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The Bitcoin scalability problem has led to the development of off-chain financial mechanisms such as payment channel networks (PCNs) which help users process transactions of varying amounts, including micro-payment transactions, without…
Bitcoin is a decentralised digital currency that serves as an alternative to existing transaction systems based on an external central authority for security. Although Bitcoin has many desirable properties, one of its fundamental…
This paper presents a formal analysis of the Lightning Network as a monetary system structurally diverging from Bitcoin's base-layer settlement model. We demonstrate that under increasing transaction demand, BTC transaction fees rise…
Blockchains have shown great promise as peer-to-peer digital currency systems over the past 10 years. However, with increased popularity, the demand for processing transactions has also grown leading to increased costs, confirmation times,…
The convergence of blockchain and the Internet of Things (IoT) enables secure, decentralised, and verifiable data exchange across distributed smart environments. However, traditional blockchain frameworks suffer from inherent scalability…
Blockchains such as Bitcoin and Ethereum execute payment transactions securely, but their performance is limited by the need for global consensus. Payment networks overcome this limitation through off-chain transactions. Instead of writing…
Cryptocurrencies, based on and led by Bitcoin, have shown promise as infrastructure for pseudonymous online payments, cheap remittance, trustless digital asset exchange, and smart contracts. However, Bitcoin-derived blockchain protocols…
Off-chain transaction channels represent one of the leading techniques to scale the transaction throughput in cryptocurrencies. However, the economic effect of transaction channels on the system has not been explored much until now. We…
Bitcoin is a electronic payment system where payment transactions are verified and stored in a data structure called the blockchain. Bitcoin miners work individually to solve a computationally intensive problem, and with each solution a…
Blockchain-based Distributed Ledgers (DLs) promise to transform the existing financial system by making it truly democratic. In the past decade, blockchain technology has seen many novel applications ranging from the banking industry to…
In this paper, we construct a decentralized clearing mechanism which endogenously and automatically provides a claims resolution procedure. This mechanism can be used to clear a network of obligations through blockchain. In particular, we…
Blockchain sharding is a promising approach to solving the dilemma between decentralisation and high performance (transaction throughput) for blockchain. The main challenge of Blockchain sharding systems is how to reach a decision on a…
Compact block, which replaces transactions in the block with their hashes, is an effective means to speed up block propagation in the Bitcoin network. The compact block mechanism in Bitcoin counts on the fact that many nodes may already…
Sharding is a technique to speed up transaction processing in blockchains, where the $n$ processing nodes in the blockchain are divided into $s$ disjoint groups (shards) that can process transactions in parallel. We study dynamic scheduling…
As Lightning network payments are neither broadcasted nor publicly stored. Thus LN has been seen not only as scalability but also as privacy solution for Bitcoin. The protocol guarantees that only the latest channel state can be confirmed…
Payment channels allow transactions between participants of the blockchain to be executed securely off-chain, and thus provide a promising solution for the scalability problem of popular blockchains. We study the online network design…
In this paper, we present the most extensive evaluation of blockchain system to date. To achieve scalability across servers in more than 10 countries located on 4 different continents, we drastically revisited Byzantine fault tolerant…
Bitcoin is the first and the most extensive decentralized electronic cryptocurrency system that uses blockchain technology. It uses a peer-to-peer (P2P) network to operate without a central authority and propagate system information such as…
Payment channel networks are an approach to improve the scalability of blockchain-based cryptocurrencies. Because payment channel networks are used for transfer of financial value, their security in the presence of adversarial participants…
As decentralized applications on permissionless blockchains are prevalent, more and more latency-sensitive usage scenarios emerged, where the lower the latency of sending and receiving messages, the better the chance of earning revenue. To…