Payment channel networks (PCNs) are a promising technology to overcome scalability challenges of open blockchains by moving the majority of transactions off-chain. At the time of writing, the only PCN working in production on at least some scale is the Lightning network (LN) for Bitcoin. I haven’t yet written the planned second and other parts of the series on how LN works (see part 1 and stay tuned). Today I present you the summary of a paper by Giulio Malavolta et al. entitled “Concurrency and Privacy with Payment-Channel Networks” (CCS 2017). It describes and formalizes the privacy and security of PCNs, and propose two PCN constructions which improve over LN, exploring the inherent privacy vs concurrency trade-off.
This the first post in a series about the Lightning network.
The best way to learn something is to teach it. From now on, I will write summaries of noteworthy papers I read, talks I watch, etc. That was one of the main purposes for starting this blog, after all.
In December 2018, I attended a Winter school on blockchain and cryptocurrencies in the Hebrew university of Jerusalem. This was one of the best events of this kind I have ever attended. The level of talks was consistently high, and the coffee break discussions were tremendously insightful. I’ve been making lots of notes during the lectures, and dedicated a whole episode of my Russian-language podcast to summarizing them.
Hi, I’m Sergei. I’m doing blockchain security research in the University of Luxembourg. Read more on the About page.