. Current blockchain architectures struggle to match centralized systems' transaction throughput. Po...

Conclusion

...as an upgraded version of a cryptocurrency, providing advanced features like on-blockchain escrow, withdrawal limits, and financial contracts through a highly generalized...

References and Further Reading

...itcoin: A Peer-to-Peer Electronic Cash System," which introduced the concept of blockchain-based digital currency. Early attempts to extend Bitcoin's functionality includ...

Abstract

...her (formerly known as Realcoin) is a cryptocurrency token built on the Bitcoin blockchain through the Omni Layer Protocol. Each tether unit issued into circulation is ba...

Introduction

...receipt or a money market fund share, but represented as a token on the Bitcoin blockchain. The simplicity of this model is both its greatest strength and its most import...

Technology Stack

...ficant advantages over novel alternatives. The foundation layer is the Bitcoin blockchain itself. Bitcoin provides a globally distributed, immutable ledger maintained by...

Process of Tethering

..., and it creates an accountability trail that connects real-world identities to blockchain transactions at the point of issuance and redemption. While tethers can be tran...

Proof of Reserves

...tal supply of tethers in circulation is a public datum, recorded on the Bitcoin blockchain through the Omni Layer Protocol. Anyone running an Omni Layer-compatible node, ...

Use Cases

...rather than 2-3% processing fees), and cannot be reversed once confirmed on the blockchain, eliminating chargeback fraud. International remittances constitute a use case...

Advantages

...unctions. These advantages arise from the specific combination of fiat backing, blockchain-based transfer, and the Omni Layer's integration with the Bitcoin network. The...

Challenges and Risks

...hese challenges arise from the fundamental design choice of combining trustless blockchain technology with trust-requiring fiat custody, as well as from the evolving regu...

Conclusion

... demonstrates that fiat currencies can be faithfully represented on the Bitcoin blockchain through a practical and transparent architecture. The three-layer system -- Bit...

References

...iLayer/spec 4. Tether Limited. (2016). "Tether: Fiat currencies on the Bitcoin blockchain." Available at: https://tether.to/en/whitepaper 5. Financial Crimes Enforcemen...

Unique Node Lists

...s operated by a diverse set of entities — financial institutions, universities, blockchain companies, and other organizations. Servers that adopt this default UNL automat...

Abstract

This paper presents a new blockchain architecture based on Proof of History (PoH) — a proof for verifying order and ...

Introduction

...ticipant in the network will make the exact same choice. This limitation forces blockchain protocols into complex coordination patterns where nodes must exchange messages...

Outline

...mponent addresses data availability — the requirement that enough copies of the blockchain data exist across the network for any participant to reconstruct the full state...

Network Design

...tion forwarding protocol, which eliminates the traditional mempool used by most blockchain networks. In a conventional blockchain, transactions are broadcast to the entir...

Streaming Proof of Replication

Proof of Replication (PoRep) addresses the data availability problem in blockchain systems: ensuring that sufficient copies of the ledger data exist across the ne...

System Architecture

...ed to support the parallelism required by the rest of the pipeline. Traditional blockchain state storage uses a single key-value store (such as LevelDB or RocksDB) that s...

Performance

...,000,000 TPS ``` Signature verification, often the computational bottleneck in blockchain systems, is addressed through GPU parallelization. A single NVIDIA GTX 1080 Ti ...

Conclusion

This paper has presented a new blockchain architecture built on Proof of History, a mechanism for creating a verifiable, ...

Abstract

...S dollar stablecoin designed to operate as programmable digital money on public blockchain networks. Each USDC token is redeemable on a one-to-one basis for US dollars, w...

Introduction

The emergence of blockchain technology and cryptocurrency has created fundamentally new infrastructure for ...

Background

...rst token issued under the CENTRE standard, initially available on the Ethereum blockchain. From launch, USDC differentiated itself through monthly attestation reports by...

Design Principles

...rve balances against outstanding USDC token supply as recorded on all supported blockchain networks, and confirm that reserves are held in segregated accounts separate fr...

Technology

...standard, the most widely adopted interface for fungible tokens on the Ethereum blockchain. The ERC-20 standard defines a set of functions -- including `transfer`, `trans...

Compliance Framework

The compliance framework for USDC is designed to demonstrate that blockchain-based stablecoins can operate within established regulatory structures while de...

Reserve Management

...alue against the outstanding USDC token supply as recorded across all supported blockchain networks, verification that reserve accounts are properly segregated from issue...

Token Lifecycle

...ing to the deposited dollar amount and credits them to the customer's specified blockchain address. The minting transaction is recorded on the blockchain, providing an i...

Governance

...financial market infrastructure, adapting them for the specific requirements of blockchain-based stablecoin operation. CENTRE defines the membership standards that deter...

Conclusion

...ry-compliant digital dollar that operates as programmable money across multiple blockchain networks. By combining the stability and trust of traditional financial infrast...

Network Architecture

...ork consists of a distributed set of nodes that maintain a complete copy of the blockchain and validate all transactions and blocks according to the protocol's consensus ...

Use Cases and Community

...have made it a common entry point for people learning about digital currencies, blockchain technology, and decentralized systems. Many cryptocurrency enthusiasts who went...

Conclusion

...iers to entry, Dogecoin has introduced millions of people to cryptocurrency and blockchain technology. Its culture of generosity and charitable giving has challenged the ...

Abstract

...coin Cash is a peer-to-peer electronic cash system that forked from the Bitcoin blockchain on August 1, 2017. Created in response to Bitcoin's scaling limitations, Bitcoi...

Background: The Scaling Debate

...ns such as the Lightning Network that would move most transactions off the main blockchain. The opposing faction, which included prominent developers, miners, and busine...

The Fork

...executed on August 1, 2017, at block height 478,558. At that point, the Bitcoin blockchain split into two separate chains: the original chain, which continued as Bitcoin ...

OP_RETURN and Data Applications

...upports the OP_RETURN opcode, which allows users to embed arbitrary data in the blockchain within a transaction output that is provably unspendable. This feature enables ...

Network Architecture

...o propagate transactions and blocks. Full nodes maintain a complete copy of the blockchain and independently validate all transactions and blocks according to the consens...

Monetary Policy

...s a direct consequence of the fork: because Bitcoin Cash split from the Bitcoin blockchain, it began with the same issuance history and continues with the same future iss...