Author: Tom Trevethan 2020-04-02 22:56:17
Published on: 2020-04-02T22:56:17+00:00
Tom Trevethan has received feedback on his proposal to implement the statechains concept, a non-custodial off-chain Bitcoin transfer system. He has decided to use the decrementing nSequence relative locktime backup system with kick-off transaction and a fee penalty via CPFP to disincentivise DoS attacks. Trevethan has started a more detailed document specifying the proposed protocol that includes improvements to the transfer mechanism and an explanation of how this can be used to transfer/novate positions in DLCs. In response to a question about his patent assigned to nChain Holdings for "Secure off-chain blockchain transactions," Trevethan explains that the current ideas are significantly different from those in the application and that the key transfer protocol described in the application is not secure. He also notes that the patent application has not been granted and was rejected on the grounds of prior art.
Updated on: 2023-06-14T00:14:07.529410+00:00