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On Blockchain Metatransactions

Name: On Blockchain Metatransactions
Creator: István András Seres
Keywords: FOS: Computer and information sciences, Computer Science - Computers and Society, Computers and Society (cs.CY), 0202 electrical engineering, electronic engineering, information engineering, 02 engineering and technology

descriptionPublicationkeyboard_double_arrow_right Article , Preprint , Other literature type 01 Nov 2020Embargo end date: 01 Jan 2020Publisher:IEEEJournal:2020 IEEE International Conference on Blockchain (Blockchain)

Authors: István András Seres;

doi: 10.1109/blockchain50366.2020.00029 , 10.48550/arxiv.2004.08094

arXiv: http://arxiv.org/abs/2004.08094

On Blockchain Metatransactions

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Abstract

In cryptocurrencies, transaction fees are typically exclusively paid in the native platform currency. This restriction causes a wide range of challenges, such as deteriorated user experience, mandatory rent payments by decentralized applications, and blockchain community rivalries (e.g., coinism). Ideally, in a truly permissionless blockchain, transaction fees should be payable in any other cryptocurrency via so-called metatransactions. In this paper, we formalize metatransactions, review existing ideas, and describe novel metatransaction design approaches. Under the assumption of sufficient market liquidity, we argue that metatransactions do not lower the security of cryptocurrency platforms. However, without changing the underlying blockchain, metatransaction designs typically increase transaction costs and reduce the blockchain transaction throughput.

10 pages

Related Organizations

Eötvös Loránd University
Hungary

Keywords

FOS: Computer and information sciences, Computer Science - Computers and Society, Computers and Society (cs.CY)

3 Research products, page 1 of 1

Impact byBIP!

	citations This is an alternative to the "Influence" indicator, which also reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	3
	popularity This indicator reflects the "current" impact/attention (the "hype") of an article in the research community at large, based on the underlying citation network.	Average
	influence This indicator reflects the overall/total impact of an article in the research community at large, based on the underlying citation network (diachronically).	Average
	impulse This indicator reflects the initial momentum of an article directly after its publication, based on the underlying citation network.	Average