Author: Nadav Kohen 2020-02-27 16:17:47
Published on: 2020-02-27T16:17:47+00:00
A group consisting of Suredbits and Crypto Garage have been working on a specification for using discreet log contracts (DLCs) in a safe, private, and interoperable way. They are looking to solicit feedback for the protocol specification from the community so that they can agree on a common standard to use Bitcoin oracles. Their goal is to end up with a set of documents like the BIPs and BOLTs so that others that wish to use the technology can easily write software to integrate into the protocol. The specification repository can be found on GitHub. DLCs can be executed using Schnorr and ECDSA adaptor signatures. The former requires three transactions, while the latter requires only two transactions. The team has also released some working code for executing 2-outcome Discreet Log Contracts as well as documentation on how to use it. They have shared a short blog post containing a video demo of an execution. They would love if anyone interested in reviewing or contributing took a look at their work-in-progress specification. The team's secondary goal is to remain compatible with standards used by other bitcoin-related protocols, like Lightning, so that every future bitcoin-related protocol can reach for a "toolbox" of agreed standards for things like funding transactions and closing transactions. For those who are interested in learning more about DLCs, there are several resources available, including a whitepaper, articles, and research papers. Overall, the team hopes to make DLCs a widely accepted and standardized tool for the Bitcoin ecosystem.
Updated on: 2023-05-20T21:49:06.448092+00:00