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docs/paper: update paper version
This commit is contained in:
Olaoluwa Osuntokun
parent
f3a7ac48c0
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7 changed files with 391 additions and 285 deletions
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[] [][]\OT1/cmr/bx/n/12 Lightning Pool: A Chan-nel Liq-uid-ity Mar-ket-place a
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\OT1/cmr/m/n/10 (cite) is the largest de-ployed Layer 2 pay-ment chan-nel net-w
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\BOOKMARK [3][-]{subsubsection.7.1.5}{Node Rating Agencies}{subsection.7.1}% 40
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\documentclass[12pt,a4paper]{article}
|
||||
\documentclass[10pt,a4paper]{article}
|
||||
\usepackage{hyperref}
|
||||
\usepackage{amsthm}
|
||||
\usepackage{amsfonts}
|
||||
|
|
@ -2238,7 +2238,7 @@ algorithms used in our order tagging scheme:
|
|||
Given these algorithms, we now define our order tag generation and validation
|
||||
implementations:
|
||||
|
||||
\begin{pchstack}[boxed,center, space=1em]
|
||||
\begin{pcvstack}[boxed,center, space=1em]
|
||||
\procedure[syntaxhighlight=auto]{GenOrderTag($P_{acct}$, $\Theta$)}{
|
||||
m \gets K_{nonce} \| V_{ver} \| P_{acct} \| \Delta_{base} \concat \Delta_{aux} \\
|
||||
tag \gets \texttt{Sign$(\{\Theta.L_{pub}, \Theta.M_{pub}\dots \}, m$)} \\
|
||||
|
|
@ -2250,7 +2250,7 @@ implementations:
|
|||
b \gets \texttt{Verify($\{P_{acct}, P_{M_pub_0}, \dots, P_{M_pub_i} \}, m$)} \\
|
||||
return b
|
||||
}
|
||||
\end{pchstack}
|
||||
\end{pcvstack}
|
||||
|
||||
We omit the implementations of \texttt{SubmitOrder} and \texttt{CancelOrder} as
|
||||
the depend on the specific environment in which the auctioneer is implemented
|
||||
|
|
@ -2277,7 +2277,7 @@ ratings that can be given to a Lightning Node with $\hat{t_0}$ containing
|
|||
words, we create a series of node sets, with the higher node tiers having less
|
||||
nodes than lower tiers. This creates a natural system of concentric circles
|
||||
where as the tier index increases, the set of nodes shrinks, and eventually
|
||||
only higher quality nodes remain.
|
||||
only higher quality nodes remain. \\
|
||||
|
||||
Building off this notion of tiered node sets, we define the following algorithm
|
||||
for our node rating agency:
|
||||
|
|
@ -2290,8 +2290,7 @@ for our node rating agency:
|
|||
\end{pchstack}
|
||||
|
||||
Given this algorithm, we now specify our of the additional auxiliary order
|
||||
attribute $\Delta_{aux}$ as:
|
||||
\[
|
||||
attribute $\Delta_{aux}$ as: \[
|
||||
(N_{tier}, \dots) = \Delta_{aux}
|
||||
\]
|
||||
|
||||
|
|
@ -2340,10 +2339,10 @@ order $\Theta_{bid}$:
|
|||
Given this function we define our implementation of the \texttt{MatchMake}
|
||||
algorithm:
|
||||
\begin{pchstack}[boxed,center, space=1em]
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={map, filter}]{\texttt{MatchMake(O: $\{\Theta_0, \ldots, \Theta_n\}$)}}{
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={map, filter, sort}]{\texttt{MatchMake(O: $\{\Theta_0, \ldots, \Theta_n\}$)}}{
|
||||
\texttt{matchSet} \gets \{\} \\
|
||||
\texttt{asks} \gets filter(O, \Theta_{i}.O_{type} == Ask) \\
|
||||
\texttt{bids} \gets filter(O, \Theta_{i}.O_{type} == Bid) \\
|
||||
\texttt{asks} \gets sort(filter(O, \Theta_{i}.O_{type} == Ask)) \\
|
||||
\texttt{bids} \gets sort(filter(O, \Theta_{i}.O_{type} == Bid)) \\
|
||||
for bid in bids: \\
|
||||
\t for ask in asks: \\
|
||||
\t \t if \texttt{MatchPossible(bid, ask)}: \\
|
||||
|
|
@ -2353,7 +2352,10 @@ algorithm:
|
|||
\end{pchstack}
|
||||
|
||||
We note that several optimizations here are possible to reduce the worst-case
|
||||
running time of the algorithm which we leave open for future work.
