Ryan Grant [ARCHIVE] on Nostr: 📅 Original date posted:2022-07-12 📝 Original message:BIP119, OP_CTV, allows ...
📅 Original date posted:2022-07-12
📝 Original message:BIP119, OP_CTV, allows value to be assigned in a predetermined tree
of payments that confirms with a single output.
This allows batched transactions in the predetermined tree (e.g.
withdrawals from a centralized exchange) to be anchored in a way that
disallows double-spending of the inputs, yet allows the recipients to
smooth out mining fees for their withdrawal outputs, at their leisure.
It's a perfect design for a world where there are always more
transactions to be made than block space allows, yet only some of them
are urgent. As it applies to concerns mentioned in this thread, it
can be used to shift transaction fees to later blocks. Whenever
smoothing transaction fees would be a nice-to-have, this is one way to
have it.
https://utxos.org/uses/scaling/
https://utxos.org/analysis/bip_simulation/
On Tue, Jul 12, 2022 at 9:49 AM Peter <dizzle at pointbiz.com> wrote:
> With 3000 Lightning open/ close tx per block and 6 billion adults
> it's 38 years of backlog to onboard the entire adult
> population. That's not including corporations.
Separately, OP_CTV also allows slightly different payment channels
from the existing Lightning Network, that allow non-interactive
batched opens. Using this technique, onboarding 6 billion adults to
payment channels would be limited only by their willingness to
participate.
https://utxos.org/uses/non-interactive-channels/
📝 Original message:BIP119, OP_CTV, allows value to be assigned in a predetermined tree
of payments that confirms with a single output.
This allows batched transactions in the predetermined tree (e.g.
withdrawals from a centralized exchange) to be anchored in a way that
disallows double-spending of the inputs, yet allows the recipients to
smooth out mining fees for their withdrawal outputs, at their leisure.
It's a perfect design for a world where there are always more
transactions to be made than block space allows, yet only some of them
are urgent. As it applies to concerns mentioned in this thread, it
can be used to shift transaction fees to later blocks. Whenever
smoothing transaction fees would be a nice-to-have, this is one way to
have it.
https://utxos.org/uses/scaling/
https://utxos.org/analysis/bip_simulation/
On Tue, Jul 12, 2022 at 9:49 AM Peter <dizzle at pointbiz.com> wrote:
> With 3000 Lightning open/ close tx per block and 6 billion adults
> it's 38 years of backlog to onboard the entire adult
> population. That's not including corporations.
Separately, OP_CTV also allows slightly different payment channels
from the existing Lightning Network, that allow non-interactive
batched opens. Using this technique, onboarding 6 billion adults to
payment channels would be limited only by their willingness to
participate.
https://utxos.org/uses/non-interactive-channels/