Author: Luke-Jr 2014-04-25 19:18:43
Published on: 2014-04-25T19:18:43+00:00
In this context, Tier Nolan is proposing a new system for atomic cross-chain transfers. The proposal involves hash-locking outputs, where a user needs to provide x corresponding to hash(x) in order to spend an output. The protocol requires one of the participants to provide the secret number to spend an output and then the other participant can use that secret number to spend an output on the other chain. This provides a mechanism to link the two chains together. The proposal is to add this system onto other standard transactions by embedding it into a P2SH output. Nolan notes that embedding the "password" in the hashed script gets all the benefits. If there is agreement, Nolan offers to code up the reference implementation as a PR. However, Luke finds the proposal unfounded and useless as according to him it cannot be made secure.
Updated on: 2023-06-08T21:32:13.275693+00:00