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RACED: Routing in Payment Channel Networks Using Distributed Hash Tables (2311.17668v1)

Published 29 Nov 2023 in cs.CR and cs.DC

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 $1.65*103$, $1.8*103$, and $4*102$ 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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