Published on: 2022-09-05T03:17:27+00:00
ZmnSCPxj has developed a novel method for batching transactions on layer 1 without the need for hardforks. The idea originated from a discussion with Greg Maxwell regarding the implementation of multisig using Taproot. The scheme utilizes MuSig1, OP_CHECKLOCKTIMEVERIFY (OP_CLTV) timelock type, and minimal OP_RETURN data to create "multipayment channels" that enable multiple individuals to pay in a single transaction.These multipayment channels consist of a fixed number of participants, denoted as N. Each participant opens a channel by creating an optional Taproot address using the specified script. Simultaneously, each participant receives the N signatures and constructs the N-of-N MuSig. This MuSig is then used to generate the participant's own independent "commitment transaction" with the aforementioned properties.However, there are some drawbacks to this scheme. One concern is that the N-of-N signature may be leaked to the public, potentially compromising the security of the channel. Additionally, all participants must be trustworthy for the scheme to function effectively.The author's scheme also incorporates Spilman channels, which are similar to CoinPools, multiparticipant channels, and Statechains. These modifications serve as modernizations of the Spilman channels.Overall, ZmnSCPxj's innovative approach allows for the batching of transactions into blocks, increasing the transactions-per-second without necessitating hardforks. Through the use of MuSig1, OP_CLTV timelocks, and negligible OP_RETURN data, multipayment channels are created to facilitate multiple payments in a single transaction. However, it is crucial to address the potential risks associated with the leakage of N-of-N signatures and the requirement of trustworthiness among participants.
Updated on: 2023-08-02T07:22:17.964261+00:00