AXEL Blockchain Segmented Ledger for Private Transaction Verification
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Solution Overview
Problem
Current blockchain systems lack efficient and scalable methods for managing private transactions while maintaining network trust and integrity, particularly in decentralized networks, and often compromise user privacy and security.
Innovation Solution
The Autonomous eXchange via Entrusted Ledger (AXEL) blockchain employs a unique public and private chain approach, utilizing smart contracts and a witness consensus algorithm to enable private transactions, secure storage, and decentralized storage, ensuring user privacy and network trust through a distributed network architecture.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If traditional blockchain systems are used to maintain network trust and integrity, then transparency and verification are improved, but user privacy and transaction security deteriorate due to public visibility of all transactions
Solution Approach 1:
The ledger is segmented into public and private portions. Public ledgers store only transaction hashes and metadata for verification, while private ledgers store complete transaction details including sensitive information. This segmentation allows network trust through public verification while protecting user privacy through private storage.
Solution Approach 2:
Hash functions serve as intermediaries between public and private ledger data. Transaction hashes stored in public ledgers act as verifiable references without exposing actual transaction contents, mediating between the need for public verification and private data protection.
2Reliability
If all nodes in the network verify and store complete transaction details, then network trust and verification accuracy are improved, but system complexity and storage requirements worsen
Solution Approach 1:
The verification process is segmented into two levels: nodes verify transaction hashes from public ledgers for basic validation, while complete transaction details are stored only in private ledgers. This reduces the complexity burden on each node while maintaining verification accuracy through hash-based validation.
Solution Approach 2:
Instead of storing complete transaction details in all public ledgers, the system creates hash copies of transaction data. These hash copies are stored in public ledgers for verification purposes, while the actual detailed transactions are copied and stored only in private ledgers, reducing overall system complexity.
3Loss of information
If private transactions are implemented to protect user privacy, then user privacy and security are improved, but network transparency and trust verification worsen
Solution Approach 1:
Hash functions mediate between private transaction data and public verification requirements. Complete private transactions are hashed to create public verification records, allowing network transparency through verifiable hashes while maintaining user privacy by not exposing actual transaction contents.
Solution Approach 2:
Different quality levels of information are provided at different locations in the system. Public ledgers contain hashed/obfuscated transaction data suitable for verification, while private ledgers contain complete detailed transactions for full transparency. Each location has the appropriate quality of information for its purpose.
Data Source
AI summary
An Autonomous Exchange via Entrusted Ledger (AXEL) blockchain is discussed herein. The AXEL blockchain enables users to perform transactions in a private setting while enabling the transaction records thereof to be verified by other network users without publicly divulging the contents or details of the transaction records. The token identification system and method allows the tokens to carry an immutable identification to prevent negative blockchain occurrences such as double spending. A payment methodology allowing integration of external financial institutions with user owned and managed wallet. The AXEL blockchain can also interface with and utilize a distributed database to create an immutable record of each transaction while providing a complete backup of the transactions that occur within the system and on the AXEL blockchain.