Payout Races and Congested Channels: A Formal Analysis of Security in the Lightning Network

arXiv:2405.02147v1 Announce Type: new
Abstract: The Lightning Network, a payment channel network with a market cap of over 192M USD, is designed to resolve Bitcoin's scalability issues through fast off-chain transactions. There are multiple Lightning Network client implementations, all of which conform to the same textual specifications known as BOLTs. Several vulnerabilities have been manually discovered, but to-date there have been few works systematically analyzing the security of the Lightning Network.
In this work, we take a foundational approach to …

analysis arxiv bitcoin cap channel client cs.cr fast lightning market network payment scalability security transactions