Author: Billy Tetrud 2022-01-19 16:51:48
Published on: 2022-01-19T16:51:48+00:00
The discussion revolves around improving the fee paying semantics in Bitcoin and establishing an account system as an extension block. The proposed solution involves defining special anyone can spend output type called "fee accounts" that can sign two types of transactions: A: a fee amount and a TXID or Outpoint, and B: a withdraw amount, a fee, and an address. Deposits to these outputs get stored in a separate UTXO database for fee accounts, and transactions are committed in an extension block merkle tree. Mempool logic is updated to allow attaching account fee spends to transactions, and miners can trustlessly split groups of accounts with similar values into a common denominator and change.The LN (Lightning Network) can also be used with PTLCs to have another individual paid to sponsor a transaction on your behalf only if they reveal a valid sig from their fee-paying account. While accounts are considered bad, this proposal's accounts are locked for 100 blocks, ensuring no issues with any series of reorgs, and the state updates can always be applied in a conflict-free way in any order.The design of Bitcoin's Lightning Network allows for easy addition of fees to transactions without requiring pre-planning or transaction flexibility. This makes the system scalable and immune to pinning issues. The longevity of an account and transactions can somewhat measure a user's reputation in a decentralized manner. The Lightning Network could potentially be implemented as a federated network that bribes miners, but this would introduce a centralizing layer interfering with normal mining. Overall, the design of the Lightning Network is efficient and scalable for use in channels.
Updated on: 2023-06-15T03:51:55.941822+00:00