JSP Digital Asset Trading System

Abstract

This research presents a novel mechanism of digital asset trading system on blockchain called JSP-DATS. The JSP-DATS includes (1) a novel mechanism of trading, and (2) a novel mechanism of blockchain which will be the infrastructure of the system. The proposed novel mechanism of blockchain uses the "Random-Checker Proof of Stake" consensus model which can decrease transaction time. The blockchain of the JSP-DATS has been designed to multiple layers. This design is easy to develop, and can be used for further research. The internal mechanism of the proposed system including steps of encoding/decoding, key management, and the storage of encrypted digital assets on the blockchain has will be discussed in this paper. In addition, we have implemented the designed model using Microsoft Visual C++ and encryption libraries from the MSDN web-site to create a software prototype. The prototype is used to study and measure the speed of the proposed scheme. The results show that transaction time of the proposed scheme is lower than that in BitCoin and Ethereum blockchain. With the proposed scheme, the seller (digital asset owners) can see transactions of the trading system transparently, and they can receive their percentage share immediately. In addition, we expect that buyers will indirectly benefit from purchasing digital assets at a lower price.