Multi-agent based simulations of block-free distributed ledgers

Bottone, Michele, Raimondi, Franco and Primiero, Giuseppe (2018) Multi-agent based simulations of block-free distributed ledgers. In: The 32nd IEEE International Conference on Advanced Information Networking and Applications Workshops (WAINA), 16-18 May 2018, Krakow, Poland. (doi:10.1109/WAINA.2018.00149)

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Abstract

In the past ten years distributed ledgers such as Bitcoin and smart contracts that can run code autonomously have seen an exponential growth both in terms of research interest and in terms of industrial and financial applications. These find a natural application in the area of Sensor Networks and Cyber-Physical Systems. However, the incentive architecture of blockchains requires massive computational resources for mining, delays in the confirmation of transactions and, more importantly, continuously growing transaction fees, which are ill-suited to systems in which services may be provided by resource-limited devices and confirmation times and transaction costs should be kept minimal, ideally absent. We focus on a new block-less, feeless paradigm for distributed ledgers suitable for the WSN, IoT and CPS in which transactions are nodes of a directed acyclic graph, that overcomes the limitations of blockchains for these applications, and where e.g. sensors can be at the same time issuers of transactions and validators of previous transactions. In particular, we present and release open-source a simulation environment that can be easily extended and analysed, and confirms the available results on the performance of the network.

Item Type: Conference or Workshop Item (Paper)
Research Areas: A. > School of Science and Technology > Computer Science
Item ID: 23578
Notes on copyright: © 2018 IEEE. Personal use of this material is permitted. Permission from IEEE must be obtained for all other uses, in any current or future media, including reprinting/republishing this material for advertising or promotional purposes, creating new collective works, for resale or redistribution to servers or lists, or reuse of any copyrighted component of this work in other works.
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Depositing User: Michele Bottone
Date Deposited: 19 Feb 2018 15:25
Last Modified: 16 Aug 2019 07:46
ISBN: 9781538653951
URI: https://eprints.mdx.ac.uk/id/eprint/23578

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