A Multichain based marketplace Architecture

• URL: http://arxiv.org/abs/2402.06636v1
• Date: Sat, 20 Jan 2024 19:25:13 GMT
• Title: A Multichain based marketplace Architecture
• Authors: Muhammad Shoaib Farooq, Hamza Jamil, Hafiz Sohail Riaz,
• Abstract summary: A multichain non-fungible tokens (NFTs) marketplace is a decentralized platform where users can buy, sell, and trade NFTs across multiple blockchain networks. In past most of NFT marketplace was based on singlechain in which NFTs have been bought, sold, and traded on a same blockchain network without the need for any external platform.
• Score: 0.8192907805418583
• License: http://creativecommons.org/licenses/by/4.0/
• Abstract: ]A multichain non-fungible tokens (NFTs) marketplace is a decentralized platform where users can buy, sell, and trade NFTs across multiple blockchain networks by using cross communication bridge. In past most of NFT marketplace was based on singlechain in which NFTs have been bought, sold, and traded on a same blockchain network without the need for any external platform. The singlechain based marketplace have faced number of issues such as performance, scalability, flexibility and limited transaction throughput consequently long confirmation times and high transaction fees during high network usage. Firstly, this paper provides the comprehensive overview about NFT Multichain architecture and explore the challenges and opportunities of designing and implementation phase of multichain NFT marketplace to overcome the issue of single chain-based architecture. NFT multichain marketplace architecture includes different blockchain networks that communicate with each other. Secondly, this paper discusses the concept of mainchain interacting with sidechains which refers to multi blockchain architecture where multiple blockchain networks are connected to each other in a hierarchical structure and identifies key challenges related to interoperability, security, scalability, and user adoption. Finally, we proposed a novel architecture for a multichain NFT marketplace, which leverages the benefits of multiple blockchain networks and marketplaces to overcome these key challenges. Moreover, proposed architecture is evaluated through a case study, demonstrating its ability to support efficient and secure transactions across multiple blockchain networks and highlighting the future trends NFTs and marketplaces and comprehensive discussion about the technology.

