Author: Benjamin 2015-05-08 14:54:05
Published on: 2015-05-08T14:54:05+00:00
The context describes a process of making a donation of 50BTC by a group of 1000 people. The pledgers are expected to donate 0.05BTC each only if everyone else donates. To make this possible, the pledgers create transactions using a specified template and broadcast them. The p2p protocol can be modified to allow this. The transaction is invalid until enough other users have added pledges, and a valid transaction can be broadcast. Once a valid transaction is included in the blockchain, it becomes locked in. The OP_CHECKLOCKTIMEVERIFY opcode means that the 50BTC output cannot be spent until block 1 million. If the transaction hasn't been completed by block 999,900 due to not enough pledgers, the pledgers can spend the coins they were going to use for their pledge. The pledger is saying that he will only pay 0.01BTC if the miner gets a reward of 50BTC. However, everyone has an incentive to wait until the last minute to pledge, which still poses a problem.
Updated on: 2023-06-09T20:01:45.192202+00:00