Author: raymo at riseup.net 2021-06-26 21:54:26
Published on: 2021-06-26T21:54:26+00:00
Raymo proposed a protocol called Sabu to improve Bitcoin TPS and privacy. ZmnSCPxj responded by saying that guarantee transactions (GT) being higher-fee is not assured, as feerates are always bumpable. The sender of a transaction can directly contact a miner and offer a fee to take a specific transaction on the next block proposal, conditional on the transaction actually getting into a block. ZmnSCPxj also mentioned that every offchain protocol needs the receiver as a signatory to any unconfirmed transaction.ZmnSCPxj explained that all safe offchain schemes need to use an n-of-n signing set. The smallest n-of-n that is still useful is 2-of-2, where one participant is a sender and the other is a receiver. This requires Bitcoin to splinter into lots of 2-of-2 funds, each one a sovereign sub-money (that is eventually convertible to Bitcoin), each one a cryptocurrency system in its own right. However, we have a mechanism for transferring value across multiple cryptocurrency systems: the HTLC.ZmnSCPxj suggested using a two-layer system to mitigate the offline-problem by having a n-of-n system (n > 2) that itself splits into multiple smaller 2-of-2 systems. That way, the Bitcoin layer is split into fewer UTXOs, reducing blockchain resource consumption further. ZmnSCPxj concluded by mentioning Channel Factories hosting Lightning Channels.
Updated on: 2023-06-14T22:44:59.872684+00:00