A Study Of Regulatory Digital Currency Model Based On Blockchain

With the development of computer and Internet technology,digital crypto currency is widely understood by people and becomes a research hotspot in the field of technology and finance.The flexible and equal structure of the blockchain and the credibility of the data saved in it makes blockchain to be a key technology for the value Internet.However,a series of digital currencies represented by Bitcoin cause regulatory difficulties in decentralizing credit and become a tool for illegal transactions.How to realize the supervision and management of the blockchain system and protect the rights of participants and users becomes an urgent problem to be solved.A solution to the problem of decentralize system faced regulatory in the current digital crypto currency is proposed in this paper.A regulatory digital currency model that set up in two kinds of blockchain is designed by us.The core of the model is the consortium chain.The participating nodes are responsible for the confirmation of the transaction,encrypting the complete transaction data and hold them.The encrypted data can be used as a credential in the transaction traceability.Regulators participate in the operation and maintenance of the consortium chain system as participants.Ordinary users can be public chain participants,ordinary users are allowed system to participate in the maintenance of the system.The ideas of this system are borrowed from the mix digital cash system.Each node of public chain stores the complete transaction which has been truncated and mixed.They are used as an open and credible evidence when verifying transactions and obtaining account status.The two-chain structure is used to separate the complete transaction information from the verification information and to achieve a balance between user privacy security and ease of supervision.While,in order to achieve distribution,and letting the system establish its own credit through the mechanism and behavior,the consortium chain is anchored in the public chain to ensure the credibility of the data.The consensus mechanism is the key to determine the efficiency and credibility of the blockchain system.An improved consensus mechanism suitable for running in the consortium chain system is designed specifically for the proposed regulated digital currency model.After analyzing the principle of the existing consensus mechanism and comparing performance through simulation,a Byzantine fault tolerance consensus based on credit is proposed.In order to supervise the behavior of consortium chain participants,the new consensus mechanism with a credit rating mechanism based on node behavior is introduced by us,records the performance in the consensus process of the nodes in the consortium chain,and reasonably adjusts the authority of the nodes in the consensus process,in coordination with the optimized interactive process,and thus improve system's operational efficiency by new consensus process.Finally,the feasibility of policing a digital currency model is validated by implementation.Compared with the existing digital currency system,the solution has the following features: Firstly,the internal regulatory attributes of the system is implemented in it.The regulatory agency can participate in the system operation,and can also play the regulatory function within the system to achieve the trace of transaction records and user identities.Secondly,this complete system is formed by the consortium chain and the public chain together,to meet the regulatory attributes on the basis of protecting user privacy.Thirdly,CPBFT,an improved consensus mechanism that introduces behavior records,is used to meet the regulatory requirements,a virtuous circle can be formed in long-term operations,and thus reducing block generation intervals,therefore improves system efficiency.Finally,the relatively complete transaction initiation,verification,and traceability protocols are designed to achieve a good realization of various functions of digital currency.