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A Bitcoin system with no mining and no history transactions: Build a compact Bitcoin system

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  • Xiaochao Qian

Abstract

We give an explicit definition of decentralization and show you that decentralization is almost impossible for the current stage and Bitcoin is the first truly noncentralized currency in the currency history. We propose a new framework of noncentralized cryptocurrency system with an assumption of the existence of a weak adversary for a bank alliance. It abandons the mining process and blockchain, and removes history transactions from data synchronization. We propose a consensus algorithm named Converged Consensus for a noncentralized cryptocurrency system.

Suggested Citation

  • Xiaochao Qian, 2014. "A Bitcoin system with no mining and no history transactions: Build a compact Bitcoin system," Papers 1404.4275, arXiv.org, revised Sep 2016.
    • Handle: RePEc:arx:papers:1404.4275
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    File URL: http://arxiv.org/pdf/1404.4275
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