A Bitcoin system with no mining and no history transactions: Build a compact Bitcoin system
This addresses decentralization challenges in cryptocurrency systems, though it appears incremental as it builds on Bitcoin concepts with modifications.
The authors tackled the problem of decentralization in cryptocurrency by proposing a new Bitcoin-like system that eliminates mining and blockchain, resulting in a compact system that removes history transactions from data synchronization.
We give an explicit definition of decentralization and show you that decentralization is almost impossible for the current stage and Bitcoin is the first truly noncentralized currency in the currency history. We propose a new framework of noncentralized cryptocurrency system with an assumption of the existence of a weak adversary for a bank alliance. It abandons the mining process and blockchain, and removes history transactions from data synchronization. We propose a consensus algorithm named Converged Consensus for a noncentralized cryptocurrency system.