Author: Rusty Russell 2016-01-18 00:00:30
Published on: 2016-01-18T00:00:30+00:00
Joseph Poon explains how it is possible to do 2-of-3 party escrow in Lightning, which is functionally the same as the use case for on-chain "2-of-3 multisig" escrow systems without the 3rd party escrow being a custodian for any funds. This is useful for payments for goods and services which needs a third-party mediator. As Lightning uses Bitcoin transactions and scripts using Bitcoins, it will be possible to do nearly instant offchain multisig "escrow" on decentralized Lightning. From an inter-node transport perspective, all that matters is how many values per contract. It's up to the sender and receiver to agree on an escrow agent, figure out how to communicate with them, etc. The author congratulated Tadge, Laolu, and Joseph for their work on Lightning and plans to wade through this week and try to create a list of wire protocol differences to get closer to a final version.
Updated on: 2023-05-23T22:00:51.857639+00:00