Author: ZmnSCPxj 2019-12-02 21:10:19
Published on: 2019-12-02T21:10:19+00:00
Easypaysy is a layer-two protocol for Bitcoin which enables the creation of non-custodial accounts on the blockchain. This allows bitcoin addresses to disappear from the user experience and instead users can make payments to permanent account IDs, assigned by the mining process. The protocol offers both interactive and non-interactive payments, with all payments being non-repudiable and enabling the implementation of pull-payments as well as chargebacks.The easypaysy protocol broadcasts information over `OP_RETURN` on the blockchain layer, thus decentralized as long as the blockchain layer is decentralized. To register an easypaysy account, you need to either own some Bitcoins or rent some Bitcoins to serve as signalling, and any data would need to fit within the size limits imposed by `isStandard`. Given the cost of using the blockchain layer and the requirement that payees must be online at any time payers wish to pay, it may be better to use Lightning, which has the same requirement but moves payments to a separate layer and requires only a single onchain transaction to construct a channel. Defiads is another option that does not use `OP_RETURN`, instead using pay-to-contract and sending advertisement data over a separate overlay network. One of the contact-information protocols supported should probably be Tor hidden services, instead of `https`, as Tor hidden services have better usability and privacy as a bonus. Further, besides encoding block and tx index, easypaysy should also encode output index to allow a single transaction to anchor multiple accounts. It should also consider using the Lightning encoding of identifying an output: 543847x636x2.
Updated on: 2023-06-13T22:49:33.407295+00:00