Abstract
Blockchain State Channels: A State of the Art
Highlights
It is an undeniable fact that blockchain technology’s popularity has recently seen a wild surge [1]
The main idea behind the proof of work blockchain consensus mechanism requires that every transaction is processed by every network node before it is confirmed and published
Because of security reasons the block generation rate and the upper size limit for blocks are restricted, a hard upper limit has to be imposed on the transactions rate. While this approach is efficient in terms of security, it directly clashes with blockchain systems scalability [4], as it hinders the use of such systems by a large number of users
Summary
It is an undeniable fact that blockchain technology’s popularity has recently seen a wild surge [1]. The most popular proposals in this category are sidechains [10], [11], plasma [12], rollups [13] and state channels They are generally preferred to Layer 1 solutions, as they are easier to implement directly on top of existing platforms and they do not come to the expense of fundamental concepts like decentralisation and security. State channels have only been studied along with other Layer 2 solutions and this has led to overlooking their unique characteristics mostly in favour of their close counterparts, Payment Channels This survey is solely focused on the State Channels approach and the benefits it can bring when to any existing system by minimizing the transactions’ load for any given application.
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