An Invitation Model Protocol (IMP) for the Bitcoin Asymmetric Lightning Network
The Lightning Network (LN), a second-layer protocol built atop Bitcoin, promises swift, low-cost transactions, thereby addressing blockchain scalability and enhancing user privacy. As the global financial technology landscape evolves, the LN’s importance in the future of fintech and the Fourth Indus...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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MDPI AG
2023-06-01
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| Series: | Symmetry |
| Subjects: | |
| Online Access: | https://www.mdpi.com/2073-8994/15/6/1273 |
| _version_ | 1797592481221574656 |
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| author | Ali Abdullah A. M. Mutawa |
| author_facet | Ali Abdullah A. M. Mutawa |
| author_sort | Ali Abdullah |
| collection | DOAJ |
| description | The Lightning Network (LN), a second-layer protocol built atop Bitcoin, promises swift, low-cost transactions, thereby addressing blockchain scalability and enhancing user privacy. As the global financial technology landscape evolves, the LN’s importance in the future of fintech and the Fourth Industrial Revolution (4IR) becomes increasingly pivotal. The anticipated rise of blockchain-based payments and smart contracts in businesses demands a more agile and secure payment system. However, the LN’s early stage raises valid concerns about security and reliability, especially when implemented on a huge asymmetric network such as the Internet, potentially hindering its broader adoption. Malicious nodes could intentionally cause payment failures or initiate attacks, such as DDoS attacks, by overwhelming other nodes in the network with channel-opening requests. As a result, users will be discouraged from using the LN; hence, the technology will become obsolete as individuals will not waste the time and power investment required for using this technology. Addressing these issues, this paper proposes an innovative invitation model protocol (IMP) to reinforce the LN’s security and reliability. The IMP creates an exclusive ‘Club’ within the LN, admitting only nodes verified as honest, thereby bolstering network security and reliability. The protocol empowers Club Founders to expel members exhibiting malicious activities, thereby preserving the invested time, energy, and funds of the network’s users. The IMP was rigorously tested using Amazon Web Services Virtual Machines within the Bitcoin and Lightning Network’s Testnet environment, which is a highly asymmetric network. The results demonstrated the protocol’s efficacy in fulfilling its objectives, marking a significant step towards a safer and more efficient blockchain transaction network. As the blockchain continues to revolutionize the financial sector, implementing robust security measures such as the IMP becomes essential. This research paper introduces a novel approach to enhancing the reliability and security of a Lightning Network (LN), and thus distinguishes itself from the existing literature, by introducing an additional step before establishing or joining such a network. The research underscores the critical role of such protocols in realizing the potential of the LN in powering the next wave of fintech and industrial innovation. |
| first_indexed | 2024-03-11T01:52:44Z |
| format | Article |
| id | doaj.art-0c45814c04ed475f9e6dc1515abc881e |
| institution | Directory Open Access Journal |
| issn | 2073-8994 |
| language | English |
| last_indexed | 2024-03-11T01:52:44Z |
| publishDate | 2023-06-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Symmetry |
| spelling | doaj.art-0c45814c04ed475f9e6dc1515abc881e2023-11-18T12:51:54ZengMDPI AGSymmetry2073-89942023-06-01156127310.3390/sym15061273An Invitation Model Protocol (IMP) for the Bitcoin Asymmetric Lightning NetworkAli Abdullah0A. M. Mutawa1Computer Engineering Department, Kuwait University, P.O. Box 5969, Safat 13060, KuwaitComputer Engineering Department, Kuwait University, P.O. Box 5969, Safat 13060, KuwaitThe Lightning Network (LN), a second-layer protocol built atop Bitcoin, promises swift, low-cost transactions, thereby addressing blockchain scalability and enhancing user privacy. As the global financial technology landscape evolves, the LN’s importance in the future of fintech and the Fourth Industrial Revolution (4IR) becomes increasingly pivotal. The anticipated rise of blockchain-based payments and smart contracts in businesses demands a more agile and secure payment system. However, the LN’s early stage raises valid concerns about security and reliability, especially when implemented on a huge asymmetric network such as the Internet, potentially hindering its broader adoption. Malicious nodes could intentionally cause payment failures or initiate attacks, such as DDoS attacks, by overwhelming other nodes in the network with channel-opening requests. As a result, users will be discouraged from using the LN; hence, the technology will become obsolete as individuals will not waste the time and power investment required for using this technology. Addressing these issues, this paper proposes an innovative invitation model protocol (IMP) to reinforce the LN’s security and reliability. The IMP creates an exclusive ‘Club’ within the LN, admitting only nodes verified as honest, thereby bolstering network security and reliability. The protocol empowers Club Founders to expel members exhibiting malicious activities, thereby preserving the invested time, energy, and funds of the network’s users. The IMP was rigorously tested using Amazon Web Services Virtual Machines within the Bitcoin and Lightning Network’s Testnet environment, which is a highly asymmetric network. The results demonstrated the protocol’s efficacy in fulfilling its objectives, marking a significant step towards a safer and more efficient blockchain transaction network. As the blockchain continues to revolutionize the financial sector, implementing robust security measures such as the IMP becomes essential. This research paper introduces a novel approach to enhancing the reliability and security of a Lightning Network (LN), and thus distinguishes itself from the existing literature, by introducing an additional step before establishing or joining such a network. The research underscores the critical role of such protocols in realizing the potential of the LN in powering the next wave of fintech and industrial innovation.https://www.mdpi.com/2073-8994/15/6/1273bitcoinblockchainAsymmetric Lightning NetworkClub membershiptrustless peer-to-peer network |
| spellingShingle | Ali Abdullah A. M. Mutawa An Invitation Model Protocol (IMP) for the Bitcoin Asymmetric Lightning Network Symmetry bitcoin blockchain Asymmetric Lightning Network Club membership trustless peer-to-peer network |
| title | An Invitation Model Protocol (IMP) for the Bitcoin Asymmetric Lightning Network |
| title_full | An Invitation Model Protocol (IMP) for the Bitcoin Asymmetric Lightning Network |
| title_fullStr | An Invitation Model Protocol (IMP) for the Bitcoin Asymmetric Lightning Network |
| title_full_unstemmed | An Invitation Model Protocol (IMP) for the Bitcoin Asymmetric Lightning Network |
| title_short | An Invitation Model Protocol (IMP) for the Bitcoin Asymmetric Lightning Network |
| title_sort | invitation model protocol imp for the bitcoin asymmetric lightning network |
| topic | bitcoin blockchain Asymmetric Lightning Network Club membership trustless peer-to-peer network |
| url | https://www.mdpi.com/2073-8994/15/6/1273 |
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