Author: ZmnSCPxj 2022-09-05 03:17:27
Published on: 2022-09-05T03:17:27+00:00
A novel way to batch transactions together into blocks has been developed by ZmnSCPxj on layer 1 without any hardforks. The idea was born after a discussion with Greg Maxwell about implementing multisig using Taproot. The scheme uses MuSig1, OP_CHECKLOCKTIMEVERIFY (OP_CLTV) timelock type, and negligible OP_RETURN data to create constructs called "multipayment channels" that allow multiple people to pay in one transaction. These channels consist of a fixed amount of people N who open a channel by creating an optionally Taproot address with the script mentioned above. Each participant receives the N signatures and constructs the N-of-N MuSig at the same time. Each participant will use this MuSig to generate his own independent "commitment transaction" with the properties mentioned above. However, there is a disadvantage because the N-of-N signature is given to all participants, it might be leaked into the public. ZmnSCPxj's scheme makes use of constructs called Spilman channels which are similar to CoinPools / multiparticipant channels / Statechains. The author's modifications to the scheme are modernizations of the Spilman channels.
Updated on: 2023-06-16T00:12:08.851705+00:00