Velos

Blockchain technology rivals traditional financial institutions with a cryptographically secured peer-to-peer network. This creates a decentralized environment where transactions can take place without a “trusted” middleman in between. These trustless transactions occur between two parties; transactions are signed and recorded on-chain, and the receiving party can only completely trust the transaction once it has been included in a block, and that block has received multiple confirmations. However, decentralization comes at a cost - slow transaction speeds and long confirmation times. This paper describes a method to operate a trustless, smart contract based solution utilizing techniques similar to atomic swaps and multi-sig contracts. This method would allow for high-speed transactions with instant confirmation times.