Parsec: A State Channel for the Internet of Value

by   Amit Kumar Jaiswal, et al.

We propose Parsec, a web-scale State channel for the Internet of Value to exterminate the consensus bottleneck in Blockchain by leveraging a network of state channels which enable to robustly transfer value off-chain. It acts as an infrastructure layer developed on top of Ethereum Blockchain, as a network protocol which allows coherent routing and interlocking channel transfers for trade-off between parties. A web-scale solution for state channels is implemented to enable a layer of value transfer to the internet. Existing network protocol on State Channels include Raiden for Ethereum and Lightning Network for Bitcoin. However, we intend to leverage existing web-scale technologies used by large Internet companies such as Uber, LinkedIn or Netflix. We use Apache Kafka to scale the global payment operation to trillions of operations per day enabling near-instant, low-fee, scalable, and privacy-sustainable payments. Our architecture follows Event Sourcing pattern which solves current issues of payment solutions such as scaling, transfer, interoperability, low-fees, micropayments and to name a few. To the best of knowledge, our proposed model achieve better performance than state-of-the-art lightning network on the Ethereum based (fork) cryptocoins.



There are no comments yet.


page 1

page 2

page 3

page 4


Celer Network: Bring Internet Scale to Every Blockchain

Off-chain scaling techniques allow mutually distrustful parties to execu...

Boros: Secure Cross-Channel Transfers via Channel Hub

The payment channel, which allows two parties to perform micropayments w...

Topological Analysis of Bitcoin's Lightning Network

Bitcoin's Lightning Network (LN) is a scalability solution for Bitcoin a...

ZETH: On Integrating Zerocash on Ethereum

Transaction privacy is a hard problem on an account-based blockchain suc...

DClaims: A Censorship Resistant Web Annotations System using IPFS and Ethereum

The proliferation of unreliable and biased information is a significant ...

Resource Analysis of Ethereum 2.0 Clients

Scalability is a common issue among the most used permissionless blockch...

Zendoo: a zk-SNARK Verifiable Cross-Chain Transfer Protocol Enabling Decoupled and Decentralized Sidechains

Sidechains are an appealing innovation devised to enable blockchain scal...
This week in AI

Get the week's most popular data science and artificial intelligence research sent straight to your inbox every Saturday.