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Payment channel networks like Bitcoin's Lightning network are an auspicious approach for realizing high transaction throughput and almost-instant confirmations in blockchain networks. However, the ability to successfully make payments in…
Today, payment paths in Bitcoin's Lightning Network are found by searching for shortest paths on the fee graph. We enhance this approach in two dimensions. Firstly, we take into account the probability of a payment actually being possible…
In this work we use formal verification to prove that the Lightning Network (LN), the most prominent scaling technique for Bitcoin, always safeguards the funds of honest users. We provide a custom implementation of (a simplification of) LN,…
Bitcoin has emerged as a revolutionary payment system with its decentralized ledger concept; however it has significant problems such as high transaction fees and low throughput. Lightning Network (LN), which was introduced much later,…
It is now a whole year since Lightning Network (LN) has been launched on the Bitcoi's mainnet. LN has been claimed as the solution for several of Bitcoin's weaknesses such as its difficulty to scale in number of transactions per second and…
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 channel networks (PCNs) are a promising solution to the scalability problem of cryptocurrencies. Any two users connected by a payment channel in the network can theoretically send an unbounded number of instant, costless…
Bitcoin blockchain faces the bitcoin scalability problem, for which bitcoin's blocks contain the transactions on the bitcoin network. The on-chain transaction processing capacity of the bitcoin network is limited by the average block…
Payment channel networks, and the Lightning Network in particular, seem to offer a solution to the lack of scalability and privacy offered by Bitcoin and other blockchain-based cryptocurrencies. Previous research has focused on the…
Bitcoin, Ethereum and other blockchain-based cryptocurrencies, as deployed today, cannot scale for wide-spread use. A leading approach for cryptocurrency scaling is a smart contract mechanism called a payment channel which enables two…
The Lightning Network (LN) is a second-layer protocol for Bitcoin designed to enable fast and cost-efficient off-chain transactions. Channels in the LN can be closed either by mutual agreement or unilaterally through a forced closure, which…
This paper presents a new blockchain network simulator that uses bitcoin's original reference implementation as its main application. The proposed simulator leverages the use of lightweight virtualization technology to build a fine tuned…
Following in the footsteps of pioneer Bitcoin, many altcoins as well as coloured coins have been being developed and merchandised adopting blockchain as the core enabling technology. However, since interoperability and scalability, due to…
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…
Bitcoin's success as a cryptocurrency enabled it to penetrate into many daily life transactions. Its problems regarding the transaction fees and long validation times are addressed through an innovative concept called the Lightning Network…
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…
Payment Channel Networks (PCNs) are a method for improving the scaling and latency of cryptocurrency transactions. For a payment to be made between two peers in a PCN, a feasible low-fee path in the network must be planned. Many PCN path…
Payment channel networks (PCNs) are a promising technology that alleviates blockchain scalability by shifting the transaction load from the blockchain to the PCN. Nevertheless, the network topology has to be carefully designed to maximise…
The ambition of the Lightning Network is to provide a second layer to the Bitcoin network to enable transactions confirmed instantly, securely and anonymously with a world scale capacity using a decentralized protocol. Some of the current…
This paper proposes iblock, a comprehensive C++ library for Bitcoin simulation, designed for OMNeT++. iblock offers superior efficiency and scalability with respect to state-of-the-art simulators, which are typically written in high-level…