  We propose Parsec, a web-scale State channel for the Internet of Value to
exterminate the consensus bottleneck in Blockchain by leveraging a network of
state channels which enable to robustly transfer value off-chain. It acts as an
infrastructure layer developed on top of Ethereum Blockchain, as a network
protocol which allows coherent routing and interlocking channel transfers for
trade-off between parties. A web-scale solution for state channels is
implemented to enable a layer of value transfer to the internet. Existing
network protocol on State Channels include Raiden for Ethereum and Lightning
Network for Bitcoin. However, we intend to leverage existing web-scale
technologies used by large Internet companies such as Uber, LinkedIn or
Netflix. We use Apache Kafka to scale the global payment operation to trillions
of operations per day enabling near-instant, low-fee, scalable, and
privacy-sustainable payments. Our architecture follows Event Sourcing pattern
which solves current issues of payment solutions such as scaling, transfer,
interoperability, low-fees, micropayments and to name a few. To the best of
knowledge, our proposed model achieve better performance than state-of-the-art
lightning network on the Ethereum based (fork) cryptocoins.

Cryptography and Security