CoinExpress: A fast payment routing mechanism in blockchain-based payment channel networks

Ruozhou Yu, Guoliang Xue, Vishnu Teja Kilari, Dejun Yang, Jian Tang

Research output: Chapter in Book/Report/Conference proceedingConference contribution

10 Scopus citations

Abstract

Although cryptocurrencies have witnessed explosive growth in the past year, they have also raised many concerns, among which a crucial one is the scalability issue of blockchain-based cryptocurrencies. Suffering from the large overhead of global consensus and security assurance, even 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 cryptocurrency scalability, one of the most promising and mature solutions is the payment channel network (PCN), which offers off-chain settlement of transactions with minimal involvement of expensive blockchain operations. In this paper, we investigate the problem of payment routing in PCN. We suggest crucial design goals in PCN routing, and propose a novel distributed dynamic routing mechanism called CoinExpress. Through extensive simulations, we have shown that our proposed mechanism is able to achieve outstanding payment acceptance ratio with low routing overhead.

Original languageEnglish (US)
Title of host publicationICCCN 2018 - 27th International Conference on Computer Communications and Networks
PublisherInstitute of Electrical and Electronics Engineers Inc.
ISBN (Electronic)9781538651568
DOIs
StatePublished - Oct 9 2018
Event27th International Conference on Computer Communications and Networks, ICCCN 2018 - Hangzhou City, Zhejiang Province, China
Duration: Jul 30 2018Aug 2 2018

Publication series

NameProceedings - International Conference on Computer Communications and Networks, ICCCN
Volume2018-July
ISSN (Print)1095-2055

Other

Other27th International Conference on Computer Communications and Networks, ICCCN 2018
CountryChina
CityHangzhou City, Zhejiang Province
Period7/30/188/2/18

Keywords

  • Bitcoin Lightning Network
  • Cryptocurrency
  • blockchain
  • payment channel network
  • routing

ASJC Scopus subject areas

  • Computer Networks and Communications
  • Hardware and Architecture
  • Software

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