Analysis of Blockchain System With Token-Based Bookkeeping Method

Abstract

We propose a token-based blockchain system that streamlines abstractions into a universal token structure. In the proposed system, each token has an identity that enables the implementation of specific rollbacks and governance that make 51% attacks unprofitable. Because the token-based bookkeeping method only verifies and updates the ownership within each transaction, the proposed system supports parallel expansion and cross-chain transactions without limit. The flexible authority management mechanism of the proposed system is regulatory-friendly, as the intensity of supervision and governance can be adapted to accommodate different application scenarios.