Author: Ryan Grant 2022-07-12 17:46:43
Published on: 2022-07-12T17:46:43+00:00
BIP119, also known as OP_CTV, is a design that enables value to be assigned in a predetermined tree of payments. This allows for batched transactions in the predetermined tree, such as withdrawals from a centralized exchange, to be anchored in a way that disallows double-spending of the inputs. It also allows recipients to smooth out mining fees for their withdrawal outputs at their leisure. This design is ideal for a world where there are always more transactions to be made than block space allows, but only some of them are urgent.Furthermore, OP_CTV can be used to shift transaction fees to later blocks, making it an effective solution whenever smoothing transaction fees would be beneficial. The links provided offer further insights into how OP_CTV can be used for scaling and its impact on BIP simulation.Separately, OP_CTV also allows for slightly different payment channels compared to the existing Lightning Network, allowing non-interactive batched opens. This technique would enable onboarding 6 billion adults to payment channels, limited only by their willingness to participate.
Updated on: 2023-06-15T22:50:50.582617+00:00