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| Autori principali: | , , , , , , |
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| Natura: | Preprint |
| Pubblicazione: |
2024
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| Soggetti: | |
| Accesso online: | https://arxiv.org/abs/2401.11868 |
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| _version_ | 1866910748237627392 |
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| author | Benedetti, Marco De Sclavis, Francesco Favorito, Marco Galano, Giuseppe Giammusso, Sara Muci, Antonio Nardelli, Matteo |
| author_facet | Benedetti, Marco De Sclavis, Francesco Favorito, Marco Galano, Giuseppe Giammusso, Sara Muci, Antonio Nardelli, Matteo |
| contents | We introduce a family of PCNs (Payment Channel Networks) characterized by a semi-hierarchical topology and a custom set of channel rebalancing strategies. This family exhibits two interesting benefits, if used as a platform for large-scale, instant, retail payment systems, such as CBDCs: Technically, the solution offers state-of-the-art guarantees of fault-tolerance and integrity, while providing a latency and throughput comparable to centralized systems; from a business perspective, the solution perfectly suits the 3-tier architecture of the current banking ecosystem (central banks / commercial banks / retail users), assigning a pivotal and peculiar role to the members of each tier. Furthermore, the cryptographic privacy of payments for retail users -- typical of PCNs such as the public Lightning Network -- is largely (possibly fully) retained. We study the system by simulating a scaled-down version of a hypothetical European CBDC, exploring the trade-offs among liquidity locked by market operators, payment success rate, throughput, latency, and load on the underpinning blockchain. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2401_11868 |
| institution | arXiv |
| publishDate | 2024 |
| record_format | arxiv |
| spellingShingle | Self-Balancing Semi-Hierarchical PCNs for CBDCs Benedetti, Marco De Sclavis, Francesco Favorito, Marco Galano, Giuseppe Giammusso, Sara Muci, Antonio Nardelli, Matteo Distributed, Parallel, and Cluster Computing We introduce a family of PCNs (Payment Channel Networks) characterized by a semi-hierarchical topology and a custom set of channel rebalancing strategies. This family exhibits two interesting benefits, if used as a platform for large-scale, instant, retail payment systems, such as CBDCs: Technically, the solution offers state-of-the-art guarantees of fault-tolerance and integrity, while providing a latency and throughput comparable to centralized systems; from a business perspective, the solution perfectly suits the 3-tier architecture of the current banking ecosystem (central banks / commercial banks / retail users), assigning a pivotal and peculiar role to the members of each tier. Furthermore, the cryptographic privacy of payments for retail users -- typical of PCNs such as the public Lightning Network -- is largely (possibly fully) retained. We study the system by simulating a scaled-down version of a hypothetical European CBDC, exploring the trade-offs among liquidity locked by market operators, payment success rate, throughput, latency, and load on the underpinning blockchain. |
| title | Self-Balancing Semi-Hierarchical PCNs for CBDCs |
| topic | Distributed, Parallel, and Cluster Computing |
| url | https://arxiv.org/abs/2401.11868 |