Author: Ruben Somsen 2020-03-28 17:42:58
Published on: 2020-03-28T17:42:58+00:00
The email chain discusses the workability and enhancements needed for statechains, a proposed layer 2 scaling solution for Bitcoin. The first enhancement discussed is the ability to atomic swap multiple UTXOs and binary decomposition of value in lots. It is suggested that users decompose their outputs into fixed lot sizes to make coinjoin-type uses more viable. However, it is mentioned that nothing prevents the statechain from having internally multiple UTXOs divided from a single large on-chain UTXO. Statechains can act much like a federated blockchain, and its interface could be for its clients to send a Bitcoin transaction to it spending one or more of the UTXOs currently instantiated inside the statechain.The second enhancement is key exchange or "addresses" to facilitate a secure communication path from sender to receiver. In addition, the discussion also mentions a logical enhancement to use some kind of single-use seal to close old states. Finally, the third enhancement discussed is the use of Lightning for smaller-value payments, as it enables arbitrary updates to amounts, whereas statechains will be more valuable for larger values. It is suggested that opening a Lightning channel on top of a statechain makes more sense than using small UTXOs to pay for statechain fees if BTC fees go up. The email chain concludes with an affirmation that any kind of transfer ownership through signatures will resemble single-use seals.
Updated on: 2023-06-14T00:13:49.216904+00:00