BCIP Bitcoin Cash Payment Channels -- A way to trust 0-conf transactionssteemCreated with Sketch.

in #bitcoin • 7 years ago (edited)

Hi guys,

I would like to propose something that would look like LN for Bitcoin Cash but without off-chain transactions.

Disclaimer : I have no idea about how this is close to the LN.

Abstract

The idea is to make a new transaction type that create a payment channel, restricting the transactions that can be made from this address to another for a predefined amount of time.

The idea is to write on the blockchain : Hey ! I am locking this funds for the next 144 blocks, for this amount of time, no miner is allowed to include a transaction from this address to another address than this one !

As a customer, before entering a business, you create a payment channel of 1 day to the address of the merchant covering all the potential costs (for example $15 when it comes to a coffee). Then you enter the business, make your purchases and have your final price (let's say $4). You can then sign the transaction and immediately leave. The remaining funds are going to be unlocked after.

Even if this is a 0-confirmation transaction, the fund are locked and the only transaction that can be processed during that day from that address are the transactions to the merchant. The merchant is guaranteed to not get any double spend and that the transaction is going to be validated (if there is enough fees).

Technical details

I am not a Bitcoin Cash dev or anything so I will provided what I can.

The new transaction type would have the same informations plus some others :

input_address



amount



merchant_address



timestamp or block_height

Transactions that touch the funds would have to be either to the merchant_address or included in a block after the timestamp or block_height

#blockchain #crypto #money
7 years ago in #bitcoin by
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     7 years ago 

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