TY - GEN
T1 - CheaPay
T2 - 2019 IEEE International Conference on Communications, ICC 2019
AU - Zhang, Yuhui
AU - Yang, Dejun
AU - Xue, Guoliang
N1 - Funding Information:
Zhang is affiliated with Colorado School of Mines, Golden, CO 80401. Yang (corresponding author) is with Colorado School of Mines, Golden, CO 80401 USA and Jiangsu Key Laboratory of Big Data Security and Intelligent Processing, Nanjing University of Posts and Telecommunications, Nanjing, Jiangsu 210023 China. Xue is affiliated with Arizona State University, Tempe, AZ 85287. Email:{yuhzhang, djyang}@mines.edu, xue@asu.edu. This research was supported in part by NSF grants 1717197 and 1717315. The information reported here does not reflect the position or the policy of the federal government.
Publisher Copyright:
© 2019 IEEE.
PY - 2019/5
Y1 - 2019/5
N2 - The past several years have witnessed an explosive growth in cryptocurrencies, but the blockchain-based cryptocurrencies have also raised many concerns, among which a crucial one is the scalability issue. Suffering from the large overhead of global consensus and security assurance, even the leading cryptocurrencies can only handle up to tens of transactions per second, which largely limits their applications in real-world scenarios. Among many proposals to improve the cryptocurrency scalability, one of the most promising and mature solutions is the payment channel network (PCN), which offers the off-chain settlement of transactions with minimal involvement of expensive blockchain operations. In this paper, we investigate the problem of payment routing in PCNs from an optimization perspective, which is to minimize the transaction fee of a payment path, subject to the timeliness and feasibility constraints. We present an optimal distributed algorithm CheaPay for this problem. Extensive simulations demonstrate that CheaPay significantly outperforms baseline algorithms in terms of the success ratio and the average accepted value.
AB - The past several years have witnessed an explosive growth in cryptocurrencies, but the blockchain-based cryptocurrencies have also raised many concerns, among which a crucial one is the scalability issue. Suffering from the large overhead of global consensus and security assurance, even the leading cryptocurrencies can only handle up to tens of transactions per second, which largely limits their applications in real-world scenarios. Among many proposals to improve the cryptocurrency scalability, one of the most promising and mature solutions is the payment channel network (PCN), which offers the off-chain settlement of transactions with minimal involvement of expensive blockchain operations. In this paper, we investigate the problem of payment routing in PCNs from an optimization perspective, which is to minimize the transaction fee of a payment path, subject to the timeliness and feasibility constraints. We present an optimal distributed algorithm CheaPay for this problem. Extensive simulations demonstrate that CheaPay significantly outperforms baseline algorithms in terms of the success ratio and the average accepted value.
KW - Cryptocurrency
KW - blockchain
KW - payment channel network
KW - routing
UR - http://www.scopus.com/inward/record.url?scp=85070220312&partnerID=8YFLogxK
UR - http://www.scopus.com/inward/citedby.url?scp=85070220312&partnerID=8YFLogxK
U2 - 10.1109/ICC.2019.8761804
DO - 10.1109/ICC.2019.8761804
M3 - Conference contribution
AN - SCOPUS:85070220312
T3 - IEEE International Conference on Communications
BT - 2019 IEEE International Conference on Communications, ICC 2019 - Proceedings
PB - Institute of Electrical and Electronics Engineers Inc.
Y2 - 20 May 2019 through 24 May 2019
ER -