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A Fast and Scalable Payment Network with Bitcoin Duplex Micropayment Channels

Part of the Lecture Notes in Computer Science book series (LNTCS,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.

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Correspondence to Christian Decker .

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© 2015 Springer International Publishing Switzerland

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Decker, C., Wattenhofer, R. (2015). A Fast and Scalable Payment Network with Bitcoin Duplex Micropayment Channels. In: Pelc, A., Schwarzmann, A. (eds) Stabilization, Safety, and Security of Distributed Systems. SSS 2015. Lecture Notes in Computer Science(), vol 9212. Springer, Cham. https://doi.org/10.1007/978-3-319-21741-3_1

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  • DOI: https://doi.org/10.1007/978-3-319-21741-3_1

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  • Publisher Name: Springer, Cham

  • Print ISBN: 978-3-319-21740-6

  • Online ISBN: 978-3-319-21741-3

  • eBook Packages: Computer ScienceComputer Science (R0)

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