Chain of Antichains: An Efficient and Secure Distributed Ledger

Since the inception of blockchain and Bitcoin (Nakamoto, Bitcoin: A peer-to-peer electronic cash system (2008) [18]), a decentralized-distributed ledger system and its associated cryptocurrency, respectively, the world has witnessed a slew of newer adaptations and applications. Although the original distributed ledger technology of blockchain is deemed secure and decentralized, the confirmation of transactions is inefficient by design. Recently adopted, some distributed ledgers based on a directed acyclic graph validate transactions efficiently without the physically and environmentally costly building process of blocks (Lerner, Dagcoin: a crytocurrency without blocks (2015) [17]). However, centrally-controlled confirmation against the odds of multiple validation disqualifies that newer system as a decentralized-distributed ledger. In this regard, we introduce an innovative distributed ledger system by reconstructing a chain of antichains based on a given partially ordered pool of transactions. Each antichain contains distinct nodes whose approved transactions are recursively validated by subsequently augmenting nodes. The boxer node closes the box and keeps the hash of all transactions confirmed by the box-genesis node. Designation of boxers and box-geneses is conditionally randomized for decentralization. The boxes are serially concatenated with recursive confirmation without incurring the cost of box generation. Rewards are paid to the contributing nodes of the ecosystem whose trust is built on the doubly-secure protocol of confirmation. A value-preserving medium of payment is among numerous practical applications discussed herein.