|
||||
running time of the algorithm which we leave open for future work. We also
|
||||
assume that the set of valid orders has been flittered out before being passed
|
||||
into this algorithm based on the current target batch fee rate and the posted
|
||||
max batch fee rate of each order.
|
||||
|
||||
\begin{center}
|
||||
\textbf{Uniform Price Clearing}
|
||||
|
|
@ -2373,7 +2375,34 @@ carried out:
|
|||
|
||||
These two actions comprise the \texttt{ClearMarket} and
|
||||
\texttt{MarketClearingPrice} algorithms. For our market clearing price, we
|
||||
select the Last Accepted Bid market clearing rule (cite).
|
||||
select the Last Accepted Bid market clearing rule (cite), chosing to go with a
|
||||
buery's mid marking price. Given this price clearing algorithm, we now define
|
||||
our implementaion of the market clearing algorithms:
|
||||
\begin{pcvstack}[boxed,center, space=1em]
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={len, filter, sort}]{\texttt{MarketClearingPrice($\Phi_b$)}}{
|
||||
\texttt{lastPair} \gets \Phi_b[len(\Phi_b - 1)] \\
|
||||
return \texttt{lastPair.bid.$\alpha_{rate}$}
|
||||
}
|
||||
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={newLease, filter, sort}]{\texttt{ClearMarket($\Psi_{A}, \Phi_b, \{\Psi_0, \dots, \Psi_n\}, c_{price}$)}}{
|
||||
\texttt{leases} \gets \{\} \\
|
||||
\texttt{accts} \gets \{\} \\
|
||||
for \texttt{orderPair} in \Phi_b: \\
|
||||
\t \texttt{lease} \gets \texttt{newLease(orderPair)} \\
|
||||
\t \texttt{orderPair.taker.balance} \mathrel{{-}{=}} \texttt{lease.premium} \\
|
||||
\t \texttt{orderPair.maker.balance} \mathrel{{+}{=}} \texttt{lease.premium} \\ \\
|
||||
\t \texttt{orderPair.taker.balance} \mathrel{{-}{=}} \texttt{exeFee(lease.amt)} \\
|
||||
\t \texttt{orderPair.maker.balance} \mathrel{{-}{=}} \texttt{exeFee(lease.amt)} \\
|
||||
\t \texttt{$\Psi_{A}$.balance} \mathrel{{+}{=}} \texttt{exeFee(lease.amt)} \\ \\
|
||||
\t \texttt{leases} \gets \texttt{leases} \cup \texttt{lease} \\
|
||||
\t \texttt{accts[orderPair.taker]} \gets \texttt{orderPair.taker} \\
|
||||
\t \texttt{accts[orderPair.maker]} \gets \texttt{orderPair.maker} \\ \\
|
||||
return (\Psi_{A}, \texttt{leases, accts})
|
||||
}
|
||||
\end{pcvstack}
|
||||
|
||||
Notice that we omit the observance of chain fees, as that will be applied to
|
||||
each input/output during the later batch construction phase.
|
||||
|
||||
% matching, multi-attribute
|
||||
% series of matching predicates?
|
||||
|
|
@ -2382,7 +2411,7 @@ select the Last Accepted Bid market clearing rule (cite).
|
|||
|
||||
\subsubsection{The Batch Execution Transaction}
|
||||
|
||||
Once we've laired the market, we'll now move onto the batch execution phase.
|
||||
Once we've cleared the market, we'll now move onto the batch execution phase.
|
||||
During this phase, we'll construct the batch transaction which executes a given
|
||||
batch, and also gather all the necessary witnesses for each participant of the
|
||||
batch so we can properly spend their on-chain account outputs. Remember
|
||||
|
|
@ -2393,29 +2422,62 @@ batch before they sign off on it.
|
|||
\textbf{Batch Transaction Construction}
|
||||
\end{center}
|
||||
|
||||
A given batch transaction contains the following inputs:
|
||||
\begin{itemize}
|
||||
\item The set of trader account inputs involved in the batch.
|
||||
\item The input of the master auctioneer itself.
