Fully Decentralized Application Model by Peer to Peer Smart Contract of
Blockchain
Abstract
Currently, the P2P method is that its software runs on a P2P hardware
environment. However, the software is not a P2P one. It is difficult to
match the scenarios in which the users’ requirements change often.
Meanwhile, if the software is out of service, all participants are
affected. Thus, in this paper, we propose the fully decentralized
application model, in which a P2P software runs in a P2P hardware
environment. It is based on the blockchain, as a blockchain provides a
secured P2P hardware environment. We focus on its P2P software (the P2P
smart contract). A P2P smart contract is formed by smart contracts from
its participants instead of a third party. It allows each participant to
specify its requirement in a turning-complete way and the failure of one
smart contract does not affect other smart contracts. We first describe
the requirement of the P2P smart contract and the dependence among them.
Then, we propose different ways to pair associated smart contracts. At
last, we verify the proposed P2P smart contract model, and it shows more
flexibility and robustness than the centralized software method.