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[liberationtech] At Stanford, Tuesday, June 16 -- Joseph Poon: Bitcoin Lightning Network

Yosem Companys companys at stanford.edu
Thu Jun 11 11:57:22 PDT 2015


From: David Wu <dwu4 at cs.stanford.edu>
To: Stanford Security Seminar at
https://mailman.stanford.edu/mailman/listinfo/security-seminar

               The Bitcoin Lightning Network

                        Joseph Poon

                   Tuesday, June 16, 2015
                       Talk at 4:15pm
                         Gates 498

Abstract:

The bitcoin protocol can encompass the global financial transaction
volume in all electronic payment systems today, without a single
custodial 3rd party holding funds or requiring participants to have any
more than a computer on a home broadband connection. A decentralized
system is proposed whereby transactions are sent over a network of
micropayment channels (a.k.a. payment channels or transaction channels)
whose transfer of value occurs off-blockchain. If Bitcoin transactions
can be signed with a new sighash type which addresses malleability,
these transfers may occur between untrusted parties along the transfer
route by contracts which are enforceable via broadcast over the bitcoin
blockchain in the event of uncooperative or hostile participants,
through a series of decrementing timelocks.
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