|
||||
\end{itemize}
|
||||
A given batch transaction contains the following inputs: the set of trader
|
||||
account inputs involved in the batch, and the input of the master auctioneer
|
||||
itself. In addition to these inputs which can only eb spent each each user
|
||||
authorized the proposed batch, we also add the following outputs: a trader's
|
||||
new incremented account output which reflects the market clearing, the set of
|
||||
channels created as part of the channel lease, and the incremented auctioneer
|
||||
account. Note that the format of the batch transaction itself may change
|
||||
multiple times during this phase if participants reject the batch, or if fee
|
||||
changes causing the auctioneer to consider a subset of the prior set of orders.
|
||||
|
||||
As well as the following outputs:
|
||||
\begin{itemize}
|
||||
\item A trader's new incremented account output which reflects the market
|
||||
clearing.
|
||||
|
||||
\item The set of channels created as part of the channel lease.
|
||||
|
||||
\item The incremented auctioneer account.
|
||||
\end{itemize}
|
||||
|
||||
We now define the complete \texttt{ConstructBatch} and \texttt{ExecuteBatch}
|
||||
methods:
|
||||
Taking this into consideration, we define our implementation of
|
||||
\textbf{ConstructBatch} as follows:
|
||||
\begin{pcvstack}[boxed,center, space=1em]
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={len, newTx, sort}]{\texttt{ConstructBatch($\Delta_i$)}}{
|
||||
\texttt{tx} \gets newTx() \\
|
||||
\texttt{tx.addIn($\Delta_i.\Psi_{A}$)} \\ \\
|
||||
for acct in \Delta_i.\Psi: \\
|
||||
\t \texttt{tx.addIn(acct.prevOut)} \\
|
||||
for acct in \Delta_i.\Psi^\prime: \\
|
||||
\t \texttt{acct.Value} \mathrel{{-}{=}} \texttt{feeShare($\Delta_i$, acct)} \\
|
||||
\t \texttt{tx.addOut(acct.txOut)} \\ \\
|
||||
for lease in \Delta_i.\Gamma:
|
||||
\t \texttt{tx.addOut(lease.txOut)} \\ \\
|
||||
\Psi_{A}.value \mathrel{{-}{=}} \texttt{feeShare($\Delta_i, \Psi_{A}$)} \\
|
||||
\texttt{tx.addOut($\Delta_i.\Psi_{A}^\prime$)} \\
|
||||
return tx
|
||||
}
|
||||
\end{pcvstack}
|
||||
|
||||
\begin{center}
|
||||
\textbf{Batch Transaction Execution}
|
||||
\end{center}
|
||||
|
||||
Once the batch has been constructed, the auctioneer then needs to propose the
|
||||
batch to each trader, and collect the necessary set of signatures required to
|
||||
spend each trader's account input. During this execution phase, we assume that
|
||||
this is the final set of traders that wish to be a part of this batch. Once the
|
||||
auctioneer has all the necessary signatures to broadcast a batch, the batch
|
||||
execution transaction can be broadcast, ending this auction epoch. \\
|
||||
|
||||
We define batch execution in the context of Lightning Pool as follows:
|
||||
\begin{pcvstack}[boxed,center, space=1em]
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={await, newTx, sort}]{\texttt{ExecuteBatch($B_{t_i}$)}}{
|
||||
b \gets 0 \\
|
||||
for i, input in B_{t_i}.inputs: \\
|
||||
\t witness \gets await reqSig(input) \\
|
||||
\t B_{t_i}.witness \gets witness \\ \\
|
||||
if \texttt{scriptVerify($B_{t_i}$)}: \\
|
||||
\t return 1 \\
|
||||
else \\
|
||||
\t return 0
|
||||
}
|
||||
\end{pcvstack}
|
||||
|
||||
% make this a more involved diagram?
|
||||
|
||||
|
||||
% need to also describe side-car channel as well?
|
||||
% batch execution
|
||||
|
|
@ -2431,7 +2493,7 @@ methods:
|
|||
% filll in the rest as well
|
||||
|
||||
|
||||
\subsection{the Lightning Pool Shadowchain}
|
||||
\subsection{The Lightning Pool Shadowchain}
|
||||
|
||||
In this section, we complete the Lightning Pool system by demonstrating out its
|
||||
implemetnation of a Channel LEase Marketplace can be impleneted using our
|
||||
|
|
@ -2444,21 +2506,26 @@ shadowchain application overlay framework.
