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A Fast and Scalable Payment Network with Bitcoin Duplex Micropayment Channels

  • Christian Decker
  • Roger Wattenhofer
Conference paper
Part of the Lecture Notes in Computer Science book series (LNCS, volume 9212)

Abstract

Bitcoin does not scale, because its synchronization mechanism, the blockchain, limits the maximum rate of transactions the network can process. However, using off-blockchain transactions it is possible to create long-lived channels over which an arbitrary number of transfers can be processed locally between two users, without any burden to the Bitcoin network. These channels may form a network of payment service providers (PSPs). Payments can be routed between any two users in real time, without any confirmation delay. In this work we present a protocol for duplex micropayment channels, which guarantees end-to-end security and allow instant transfers, laying the foundation of the PSP network.

Keywords

Root Output Initial Fund Single Transaction Payment Service Provider Shared Account 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer International Publishing Switzerland 2015

Authors and Affiliations

  1. 1.Distributed Computing GroupETH ZürichZürichSwitzerland

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