CoinExpress: A Fast Payment Routing Mechanism in Blockchain-Based Payment Channel Networks

Abstract

Although cryptocurrencies have witnessed explosive growth in the past year, they have also raised many concerns, among which a crucial one is the scalability issue of blockchain-based cryptocurrencies. Suffering from the large overhead of global consensus and security assurance, even leading cryptocurrencies can only handle up to tens of transactions per second, which largely limits their applications in real- world scenarios. Among many proposals to improve cryptocurrency scalability, one of the most promising and mature solutions is the payment channel network (PCN), which offers off-chain settlement of transactions with minimal involvement of expensive blockchain operations. In this paper, we investigate the problem of payment routing in PCN. We suggest crucial design goals in PCN routing, and propose a novel distributed dynamic routing mechanism called CoinExpress. Through extensive simulations, we have shown that our proposed mechanism is able to achieve outstanding payment acceptance ratio with low routing overhead.