[bitcoin-dev] Simple Bitcoin Payment Channel Protocol v0.1 draft (request for comments)

[Rune Kjær Svendsen via bitcoin-dev]

Dear list

I've spent the past couple of months developing a simple protocol for
working with payment channels. I've written up a specification of how
it operates, in an attempt to standardize the operations of opening,
paying and closing.

This specification was derived from a mostly-working implementation
which will be open sourced in a short while (after a clean-up). It's
written in Haskell.

I'm sharing the specification now because I think it has value in
itself to have everything documented, especially since I've chosen to
write the implementation in Haskell, and for people to point out any
errors or basically anything I haven't thought of.

Link:

https://raw.githubusercontent.com/runeksvendsen/simple-bitcoin-payment-channel-protocol/master/simple-bitcoin-payment-channel-protocol-v0.1.txt




Regards
Rune

[Rusty Russell via bitcoin-dev]

Rune Kjær Svendsen via bitcoin-dev

Post by Rune Kjær Svendsen via bitcoin-dev
Dear list
I've spent the past couple of months developing a simple protocol for
working with payment channels. I've written up a specification of how
it operates, in an attempt to standardize the operations of opening,
paying and closing.

Hi!

CHECKLOCKTIMEVERIFY [...] allows payment channel
setup to be risk free [...] something that was
not the case before, when the refund Bitcoin transaction
depended on another, unconfirmed Bitcoin transaction. Building
on unconfirmed transactions is currently not safe in Bitcoin

With Segregated Witness, this is now safe. With that expected soon, I'd
encourage you to take advantage of it.

Cheers,
Rusty.