|
|||
\subsubsection{Lightning Pool Accounts as Lifted UTXOs}
|
||||
|
||||
First, we link the concept of our non-custodial accounts in the CLM realm to a
|
||||
lifted UTXO. The process of lifting and unlifting a UTXO is simply a serie sof
|
||||
lifted UTXO. The process of lifting and unlifting a UTXO is simply a series of
|
||||
operations required to create, modify or close an account:
|
||||
|
||||
\begin{pcvstack}[boxed,center, space=1em]
|
||||
\begin{pchstack}[boxed,center, space=1em]
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={map, filter}]{\texttt{LiftUTXO(O: $\{\Theta_0, \ldots, \Theta_n\}$)}}{
|
||||
}
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={map, filter}]{\texttt{LiftUTXO($T_{expiry}, \{U_{N_0}, \ldots, U_{N_n}\}, P_{0}$)}}{
|
||||
\texttt{inputs} \gets \{U_{N_0}, \ldots, U_{N_n}\} \\
|
||||
return \texttt{NewAccount($T_{expiry}, P_{0}$, inputs)}
|
||||
}
|
||||
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={map, filter}]{\texttt{UnliftUTXO(O: $\{\Theta_0, \ldots, \Theta_n\}$)}}{
|
||||
}
|
||||
\end{pchstack}
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={map, filter}]{\texttt{UnliftUTXO($\Psi_{U}$)}}{
|
||||
(b, _) \gets \texttt{ModifyAccount($\Psi_{U}, P_{auction_p}$)} \\
|
||||
return b
|
||||
}
|
||||
|
||||
\begin{center}
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={map, filter}]{\texttt{ExitChain(O: $\{\Theta_0, \ldots, \Theta_n\}$)}}{
|
||||
}
|
||||
\end{center}
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={map, filter}]{\texttt{ExitChain($\phi_{U}, B_{height}$)}}{
|
||||
if \phi_{U}.T_{blocks} < B_{height}: \\
|
||||
\t return 0 \\
|
||||
(b, _) \gets \texttt{ModifyAccount($\Psi_{U}, P_{auction_p}$)} \\
|
||||
return b
|
||||
}
|
||||
\end{pcvstack}
|
||||
|
||||
% compare them, state how same idea, define exit chain method, and lift+unlift
|
||||
|
|
@ -2470,15 +2537,21 @@ maps 1:1 to the concept of blocks in the shadowchain domain. Given this
|
|||
insight, we now dfine the \texttt{ConstructBlock} and \texttt{ProposeBlock}
|
||||
algorithms:
|
||||
\begin{pchstack}[boxed,center, space=1em]
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={map, filter}]{\texttt{ConstructBlock(O: $\{\Theta_0, \ldots, \Theta_n\}$)}}{
|
||||
\procedure[syntaxhighlight=auto, addkeywords={map, filter}]{\texttt{ConstructBlock($\phi_{live}, T_{xn}, E_{exe}, \Delta_F$)} $\rightarrow$}{
|
||||
\Phi_b \gets \texttt{MatchMake($T_{xn}$)} \\
|
||||
c_{price} \gets \texttt{MarketClearingPrice($\Phi_{b}$)} \\
|
||||
\texttt{ClearMarket} \gets \Delta_F \\
|
||||
\Delta_i \gets \texttt{ClearMarket($\Psi_{A}, \Phi_{b}, \Psi, c_{price}$)} \\
|
||||
return \Delta_i
|
||||
}
|
||||
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={map, filter}]{\texttt{ProposeBlock(O: $\{\Theta_0, \ldots, \Theta_n\}$)}}{
|
||||
\procedure[syntaxhighlight=auto, addkeywords={map, filter}]{\texttt{ProposeBlock($B_S, \phi_{live}$)}}{
|
||||
b \gets \texttt{ValidateBatch($B_S, \phi_{live}$)} \\
|
||||
return b
|
||||
}
|
||||
\end{pchstack}
|
||||
|
||||
% define server construction
|
||||
% client verification of function
|
||||
% need to define validate batch as well, also cast above?
