Abstract
As a peer‐to‐peer “P2P” distributed ledger, the blockchain has the advantages of decentralization, no trust, open autonomy, and nontampering. Therefore, many users are willing to conduct transactions in blockchain cryptocurrency systems such as Bitcoin and Ethereum. However, the throughput of traditional blockchain is extremely low, and the transaction is so delayed. The payment channel network is the most promising solution to expand the blockchain for widespread use. Achieving secure instant payment on the payment channel can significantly increase transaction throughput and reduce transaction delays. When the payment channel is closed, the balance in the channel will be returned to an account on the blockchain. In this paper, we discuss the design and the implementation of a multiparty payment channel network based on smart contracts. Where a two‐party payment channel is designed based on blockchain and smart contracts, a new multiparty payment channel is established on the basis of the payment channel. A detailed definition and description are given, and the creation, update, and closing functions of the multiparty payment channel are designed. Moreover, we design a multiparty payment channel smart contract, deploy it to the local private blockchain, and conduct simulation and testing. The delay time of different transaction methods is counted, and the network topology type, transaction amount, and other factors are studied. The impact of transaction success rate and the gas consumption of different transaction methods are analyzed through multiple sets of experimental statistics.
Highlights
With the rapid development of the Internet, the financial industry and third-party payment software have risen rapidly
Our aim is to view experiments and results done in order to mainly reduce transaction delay and increase the throughput of blockchain transactions, where we study the influence of factors, transaction amount, transaction distribution, and gas consumption
We mainly study three indicators of transaction delay, transaction success rate, and smart contract gas consumption
Summary
With the rapid development of the Internet, the financial industry and third-party payment software have risen rapidly. According to statistics from the Ministry of Commerce in 2015, the national online retail transaction volume was 3.88 trillion yuan, a year-on-year increase of 33.3%. According to the “Report on the Development of China’s Internet in 20 Years” released by the China Cyberspace Research Institute in Wuzhen, China’s online retail transaction volume has leaped to the world’s first place, and the number of mobile phone online shopping users has reached 270 million [1]. Traditional online transactions need to rely on third-party payment intermediaries. In order to ensure the credibility of transactions, payment companies need to collect a lot of user privacy information to determine the credibility of user accounts. According to the “2015 Data Breach Investigation Report” report, in 2015, there were 79,790 data breaches in 61 countries around the world, of which 2,122 have been confirmed [3]. e data of many
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