文章基本信息

标题：A Tale of Two Layers: The Mutual Relationship between Bitcoin and Lightning Network
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作者：Stefano Martinazzi ; Daniele Regoli ; Andrea Flori 等
期刊名称：Risks
印刷版ISSN：2227-9091
出版年度：2020
卷号：8
期号：129
页码：129
DOI：10.3390/risks8040129
语种：English
出版社：MDPI, Open Access Journal
摘要：A major concern of the adoption and scalability of Blockchain technologies refers to their efficient use for payments. In this work, we analyze how Lightning Network (LN), which represents a relevant infrastructural novelty, is influenced by the market dynamics of its referring cryptocurrency, namely Bitcoin. In so doing, we focus on how the LN is efficient in performing transactions and we relate this feature to the market conditions of Bitcoin. By applying the Toda–Yamamoto variant of Granger-causality, we note that market conditions of Bitcoin do not significantly influence the topological configuration of the LN. Hence, although the LN represents a second layer on the Bitcoin blockchain, our findings suggest that its efficient functioning does not appear to be related to the simple market performance of its underlying cryptocurrency and, in particular, of its volatile market fluctuations. This result may therefore contribute to shed light on the practical usage of the LN as a blockchain technology to favor transactions.