MEchain—A novel mode to improve blockchain's real-time and throughput

Abstract

Blockchain trilemma is a considerable obstacle for today's decentralized systems. It is hard to achieve a perfect balance among decentralization, security, and scalability. Many popular blockchain platforms sacrifice scalability to preserve decentralization and security, resulting in low speed, reduced throughput, and poor real-time performance (the time from transaction initiation to confirmation). Currently, there are several technologies, such as sharding, directed acyclic graph technology, sidechains, off-chain state channels etc., that aim to improve throughput and real-time performance. However, most of these solutions compromise the core feature of blockchain, which is decentralization, and introduce new security risks. In this paper, the authors propose a novel method, called MEchain, based on the Proof of Time Series Algorithm. MEchain consists of two models: the multi-chain model and the elastic-chain model. The authors’ experimental results show that these two models can enhance real-time performance and throughput to a higher level in the industry.