Parallelized Architecture for Scalably Executing smart Contracts (PArSEC)
James Lovejoy, Federal Reserve Bank of Boston
Anders Brownworth, Federal Reserve Bank of Boston
Dr. Madars Virza, MIT Media Lab
Dr. Neha Narula, MIT Media Lab
PArSEC is the result of the DCI’s latest research on flexible technical architectures for centralized digital currency at scale. PArSEC supports a wide class of smart contract runtimes, including the Ethereum Virtual Machine. It supports flexible research and testing: the system can support clients easily updating their contracts’ logic, or even switching to different smart contract runtimes, without having to understand and alter the core architecture of the underlying transaction processor. Our research focused on smart contracts because they provide the highest degree of expressivity and functionality to users. In addition to a research paper and executive summary, PArSEC is free and open source software, publicly available on GitHub. We invite researchers and policymakers to work with us to develop the system further.