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Blockchains is a special type of distributed systems that operates in unsafenetworks. In most blockchains, all nodes should reach consensus on all statetransitions with Byzantine fault tolerant algorithms, which creates bottlenecksin performance. In this paper, we propose a new type of blockchains, namelyValue-Centric Blockchains (VCBs), in which the states are specified as values(or more comprehensively, coins) with owners and the state transition recordsare then specified as proofs of the ownerships of individual values. We thenformalize the "rational" assumptions that have been used in most blockchains.We further propose a VCB, VAPOR, that guarantees secure value transfers if allnodes are rational and keep the proofs of the values they owned, which ismerely parts of the whole state transition record. As a result, we show thatVAPOR enjoys significant benefits in throughput, decentralization, andflexibility without compromising security.

VAPOR: a Value-Centric Blockchain that is Scale-out, Decentralized, and Flexible by Design