Concurrency in Blockchain Based Smartpool with Transactional Memory

Abstract

Blockchain is the buzzword in today\u27s modern technological world. It is an undeniably ingenious invention of the 21st century. Blockchain was first coined and used by a cryptocurrency namedBitcoin. Since then bitcoin and blockchain are so popular that every single person is taking on bitcoin these days and the price of bitcoin has leaped to a staggering price in the last year and so.Today several other cryptocurrencies have adapted the blockchain technology. Blockchain in cryptocurrencies is formed by chaining of blocks. These blocks are created by the nodes called miners through the process called Proof of Work(PoW). Mining Pools are formed as a collection of miners which collectively tries to solve a puzzle. However, most of the mining pools are centralized. P2Pool is the first decentralized mining pool in Bitcoin but is not that popular as the number of messages exchanged among the miners is a scalar multiple of the number of shares. SmartPool is a decentralized mining pool with the throughput equal to that of the traditional pool. However, the verification of blocks is done in a sequential manner. We propose a non-blocking concurrency mechanism in a decentralized mining pool for the verification of blocks in a blockchain. Smart contract in SmartPool is concurrently executed using a transactional memory approach without the use of locks. Since the SmartPool mining implemented in ethereum can be applied to Bitcoin, this concurrency method proposed in ethereum smart contracts can be applicable in Bitcoin as well