Canonchain: A DAG-based Distributed Ledger Technology

Speaker:   Dr. Sichao Yang

Time:       10:00-11:00, July 12

Location:  SIST 1A 200

Host:       Prof. Xiliang Luo



The concept of a blockchain was invented by Satoshi Nakamoto to maintain a distributed ledger for an electronic cash system, Bitcoin. Even though very secure, blockchain systems have serious deficiencies in some important performance measures, including transaction throughput, confirmation latency and confirmation reliability. To this end, distributed ledger technology with underlying directed acyclic graph (DAG) structure has been proposed to overcome the scalability bottleneck of blockchain systems.

In this talk, we present Canonchain, a new DAG based distributed ledger technology. We provide rigorous analysis to the consensus algorithm, which utilizes non-anonymous reputable entities, called witnesses.  Our new protocol can achieve 1) more than 2000 transactions per second (TPS); 2) less than 20 seconds transaction confirmation time and 3) eventual total ordering of all transactions.


Dr. Yang is a Co-Founder of Canonchain, and a Co-Founder and the CEO of Nakamoto & Turing Labs, a research lab engaged in scientific and engineering research in the fields of blockchain and distributed computing technologies.

Dr. Yang got his Ph.D. in Department of Electrical and Computer Engineering and M.S. in Department of Mathematics both from University of Illinois at Urbana-Champaign. His Ph.D. research is on game theory with its application on resource allocation and optimization in distributed networks.

Dr. Yang was a senior staff engineer in Qualcomm Inc, the world's leading wireless communications chip and service provider. During his tenure in Qualcomm, he was one of the key contributors to the design and development of the 4th and 5th generation mobile communication. He also served as the technical leader in Qualcomm's research on vehicular network and autonomous driving and holds many invention patents.

Dr. Yang has many journal and conference papers and served as a reviewer for Mathematics of Operations Research, IEEE Transactions on Networking, Games and Economics Behavior and other magazines.