链上交易:监管机构的最坏情况有多可行?

Mahsa Moosavi, Jeremy Clark
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引用次数: 0

摘要

当消费者交易金融产品时,他们通常会使用在政府监管下运作的识别良好的服务提供商。理论上,像以太坊这样的去中心化平台可以在没有监管机构明显入口的情况下提供“链上”交易服务。对于监管机构来说,幸运的是,出于性能原因,基于区块链的资产的大部分交易量仍然是集中的服务提供商。然而,这留下了我们在本文中解决的以下研究问题:(i)安全交易(即抵抗抢先运行和价格操纵)作为公共区块链上的完全“链上”服务是否可行,(ii)其性能基准是什么,以及(iii)新技术(例如“rollups”)在缩小性能差距方面的性能影响是什么?为了回答这些问题,我们“边做边学”并定制设计了一个基于以太坊的呼叫市场(或批量拍卖)交易所Lissy,具有良好的安全属性。我们进行了各种优化和实验,以证明该技术不能期望每个区块超过几百个交易执行(即13秒的时间窗口)。然而,这可以通过不面向消费者的链下执行来显着扩展。我们还通过本文中的许多示例说明了区块链部署如何充满细微差别,使其与在更好理解的领域(例如,基于云的web应用程序)中开发完全不同。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Trading On-Chain: How Feasible is Regulators’ Worst-Case Scenario?
When consumers trade financial products, they typically use well-identified service providers that operate under government regulation. In theory, decentralized platforms like Ethereum can offer trading services ‘on-chain’ without an obvious entry point for regulators. Fortunately for regulators, most trading volume in blockchain-based assets is still on centralized service providers for performance reasons. However this leaves the following research questions we address in this paper: (i) is secure trading (i.e., resistant to front-running and price manipulation) even feasible as a fully ‘on-chain’ service on a public blockchain, (ii) what is its performance benchmark, and (iii) what is the performance impact of novel techniques (e.g., ‘rollups’) in closing the performance gap? To answer these questions, we ‘learn by doing’ and custom design an Ethereum-based call market (or batch auction) exchange, Lissy, with favorable security properties. We conduct a variety of optimizations and experiments to demonstrate that this technology cannot expect to exceed a few hundred trade executions per block (i.e., 13s window of time). However this can be scaled dramatically with off-chain execution that is not consumer-facing. We also illustrate, with numerous examples throughout the paper, how blockchain deployment is full of nuances that make it quite different from developing in better understood domains (e.g., cloud-based web applications).
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