MoNet: a fast payment channel network for scriptless cryptocurrency Monero

Zhimei Sui, Joseph K. Liu, Jiangshan Yu, Xianrui Qin

Research output: Chapter in Book/Report/Conference proceedingConference PaperResearchpeer-review

4 Citations (Scopus)

Abstract

We propose MoNet, the first bi-directional payment channel network with unlimited lifetime for Monero. It is fully compatible with Monero without requiring any modification of the current Monero blockchain. MoNet preserves transaction fungibility, i.e., transactions over MoNet and Monero are indistinguishable, and guarantees anonymity of Monero and MoNet users by avoiding any potential privacy leakage introduced by the new payment channel network. We also propose a new crypto primitive, named Verifiable Consecutive One-way Function (VCOF). It allows one to generate a sequence of statement-witness pairs in a consecutive and verifiable way, and these statement-witness pairs are one-way, namely it is easy to compute a statement-witness pair by knowing any of the pre-generated pairs, but hard in an opposite flow. By using VCOF, a signer can produce a series of consecutive adaptor signatures CAS. We further propose the generic construction of consecutive adaptor signature as an important building block of MoNet. We develop a proof-of-concept implementation for MoNet, and our evaluation shows that MoNet can reach the same transaction throughput as Lightning Network, the payment channel network for Bitcoin. Moreover, we provide a security analysis of MoNet under the Universal Composable (UC) security framework.

Original languageEnglish
Title of host publicationProceedings - 2022 IEEE 42nd International Conference on Distributed Computing Systems, ICDCS 2022
EditorsCatia Prandi, Giovanni Delnevo
Place of PublicationPiscataway NJ USA
PublisherIEEE, Institute of Electrical and Electronics Engineers
Pages280-290
Number of pages11
ISBN (Electronic)9781665471770
ISBN (Print)9781665471787
DOIs
Publication statusPublished - 2022
EventIEEE International Conference on Distributed Computing Systems 2022 - Bologna, Italy
Duration: 10 Jul 202213 Jul 2022
Conference number: 42nd
https://ieeexplore.ieee.org/xpl/conhome/9912136/proceeding (Proceedings)
https://icdcs2022.icdcs.org/ (Website)

Publication series

NameProceedings - International Conference on Distributed Computing Systems
PublisherIEEE, Institute of Electrical and Electronics Engineers
Volume2022-July
ISSN (Print)1063-6927
ISSN (Electronic)2575-8411

Conference

ConferenceIEEE International Conference on Distributed Computing Systems 2022
Abbreviated titleICDCS 2022
Country/TerritoryItaly
CityBologna
Period10/07/2213/07/22
Internet address

Keywords

  • Monero
  • Payment Channel Network
  • Scriptless Cryptocurrencies

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