Author: Pierre 2019-04-03 08:41:12
Published on: 2019-04-03T08:41:12+00:00
In a recent conversation, Pierre was discussing the shift from "H"TLC to "P"TLC point-locked timelocked contracts. This means that instead of using payment hash and preimage, they will be using payment point and scalar. However, Pierre admits that cryptography is not his area of expertise and therefore cannot provide further details.The concept of point-locked timelocked contracts (PTLC) involves locking funds in a way where they can only be spent if certain conditions are met. These contracts use elliptic curve cryptography to create a public key that can be used to lock funds. The private key required to unlock these funds is only released after a predetermined amount of time has passed.With PTLCs, the payment point and scalar replace the payment hash and preimage respectively. The payment point is a public key generated by the receiver, while the scalar is a random number generated by the sender. These two pieces of information are used to derive a shared secret which is then used to unlock the funds.This shift from HTLC to PTLC is seen as an improvement in terms of security and scalability. PTLCs allow for faster payments while also reducing the risk of attacks such as hash collisions. It is important to note that this change is still in its early stages of development and may require further testing before it can be implemented on a larger scale.Overall, the move from HTLC to PTLC represents a significant upgrade in the world of cryptocurrency transactions. It is exciting to see how these changes will continue to evolve and improve the way we handle digital assets.
Updated on: 2023-06-02T18:07:24.491325+00:00