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Towards bitcoin payment networks
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McCorry, Patrick, Möser, Malte, Shahandasti, Siamak F. and Hao, Feng (2016) Towards bitcoin payment networks. In: Information Security and Privacy. Lecture Notes in Computer Science, 9722 . Cham: Springer, pp. 57-76. ISBN 9783319402529
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Official URL: http://dx.doi.org/10.1007/978-3-319-40253-6_4
Abstract
Bitcoin as deployed today does not scale. Scalability research has focused on two directions: 1 redesigning the Blockchain protocol, and 2 facilitating 'off-chain transactions' and only consulting the Blockchain if an adjudicator is required. In this paper we focus on the latter and provide an overview of Bitcoin payment networks. These consist of two components: payment channels to facilitate off-chain transactions between two parties, and the capability to fairly exchange bitcoins across multiple channels. We compare Duplex Micropayment Channels and Lightning Channels, before discussing Hashed Time-Locked Contracts which enable Bitcoin-based payment networks. Finally, we highlight challenges for route discovery in these networks.
Item Type: | Book Item | ||||||
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Alternative Title: | |||||||
Subjects: | H Social Sciences > HG Finance | ||||||
Divisions: | Faculty of Science, Engineering and Medicine > Science > Computer Science | ||||||
Library of Congress Subject Headings (LCSH): | Bitcoin, Blockchains (Databases) | ||||||
Series Name: | Lecture Notes in Computer Science | ||||||
Publisher: | Springer | ||||||
Place of Publication: | Cham | ||||||
ISBN: | 9783319402529 | ||||||
ISSN: | 0302-9743 | ||||||
Book Title: | Information Security and Privacy | ||||||
Official Date: | 30 June 2016 | ||||||
Dates: |
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Volume: | 9722 | ||||||
Page Range: | pp. 57-76 | ||||||
DOI: | 10.1007/978-3-319-40253-6_4 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Reuse Statement (publisher, data, author rights): | This is a post-peer-review, pre-copyedit version of an article published in Information Security and Privacy. The final authenticated version is available online at: http://dx.doi.org/10.1007/978-3-319-40253-6_4 | ||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||
Date of first compliant deposit: | 20 December 2018 | ||||||
Date of first compliant Open Access: | 20 December 2018 | ||||||
RIOXX Funder/Project Grant: |
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Conference Paper Type: | Paper | ||||||
Title of Event: | 21st Australasian Conference on Information Security and Privacy | ||||||
Type of Event: | Conference | ||||||
Date(s) of Event: | 4 -6 July 2016 |
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