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Towards Bitcoin Payment Networks

Lookup NU author(s): Patrick Mccorry, Professor Feng Hao


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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.

Publication metadata

Author(s): McCorry P, Moser M, Shahandasti SF, Hao F

Publication type: Conference Proceedings (inc. Abstract)

Publication status: Published

Conference Name: Australasian Conference on Information Security and Privacy (ACISP 2016)

Year of Conference: 2016

Pages: 57-76

Online publication date: 30/06/2016

Acceptance date: 02/04/2016

ISSN: 0302-9743

Publisher: Springer International Publishing


DOI: 10.1007/978-3-319-40253-6_4

Library holdings: Search Newcastle University Library for this item

Series Title: Lecture Notes in Computer Science (LNCS)

ISBN: 9783319402529