Related papers: Building Stable Off-chain Payment Networks
The Lightning Network is a so-called second-layer technology built on top of the Bitcoin blockchain to provide "off-chain" fast payment channels between users, which means that not all transactions are settled and stored on the main…
As a promising implementation model of payment channel network (PCN), payment channel hub (PCH) could achieve high throughput by providing stable off-chain transactions through powerful hubs. However, existing PCH schemes assume hubs…
Bitcoin is the first successful decentralized global digital cash system. Its mining process requires intense computational resources, therefore its usefulness remains a disputable topic. We aim to solve three problems with Bitcoin and…
Off-chain transaction networks can mitigate the scalability issues of today's trustless electronic cash systems such as Bitcoin. However, these peer-to-peer networks also introduce a new attack surface which is not well-understood today.…
Public blockchains inherently offer low throughput and high latency, motivating off-chain scalability solutions such as Payment Channel Networks (PCNs). However, existing PCNs suffer from liquidity fragmentation-funds locked in one channel…
This paper studies the optimal transaction fee mechanisms for blockchains, focusing on the distinction between price-based ($\mathcal{P}$) and quantity-based ($\mathcal{Q}$) controls. By analyzing factors such as demand uncertainty,…
Digital payments play a pivotal role in the burgeoning digital economy. Moving forward, the enhancement of digital payment systems necessitates programmability, going beyond just efficiency and convenience, to meet the evolving needs and…
The Bitcoin Lightning Network is a Layer 2 payment protocol that addresses Bitcoin's scalability by facilitating quick and cost effective transactions through payment channels. This research explores the feasibility of using machine…
Payment channel networks (PCNs) are viewed as one of the most promising scalability solutions for cryptocurrencies today. Roughly, PCNs are networks where each node represents a user and each directed, weighted edge represents funds…
While many researchers adopt a sharding approach to design scaling blockchains, few works have studied the transaction placement problem incurred by sharding protocols. The widely-used hashing placement algorithm renders an overwhelming…
The successful amalgamation of cryptocurrency and consumer Internet of Things (IoT) devices can pave the way for novel applications in machine-to-machine economy. However, the lack of scalability and heavy resource requirements of initial…
The Lightning Network is a peer-to-peer network designed to address Bitcoin's scalability challenges, facilitating rapid, cost-effective, and instantaneous transactions through bidirectional, blockchain-backed payment channels among network…
Modern blockchains increasingly rely on parallel execution to improve throughput. We show several industry and academic transaction fee mechanisms (TFMs) struggle to simultaneously account for execution parallelism while remaining…
Payment channel networks (PCN) enable scalable blockchain transactions without fundamentally changing the underlying distributed ledger algorithm. However, routing a payment via multiple channels in a PCN requires locking collateral for…
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…
Blockchains are modern distributed systems that provide decentralized financial capabilities with trustable guarantees. Smart contracts are programs written in specialized programming languages running on a blockchain and govern how tokens…
Blockchain is an incrementally updated ledger maintained by distributed nodes rather than centralized organizations. The current blockchain technology faces scalability issues, which include two aspects: low transaction throughput and high…
The Bitcoin Lightning Network (LN) is designed to improve the scalability of blockchain systems by using off-chain payment paths to settle transactions in a faster, cheaper, and more private manner. This work aims to empirically study LN's…
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…
Stablecoins have emerged as a rapidly growing digital payment instrument, raising the question of whether blockchain-based settlement can function as a substitute for incumbent card networks in retail payments. This Systematization of…