Author: Bob McElrath 2020-03-27 17:10:18
Published on: 2020-03-27T17:10:18+00:00
Tom Trevethan is working on the implementation of statechains, a non-custodial off-chain Bitcoin transfer protocol, with a particular interest in using it to enable the change of ownership (novation) of an individual position in an active discreet log contract without an on-chain transaction and without needing cooperation from the counterparty. There are two main modifications that Trevethan is looking at: 1) Instead of an eltoo-based backup/refund transaction, he proposes to use a decrementing nLocktime for backup transactions as the output changes hands; 2) Replacing the 2-of-2 multisig output with a single P2(W)PKH output where the public key shared between the SE and the current owner. In terms of atomic swap of multiple UTXOs, and binary decomposition of value in lots, Trevethan suggests decomposing outputs in a binary decomposition, having UTXOs with specific values. This means that the statechain now has to atomically swap multiple UTXOs. The steps in Trevethan's protocol presuppose a secure communications path from the sender's wallet to the receiver's. A logical enhancement would be to use some kind of single-use seal, which is "opened" when the UTXO is created or transferred, and "closed" when it is transferred again.
Updated on: 2023-06-14T00:17:06.887983+00:00