Author: Rusty Russell 2015-11-24 23:04:31
Published on: 2015-11-24T23:04:31+00:00
In this discussion, Ryan Grant proposes a thought experiment of using Lightning for crowdfunding. However, upon reflection, he concludes that there's no point in doing so. He suggests that any person who holds coins on the Bitcoin blockchain can sign their part of the transaction for free, and only the initiator needs to pay a transaction fee. The discussion then continues to analyze the possibility of extending the protocol to pay to anything, which is called "Atomic swap to X." The problem with swapping onto the blockchain is that it needs to be able to time out. To solve this, a transaction can be created with a small output with scriptPubkey of form "pay to me, or after pay to anyone." This can be used as one input to the crowdfunding transaction. After the timeout, anyone can double-spend and invalidate the crowdfunding transaction, making the amount cover the expected transaction fee and creating free money.
Updated on: 2023-05-23T21:39:18.974245+00:00