UBIC-A Blockchain-Less Cryptocurrency

In this paper we propose UBIC, a novel blockchain-less architecture that preserves the main advantages of classic cryptocurrencies while avoiding their pitfalls. The proposed construction is general-that is, UBIC can be adopted at par with any other cryptocurrency-though UBIC also satisfies the requirements to support state-sponsored financial services, like Universal Basic Income and Central Bank Digital Currency. Indeed, UBIC stands for Universal Basic Income Coin, to highlight one of its most straightforward use-cases. One of the key features of UBIC is that every user participating in the protocol gets fair and equal access to the rewards, regardless of the available resources, e.g., computational power or financial stake. Moreover, by leveraging standard cryptographic techniques, such as homomorphic encryption and verifiable random functions, UBIC ensures full user privacy and trust in the network, while enjoying a highly scalable architecture. Our experimental results confirm the feasibility of the proposed architecture and demonstrate that UBIC is very efficient in terms of transaction verification time. To the best of our knowledge, this is the first blockchain-less cryptocurrency proposal. Other than being interesting on its own, and being particularly fit to support UBI and Central Bank Digital Currency, the architectural solutions and the technical choices discussed in this contribution have the potential to generate high impact and further research in the field.