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Payment channel networks (PCNs) are one of the most prominent solutions tothe limited transaction throughput of blockchains. Nevertheless, PCNs sufferthemselves from a throughput limitation due to the capital constraints of theirchannels. A similar dependence on high capital is also found in inter-bankpayment settlements, where the so-called netting technique is used to mitigateliquidity demands.  In this work, we alleviate this limitation by introducing the notion oftransaction aggregation: instead of executing transactions sequentially througha PCN, we enable senders to aggregate multiple transactions and execute themsimultaneously to benefit from several amounts that may "cancel out". Twodirect advantages of our proposal is the decrease in intermediary fees paid bysenders as well as the obfuscation of the transaction data from theintermediaries.  We formulate the transaction aggregation as a computational problem, ageneralization of the Bank Clearing Problem. We present a generic framework forthe transaction aggregation execution, and thereafter we propose Wiser as animplementation of this framework in a specific hub-based setting. To overcomethe NP-hardness of the transaction aggregation problem, in Wiser we propose afixed-parameter linear algorithm for a special case of transaction aggregationas well as the Bank Clearing Problem. Wiser can also be seen as a modernvariant of the Hawala money transfer system, as well as a decentralizedimplementation of the overseas remittance service of Wise.

Wiser: Increasing Throughput in Payment Channel Networks with Transaction Aggregation