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Settling Payments Fast and Private: Efficient Decentralized Routing for Path-Based Transactions [article]

Stefanie Roos and Pedro Moreno-Sanchez and Aniket Kate and Ian Goldberg
2017 arXiv   pre-print
For example, SilentWhsipers is a recently proposed fully distributed credit network relying on path-based transactions for secure and in particular private payments without a public ledger.  ...  Path-based transaction (PBT) networks, which settle payments from one user to another via a path of intermediaries, are a growing area of research.  ...  ACKNOWLEDGEMENTS This work benefited from the use of the CrySP RIPPLE Facility at University of Waterloo and is partially supported by an Intel/CERIAS RA and NSERC grant RGPIN-2017-03858.  ... 
arXiv:1709.05748v2 fatcat:asu5vq3ac5hcho3u6h54ftm6gu

When the State Changes Its Mind: The Puzzle of Discontinuity in Government Control of Economic Activity [chapter]

Thráinn Eggertsson
1997 Privatization at the End of the Century  
utilities and housing for fast growing urban areas.  ...  As public ownership and various regulations of private industry lost their support, the popularity of decentralized solutions and market-oriented control systems rose.  ... 
doi:10.1007/978-3-642-60825-4_1 fatcat:jmwsss7rdzepbhnkylcpvim45y

COMIT - Cryptographically-secure Off-chain Multi-asset Instant Transaction Network [article]

Dr. Julian Hosp and Toby Hoenisch and Paul Kittiwongsunthorn
2018 arXiv   pre-print
COMIT's connectivity is provided by Liquidity Providers (LP), who operate on one or more blockchains, acting as payment hubs and nodes on a single chain and market makers in a decentralized network for  ...  Just like the Internet facilitates communication and the transfer of information, we propose a system, similar in size and reach for payments and transactions: A cryptographically-secure off-chain multi-asset  ...  Settling the HTLC transactions into the underlying channels After the secret s has been shared across the route, every Payment Channel will then settle the transaction back into the channel.  ... 
arXiv:1810.02174v1 fatcat:ctl3iv7zlfgwvm6uro5htdattq

External Advisors and Privatization in Transition Economies

John Nellis
2002 Social Science Research Network  
For each, it discusses the prevailing ideologies of advisors prior to and during the transition process, the initial conditions faced by reformers and advisors, the policy frameworks that evolved, the  ...  Poland, which did quite well at first in the absence of mass and rapid privatization, now finds itself burdened with a number of expensive and unproductive state firms.  ...  The efficiency benefits of the transactions outweigh the equity costs.  ... 
doi:10.2139/ssrn.999980 fatcat:wi4wqnhavfgrpcxgc5kcfwi5t4

Re-engineering Payment Systems for the E-world

Harry Leinonen
2002 Social Science Research Network  
It analyses the need to develop payment standards and the content of payment instructions in order to fully automate the payment process.  ...  Payment system development requires cooperation between the banks and other participants involved.  ...  In order to facilitate decentralized and automated routing of cross-border payment transactions, the banking industry needs to establish a common global account number and payment routing scheme (see appendix  ... 
doi:10.2139/ssrn.315000 fatcat:mkw6e4e65zebzj6t3yvcwaanam

SoK: Off The Chain Transactions [article]

Lewis Gudgeon, Pedro Moreno-Sanchez, Stefanie Roos, Patrick McCorry, Arthur Gervais
2019 IACR Cryptology ePrint Archive  
Categorizing the research into payment and state channels, commit-chains and protocols for refereed delegation, we provide a comparison of the protocols and their properties.  ...  We provide a systematization of the associated synchronization and routing protocols along with their privacy and security aspects.  ...  Scalability: The routing algorithm should remain effective and efficient for large-scale PCNs and high transaction rates.  ... 
dblp:journals/iacr/GudgeonMRMG19 fatcat:r6luga6h2bgrfluy5apycn5qti

Celer Network: Bring Internet Scale to Every Blockchain [article]

Mo Dong, Qingkai Liang, Xiaozhou Li, Junda Liu
2018 arXiv   pre-print
Off-chain scaling is the only way to support fully scale-out decentralized applications ("dApps") with better privacy and no compromise on the trust and decentralization guarantees.  ...  framework and runtime for off-chain applications; and a new cryptoeconomic model that provides network effect, stable liquidity, and high availability for the off-chain ecosystem.  ...  Landmark routing [16] has been proposed as one option for decentralized payment routing in several payment channel networks.  ... 
arXiv:1810.00037v1 fatcat:2semvq7ks5hsvp3b3qoyhmkrti

Faster Payments: Market Structure and Policy Considerations

Aaron Rosenbaum, Garth Baughman, Mark Manuszak, Kylie Stewart, Fumiko Hayashi, Joanna Stavins
2017 Finance and Economics Discussion Series  
For example, if payments are settled in real time on a transaction-by-transaction basis, the need for multilateral netting and other activities associated with centralized clearing would be reduced.  ...  New or enhanced capabilities could include a 24x7x365 settlement service that participating PSPs can use to settle fast payments for their customers.  ... 
doi:10.17016/feds.2017.100 fatcat:4bk2hs653jcftk2zo43dgiqyce

