Blockchain-Based Decentralized Peer-to-Peer Payment Channel Transaction Method and System

Introduction

The invention relates to a method and system for decentralized peer-to-peer (P2P) payment channel transactions using blockchain technology. This solution addresses the challenges of high-frequency, low-value payments in blockchain networks by ensuring security, speed, and cost efficiency without relying on third-party intermediaries.

Core Workflow

1. Preparation Steps

• User A intends to transfer virtual assets to User B within a specified deadline.
• User B provides a unique payment address to User A via a mutually agreed communication method (encrypted or unencrypted).

2. Creation Steps

• User A deposits virtual assets into a payment channel via a smart contract, setting the payment address to User B’s provided address.

• User A can recharge the channel multiple times:

  • Initial deposit: X₁
  • Nth deposit: X_N (N ≥ 1)
  • Cumulative deposits: XN (an increasing sequence)
• Each recharge is recorded on the blockchain.
• Real-time cumulative payable amount: X (X ≤ XN).

3. Payment Steps

• User A sends payment information to User B off-chain (not recorded on the blockchain).

  • Individual payments: Y₁, Y₂, ..., Y_i (i > 1)
  • Cumulative payments: Yi (an increasing sequence)
  • Real-time cumulative payment: Y (Y ≤ X).
• User B uses the cumulative payment message (Yi) as a key to initiate withdrawals.

4. Withdrawal Steps

• User B initiates one or more on-chain withdrawal requests:

  • Individual withdrawals: Z₁, Z₂, ..., Z_M (M ≥ 1)
  • Cumulative withdrawals: ZM (an increasing sequence)
  • Real-time cumulative withdrawals: Z (Z ≤ Y).

5. Termination Steps

• The payment channel automatically settles upon reaching the deadline.

• After the deadline:

  • User B can withdraw any unclaimed assets within a predefined window.
  • User A can reclaim remaining assets afterward.

Key Features

1. Decentralization: Eliminates third-party intermediaries, relying on blockchain smart contracts.
2. Security: Hard-coded recipient addresses prevent fraud (e.g., unauthorized address changes).

3. Flexibility:

   • User A controls payments, recharges, extensions, and early termination.
   • User B controls withdrawals.
4. Cost Efficiency: Minimizes on-chain transactions, reducing fees.

Advantages Over Existing Solutions

FAQs

Q1: How does the system ensure payment security?

A: Payments are secured via smart contracts with hard-coded recipient addresses. Even if a hacker intercepts the private key, they cannot alter the withdrawal address.

Q2: Can the payment channel be extended?

A: Yes, User A can延期 (extend) the channel before the deadline.

Q3: What happens if User B doesn’t withdraw assets post-deadline?

A: After the grace period, User A can reclaim剩余资产 (remaining assets).

Q4: Is this method applicable to all blockchains?

A: Yes, it’s compatible with any blockchain supporting smart contracts (e.g., Ethereum, RSK).

Conclusion

This invention pioneers a fully decentralized, high-speed, low-cost P2P payment solution for blockchain networks. By leveraging strict mathematical rules and smart contracts, it eliminates reliance on抵押 or intermediaries, making it ideal for高频低额 (high-frequency, low-value) transactions.

👉 Explore blockchain payment innovations
👉 Learn about smart contract security

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