diff options
| author | Omar Shibli <omarshib@gmail.com> | 2017-09-06 18:22:27 +0300 |
|---|---|---|
| committer | Omar Shibli <omarshib@gmail.com> | 2017-09-06 18:22:27 +0300 |
| commit | 3afd4bd57f985ddb5758dbde0fb7ffc11061c8bd (patch) | |
| tree | 68df9c3023c59ccaf4f678a561ef146085da7d35 | |
| parent | 4ba4fc3f0af1aed964fd3c0539b6ed3728699b5d (diff) | |
| download | bips-3afd4bd57f985ddb5758dbde0fb7ffc11061c8bd.tar.xz | |
updated draft
| -rw-r--r-- | bip-draft.mediawiki | 6 |
1 files changed, 3 insertions, 3 deletions
diff --git a/bip-draft.mediawiki b/bip-draft.mediawiki index 17144c6..41e718d 100644 --- a/bip-draft.mediawiki +++ b/bip-draft.mediawiki @@ -23,11 +23,11 @@ The key words "MUST", "MUST NOT", "REQUIRED", "SHALL", "SHALL NOT", "SHOULD", "S ==Motivation== -A Bitcoin transaction represents a "real world" contract between two parties to transfer value. The payer may want cryptographic proof that the payee has agreed to the terms of this contract. Using the technique described in this BIP, an address can be provably derived from the terms of a contract in a completely hidden manner which does not bloat the UTXO. This scheme can also be used as a foundation for a variety of protocols, such as advanced color coin schemes. +A Bitcoin transaction represents a "real world" contract between two parties transferring value. Counterparties in a business interaction traditionally keep track of a payment with bills (invoices) and receipts. Delivery of a good is made by the payee once the payor has signed the receipt, agreeing to pay for the items on the invoice. Gerhardt and Hanke [0] formulate this interaction within the confines of the Bitcoin protocol using homomorphic payment addresses and the multiparty pay-to-contract protocol. -Counterparties in a business interaction traditionally keep track of a payment with bills (invoices) and payment receipts. Delivery of a good is made by a merchant once the customer has signed the receipt, agreeing to pay for the items on the bill. Gerhardt and Hanke [0] formulate this interaction within the confines of the Bitcoin protocol using homomorphic payment addresses and the pay-to-contract protocol. The protocol is constructed in such a way that the payment itself provides proof of both who is being paid and for what. +The protocol is constructed in such a way that all parties have cryptographic proof of both who is being paid and for what. Using the technique described in this BIP, an address can be provably derived from the terms of a contract and the payee's public key. This derivation scheme does not bloat the UTXO and is completely hidden to network participants; the derived address looks like any other P2(W)PKH or P2(W)SH address. Redemption of the funds requires knowledge of the contract and the payee's private key. -This scheme is based on the foundations of BIP-0032, providing a consistent way for preexisting wallet developers to implement the specification. +This scheme utilizes the foundations of BIP-0032, providing a consistent way for preexisting wallet developers to implement the specification. ==Specification== |