|
||||
|
||||
\subsubsection{Shadowchain Batch Execution}
|
||||
|
||||
|
|
@ -2487,7 +2560,9 @@ shadowchain, we now define the series of methods that will be utilized to allow
|
|||
clients to execute the their local version of the state transition function to
|
||||
accept new proposed batches:
|
||||
\begin{pchstack}[boxed,center, space=1em]
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={map, filter}]{\texttt{CommitBlock(O: $\{\Theta_0, \ldots, \Theta_n\}$)}}{
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={map, filter}]{\texttt{CommitBlock($B_S$)}}{
|
||||
(b, TX_{id}) \gets \texttt{ExecuteBatch($B_S$)} \\
|
||||
return b
|
||||
}
|
||||
\end{pchstack}
|
||||
|
||||
|
|
@ -2501,7 +2576,13 @@ requires ensuring that all produced channel leases will still exist in the
|
|||
final combined blocks, and the end state of each accoutn refelcts any
|
||||
conseqeutive market clearing opportunities:
|
||||
\begin{pchstack}[boxed,center, space=1em]
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={map, filter}]{\texttt{CoalesceBlocks(O: $\{\Theta_0, \ldots, \Theta_n\}$)}}{
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={set, filter}]{\texttt{CoalesceBlocks(F: $\{B_{S_0}, \cdots, B_{S_N}\}$)}}{
|
||||
\texttt{inputs} \gets set(F) \\
|
||||
\texttt{leases} \gets \texttt{extractLeases(F)} \\
|
||||
\texttt{accts} \gets \texttt{endAcctState(F)} \\ \\
|
||||
\texttt{tx} \gets \texttt{ConstructBatch($\Delta_i$(inputs, leases, accts))} \\
|
||||
b \gets ExecuteBatch(t) \\
|
||||
return b
|
||||
}
|
||||
\end{pchstack}
|
||||
|
||||
|
|
@ -2511,7 +2592,8 @@ Finally, we define the process by which we upgrade the CLM shadowchain itself.
|
|||
As this is an off-chain process, each participant of the shadowchain is able to
|
||||
call the followin algorithm to update in a de-synchronized manner:
|
||||
\begin{pchstack}[boxed,center, space=1em]
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={map, filter}]{\texttt{UpgradeChain(O: $\{\Theta_0, \ldots, \Theta_n\}$)}}{
|
||||
\procedure[linenumbering,syntaxhighlight=auto, addkeywords={map, filter}]{\texttt{UpgradeChain($\Delta_{new}, E_{exe}^\prime, T_{xn}^\prime$)}}{
|
||||
return 0
|
||||
}
|
||||
\end{pchstack}
|
||||
|
||||
|
|
@ -2554,14 +2636,6 @@ off-chain order execution, Pool has a number of attractive security properties:
|
|||
|
||||
\section{Future Directions}
|
||||
|
||||
off chain order transperncy
|
||||
|
||||
zkp of valid block
|
||||
|
||||
linear progamming constraints for order matching
|
||||
|
||||
coupon channels
|
||||
|
||||
As is clients verify each Shadowchain blocks within the CLM system, but they
|
||||
have no assurance that their order was actually included in the mach making
|
||||
function. In this manner, the auctioneer can silently ignore a set of orders.
|
||||
|
|
@ -2582,14 +2656,17 @@ the future cash flows of the "coupon channels".
|
|||
|
||||
\section{Conclusion}
|
||||
|
||||
In this work, we've put forth a new sbatraction over capital aobligations on
|
||||
teh Lightning Netowkr, that we call channel leases. Channel lease can be bought
|
||||
and sold on a Channle Liqudiity Marketplace diretyl solving a series of
|
||||
bootrapping challenges the networkj faces. To implmenet a Channle LEase
|
||||
marketpalce in a secure manner, we put forth the concetp of a shadowchain
|
||||
application framework. In conjunction with the concept of a node rageting's
|
||||
agency, the Channel Lease Marketplace is a new way for routing node operators
|
||||
to earn yield within the Lightning Netowrk.
|
||||
In this work, we've put forth a new abstraction over capital obligations in the
|
||||
Lightning Network, which we call channel leases. Channel leases can be bought
|
||||
and sold on a Channle Liqudiity Marketplace directly solving a series of
|
||||
bootrapping challenges the network faces, commonly referred to as: the inbound
|
||||
liquidity problem. To implement a Channel Lease Marketplace in a secure manner,
|
||||
we put forth the concept of a shadowchain application framework which is of
|
||||
independent use. We then concretely construct Lightning Pool, the first
|
||||
\texttt{CLM} implemented on top of the base Bitcoin blockchain. Lightning Pool
|
||||
allows those with idle capital to earn yieild on their Bitcoin, and also allows
|
||||
those that need inbound to receive over the network to obtain a reliable soure
|
||||
of incoming payment bandwidth.
