in ACM Distributed Ledger Technologies: Research and Practice
Bill Tomlinson and I published a paper in the ACM journal Distributed Ledger Technologies: Research and Practice (DLT) “a peer-reviewed journal that seeks to publish high-quality, interdisciplinary research on the research and development, real-world deployment, and evaluation of distributed ledger technologies, such as blockchain, cryptocurrency, and smart contract.” This is an expanded version of work that we’ve been doing on a new Layer 1 blockchain protocol. We did not use ChatGPT to write the paper because we are not trendy.
Proof-by-Location: A Novel Consensus Mechanism
Our paper proposes a novel cryptocurrency platform called Xylem that uses a consensus mechanism called Proof-by-Location. Proof-by-Location confirms blocks by communicating among agents at particular geographic locations, using the speed of light as an incontrovertible mechanism for distributed consensus to emerge. The platform seeks to distribute transaction fees to billions of cryptocurrency “Notaries” around the world who work together to establish consensus about financial transactions.
High Scalability and Efficiency
We demonstrate through calculations that Xylem can scale to handle more than 3.9 trillion transactions per year, over triple the number of current global digital payments. They show Xylem uses dramatically less electricity per transaction compared to Bitcoin (99.9999914% less), Ethereum (pre-staking) (99.999905% less), Ethereum (post-staking) (99.83% less) and Visa (95.9% less). Xylem would also have a redistributive effect on wealth compared to these platforms, providing income for over 1 billion people globally, including over 110 million in the bottom 10-20th percentile, equivalent to 8.8 million full-time jobs for that group.
A Catalyst for Positive Change
Finally we propose that adopting Xylem as a global financial infrastructure could yield substantial social and environmental benefits compared to existing financial platforms. Notably, Xylem’s Proof-by-Location mechanism offers a non-compulsory approach to influencing human habitation patterns, potentially slowing global biodiversity loss and fostering ecological restoration. By presenting an energy-efficient and globally redistributive model for cryptocurrencies, Xylem addresses critical sustainability concerns associated with Proof-of-Work and Proof-of-Stake platforms. As the world seeks solutions to pressing environmental and social challenges, Xylem emerges as a promising catalyst for positive change in the realm of digital finance.
(permanent, open-access, local copy)
C.V.: JR-19