Vector Commitments for Stateless Cryptocurrencies
Recently, Merkle trees have been proposed as a way to scale block validation in cryptocurrencies such as Ethereum (or Bitcoin). The key insight is that block validators can verify Merkle proofs of account balances (or of unspent coins) against a Merkle root of the cryptocurrency’s state (i.e., the database of every user’s balance). This so-called stateless validation approach eliminates the need for block validators (e.g., miners, P2P nodes) to store large amounts of data and access it from disk during validation, which can be slow.