|
||||
|
||||
\section{Acknowledgments}
|
||||
|
||||
|
|
|
|||
|
|
@ -1,53 +1,53 @@
|
|||
\contentsline {section}{\numberline {1}Introduction}{4}{section.1}%
|
||||
\contentsline {subsection}{\numberline {1.1}Our Contributions}{6}{subsection.1.1}%
|
||||
\contentsline {section}{\numberline {2}Preliminaries}{7}{section.2}%
|
||||
\contentsline {section}{\numberline {3}Background}{7}{section.3}%
|
||||
\contentsline {section}{\numberline {2}Preliminaries}{6}{section.2}%
|
||||
\contentsline {section}{\numberline {3}Background}{6}{section.3}%
|
||||
\contentsline {subsection}{\numberline {3.1}Payment Channels \& the Lightning Network}{7}{subsection.3.1}%
|
||||
\contentsline {subsection}{\numberline {3.2}Boostrapping Problems in the Lightning Network}{10}{subsection.3.2}%
|
||||
\contentsline {subsection}{\numberline {3.3}New Routing Node Boostrapping}{10}{subsection.3.3}%
|
||||
\contentsline {subsection}{\numberline {3.4}New Service Boostrapping}{11}{subsection.3.4}%
|
||||
\contentsline {subsection}{\numberline {3.5}End User Boostrapping}{12}{subsection.3.5}%
|
||||
\contentsline {subsection}{\numberline {3.6}Market Design \& Auction Theory}{13}{subsection.3.6}%
|
||||
\contentsline {subsection}{\numberline {3.7}Money Markets \& Capital Leases}{14}{subsection.3.7}%
|
||||
\contentsline {section}{\numberline {4}Bootstrapping Problems as Solved by CLM}{15}{section.4}%
|
||||
\contentsline {subsection}{\numberline {4.1}Bootstrapping New Users via Sidecar Channels}{15}{subsection.4.1}%
|
||||
\contentsline {subsection}{\numberline {4.2}Demand Fueled Routing Node Channel Selection}{16}{subsection.4.2}%
|
||||
\contentsline {subsection}{\numberline {4.3}Bootstrapping New Services to Lightning}{17}{subsection.4.3}%
|
||||
\contentsline {subsection}{\numberline {4.4}Cross-Chain Market Maker Liquidity Sourcing}{17}{subsection.4.4}%
|
||||
\contentsline {subsection}{\numberline {4.5}Instant Lightning Wallet User On Boarding}{18}{subsection.4.5}%
|
||||
\contentsline {subsection}{\numberline {4.6}Variance Reduction in Routing Node Revenue}{18}{subsection.4.6}%
|
||||
\contentsline {section}{\numberline {5}The Channel Lease Marketplace}{18}{section.5}%
|
||||
\contentsline {subsection}{\numberline {5.1}High-Level Description}{18}{subsection.5.1}%
|
||||
\contentsline {subsection}{\numberline {5.2}Lightning Channel Leases}{22}{subsection.5.2}%
|
||||
\contentsline {subsection}{\numberline {5.3}Non-Custodial Auction Accounts}{24}{subsection.5.3}%
|
||||
\contentsline {subsection}{\numberline {5.4}Order Structure \& Verification}{25}{subsection.5.4}%
|
||||
\contentsline {subsection}{\numberline {5.5}Auction Design}{27}{subsection.5.5}%
|
||||
\contentsline {subsubsection}{\numberline {5.5.1}Auction Specification}{27}{subsubsection.5.5.1}%
|
||||
\contentsline {section}{\numberline {6}The Shadowchain: A Bitcoin Overlay Application Framework}{30}{section.6}%
|
||||
\contentsline {subsection}{\numberline {6.1}High-Level Description}{31}{subsection.6.1}%
|
||||
\contentsline {subsection}{\numberline {6.2}Comparison To Related Frameworks}{32}{subsection.6.2}%
|
||||
\contentsline {subsection}{\numberline {6.3}The Shadowchain Framework}{32}{subsection.6.3}%
|
||||
\contentsline {subsubsection}{\numberline {6.3.1}Shadowchain Orchestrator}{33}{subsubsection.6.3.1}%
|
||||
\contentsline {subsubsection}{\numberline {6.3.2}Lifted UTXOs}{33}{subsubsection.6.3.2}%
|
||||
\contentsline {subsubsection}{\numberline {6.3.3}The Shadowchain}{34}{subsubsection.6.3.3}%
|
||||
\contentsline {subsubsection}{\numberline {6.3.4}Shadowchain Operation}{38}{subsubsection.6.3.4}%
