Distributed credit networks, such as Ripple [18] and Stellar [21], are
becoming popular as an alternative means for financial transactions.
However, the current designs do not preserve user privacy or are
not truly decentralized. In this paper, we explore the creation of
a distributed credit network that preserves user and transaction
privacy and unlinkability. We propose BlAnC, a novel, fully decentralized
blockchain-based credit network where credit transfer
between a sender-receiver pair happens on demand. In BlAnC, multiple
concurrent transactions can occur seamlessly, and malicious
network actors that do not follow the protocols and/or disrupt
operations can be identified efficiently.
We perform security analysis of our proposed protocols in the
universal composability framework to demonstrate its strength,
and discuss how our network handles operational dynamics. We
also present preliminary experiments and scalability analyses.
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Balance Transfers and Bailouts in Credit Networks using Blockchains
In this paper, we propose a technique for rebalancing link weights in decentralized credit networks. Credit networks are peer-to-peer trust-based networks that enable fast and inexpensive cross-currency transactions compared to traditional bank wire transfers. Although researchers have studied security of transactions and privacy of users of such networks, and have invested significant efforts into designing efficient routing algorithms for credit networks, comparatively little work has been done in the area of replenishing credit links of users in the network. This is achieved by a process called rebalancing that enables a poorly funded user to create incoming as well as outgoing credit links. We propose a system where a user with zero or no link weights can create incoming links with existing, trusted users in the network, in a procedure we call balance transfer, followed by creating outgoing links to existing or new users that would like to join the network, a process we call bailout. Both these processes together constitute our proposed rebalancing mechanism.
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- PAR ID:
- 10208830
- Date Published:
- Journal Name:
- 2020 IEEE International Conference on Blockchain and Cryptocurrency (ICBC)
- Page Range / eLocation ID:
- 1 to 3
- Format(s):
- Medium: X
- Sponsoring Org:
- National Science Foundation
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- Free Publicly Accessible Full Text
-
Accepted Manuscript1.0
- Conference Paper:
- https://doi.org/10.1109/ICBC48266.2020.9169442
