Scalability Challenges and Solutions in Blockchain Technology
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Keywords:
Electronic cash
Proof-of-work system
Based on the descriptions of the distributed transaction processing model and the transaction commit protocol,aimed to the actual model of bank transfer,the reason of failure in a general distributed transaction processing is analyzed,a method to implement distributed transaction processing by using MySQL and PHP(Hypertext Preprocessor)based on XA interface is presented.The result of the research shows that the distributed transaction processing method is reliable,and it can simplify the process of implementation.
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Two-phase commit protocol
Nested transaction
Serializability
Compensating transaction
Hypertext
Distributed database
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Few financial market innovations offer the opportunities to enhance transaction efficiency, as does the potential of the blockchain and cryptocurrencies. The author demonstrates that this industry's unusual demand and supply relationship results in ever-increasing energy consumption if Proof-of-Work currencies rise in price faster than mining rewards decay. This previously undocumented challenge poses global warming risk. In addition, the accessibility and opacity of many cryptocurrencies create financial risks for inexperienced speculators. Digital currencies also reduce the ability of central banks to conduct monetary policy and challenge regulatory authorities to promulgate rules to protect the economy and consumers. The author explores these various risks, demonstrates how the design of Proof-of-Work cryptocurrency mining frustrates the efficiency they promise and describes mechanisms that would allow cryptocurrencies based on the blockchain to live up to their immense potential.
Proof-of-work system
Digital currency
Consumption
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Bitcoin is a peer-to-peer digital decentralized cryptocurrency created by an individual under pseudonym Satoshi Nakamoto. In fact, it is the first digital decentralized currency. The importance of digital cryptocurrency and the concept of blockchain have been explored by several developers and organizations. It is assumed to be one of the secure and easy payment methods that can be used in the coming days. In this paper, we survey various topics under Bitcoin such as blocks, blockchains, mining process and proof of work(PoW).
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Digital currency
Proof-of-work system
Virtual currency
Sandbox (software development)
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This article introduces the generic technique of transaction processing to distributed databaseis characteristics, discusses the method of making complex transaction into layers and the technique of loose consistency processing to different transaction layers, illustrates the application of transaction processing in China Railway Ticketing and Reservation System.
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Compensating transaction
Data Processing
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In web service environments, long transactions need to lock resources – often database services – for a long time during their long execution duration. This would bring down the performance of transaction processing systems. The transaction compensation is a feasible solution through allowing sub-transactions to independently commit, however, it is not able to speed up the transaction processing. This paper proposes a novel pipeline-based transaction processing (PLbTP) model for Serial Long Transactions (SLTs), which parallelises the transaction processing to reduce the transaction execution duration. Furthermore, we design a time-stamp-based deadlock prevention mechanism for the control of multiple concurrent transactions. The simulation results demonstrate that our approach can significantly improve performance of SLTs without the aid of compensating transactions.
Compensating transaction
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Two-phase commit protocol
Serializability
Lock (firearm)
Nested transaction
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Distributed system have shown its good robustness, extensibility and effectiveness in the processing, storage and transmission of large data. Now with the expansion of the amount of data and application, it has become a challenging task to ensure its transaction in a distributed and heterogeneous environment. The sub transactions of a distributed transaction not only need to be coordinated with the local other transactions, but also with other sub transactions that generated in the global manager. Based on the discussion of distributed transaction processing model and its transaction commit protocol, the failure reasons with the model analysis of general distributed transaction processing in the practical application in our information database system are given, based on the interface in a relational database management system and super text pre-treatment language of distributed transaction processing implementation method. The research results show that this distributed transaction processing method is reliable, and can simplify the implementation of global program.
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Two-phase commit protocol
Distributed database
Serializability
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Compensating transaction
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Robustness
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The consumption of electrical energy is a requisite for ‘proof-of-work’, a class of consensus protocols for decentralised systems. ‘Ethereum’ and ‘Bitcoin’, along with various other cryptocurrencies, use implementations of such a consensus protocol. Among experts, the vast energy demand associated with the rising popularity of cryptocurrencies and the potential impact on climate change have been discussed extensively. It is, however, unclear what attitudes the users of cryptocurrencies themselves have towards the consequences of its growing energy demand. The proposed study aims to answer this question through survey research, using ‘Bitcoin’ as an archetype of a proof-of-work cryptocurrency. Conducting the study will reveal whether cryptocurrency users themselves consider their energy needs to be problematic, and which stakeholders they hold accountable to reduce consumption. The outcome can provide a theoretical grounding in social science for the ongoing implementation of alternative consensus models, for example in the context of the ‘Eth2’ upgrade of the ‘Ethereum’ blockchain.
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Cryptocurrency, a name heard in the news as well as social media. But what exactly is cryptocurrency? Cryptocurrency is a decentralized digital asset on the blockchain, which means, that it is not controlled by an entity or an institution. Therefore, users of cryptocurrency enjoy financial freedom. But how are most of the transactions related to cryptocurrency processed on the blockchain? There is a term called proof of work as well as proof of stake. This paper has focused on the proof of work aspect of processing the cryptocurrency transactions, also specified the currencies that support the proof of work consensus. It also distinguishes between the two types of hardware that can be used to mine the currencies, and also using the past one-year data recorded by the author to analyze whether mining can be fruitful with any hardware in the future. Also, commenting on which type hardware can yield the best ROI. This type of thorough research on PoW consensus has not been found, so this paper is the first of its kind. A prediction has also been made using Python, whether mining in the near future will be of great potential or not. Also highlighted why mining revenue fluctuates.
Proof-of-work system
Proof of concept
Python
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In web service environment, long transactions always take long time to finish, which demands the resources - often the database - to be locked for a long time. This would bring down the performance of the transaction processing system. The normal solution is compensating transaction, which creates a relative transaction with the opposite effect. When the transaction is being executed, the sub-transactions are allowed to commit independently without waiting for other sub-transactions. If the transaction fails, the respective compensating transaction will be executed to eliminate the effect brought by the original transaction. However, there are still some problems in compensating transaction model. This paper proposes a novel pipeline based processing model of long transaction (PPMLT), which parallelizes the transaction processing mainly aimed at the serially executed long transaction. This model could improve the performance the transaction processing evidently without the compensating transaction. Our experiments show that the pipeline based processing model of serial long transaction has notable improvement when executing the long transaction.
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PART 1: THE TRANSACTION ENVIRONMENT AT THE END OF THE TWENTIETH CENTURY Transaction Processing in the Late 1990s and Beyond Global Transaction Requirements and Business Perspectives The Challenge Posed by Long Transactions Long Transactions and Object-Oriented Solutions Using Knowledge Engineering with Transaction Systems PART 2: SYSTEMS SOFTWARE FOR EFFICIENT TRANSACTION HANDLING Functions of Transaction Processing Monitors Using the Web to Process Transactions OSF/1 and the Encina Transaction Monitor Active Data Transfers and Remote Procedure Calls Serialization in a Distributed Transaction Environment PART 3: DATABASE CHALLENGES IN TRANSACTION ENVIRONMENTS Transaction Locks, Two-phase Commit and Deadlocks Transaction Management and Database Resources Can We Improve Transaction-Oriented Database Management
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