Super Payment Channel for Decentralized Cryptocurrencies

Payment channel with penalizing double-spending has been widely applied in cryptocurrencies for achieving fast payment. However, current payment channel solutions suffer at least one of the following problems: 1) large overheads and communication costs are incurred to thwart double-spending; 2) paye...

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Bibliographic Details
Published in2019 IEEE Conference on Dependable and Secure Computing (DSC) pp. 1 - 8
Main Authors Xu, Shengmin, Yuan, Jiaming, Li, Yingjiu, Liu, Ximeng, Zhang, Yinghui
Format Conference Proceeding
LanguageEnglish
Published IEEE 01.11.2019
Subjects
Bitcoin
Blockchain
Digital signatures
double-spending
payment channel
Probabilistic logic
Protocols
Public key
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Summary:Payment channel with penalizing double-spending has been widely applied in cryptocurrencies for achieving fast payment. However, current payment channel solutions suffer at least one of the following problems: 1) large overheads and communication costs are incurred to thwart double-spending; 2) payees must be defined before building payment channels; 3) a single payment channel does not support multiple payees; 4) no formally theoretical proofs are provided for the security of payment channels (as an open problem mentioned in CCS'15). In this paper, we fill these gaps by introducing a new fast payment protocol named super payment channel. We provide detailed construction based on digital signatures and accountable assertions with formal security proofs. We also implement our proposed protocol in different circumstances and demonstrate that our proposed protocol incurs a small overhead compared to ordinary Bitcoin transactions.
DOI:10.1109/DSC47296.2019.8937619