Author: Tamas Blummer 2019-07-09 20:32:53
Published on: 2019-07-09T20:32:53+00:00
The email thread discusses the proposed "Bitcoin Classified Ads Network" (BCAN) and how it could be a crucial design pattern to build censorship-resistant networks that give rise to riskless interest on Bitcoin. The nodes in BCAN gossip advertisements, referring to a UTXO that must be unspent at the chain tip considered by each node. Advertisements must contain a commitment to the text of the advertisement, and nodes have a maximum limit on the total size of all advertisements they retain and propagate to new nodes. If nodes exceed this limit, they will sort advertisements according to a value-rate, and prune advertisements with low value-rate until they are within the limit again. Sellers will attempt to put the minimum possible value into a UTXO committing to an advertisement to reduce the opportunity cost of using the value elsewhere. Thus the rent of the advertisement is paid to joinmarket makers and LN forwarding nodes as the value used in a UTXO backing an advertisement is not usable in joinmarket/LN. Sellers remain in full control of their advertising UTXO and can spend it at any time. A HODLer may offer to provide a UTXO locked by a 2-of-2 with a commitment to an advertisement of the advertiser's choosing in exchange for rent of the value plus an unbreakable promise to return the rented UTXO value back to the HODLer.Users can look for advertisements of specific classes by simply querying their own BCAN node without leaking privacy as long as the communication channel of the user with their own BCAN node is private. Advertisers that misclassify their advertisements will be unable to reach their target audience. Utility-maximizing advertisers will correctly indicate the class of their advertisements, as otherwise, they would be paying the advertising cost without gaining the benefit of the advertisement.
Updated on: 2023-06-13T19:45:25.486626+00:00