<div class="csl-bib-body">
<div class="csl-entry">Mazumdar, S. (2022). <i>Towards faster settlement in HTLC-based Cross-Chain Atomic Swaps</i>. arXiv. https://doi.org/10.34726/3805</div>
</div>
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dc.identifier.uri
http://hdl.handle.net/20.500.12708/175654
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dc.identifier.uri
https://doi.org/10.34726/3805
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dc.description.abstract
Hashed Timelock (HTLC)-based atomic swap protocols enable the exchange of coins between two or more parties without relying on a trusted entity. This protocol is like the American call option without premium. It allows the finalization of a deal within a certain period. This puts the swap initiator at liberty to delay before deciding to proceed with the deal. If she finds the deal unprofitable, she just waits for the time-period of the contract to elapse. However, the counterparty is at a loss since his assets remain locked in the contract. The best he can do is to predict the initiator's behavior based on the asset's price fluctuation in the future. But it is difficult to predict as cryptocurrencies are quite volatile, and their price fluctuates abruptly. We perform a game theoretic analysis of HTLC-based atomic cross-chain swap to predict whether a swap will succeed or not. From the strategic behavior of the players, we infer that this model lacks fairness. We propose Quick Swap, a two-party protocol based on hashlock and timelock that fosters faster settlement of the swap. The parties are required to lock griefing-premium along with the principal amount. If the party griefs, he ends up paying the griefing-premium. If a party finds a deal unfavorable, he has the provision to cancel the swap. We prove that Quick Swap is more participant-friendly than HTLC-based atomic swap. Our work is the first to propose a protocol to ensure fairness of atomic-swap in a cyclic multi-party setting.
en
dc.description.sponsorship
Europäischer Forschungsrat (ERC)
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dc.description.sponsorship
Fonds zur Förderung der wissenschaftlichen Forschung (FWF)
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dc.description.sponsorship
Wirtschaftsagentur Wien
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dc.description.sponsorship
Wirtschaftsagentur Wien
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dc.description.sponsorship
CDG Christian Doppler Forschungsgesellschaft
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dc.language.iso
en
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dc.rights.uri
http://creativecommons.org/licenses/by/4.0/
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dc.subject
Cryptocurrencies
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dc.subject
Atomic Swap
en
dc.subject
Hashed Timelock Contract
en
dc.subject
Lightning Network
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dc.subject
Griefing Attack
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dc.subject
Game Theory
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dc.title
Towards faster settlement in HTLC-based Cross-Chain Atomic Swaps
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dc.type
Preprint
en
dc.type
Preprint
de
dc.rights.license
Creative Commons Namensnennung 4.0 International
de
dc.rights.license
Creative Commons Attribution 4.0 International
en
dc.identifier.doi
10.34726/3805
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dc.identifier.arxiv
arxiv:2211.15804
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dc.relation.grantno
771527
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dc.relation.grantno
P31621-N38
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dc.relation.grantno
ViSP
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dc.relation.grantno
1360366
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dc.relation.grantno
CDL-BOT
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tuw.project.title
Foundations and Tools for Client-Side Web Security
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tuw.project.title
Cryptographic Foundations for Future-proof Internet Security
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tuw.project.title
Forschungszentrum für Cybersicherheit und Datenschutz in Wien
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tuw.project.title
Vorbereitung für die Einreichung eines Kompetenzzentrums Comet K1 - Arbeitstitel Minerva