Teechain offers instant and scalable micropayment transactions for existing blockchains. It supports both point to point payment channels, and routing along payment chains in the network. Throughput scales linearly with the number of point to point payment channels.
Teechain achieves higher throughput and lower transaction latency than existing blockchains. Our experiments show that it is also 10x faster than off-chain competitors. For example, fault tolerant Teechain payment channels can process over 30,000 transactions per second, per channel, with millisecond latency. Routing along payment paths takes at most seconds.
Teechain enables practical funding of payment channels by allowing funds to be moved in and out of the network and between payment channels dynamically. This reduces the total amount of funds that need to be locked in the network.
Teechain can operate securely and efficiently without access to the underlying blockchain. By utilizing secure trusted execution environments in commodity processors, Teechain offers offline payment channels without compromising on security or performance.
Teechain provides several means of fault tolerance, such as supporting secure backups and writing to stable storage. This protects funds from ever being lost, despite any failures or crashes that might occur in the network.
Teechain is a collaborative research project between the Large-Scale Data and Systems Group at Imperial College London, and the Initiative for Cryptocurrencies and Contracts at Cornell University and The Technion. This work has already been published at the 4th Workshop on Bitcoin and Blockchain Research (BITCOIN'17), and further advancements are already under way.