Author: Tom Trevethan 2020-05-07 14:54:53
Published on: 2020-05-07T14:54:53+00:00
CommerceBlock is actively working on implementing their statechain using KZen's 2P ECDSA protocol and Rust. They plan to use a sparse Merkle tree attested to a Mainstay slot for the proof-of-publication/proof-of-ownership. The statechain will allow the current owner to prove if there has been theft from them. Nadav, however, is concerned about potential scams by the SE where they buy the UTXO, transfer it, and then steal it. This issue can be solved by adding a new user key to the protocol that would make it traceable/provable. For open-ended UTXOs, an invalidation tree relative locktime backup mechanism will likely be used. Tom Trevethan clarifies that his patent application is different from the ideas currently being worked on.On the bitcoin-dev mailing list, a proposal was made for an exchange platform that operates using off-chain transactions and does not require on-chain transactions. This platform would be capable of generating multiple transactions, which can be recorded on a blockchain under different circumstances. The proposal suggests that some off-chain transactions should still be valid for recording on the blockchain in the event of a catastrophic failure of the exchange, such as the permanent shutdown of the exchange or loss of key shares. A two-party elliptic curve digital signature algorithm script would be used to perform functions of a two-party elliptic curve digital signature algorithm. The proposal also notes that a malicious actor would have to collude with a previous owner of the funds to recreate the full key making it difficult for them to compromise the exchange platform. Dave proposed this idea, and Bob McElrath responded to it by quoting H.L.
Updated on: 2023-06-14T00:18:27.941856+00:00