QUIC Bitcoin: Fast and Secure Peer-to-Peer Payments and Payment Channels

Alessio Pagani

Research output: Chapter or section in a book/report/conference proceedingChapter in a published conference proceeding

1 Citation (SciVal)

Abstract

Blockchain technologies allow for records to be publicly secured, without the need of a trusted authority. The Bitcoin white paper introduced blockchain technology in 2008, and Bitcoin is currently the most widely adopted protocol for this type of technology. One of the most common use-cases for Bitcoin is to use the underlying data structure as a public ledger for an electronic cash system. Using this public ledger, Bitcoin protocol allows direct transfer of value between peers (users or machines). The transfer of value occurs via transactions published on the ledger. Alternatively, transactions can be exchanged directly, peer-to-peer, and published on the ledger at a later stage. The latter approach improves transfer speed and system efficiency (e.g. bandwidth and data storage). Due to its vulnerability to man-in-the-middle attacks, however, the direct exchange of unpublished transactions was abandoned in the early days. In this paper, we propose a new method to send and receive unpublished Bitcoin transactions (i.e. peer-to-peer) using a recently introduced network protocol called QUIC, an alternative to TCP. QUIC allows for fast handshakes, secure and authenticated sessions, and it supports network switches (e.g. Wi-Fi to 5G). Using this protocol, we introduce a new type of peer-to-peer Bitcoin transactions, called QUIC Bitcoin Transactions. QUIC Bitcoin Transactions provide a secure and fast way to exchange unpublished transactions between users and machines. Finally, we introduce QUIC Bitcoin Channels, fast and encrypted Bitcoin payment channels. QUIC Bitcoin Transactions and QUIC Bitcoin Channels guarantee secure and encrypted peer-to-peer transactions, and they can be widely adopted without new hardware requirements, as they are implemented in TCP/IP application space.

Original languageEnglish
Title of host publicationProceedings - 2022 IEEE Future Networks World Forum, FNWF 2022
PublisherIEEE
Pages578-584
Number of pages7
ISBN (Electronic)9781665462501
DOIs
Publication statusPublished - 31 Dec 2022
Externally publishedYes
Event2022 IEEE Future Networks World Forum, FNWF 2022 - Virtual, Online, Canada
Duration: 12 Oct 202214 Oct 2022

Publication series

NameProceedings - 2022 IEEE Future Networks World Forum, FNWF 2022

Conference

Conference2022 IEEE Future Networks World Forum, FNWF 2022
Country/TerritoryCanada
CityVirtual, Online
Period12/10/2214/10/22

Keywords

  • Bitcoin
  • Blockchain
  • payment channels
  • peer-to-peer payments
  • peer-to-peer transactions
  • QUIC

ASJC Scopus subject areas

  • Artificial Intelligence
  • Computer Networks and Communications
  • Hardware and Architecture
  • Safety, Risk, Reliability and Quality
  • Instrumentation

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