Author: Antoine Riard 2022-02-21 13:16:06
Published on: 2022-02-21T13:16:06+00:00
Gleb and Antoine have conducted research on payment pools and introduced CoinPool, a new multi-party construction to improve Bitcoin onboarding and transactional scaling. It allows many users to share a UTXO and make instant off-chain transfers inside the UTXO while allowing withdrawals at any time without permission from other users. The construction relies on SIGHASH_GROUP, SIGHASH_ANYPREVOUT and OP_MERKLESUB changes to Bitcoin and assumes a high degree of interactivity between pool participants. CoinPool provides an interesting alternative to LN, allowing locking more people in a single UTXO and potentially letting them stay in the same UTXO for longer. In the end, this expands Bitcoin payment throughput via better use of the block space. CoinPool accounts can be plugged into the LN, making them complementary and benefiting from each other. The paper is available at https://coinpool.dev/v0.1.pdf. They think that 7.9 billion people could be distributed across 1000-sized CoinPool instances and it would require 167 GB of blockchain space by year to enable everyone in the world to transact on Bitcoin in a non-custodial fashion, unless one order of magnitude beyond the current block size.They are eager to hear everyone's feedback and hope their ideas presented sound interesting to the community. The code for the pool withdraw tree is available at https://github.com/ariard/bitcoin/tree/2022-02-coinpool-withdraw and the transaction/scripts formats for the CoinPool transaction are available at https://gist.github.com/ariard/713ce396281163337c175d9122163e8f. Overall, they acknowledge that it will likely take a decade of patient engineering before we see mature payment pools in the wild.
Updated on: 2023-05-22T17:35:56.053650+00:00