ABC: Asynchronous Blockchain without Consensus.

Abstract

There is a preconception that a blockchain needs consensus. But consensus is a powerful distributed property with a remarkably high price tag. So one may wonder whether consensus is at all needed. We introduce a new blockchain architecture called ABC that functions despite not establishing consensus, and comes with an array of advantages: ABC is permissionless, deterministic, and resilient to complete asynchrony. ABC features finality and does not rely on costly proof-of-work. Without establishing consensus, ABC cannot support certain applications, in particular smart contracts that are open for interaction with unknown agents. However, our system is an advantageous solution for many important use cases, such as cryptocurrencies like Bitcoin.