Author: Tyler H 2018-04-20 05:10:10
Published on: 2018-04-20T05:10:10+00:00
The context of the conversation involves a method that brings efficiency without bloating the blockchain with non-financial data. The user acknowledges the value of having data live in the base chain for accessibility and censorship resistance, but recognizes that constraints may necessitate other avenues if the number of users filling up blocks increases. The design requires a separate method of communicating bindings and not being censored. The author suggests a similar scheme to pay-to-contract instead of putting non-financial data on-chain which will make Bitcoin-dev colleagues cry. The Numerifides command is created by generating a secret private key and public key, encoding the Numerifides command, computing the pay-to-contract public key, generating a P2WSH to the script, paying to that P2WSH on the Bitcoin network, and broadcasting command, P, and the txid+outnum of the UTXO that pays to the P2WSH above, to the Numerifides network which then verifies it. The user can reclaim its locked coins from c when the command expires. UTXOs that pay to the above construction that have expired the CSV will have the corresponding command deleted from the Numerifides database. If two commands conflict, then the one with higher locked amount is preferred. Proof-of-work can be embedded in the "command" rather than on the Bitcoin blockchain if proof-of-work is insisted upon. The same scheme can be used for practically any kind of asset.
Updated on: 2023-05-24T22:57:23.925748+00:00