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Distributed Ledger Technology (DLT) has an enormous potential but alsodownsides. One downside of many DLT systems, such as blockchain, is theirlimited transaction throughput that hinders their adoption in many use cases(e.g., real-time payments). State channels have emerged as a potential solutionto enhance throughput by allowing transactions to process off-chain. Whilecurrent proposals can increase scalability, they require high collateral andlack support for dynamic systems that require asynchronous state transitions.Additionally, the latency of channel initialisations can cause issuesespecially if fast interactions are required. In this paper, we propose anatomic, scalable and privacy-preserving protocol that enables secure anddynamic updates. We develop a smart contract-based Credit-Note System (CNS)that allows participants to lock funds before a state channel initialisation,which enhances flexibility and efficiency. We formalise our model using theUniversal Composability (UC) framework and demonstrate that it achieves thestated design goals of privacy, scalability, and atomicity. Moreover, weimplement a dispute process in the state channel to counter availabilityattacks. Finally, we analyse the protocol in the context of an asynchronoussmart grid-based marketplace.

A DLT-based Smart Contract Architecture for Atomic and Scalable Trading