Author: David A. Harding 2020-03-31 10:35:08
Published on: 2020-03-31T10:35:08+00:00
Tom Trevethan via bitcoin-dev has announced that they are working on implementing the statechains concept. The implementation focuses on two main modifications, including replacing the 2-of-2 multisig output with a single P2(W)PKH output. This approach allows for public key sharing between the SE and the current owner. Dr. Trevethan's proposal of using statechains with 2P-ECDSA has raised questions about his patent assigned to nChain Holdings for "Secure off-chain blockchain transactions". The patent application included excerpts that caught attention, such as the ability to enable one computer system to generate multiple off-chain transactions that are recordable to a blockchain in different circumstances without requiring an on-chain transaction. Additionally, at least some of the off-chain transactions are valid for recording on the blockchain even if there is a catastrophic failure of the exchange. The patent also includes a two-party elliptic curve digital signature algorithm (two-party ECDSA) script that configures a processor to perform functions described therein. Dr. Trevethan's proposed implementation may limit the opportunities for malicious attackers to compromise the exchange platform since an attack requires either the simultaneous theft of both exchange and depositor keys or collusion with previous legitimate owners of funds.
Updated on: 2023-06-14T00:21:31.416135+00:00