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IC3 Researchers Propose ‘Solidus’ Protocol for Personal Transactions

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IC3 Researchers Propose ‘Solidus’ Protocol for Personal Transactions

Researchers from 3 universities have proposed a new approach for keeping transactions confidential more than a public blockchain.

The proposal, dubbed Solidus and written by researchers from Cornell University, Shanghai Jiao Tong University and the University of Maryland, outlines a way in which network participants – cited as banks in the paper – could preserve each transaction values and the identities of the two payer and payee hidden.

At its heart, the proposal seeks to commit the idea of a bank-intermediated transaction technique to a distributed ledger framework. Solidus, in accordance to its authors, “closely aligns with the settlement process in the contemporary economic technique”.

The authors describe:

“Solidus operates in a framework based mostly on actual-planet financial institutions: a modest variety of banks every maintain a big quantity of consumer accounts. Inside this framework, Solidus hides the two transaction values and the transaction graph (ie, the identities of transacting entities) whilst sustaining the public verifiability that helps make blockchains so interesting.”

According to the paper, Solidus is “made to be agnostic” when it comes to the variety of distributed ledger it is tied to, which means that each permissioned and open programs could be utilized.

“While it does require a mutually-aware group of banking institutions and transaction validation by the ledger maintainers, those maintainers can be a ‘permissioned’ (fixed-entity) group, an ‘unpermissioned’ (fully decentralized) ledger (a blockchain), or any other trustworthy append-only data construction,” the authors compose.

The paper was released as element of the Initiative for CryptoCurrencies &amp Contracts, an ongoing study undertaking that started in 2015 with a $3m grant from the US government.

Go through the complete paper here.

Network image through Shutterstock.

Academic StudyCornellIC3Solidus

(Why?)

Published at Thu, 20 Apr 2017 09:00:twelve +0000

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