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Sensors 2021, 21, 3822 18 of 32 buyer who has bid upon it. In order to do so, a new token is created for the buyer by calling Algorithm 3 and executing the path highlighted in the flowchart. This new token has no bid on it. The original token owned by the seller is deleted. The current owner of the token can redeem the token using Algorithm 6 (Section 3.3.4) if there is no existing bid on it. A redeemed NFT is deleted from the state. The right pane of Figure 4 summarizes the lifecycle of a FT. First, Algorithm 8 (Section 3.4.1) is invoked by the seller. At this stage of the lifecycle, the token is being created for the invoker. If the invoke is valid, a check is performed to see if a token for the same token type and owner combination exists. If such a token exists, the value of the token to be created is added to the value of the existing token and no new token is created. Otherwise, a new token with a token level endorsement policy is created. This token is now ready to accept bids. A buyer uses Algorithm 9 (Section 3.4.2) in order to bid upon the token. If the same bidder has already bid upon the token, the value of the new bid is added to the existing bid, else a new bid is accepted on the token. In contrast to a NFT, a FT can accept multiple bids on the available value, and after each bid the value of the token is reduced by the bid amount. The seller, using Algorithm 10 (Section 3.4.3), for each bid will create a new token for the buyer using Algorithm 8 and remove the bid from the original token. This will be done until all the bids are removed from the token. A token can be redeemed by its owner for the value available in the token. Thus, the buyer can redeem the newly purchased token and the seller can redeem the value left on their token using Algorithm 11 (Section 3.4.4). A FT that is redeemed is not deleted, but the value of the token is reduced by the redeem amount. 4. Experimental Setup, Results and Discussion The experimental infrastructure included 5 Virtual Machines (VM) created on a cloud environment. Each VM used Ubuntu 20.04 and had 32 GB RAM, 4 dedicated virtual CPUs and a 100 GB SSD. The nodes of the network were implemented as Docker containers with Docker version 19.03 and Docker Compose version 1.26 connected in a Docker Swarm for availability. Hyperledger Fabric v2.3.0 was the blockchain platform and Hyperledger Caliper v 0.4.2 was used to generate the load and measure the performance. Both are the latest stable versions at the time of writing. The Ordering service was implemented using the RAFT [33] consensus algorithm and had 3 Ordering Service Nodes (OSN) as recommended in the Hyperledger Fabric official documentation [34]. LevelDB was the state database due its performance advantage. The three organizations in our network are implemented with one peer node each and run on separate VMs. One VM is dedicated to running the Hyperledger Caliper and another VM runs the Ordering Service which is implemented as a separate Orderer Organization. In a production implementation, cloud security issues and mitigation strategies would need special consideration. Singh et al. [35] conducted an extensive survey of specific threats and solutions to be considered for better security management for a cloud based service. 4.1. Experimental Setup In order to performance test the implementation of each algorithm, the sequence of experiments shown in Figure 5 were designed based on the token lifecycle shown in Figure 4 and explained in Section 3.6, for NFT and FT algorithms. A client, Bob was created for the Transaction Platform and another client Alice was the created for Storage Provider. The left pane on Figure 5 shows the sequence of op- erations for experimental evaluation of the NFT implementation. Using Algorithm 3 Alice creates 10,000 NFT each with value of 10 assets. Bob bids upon each of these to- kens using Algorithm 4 and as this is a NFT implementation, the bids are for the whole value of the asset. Alice then initiates transfer to Bob using Algorithm 5, which involves creating 10,000 NFT owned by Bob each with the value of 10 assets and deleting all 10,000 NFT owned by Alice. Finally, using Algorithm 6, Bob redeems the complete value of all 10,000 NFT.PDF Image | Blockchain Based Transaction System with NFT
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