Abstract

This paper presents an eUTXO smart contract architecture that allows concurrent and deterministic batching into a single state. Our solution is entirely deterministic, decentralized, and does not depend on honest or incentivized off-chain agents. While this paper uses batching swap orders into a liquidity pool on Cardano as the case study, the architecture should adapt to any frequently updated on-chain state on any UTXO blockchain that supports scripting. We hope this work will lead to a successful Cardano implementation and new smart contract architecture research in the future.

Conclusions

This paper presented a general solution to the concurrency problem on UTXO ledgers, especially for on-chain states that require constant updates. The architecture is still in its early form. More specialized techniques are needed to scale different dApps further. We have, for example, been designing extended and different architectures for different MELD components.

We have a massive backlog of innovative ideas to explore and expect to publish many new versions and research efforts soon. It is now indeed the best time to do R&D on Cardano and the UTXO ledgers in general.