|
||||
\contentsline {section}{\numberline {7}Lightning Pool: A Channel Liquidity Marketplace as a Shadow Chain}{40}{section.7}%
|
||||
\contentsline {subsection}{\numberline {7.1}Instantiating a CLM}{40}{subsection.7.1}%
|
||||
\contentsline {subsubsection}{\numberline {7.1.1}System Initialization}{40}{subsubsection.7.1.1}%
|
||||
\contentsline {subsubsection}{\numberline {7.1.2}Lightning Pool Accounts}{42}{subsubsection.7.1.2}%
|
||||
\contentsline {subsubsection}{\numberline {7.1.3}Channel Leases in the Lightning Network}{45}{subsubsection.7.1.3}%
|
||||
\contentsline {subsubsection}{\numberline {7.1.4}Order Structure}{47}{subsubsection.7.1.4}%
|
||||
\contentsline {subsubsection}{\numberline {7.1.5}Node Rating Agencies}{49}{subsubsection.7.1.5}%
|
||||
\contentsline {subsubsection}{\numberline {7.1.6}Uniform Price Market Clearing \& Matching}{50}{subsubsection.7.1.6}%
|
||||
\contentsline {subsubsection}{\numberline {7.1.7}The Batch Execution Transaction}{51}{subsubsection.7.1.7}%
|
||||
\contentsline {subsection}{\numberline {7.2}the Lightning Pool Shadowchain}{52}{subsection.7.2}%
|
||||
\contentsline {subsubsection}{\numberline {7.2.1}Lightning Pool Accounts as Lifted UTXOs}{52}{subsubsection.7.2.1}%
|
||||
\contentsline {subsubsection}{\numberline {7.2.2}Auction Batch Proposal}{52}{subsubsection.7.2.2}%
|
||||
\contentsline {subsubsection}{\numberline {7.2.3}Shadowchain Batch Execution}{52}{subsubsection.7.2.3}%
|
||||
\contentsline {subsubsection}{\numberline {7.2.4}Unconfirmed Batch Cut-Through}{53}{subsubsection.7.2.4}%
|
||||
\contentsline {subsubsection}{\numberline {7.2.5}Auction Upgrades}{53}{subsubsection.7.2.5}%
|
||||
\contentsline {section}{\numberline {8}Security Analysis}{53}{section.8}%
|
||||
\contentsline {section}{\numberline {9}Future Directions}{54}{section.9}%
|
||||
\contentsline {section}{\numberline {10}Related Work}{54}{section.10}%
|
||||
\contentsline {section}{\numberline {11}Conclusion}{54}{section.11}%
|
||||
\contentsline {section}{\numberline {12}Acknowledgments}{55}{section.12}%
|
||||
\contentsline {subsection}{\numberline {3.2}Boostrapping Problems in the Lightning Network}{8}{subsection.3.2}%
|
||||
\contentsline {subsection}{\numberline {3.3}New Routing Node Boostrapping}{9}{subsection.3.3}%
|
||||
\contentsline {subsection}{\numberline {3.4}New Service Boostrapping}{9}{subsection.3.4}%
|
||||
\contentsline {subsection}{\numberline {3.5}End User Boostrapping}{11}{subsection.3.5}%
|
||||
\contentsline {subsection}{\numberline {3.6}Market Design \& Auction Theory}{11}{subsection.3.6}%
|
||||
\contentsline {subsection}{\numberline {3.7}Money Markets \& Capital Leases}{12}{subsection.3.7}%
|
||||
\contentsline {section}{\numberline {4}Bootstrapping Problems as Solved by CLM}{13}{section.4}%
|
||||
\contentsline {subsection}{\numberline {4.1}Bootstrapping New Users via Sidecar Channels}{13}{subsection.4.1}%
|
||||
\contentsline {subsection}{\numberline {4.2}Demand Fueled Routing Node Channel Selection}{13}{subsection.4.2}%
|
||||
\contentsline {subsection}{\numberline {4.3}Bootstrapping New Services to Lightning}{14}{subsection.4.3}%
|
||||
\contentsline {subsection}{\numberline {4.4}Cross-Chain Market Maker Liquidity Sourcing}{14}{subsection.4.4}%
|
||||
\contentsline {subsection}{\numberline {4.5}Instant Lightning Wallet User On Boarding}{15}{subsection.4.5}%
|
||||
\contentsline {subsection}{\numberline {4.6}Variance Reduction in Routing Node Revenue}{15}{subsection.4.6}%
|
||||
\contentsline {section}{\numberline {5}The Channel Lease Marketplace}{15}{section.5}%
