A Fast and Scalable Payment Network with Bitcoin Duplex Micropayment Channels

@inproceedings{Decker2015AFA,
  title={A Fast and Scalable Payment Network with Bitcoin Duplex Micropayment Channels},
  author={Christian Decker and Roger Wattenhofer},
  booktitle={SSS},
  year={2015}
}
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… CONTINUE READING
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