From: David Wu <d...@cs.stanford.edu>
To: Stanford Security Seminar at
https://mailman.stanford.edu/mailman/listinfo/security-seminar
The Bitcoin Lightning Network
Joseph Poon
Tuesday, June 16, 2015
Talk at 4:15pm
Gates 498
Abstract:
The bitcoin protocol can encompass the global financial transaction
volume in all electronic payment systems today, without a single
custodial 3rd party holding funds or requiring participants to have any
more than a computer on a home broadband connection. A decentralized
system is proposed whereby transactions are sent over a network of
micropayment channels (a.k.a. payment channels or transaction channels)
whose transfer of value occurs off-blockchain. If Bitcoin transactions
can be signed with a new sighash type which addresses malleability,
these transfers may occur between untrusted parties along the transfer
route by contracts which are enforceable via broadcast over the bitcoin
blockchain in the event of uncooperative or hostile participants,
through a series of decrementing timelocks.
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