Author: Alex Mizrahi 2016-06-23 12:58:29
Published on: 2016-06-23T12:58:29+00:00
The discussion revolves around the concept of closed seals, which are used as a construct for smart contracts and value transfer systems. The key aspect of closed seals is their ability to close over data, particularly another seal. This data serves as an argument to the condition function. However, the scalability properties of closed seals are not clear. In a simple scenario where a token is transferred from Alice to Bob and then to Claire, Claire needs to verify two proofs, and for a chain of N transfers, N proofs need to be verified. The process of creating and transferring tokens involves constructing a unique expression that checks signatures and signs a message with the PGP key, asking for the recipient's authorization expression, and sending a message to the seal oracle. The oracle stores the expression and signature in a map. To transfer the token, the recipient sends the token using a similar expression and signature. To verify the transfer, the recipient checks if the expressions and signatures were added in the oracle's map. The record can be communicated in just three times the size of the hash digest bytes. Despite the use of trusted oracles, scalability remains an issue.
Updated on: 2023-06-11T05:51:11.572237+00:00