  Chainspace is a decentralized infrastructure, known as a distributed ledger,
that supports user defined smart contracts and executes user-supplied
transactions on their objects. The correct execution of smart contract
transactions is verifiable by all. The system is scalable, by sharding state
and the execution of transactions, and using S-BAC, a distributed commit
protocol, to guarantee consistency. Chainspace is secure against subsets of
nodes trying to compromise its integrity or availability properties through
Byzantine Fault Tolerance (BFT), and extremely high-auditability,
non-repudiation and `blockchain' techniques. Even when BFT fails, auditing
mechanisms are in place to trace malicious participants. We present the design,
rationale, and details of Chainspace; we argue through evaluating an
implementation of the system about its scaling and other features; we
illustrate a number of privacy-friendly smart contracts for smart metering,
polling and banking and measure their performance.
