Instantaneous Account Settlement in Roll-Up based Layer-2 Blockchain Framework for Metaverse Applications
Mohd Sameen Chishti, Amit Banerjee · 2023
Increasing popularity of the metaverse and its emergence as a platform for online social interaction tend to disrupt the current notion of business process execution. It is predicted that blockchain technology will act as a driving force in the development of the metaverse, specifically in trust building among different stakeholders and dealing with the financial aspect of the business organization working inside the metaverse ecosystem. This paper focuses on the scalability issues of blockchain, specifically on reducing the delay in finalizing the micro-transactions within the metaverse ecosystem. The paper proposes an instant account settlement process for roll-up based layer-2 blockchain framework that can be applied by business service providers in metaverse ecosystem for performing micro-transactions. The proposed mechanism is a blend of optimistic roll-up and sidechains protocols addressing the challenges of long delays in account settlement, cost of verification of transactions and must be resilient to common adversarial attacks. For this, the paper introduces the concept of Layer-2 Sphere (L2S), in which the business organization (BO) can deploy consortium blockchain (L2B). The entry, exit and account settlement is facilitate by gateway smart contract (GSC) deployed on layer-1 blockchain (L1B). The experimental evaluation shows that the proposed methodology is efficient in terms of associated cost and storage and it can be easily applied in the upcoming metaverse ecosystem.