The Workshop on Decentralized Credit Networks (DCN)

In Association with Advances in Financial Technologies - AFT 2023

October 26, 2023
Princeton University, NJ, USA

Credit networks are important financial constructs with applications spanning from clearing transactions between central banks to fostering informal credit exchanges among individuals and small businesses. These networks allow transitive transactions, where local trust can be leveraged to power expansive interactions that traverse the entire network diameter. Distinguished from the surge of cryptocurrencies, credit networks offer a unique proposition by enabling seamless transactions across conventional fiat currencies, cryptocurrencies, and user-defined currencies, all facilitated through IOU credit paths.

In the pursuit of decentralization, recent technical advances bring some new potential and viewpoints: blockchains and smart contracts provide the infrastructure to track credit, utilization, and digital asset interactions. Complementary advancements in routing strategies and channel maintenance, initially developed for other contexts as Bitcoin's Lightning network, are finding new purpose in the realm of credit networks. Additionally, the incorporation of privacy-enhancing technologies such as Zero-Knowledge (ZK) proofs, Multiparty computation, and Trusted Execution Environments (TEE) holds the potential to imbue credit networks with an unprecedented level of privacy.

This workshop aims at bringing academic and industrial participants together to discuss structures, security, and privacy for credit networks and foster future collaborations towards more inclusive and secure decentralized credit networks. The goal is to offer a platform to discuss the structural intricacies, security against Sybil attacks and node compromises, and privacy enhancements within credit networks.


Aniket Kate (
Andrew Miller (

Workshop Schedule

8:30am-9:00amLight Breakfast
Workshop Oraganizers: Aniket Kate, Andrew Miller
9:30am-10:30amNetwork Liquidity
Ashish Goel (Stanford University) Liquidity in Credit Networks
Nikolaos (Nikos) Papadis (Nokia Bell Labs) Deep Reinforcement Learning-based Rebalancing Policies for Profit Maximization of Relay Nodes in Payment Channel Networks
10:30am-11:00amCoffee Break
11:00am-12:30pmIndustrial Projects
Apriori (Anoma)Anoma Applications
Alex Kampa (Sikoba) and (Aragon ZK Research) Putting P2P Credit Back at the Center of Finance: A Practical Manifesto and a Look at the Future of Money
Julio Linares (Circles / Circles Entropy)Credit: the next 5000 years
1:30pm-3:00pmCredit Networks: Security and Privacy
Pedro Moreno-Sanchez(IMDEA Software Institute) My Journey in Security and Privacy in Credit Networks
Jens Ernstberger(TU Munich) TLS Oracles - Tradeoffs in Security and Performance with a perspective on application in Decentralized Credit Networks
Aniket KateProof of IOU Stakes for Credit Networks
3:00pm-3:30pmCoffee Break
3:30pm-4:30pmPannel Discussion
Moderator: Andrew Miller Panelists: Ashish Goel, Alex Kampa, Julio Linares, Pedro Moreno-Sanchez
4:30pm-4:40pmClosing remarks

Workshop Format

The workshop will consist of a few invited talks from academia and the industry, a panel, and contributed short talks.

A Panel

The panel will focus on the key challenges with (decentralized ) credit networks as we consider them for applications beyond traditional clearing houses.

Contributed Talks

We solicit submissions of talk abstracts on topics related to decentralized credit networks, including but not limited to:

For contributed talks, submissions should be extended abstracts (maximum 2 pages) in a format of the author’s choosing. Please send you submissions to the organizers by email on or before September 22nd. Early submission are welcome and the organizing team will review submission on an ongoing basis. We hope to finalize the program at the end of September. There will not be any workshop proceedings.


Please follow the AFT conference registration page. Please contact the workshop organizers for financial assistance for registering for the workshop.

Key Dates



Aniket Andrew Miller: andrewsemail