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DCI research presentation series: Vibhaalakshmi Sivaraman on 'High-Efficiency Cryptocurrency Routing in Payment Channel Networks'

The Digital Currency Initiative hosts it’s weekly research presentation series. Invited speakers and DCI affiliates present on their projects and other relevant research.

Wednesday’s 3:00-4:00pm ET

Who: Vibhaalakshmi Sivaraman

Title:'High-Efficiency Cryptocurrency Routing in Payment Channel Networks'

Abstract:

With the growing usage of Bitcoin and other cryptocurrencies, many scalability challenges have emerged. A promising scaling solution, exemplified by the Lightning Network, uses a network of bidirectional payment channels that allows fast transactions between two parties. However, routing payments on these networks efficiently is non-trivial, since payments require finding paths with sufficient funds, and channels can become unidirectional over time blocking further transactions through them. Today’s payment channel networks exacerbate these problems by attempting to deliver all payments atomically. In this paper, we present the Spider network, a new packet-switched architecture for payment channel networks. Spider splits payments into transaction units and transmits them over time across different paths. Spider uses congestion control, payment scheduling, and imbalance-aware routing to optimize delivery of payments. Our results show that Spider is able to achieve the same throughput as state-of-the-art approaches with one-tenth their amount of capital.

Invited guests only: If you are interested in joining the meeting in-person or remotely please contact Jacobsal@media.mit.edu