Biblio

Smart Contracts based cryptocurrencies such as Ethereum are becoming increasingly popular in various domains: but with this increase in popularity comes a significant decrease in throughput and efficiency. Smart Contracts are executed by every miner in the system serially without any parallelism, both inter and intra-Smart Contracts. Such a serial execution inhibits the scalability required to obtain extremely high throughput pertaining to computationally intensive tasks deployed with such Smart Contracts. While significant advancements have been made in the field of concurrency, from GPU architectures that enable massively parallel computation to tools such as MapRe-duce that distributed computing to several nodes connected in the system to achieve higher performance in distributed systems, none are incorporated in blockchain-based distributed computing. The team proposes a novel blockchain that allows public nodes in a permission-independent blockchain to deploy and run Smart Contracts that provide concurrency-related functionalities within the Smart Contract framework. In this paper, the researchers present “ConCurrency,” a blockchain network capable of handling big data-based computations. The technique is based on currently used distributed system paradigms, such as MapReduce, while also allowing for fundamental parallelly computable problems. Concurrency is achieved using a sharding protocol incorporated with consensus mechanisms to ensure high scalability, high reliability, and better efficiency. A detailed methodology and a comprehensive analysis of the proposed blockchain further indicate a significant increase in throughput for parallelly computable tasks, as detailed in this paper.