Hybrid Decentralized Solution for Bitcoin Zero-Confirmation Transactions

Arote, P and Kuri, J (2019) Hybrid Decentralized Solution for Bitcoin Zero-Confirmation Transactions. In: 11th International Conference on Communication Systems and Networks, COMSNETS 2019, 7 January 2019 - 11 January 2019, Bengaluru.

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Abstract

The main attraction of cryptocurrency is the decentralized, append-only public ledger blockchain that records the transactions. The current challenge of bitcoin blockchain is to increase the throughput. Two-party or multi-party payment channel using multi-signature address formed a connected payment network to solve the issue of scaling that fascinated bitcoin community. The micropayment channel solution implicitly assumes that parties will continue to interact for long intervals. This assumes a long-lived relation between buyer and seller. Another major disadvantage of forcing participants to lock funds for long intervals. The micropayment channel must know about the parties beforehand.We address this issue and present a protocol that offers freedom to do micropayment transaction with anyone as per the need without any prior knowledge about the parties. The protocol gives an alternate secured path for zero-confirmation transactions. From the test cases, we have shown that buyer will get quick services from sellers and honest sellers will not lose their funds share. © 2019 IEEE.

Item Type:	Conference Paper
Publication:	2019 11th International Conference on Communication Systems and Networks, COMSNETS 2019
Publisher:	Institute of Electrical and Electronics Engineers Inc.
Additional Information:	The copyright for this article belongs to Institute of Electrical and Electronics Engineers Inc.
Keywords:	Blockchain, Channel solution; Distributed; Micropayments; Multi-signature; Payment channels; Prior knowledge; Test case; Zero-confirmation transactions, Bitcoin
Department/Centre:	Division of Electrical Sciences > Electronic Systems Engineering (Formerly Centre for Electronic Design & Technology)
Date Deposited:	27 Dec 2022 07:12
Last Modified:	27 Dec 2022 07:12
URI:	https://eprints.iisc.ac.in/id/eprint/78585

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