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AucSwap: A Vickrey auction modeled decentralized cross-blockchain asset transfer protocol
Liu,Weiwei1,3; Wu,Huaming2; Meng,Tianhui1; Wang,Rui1,3; Wang,Yang1; Xu,Cheng Zhong4
Source PublicationJournal of Systems Architecture
AbstractWith the rapid development of blockchain technology, the cross-blockchain asset transfer has been in great demand. However, most existing cross-blockchain solutions encounter low efficiency problems due to the centralized features, unfriendly development environment, and difficulty in cooperation. This paper proposes an interaction protocol for secure and efficient cross-blockchain transfer process, wherein the cross-blockchain asset transfer is modeled as an auction process. We design our protocol by leveraging the atomic swap technology and Vickrey auction scheme to achieve efficient cross-blockchain asset transfer, without sacrificing the decentralized control. To achieve the transfer efficiency, we optimize the Vickrey auction scheme to share data within the auction and delivery process synchronously. This results in a efficient user information exchange. The experimental results show that not only can our protocol achieve compatibility, but it also incurs little communication overhead in high throughput. A cross-blockchain transfer process can be accomplished in average 4 rounds of interaction. The difference between the transaction completion time and the bid waiting time is less than 1 second. Besides, our protocol guarantees the exchange rate at a reasonable range. The ratio of the cross-blockchain exchange rate to the real exchange rate converges to 0.9 for approximately 200 participants. The transaction fee decreases sharply with the increase of the number of auction participants.
KeywordAsset swap Blockchain Cross-chain Vickrey auction
URLView the original
Scopus ID2-s2.0-85102857872
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Document TypeJournal article
CollectionFaculty of Science and Technology
Corresponding AuthorMeng,Tianhui
Affiliation1.Shenzhen Institute of Advanced Technology,Chinese Academy of Science,Shenzhen,China
2.Tianjin University,Tianjin,China
3.University of Chinese Academy of Science,Beijing,China
4.State Key Lab of IoTSC & Department of Computer and Information Science,University of Macau,Macau,China
Recommended Citation
GB/T 7714
Liu,Weiwei,Wu,Huaming,Meng,Tianhui,et al. AucSwap: A Vickrey auction modeled decentralized cross-blockchain asset transfer protocol[J]. Journal of Systems Architecture,2021,117.
APA Liu,Weiwei,Wu,Huaming,Meng,Tianhui,Wang,Rui,Wang,Yang,&Xu,Cheng Zhong.(2021).AucSwap: A Vickrey auction modeled decentralized cross-blockchain asset transfer protocol.Journal of Systems Architecture,117.
MLA Liu,Weiwei,et al."AucSwap: A Vickrey auction modeled decentralized cross-blockchain asset transfer protocol".Journal of Systems Architecture 117(2021).
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