Author: Richard Myers 2019-09-16 14:08:56
Published on: 2019-09-16T14:08:56+00:00
The author envisions a future where most people are not the sole owners of coins onchain, but are instead share-owners of coins. Single-signer ownership would only occur onchain in the case of dispute or for long-term cold storage. The author provides a change-in-membership ritual as a way to elaborate on this idea. While some aspects of multi-party Decker-Russell-Osuntokun channels have analogs to a signet blockchain that use an n-of-n federation of signers, other places, like change-in-membership, do not have direct analogs. The post discusses various signet concepts and their multi-party channel analogs including block script, genesis block, utxo set, and mempool. However, there are concepts where layer two channels do not have an obvious analog to a layer one signet blockchain such as cooperative close, membership change (ZmnSCPxj ritual), balance change, uncooperative close, uncooperative membership change, mining, mining reward and difficulty adjustment, transaction fees, privacy, and liveness. Additionally, the author clarifies that the "block" that would need to be signed by the participants would actually be a Decker-Russell-Osuntokun update+state transaction, and would commit to the UTXO set rather than the transaction set. The author concludes by acknowledging the usefulness of these ideas in making eltoo scripts that support multi-party channels.
Updated on: 2023-06-02T20:13:07.444329+00:00