Before revision: The Credit Networkis a model for transactions across a network of agents based on bilateral trust between agents . Credit Networks capture many aspects of traditional currencies as well as new virtual currencies and payment mechanisms.
After revision: In order to scale transaction rates for deployment across the global web, many cryptocurrencies have deployed so-called "Layer-2" networks of private payment channels. An idealized payment network behaves like a Credit Network, a model for transactions across a network of agents based on bilateral trust between agents . Credit Networks capture many aspects of traditional currencies as well as new virtual currencies and payment mechanisms.