Chainspace is a decentralized infrastructure, known as a distributed ledger, that supports user defined smart contracts and executes user-supplied transactions on their objects. The correct execution of smart contract transactions is verifiable by all. The system is scalable, by sharding state and the execution of transactions, and using S-BAC, a distributed commit protocol, to guarantee consistency. Chainspace is secure against subsets of nodes trying to compromise its integrity or availability properties through Byzantine Fault Tolerance (BFT), and extremely highauditability, non-repudiation and ‘blockchain’ techniques. Even when BFT fails, auditing mechanisms are in place to trace malicious participants. We present the design, rationale, and details of Chainspace; we argue through evaluating an implementationof the system about its scaling and other features; we illustrate a number of privacy-friendly smart contracts for smart metering,polling and banking and measure their performance.
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