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| author | Eric Lombrozo <elombrozo@gmail.com> | 2015-10-04 07:55:20 -0700 |
|---|---|---|
| committer | BtcDrak <btcdrak@gmail.com> | 2015-10-04 18:43:30 +0100 |
| commit | d80b70554399e1f5125773466bb276224bc0b295 (patch) | |
| tree | d6fdc21c9ad2e86a710fb6c5fa550d09c68f495b /bip-0112.mediawiki | |
| parent | bb6869a336e63d4720d59da833666e11447a3cef (diff) | |
| download | bips-d80b70554399e1f5125773466bb276224bc0b295.tar.xz | |
Split section
Diffstat (limited to 'bip-0112.mediawiki')
| -rw-r--r-- | bip-0112.mediawiki | 10 |
1 files changed, 6 insertions, 4 deletions
diff --git a/bip-0112.mediawiki b/bip-0112.mediawiki index dcd9237..eefd627 100644 --- a/bip-0112.mediawiki +++ b/bip-0112.mediawiki @@ -98,8 +98,11 @@ honoring the original contract. Some more specific applications of this idea: +=====Hash Time-Locked Contracts===== -=====Payment Channel Revocation===== +Hash Time-Locked Contracts (HTLCs) provide a general mechanism for offchain contract negotiation. An execution pathway can be made to require knowledge of a secret (a hash preimage) that can be presented within an invalidation time window. By sharing the secret it is possible to guarantee to the counterparty that the transaction will never be broadcast since this would allow the counterparty to claim the output immediately while one would have to wait for the time window to pass. If the secret has not been shared, the counterparty will be unable to use the instant pathway and the delayed pathway will be used instead. + +=====Bidirectional Payment Channels===== Scriptable relative locktime provides a predictable amount of time to respond in the event a counterparty broadcasts a revoked transaction: Absolute locktime @@ -110,10 +113,9 @@ long to wait (in number of blocks) before funds can be pulled out of the channel in the event of a noncooperative counterparty. -=====Bidirectional Payment Channels===== +=====Lightning Network===== -The lightning network proposes bidirectional two-party payment channels -(between Alice and Bob) that would benefit from CHECKSEQUENCEVERIFY. +The lightning network extends the bidirectional payment channel idea to allow for payments to be routed over multiple bidirectional payment channel hops. These channels are based on an anchor transaction that requires a 2-of-2 multisig from Alice and Bob, and a series of revocable commitment |