An Efficient Block Validation Mechanism for UTXO-based Blockchains

It has been recognized that one of the bottlenecks in the UTXO-based blockchain systems is the slow block validation - the process of validating a newly-received block by a node before locally storing it and further broadcasting it. As a block contains multiple inputs, the block validation mainly involves checking the inputs against the status data, which is also known as the Unspent Transaction Outputs (UTXO) set. As time goes by, the UTXO set becomes more and more expansive, most of which can only be stored on disks. This considerably slows down the input checking and thus block validation, which can potentially compromise system security. To deal with the above problem, we disassemble the function of input checking into three parts: existence validation (EV), unspent validation (UV), and script validation (SV). Based on the disassembly, we propose EBV, an efficient block validation mechanism to speed up EV, UV, and SV individually. First, EBV changes the representation of status data, from UTXO set to a bit-vector set, which drastically reduces its size. The smaller status data can be entirely maintained in memory, thereby accelerating UV and also block validation. Second, EBV requires each transaction to carry the proof data, which enables EV and SV without accessing the disks. Furthermore, we also cope with two challenges in the design of EBV, namely transaction inflation and fake positions. To evaluate the EBV mechanism, we implement a prototype on top of Bitcoin, the most widely known UTXO-based blockchain, and conduct extensive experiments to compare EBV and Bitcoin. The experimental results demonstrate that EBV successfully reduces the memory requirement by 93.1 % and the block validation time by up to 93.5%.