IC3 Debuts Upgraded Off-Chain Transaction Protocol 'Teechain'

The Initiative For CryptoCurrencies & Contracts (IC3) has unveiled a new version of its Teechan off-chain transaction protocol.

May 22, 2017 at 6:30 p.m. UTC
Updated Sep 11, 2021 at 1:22 p.m. UTC

The Initiative For CryptoCurrencies & Contracts (IC3) has unveiled a new version of its Teechan off-chain transaction protocol.

First put forward last year, Teechan relies on the utilization of specialized hardware, the Intel SGX, which provides a kind of masking layer for the data it contains. Conceptually, the protocol is similar to the Lightning Network, a proposed transaction layer to bitcoin aimed at creating payment channels – and with them, the potential to enable millions of transactions per second.

It's the promise of huge throughput that has led to projects like Teechan, and the Cornell University-based team behind it is releasing several new changes to the original design, now dubbed "Teechain".

Among those upgrades: the ability to direct payments to parties that aren't directly linked via an existing channel.

Cornell associate professor Emin Gün Sirer explained in an email:

"In the jump from 'teechan' (peer-to-peer TEE-backed payment channels) to 'teechain', we added the ability to route payments along paths. So, the system can now route money along teechan paths from one user to another, even if they are not directly connected. The system guarantees atomicity, namely, that no money will be lost or stuck if there's a failure anywhere along a route while funds are being transferred."

As previously reported by CoinDesk, IC3 – the research effort launched in 2015 with federal funding – has been pursuing a range of blockchain applications, including those that utilize trusted hardware.

The group also recently added asset manager Fidelity to its ranks.

Image by Stan Higgins for CoinDesk

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
Crypto’s Credibility Problem – and How to Solve It

CoinDesk - Unknown
2
CoinDesk - Unknown
First Mover Americas: Bitcoin Heads for Record 8-Week Losing Streak

The latest moves in crypto markets in context for May 20, 2022.

The latest moves in crypto markets in context for May 20, 2022.

CoinDesk - Unknown
3
CoinDesk - Unknown
The Fall of Terra: A Timeline of the Meteoric Rise and Crash of UST and LUNA

A detailed timeline of Terra's journey from its underdog start as a payments app in South Korea to a $60 billion crypto ecosystem to one of the biggest failures in crypto.

A detailed timeline of Terra's journey from its underdog start as a payments app in South Korea to a $60 billion crypto ecosystem to one of the biggest failures in crypto.

CoinDesk - Unknown
4
CoinDesk - Unknown
The Future of Blockchain Technology: Building It Decentralized, Secure and Efficient

The core challenges facing the crypto community as they strive toward mass adoption.

The core challenges facing the crypto community as they strive toward mass adoption.

CoinDesk - Unknown