Author: ZmnSCPxj 2022-03-05 22:57:39
Published on: 2022-03-05T22:57:39+00:00
In this conversation, the proposal for arbitrary lines of pre-approved credit from a bitcoin wallet is discussed. The line of credit can be drawn down with oracle attestations and locktimes can be mixed in to rate limit or ignore rate limiting and allow the full utxo to be spent by the borrower. This scheme can be useful in situations where a branded third party (the oracle) can determine if work has been completed or not, as in the case of commissioning work from an unbranded work person. A transaction can be created whose signature can only be completed if the oracle releases a proper scalar. After the work is completed, the workperson can ask the oracle to judge if the work has been completed, and if so, the work can be compensated. Additionally, the oracle attestation can be shared among multiple transactions and there may be multiple PTLCs that are triggered by a single oracle. Overall, this scheme can be contextual to the use case and can have various applications.
Updated on: 2023-06-15T17:27:58.597265+00:00