|
||||
\contentsline {subsection}{\numberline {5.1}High-Level Description}{15}{subsection.5.1}%
|
||||
\contentsline {subsection}{\numberline {5.2}Lightning Channel Leases}{18}{subsection.5.2}%
|
||||
\contentsline {subsection}{\numberline {5.3}Non-Custodial Auction Accounts}{19}{subsection.5.3}%
|
||||
\contentsline {subsection}{\numberline {5.4}Order Structure \& Verification}{20}{subsection.5.4}%
|
||||
\contentsline {subsection}{\numberline {5.5}Auction Design}{22}{subsection.5.5}%
|
||||
\contentsline {subsubsection}{\numberline {5.5.1}Auction Specification}{22}{subsubsection.5.5.1}%
|
||||
\contentsline {section}{\numberline {6}The Shadowchain: A Bitcoin Overlay Application Framework}{24}{section.6}%
|
||||
\contentsline {subsection}{\numberline {6.1}High-Level Description}{25}{subsection.6.1}%
|
||||
\contentsline {subsection}{\numberline {6.2}Comparison To Related Frameworks}{26}{subsection.6.2}%
|
||||
\contentsline {subsection}{\numberline {6.3}The Shadowchain Framework}{26}{subsection.6.3}%
|
||||
\contentsline {subsubsection}{\numberline {6.3.1}Shadowchain Orchestrator}{26}{subsubsection.6.3.1}%
|
||||
\contentsline {subsubsection}{\numberline {6.3.2}Lifted UTXOs}{26}{subsubsection.6.3.2}%
|
||||
\contentsline {subsubsection}{\numberline {6.3.3}The Shadowchain}{27}{subsubsection.6.3.3}%
|
||||
\contentsline {subsubsection}{\numberline {6.3.4}Shadowchain Operation}{30}{subsubsection.6.3.4}%
|
||||
\contentsline {section}{\numberline {7}Lightning Pool: A Channel Liquidity Marketplace as a Shadow Chain}{31}{section.7}%
|
||||
\contentsline {subsection}{\numberline {7.1}Instantiating a CLM}{32}{subsection.7.1}%
|
||||
\contentsline {subsubsection}{\numberline {7.1.1}System Initialization}{32}{subsubsection.7.1.1}%
|
||||
\contentsline {subsubsection}{\numberline {7.1.2}Lightning Pool Accounts}{33}{subsubsection.7.1.2}%
|
||||
\contentsline {subsubsection}{\numberline {7.1.3}Channel Leases in the Lightning Network}{36}{subsubsection.7.1.3}%
|
||||
\contentsline {subsubsection}{\numberline {7.1.4}Order Structure}{38}{subsubsection.7.1.4}%
|
||||
\contentsline {subsubsection}{\numberline {7.1.5}Node Rating Agencies}{39}{subsubsection.7.1.5}%
|
||||
\contentsline {subsubsection}{\numberline {7.1.6}Uniform Price Market Clearing \& Matching}{40}{subsubsection.7.1.6}%
|
||||
\contentsline {subsubsection}{\numberline {7.1.7}The Batch Execution Transaction}{41}{subsubsection.7.1.7}%
|
||||
\contentsline {subsection}{\numberline {7.2}The Lightning Pool Shadowchain}{43}{subsection.7.2}%
|
||||
\contentsline {subsubsection}{\numberline {7.2.1}Lightning Pool Accounts as Lifted UTXOs}{43}{subsubsection.7.2.1}%
|
||||
\contentsline {subsubsection}{\numberline {7.2.2}Auction Batch Proposal}{43}{subsubsection.7.2.2}%
|
||||
\contentsline {subsubsection}{\numberline {7.2.3}Shadowchain Batch Execution}{44}{subsubsection.7.2.3}%
|
||||
\contentsline {subsubsection}{\numberline {7.2.4}Unconfirmed Batch Cut-Through}{44}{subsubsection.7.2.4}%
|
||||
\contentsline {subsubsection}{\numberline {7.2.5}Auction Upgrades}{44}{subsubsection.7.2.5}%
|
||||
\contentsline {section}{\numberline {8}Security Analysis}{45}{section.8}%
|
||||
\contentsline {section}{\numberline {9}Future Directions}{45}{section.9}%
|
||||
\contentsline {section}{\numberline {10}Related Work}{46}{section.10}%
|
||||
\contentsline {section}{\numberline {11}Conclusion}{46}{section.11}%
|
||||
\contentsline {section}{\numberline {12}Acknowledgments}{46}{section.12}%
|
||||
|
|
|
|||
Loading…
Add table
Add a link
Reference in a new issue