Author: Ruben Somsen 2020-05-11 17:50:21
Published on: 2020-05-11T17:50:21+00:00
Ruben Somsen, a Bitcoin developer, has proposed two new protocols for atomic swaps. The first protocol is called CoinSwap and is similar to a cross-chain atomic swap. However, it requires only two on-chain transactions and is scriptless, making it more efficient. One of the chains involved doesn't need to support timelocks, making it easier to access money. The protocol can also be used for privacy swaps like Payswap. However, users need to remember secrets to access their funds, and there is an online/watchtower requirement for the timelock supporting chain. Ruben describes the protocol steps in detail and addresses various questions around the protocol's limitations in the FAQ section.The second protocol proposed by Ruben is called Statechain. The main idea behind Statechains is to move the ownership of Bitcoin from one set of private keys to another. With Statechains, users can create a "Statechain" where they can send Bitcoin to other users who have access to the same set of private keys. Transactions on a Statechain can be settled instantly without broadcasting them to the network, making it possible to perform off-chain transactions at scale. The proposal has been reviewed and received feedback from members of the community.Related work includes Tier Nolan Atomic Swap and Monero Atomic Swap. Tier Nolan Atomic Swap allows for cross-chain atomic swaps between different cryptocurrencies. Monero Atomic Swap enables atomic swaps between Monero and Bitcoin. Ruben provides links to additional resources, including a GitHub repository for further error reporting, a paper on Eltoo (a protocol for Lightning Network), and the bitcoin-dev mailing list for further discussion.
Updated on: 2023-06-14T01:29:33.751296+00:00