Super Testnet on Nostr: I am excited, my channel factory implementation is making great progress! I got ...
I am excited, my channel factory implementation is making great progress! I got "receiving" to work today -- which is the hard part. Right now I am working on making it so users can also "send" money from their off-chain channels.
Once that is done, it won't just be a channel factory, it will also count as a coinpool: n users share a utxo locked to an n-of-n multisig, and any member can spend money from it on LN (because it's a channel factory) OR on the base layer via an LN-to-base-layer swap.
if any member chooses the latter, a transaction will appear on the base layer that an analyst might be able to trace to the pool (if the swapper colludes, along with all routing nodes from the pool to the swapper), but they can't trace it any further. Nothing on the blockchain tells who's who in the pool, and not even the channel counterparties know who's who in the pool.
hopefully this will help fix two problems with LN: the sometimes-high cost of creating a channel and the privacy drawback of putting your channel-opening transaction on the base layer
Once that is done, it won't just be a channel factory, it will also count as a coinpool: n users share a utxo locked to an n-of-n multisig, and any member can spend money from it on LN (because it's a channel factory) OR on the base layer via an LN-to-base-layer swap.
if any member chooses the latter, a transaction will appear on the base layer that an analyst might be able to trace to the pool (if the swapper colludes, along with all routing nodes from the pool to the swapper), but they can't trace it any further. Nothing on the blockchain tells who's who in the pool, and not even the channel counterparties know who's who in the pool.
hopefully this will help fix two problems with LN: the sometimes-high cost of creating a channel and the privacy drawback of putting your channel-opening transaction on the base layer