RACED: Routing in Payment Channel Networks Using Distributed Hash Tables

• URL: http://arxiv.org/abs/2311.17668v1
• Date: Wed, 29 Nov 2023 14:31:15 GMT
• Title: RACED: Routing in Payment Channel Networks Using Distributed Hash Tables
• Authors: Kartick Kolachala, Mohammed Ababneh, Roopa Vishwanathan,
• Abstract summary: Off-chain financial mechanisms such as payment channel networks (PCNs) help users process transactions of varying amounts, including micro-payment transactions, without writing each transaction to the blockchain. We propose RACED, a routing protocol that leverages the idea of Distributed Hash Tables (DHTs) to route transactions in PCNs in a fast and secure way. Our experiments on real-world transaction datasets show that RACED gives an average transaction success ratio of 98.74%, an average pathfinding time of 31.242 seconds, which is $1.65*103$, $1.8*103$, and $4
• Score: 0.9558392439655012
• License: http://creativecommons.org/licenses/by-nc-nd/4.0/
• Abstract: The Bitcoin scalability problem has led to the development of off-chain financial mechanisms such as payment channel networks (PCNs) which help users process transactions of varying amounts, including micro-payment transactions, without writing each transaction to the blockchain. Since PCNs only allow path-based transactions, effective, secure routing protocols that find a path between a sender and receiver are fundamental to PCN operations. In this paper, we propose RACED, a routing protocol that leverages the idea of Distributed Hash Tables (DHTs) to route transactions in PCNs in a fast and secure way. Our experiments on real-world transaction datasets show that RACED gives an average transaction success ratio of 98.74%, an average pathfinding time of 31.242 seconds, which is $1.65*10^3$, $1.8*10^3$, and $4*10^2$ times faster than three other recent routing protocols that offer comparable security/privacy properties. We rigorously analyze and prove the security of RACED in the Universal Composability framework.

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