Related papers

• MemeChain: A Multimodal Cross-Chain Dataset for Meme Coin Forensics and Risk Analysis [52.468043639056596]
  The meme coin ecosystem has grown into one of the most active yet least observable segments of the cryptocurrency market.<n>MemeChain integrates on-chain data with off-chain artifacts, including website HTML source code, token logos, and linked social media accounts.<n>We quantify the ecosystem's extreme volatility, identifying 1,801 tokens (5.15%) that cease all trading activity within just 24 hours of launch.
  arXiv  Detail & Related papers  (2026-01-28T14:42:02Z)
• Bitcoin Cross-Chain Bridge: A Taxonomy and Its Promise in Artificial Intelligence of Things [24.53044980351272]
  Bitcoin's limited scripting capabilities and lack of native interoperability mechanisms have constrained its integration into the broader blockchain ecosystem.<n>This paper presents a comprehensive taxonomy of Bitcoin cross-chain bridge protocols, systematically analyzing their trust assumptions, performance characteristics, and applicability to the Artificial Intelligence of Things (AIoT) scenarios.
  arXiv  Detail & Related papers  (2025-09-12T17:10:46Z)
• Enhancing Blockchain Cross Chain Interoperability: A Comprehensive Survey [39.613235136790244]
  We systematically analyze over 150 high impact sources from academic journals, digital libraries, and grey literature.<n>We offer a classification of interoperability approaches including Atomic Swaps, Sidechains, Light Clients, and so on, which represent the most comprehensive overview to date.<n>Our findings aim to support researchers, policymakers, and industry leaders in harnessing the transformative potential of blockchain interoperability to address current challenges and drive forward a cohesive multi-chain ecosystem.
  arXiv  Detail & Related papers  (2025-05-08T04:24:50Z)
• Mastering AI: Big Data, Deep Learning, and the Evolution of Large Language Models -- Blockchain and Applications [17.293955748551053]
  The article begins with an introduction to cryptography fundamentals. It covers topics such as proof-of-work, proof-of-stake, and smart contracts. The article concludes by addressing the current state of academic research on blockchain.
  arXiv  Detail & Related papers  (2024-10-14T02:56:36Z)
• IT Strategic alignment in the decentralized finance (DeFi): CBDC and digital currencies [49.1574468325115]
  Decentralized finance (DeFi) is a disruptive-based financial infrastructure. This paper seeks to answer two main questions 1) What are the common IT elements in the DeFi? And 2) How the elements to the IT strategic alignment in DeFi?
  arXiv  Detail & Related papers  (2024-05-17T10:19:20Z)
• Blockchains for Internet of Things: Fundamentals, Applications, and Challenges [38.29453164670072]
  Not every blockchain system is suitable for specific IoT applications. Public blockchains are not suitable for storing sensitive data. We explore the blockchain's application in three pivotal IoT areas: edge AI, communications, and healthcare.
  arXiv  Detail & Related papers  (2024-05-08T04:25:57Z)
• Enhancing Trust and Privacy in Distributed Networks: A Comprehensive Survey on Blockchain-based Federated Learning [51.13534069758711]
  Decentralized approaches like blockchain offer a compelling solution by implementing a consensus mechanism among multiple entities. Federated Learning (FL) enables participants to collaboratively train models while safeguarding data privacy. This paper investigates the synergy between blockchain's security features and FL's privacy-preserving model training capabilities.
  arXiv  Detail & Related papers  (2024-03-28T07:08:26Z)
• Blockchain for Finance: A Survey [16.663984332579247]
  We focus on blockchain-based securities trading, in which blockchain technology plays a vital role in financial services. We investigate the 12 most popular blockchain platforms and elaborate on 6 platforms that are related to finance. This survey provides a comprehensive summary of blockchain-based securities trading applications.
  arXiv  Detail & Related papers  (2024-02-27T05:25:05Z)
• Generative AI-enabled Blockchain Networks: Fundamentals, Applications, and Case Study [73.87110604150315]
  Generative Artificial Intelligence (GAI) has emerged as a promising solution to address challenges of blockchain technology. In this paper, we first introduce GAI techniques, outline their applications, and discuss existing solutions for integrating GAI into blockchains.
  arXiv  Detail & Related papers  (2024-01-28T10:46:17Z)
• SoK: Security of Cross-chain Bridges: Attack Surfaces, Defenses, and Open Problems [43.80265187232706]
  Cross-chain bridges are used to facilitate token and data exchanges across blockchains. Although bridges are becoming increasingly popular, they are still in their infancy and have been attacked multiple times recently. This paper analyzes the security landscape of cross-chain bridges in a holistic manner.
  arXiv  Detail & Related papers  (2023-12-19T20:13:21Z)
• A Survey on Off-chain Networks: Frameworks, Technologies, Solutions and Challenges [17.97875715176784]
  We provide a comprehensive review of key technologies, solutions, and challenges of off-chain networks. First, we introduce the background of off-chain networks encompassing design motivation, framework, overview, and application scenarios. We then review the key issues and technologies associated with off-chain networks.
  arXiv  Detail & Related papers  (2023-11-17T03:13:21Z)
• FoodFresh: Multi-Chain Design for an Inter-Institutional Food Supply Chain Network [0.0]
  FoodFresh is a multi-chain consortium where organizations store immutable data on their blockchains. A decentralized hub coordinates the cross-chain exchange of digital assets among the heterogeneous blockchains.
  arXiv  Detail & Related papers  (2023-10-30T11:38:05Z)
• When Quantum Information Technologies Meet Blockchain in Web 3.0 [86.91054991998273]
  We introduce a quantum blockchain-driven Web 3.0 framework that provides information-theoretic security for decentralized data transferring and payment transactions. We discuss the potential applications and challenges of implementing quantum blockchain in Web 3.0.
  arXiv  Detail & Related papers  (2022-11-29T05:38:42Z)
• Quantum-resistance in blockchain networks [46.63333997460008]
  This paper describes the work carried out by the Inter-American Development Bank, the IDB Lab, LACChain, Quantum Computing (CQC), and Tecnologico de Monterrey to identify and eliminate quantum threats in blockchain networks. The advent of quantum computing threatens internet protocols and blockchain networks because they utilize non-quantum resistant cryptographic algorithms.
  arXiv  Detail & Related papers  (2021-06-11T23:39:25Z)

This list is automatically generated from the titles and abstracts of the papers in this site.

This site does not guarantee the quality of this site (including all information) and is not responsible for any consequences.