Faster Payments: Market Structure and Policy Considerations

Aaron Rosenbaum, Garth Baughman, Mark Manuszak, Kylie Stewart, Fumiko Hayashi, Joanna Stavins
2017 The Federal Reserve Bank of Kansas City Research Working Papers  
For example, if payments are settled in real time on a transaction-by-transaction basis, the need for multilateral netting and other activities associated with centralized clearing would be reduced.  ...  New or enhanced capabilities could include a 24x7x365 settlement service that participating PSPs can use to settle fast payments for their customers.  ... 
doi:10.18651/rwp2017-14 fatcat:lu4rzppsdjaktf7bn6i5b4zn24

(Private)-Retroactive Carbon Pricing [(P)ReCaP]: A Market-based Approach for Climate Finance and Risk Assessment [article]

Yoshua Bengio, Prateek Gupta, Dylan Radovic, Maarten Scholl, Andrew Williams, Christian Schroeder de Witt, Tianyu Zhang, Yang Zhang
2022 arXiv   pre-print
To alleviate systematic risks and minimize government involvement, we introduce the Private ReCaP (PReCaP) prediction market, which could see real-world implementation based on the engagement of a few  ...  Insufficient Social Cost of Carbon (SCC) estimation methods and short-term decision-making horizons have hindered the ability of carbon emitters to properly correct for the negative externalities of climate  ...  adjustments to past year's SCC estimate are calculated by the RetroAgency h) Government and polluters settle SCC adjustment payments (also periodically over the coming years).  ... 
arXiv:2205.00666v1 fatcat:f7izg47oerctpafajxr66edxlq

Wiser: Increasing Throughput in Payment Channel Networks with Transaction Aggregation [article]

Samarth Tiwari, Michelle Yeo, Zeta Avarikioti, Iosif Salem, Krzysztof Pietrzak, Stefan Schmid
2022 arXiv   pre-print
We present a generic framework for the transaction aggregation execution, and thereafter we propose Wiser as an implementation of this framework in a specific hub-based setting.  ...  Payment channel networks (PCNs) are one of the most prominent solutions to the limited transaction throughput of blockchains.  ...  The A-to-B and Cto-D payment paths might render the transaction infeasible and incur routing fees linear to the path length.  ... 
arXiv:2205.11597v1 fatcat:w4k3z4hhy5huln54ozcr4owvdy

Layer 2 Blockchain Scaling: a Survey [article]

Cosimo Sguanci, Roberto Spatafora, Andrea Mario Vergani
2021 arXiv   pre-print
analysis of each solution is based on how it affects five key aspects of blockchain technology and Layer II: scalability, security, decentralization, privacy, fees and micropayments (the last two are  ...  The structure of the work is based on three major sections. In particular, the first one is an introductory part about the technology, the scalability issue and Layer II as a solution.  ...  to be routed, since the higher the payment, the bigger the unbalancing factor for intermediate node) and a fixed part • Senders of multi-hop payments can decide which routing path to follow In practice  ... 
arXiv:2107.10881v1 fatcat:nymuegrpq5givl7rmlhzhum524

A Survey of Layer-Two Blockchain Protocols [article]

Ankit Gangwal, Haripriya Ravali Gangavalli, Apoorva Thirupathi
2022 arXiv   pre-print
Nonetheless, Blockchain-based systems still suffer from low transaction rates and high transaction processing latencies, which hinder blockchains' scalability.  ...  In fact, the main chain acts just as an instrument for trust establishment and dispute resolution among Layer-2 participants, where only a few transactions are dispatched to the main chain.  ...  Several works on routing algorithms have attempted to find the most efficient path for the transactions.  ... 
arXiv:2204.08032v3 fatcat:cca647fkyjf2dkdtub6vftslle

Case study of Lykke exchange: architecture and outlook

Richard Olsen, Stefano Battiston, Guido Caldarelli, Anton Golub, Mihail Nikulin, Sergey Ivliev
2018 The Journal of Risk Finance  
Matched orders are settled on the Bitcoin blockchain, where each successful trade between parties appears as a set atomic-colored coins swap transactions. Unfilled and expired orders are discarded.  ...  Perspective asset classes include futures and options on digital assets, crowd-funded loans for retail and private equity financing for small and medium-sized enterprises, contracts for difference, zero  ...  Payment Hubs provide coins in the payment channel address for being able to route payments effectively.  ... 
doi:10.1108/jrf-12-2016-0168 fatcat:dmj7li27h5fbbf5knj2isbvgdy

Privatization in Latin America: Myths and Reality

Richard Feinberg, Alberto Chong, Florencio Lopez De Silanes
2005 Foreign Affairs  
See tables 6.6 and 6.7 for an explanation of the data set and significance tests on which this table is based. Definitions of each variable and its methodology can be found in appendix  ...  Notes The authors are indebted to Patricio Amador, Jose Caballero, Cecilia Calderon, Gabriela Enrique, Paola Espinoza, Jesús Mogrovejo, and Monica Yanez for providing skillful research assistance.  ...  Based on a comprehensive survey of privatization transactions that spans 16 years (1980-95) and includes over 2,000 privatizations, he concludes that African privatization programs are larger than previously  ... 
doi:10.2307/20031741 fatcat:522stmezjzfelhn3x4jacfa3v4
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