Author: Ruben Somsen 2020-05-12 11:34:17
Published on: 2020-05-12T11:34:17+00:00
Ruben Somsen, a Bitcoin developer, received praise for his protocol which is considered both a theoretical and practical breakthrough. The protocol, called "Forced Refund TLC," solves the issue of ensuring that both parties in a transaction fulfill their obligations without the need for a trusted third party. The traditional 4 tx protocol can be turned into a 2 tx protocol with an online requirement, but Ruben's protocol comes at no cost and is more efficient in the non-cooperative case. However, there are moments where both parties can claim the BTC, which could lead to losses if one party acts incompetently or malevolently. ZmnSCPxj suggested using relative locktimes as often as absolute locktimes for block-sniping-prevention and a decent Scriptless Script system to avoid information leaks in protocol aborts. Ruben agreed with this observation and also noted that access to money is contingent on remembering secrets, which could pose backup complexity issues for users who cold-store their LTC. Lloyd Fournier provided a correction to his previous post about the protocol, stating that Alice reveals a secret when she refunds, which is crucial.
Updated on: 2023-06-14T01:30:51.302351+00:00