The lightning network cross-chain exchange : a decentralized approach for peer to peer exchange across blockchain
Name
1078689077-MIT.pdf
Description
Full printable version
Size
1.08 MB
Format
Adobe PDF
Checksum (MD5)
d888619f81f82ab744cc6a8265c27dfb
Author(s)
Mathus Garza, Jesús Andrés
Advisor(s)
Thaddeus Dryja and Jonathan Ramsay Key.
Alternative Title
Decentralized approach for peer to peer exchange across blockchain
Date Issued
2018
Publisher
Massachusetts Institute of Technology
Abstract
The development of decentralized blockchain-based systems has unlocked opportunity in untrusted systems. As more blockchains were created, however, a lack of interoperability became apparent. In response, centralized exchanges facilitating transactions across different blockchains emerged, reintroducing trusted third parties that blockchains were in part created to eliminate. Although blockchain capabilities were promising, their emergence resulted in embezzlement, hacks, and scandals that resulted in significant financial losses. A program allowing for peer to peer cross-chain exchanges would reestablish the decentralized foundation upon which blockchains were built and eliminate the risks associated with centralized exchanges. In this work we extend Lightning Network capabilities and develop a protocol enabling secure peer to peer channels to safely transact across blockchains. The system connects individuals using the Lightning Network's channel creation functions, and introduces four new channel commands: Price, Compare, Exchange, and Respond. Together, they integrate hashed timelock contracts that introduce peer to peer negotiations and exchange functionality from one blockchain to another. With this functionality in place, individuals gain more control over their own assets and rely less on third parties, reaffirming decentralization throughout the blockchain ecosystem and laying a new foundation for distributed systems to interact with less friction.
Description
Thesis: M. Eng., Massachusetts Institute of Technology, Department of Electrical Engineering and Computer Science, 2018.
This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.
Cataloged from student-submitted PDF version of thesis.
Includes bibliographical references (pages 59-61).
Subjects
Electrical Engineering and Computer Science.
MIT Department
Massachusetts Institute of Technology. Department of Electrical Engineering and Computer Science
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