UTXO$$_{\textsf {ma}}$$: UTXO with Multi-asset Support

Chakravarty, Manuel M. T.; Chapman, James; MacKenzie, Kenneth; Melkonian, Orestis; Müller, Jann; Jones, Michael Peyton; Vinogradova, Polina; Wadler, Philip; Zahnentferner, Joachim

doi:10.1007/978-3-030-61467-6_8

Cited by 6 publications

(8 citation statements)

References 2 publications

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“…To illustrate limited liabilities and Babel fees by way of a concrete ledger model, we base the technical part of the paper on the UTXO ma ledger model [5] -an extension of Bitcoin's unspent transaction output (UTXO) model to natively support multiple assets. 2 For reference, we list the definitions of that ledger model in Appendix A, with the exception of the ledger rules that we cover in the following section.…”

Section: Native Custom Assetsmentioning

confidence: 99%

“…In this paper, we explain limited liabilities in the context of a UTXO ledger model, building on the native custom token extension for UTXO, called UTXO ma introduced in [5]. We like to emphasize, though, that both the native custom token extension of UTXO ma and the concept of limited liabilities from the present paper can equally well be applied to an account-based ledger -this might not come as a surprise, given that one accounting model can be translated into the other [18].…”

Section: Account-based Ledgersmentioning

confidence: 99%

“…In this section, we formalise the concept of limited liabilities by building on the UTXO ma ledger; i.e., the UTXO ledger with custom native tokens as introduced in existing work [5]. To add support for limited liabilities, we modify the ledger rules in three ways:…”

Section: Formal Ledger Rules For Limited Liabilitiesmentioning

confidence: 99%

“…The UTXO ll ledger rules presented in Section 3 are based on those of UTXO ma [5]. This appendix summarises supporting definitions for ease of reference.…”

Section: A Definitions Supporting the Formal Ledger Rulesmentioning

confidence: 99%

“…After all, it seems unavoidable that custom tokens must be issued by a smart contract and interacting with a smart contract requires fees in the primary currency. Still, recent work addressing the first limitation, showed that it can be tackled: by introducing native custom tokens (see e.g., [5]) it is possible to allow custom tokens to reuse the transfer and accounting logic that is already part of the underlying ledger. This is achieved without the need for a global registry or similar global structure via the concept of token bundles in combination with token policy scripts that control minting and burning of custom tokens.…”

Section: Introductionmentioning

confidence: 99%

See 4 more Smart Citations

Babel Fees via Limited Liabilities

Chakravarty¹,

Karayannidis²,

Kiayias³

et al. 2021

Preprint

Self Cite

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Custom currencies (ERC-20) on Ethereum are wildly popular, but they are second class to the primary currency Ether. Custom currencies are more complex and more expensive to handle than the primary currency as their accounting is not natively performed by the underlying ledger, but instead in user-defined contract code. Furthermore, and quite importantly, transaction fees can only be paid in Ether.In this paper, we focus on being able to pay transaction fees in custom currencies. We achieve this by way of a mechanism permitting short term liabilities to pay transaction fees in conjunction with offers of custom currencies to compensate for those liabilities. This enables block producers to accept custom currencies in exchange for settling liabilities of transactions that they process.We present formal ledger rules to handle liabilities together with the concept of babel fees to pay transaction fees in custom currencies. We also discuss how clients can determine what fees they have to pay, and we present a solution to the knapsack problem variant that block producers have to solve in the presence of babel fees to optimise their profits.

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Section: Native Custom Assetsmentioning

confidence: 99%

Section: Account-based Ledgersmentioning

confidence: 99%

Section: Formal Ledger Rules For Limited Liabilitiesmentioning

confidence: 99%

“…The UTXO ll ledger rules presented in Section 3 are based on those of UTXO ma [5]. This appendix summarises supporting definitions for ease of reference.…”

Section: A Definitions Supporting the Formal Ledger Rulesmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

See 3 more Smart Citations

Babel Fees via Limited Liabilities

Chakravarty¹,

Karayannidis²,

Kiayias³

et al. 2021

Preprint

Self Cite

View full text Add to dashboard Cite

show abstract

Bitcoin Covenants Unchained

Bartoletti

Lande

Zunino

2020

Lecture Notes in Computer Science

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Babel Fees via Limited Liabilities

Chakravarty¹,

Karayannidis²,

Kiayias

et al. 2022

Lecture Notes in Computer Science

Self Cite

View full text Add to dashboard Cite

Custom currencies (ERC-20) on Ethereum are wildly popular, but they are second class to the primary currency Ether. Custom currencies are more complex and more expensive to handle than the primary currency as their accounting is not natively performed by the underlying ledger, but instead in user-defined contract code. Furthermore, and quite importantly, transaction fees can only be paid in Ether. In this paper, we focus on being able to pay transaction fees in custom currencies. We achieve this by way of a mechanism permitting short term liabilities to pay transaction fees in conjunction with offers of custom currencies to compensate for those liabilities. This enables block producers to accept custom currencies in exchange for settling liabilities of transactions that they process. We present formal ledger rules to handle liabilities together with the concept of babel fees to pay transaction fees in custom currencies. We also discuss how clients can determine what fees they have to pay, and we present a solution to the knapsack problem variant that block producers have to solve in the presence of babel fees to optimise their profits.

show abstract

UTXO$$_{\textsf {ma}}$$: UTXO with Multi-asset Support

Cited by 6 publications

References 2 publications

Babel Fees via Limited Liabilities

Babel Fees via Limited Liabilities

Bitcoin Covenants Unchained

Babel Fees via Limited Liabilities

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