Blockchains are a special type of distributed systems operating in unsafe networks. In most blockchains, all nodes should reach consensus on all state transitions with Byzantine fault tolerant algorithms, which creates bottlenecks in performance. In this paper, we propose a new type of blockchains, namely Value-Centric Blockchains (VCBs), in which the states are specified as values (or more comprehensively, money) with owners and the state transition records are then specified as proofs of the ownerships of individual values. Then, we formalize the rational assumptions that have been used in most blockchains. We further propose a VCB, namely VAPOR, that guarantees secure value transfers if all nodes are rational and only keep the proofs of the values they owned, which is merely parts of the whole state transition record. As a result, we show that VAPOR enjoys significant benefits in throughput, decentralization, and flexibility without compromising security.
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