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Each update to the channel is a new transaction that references the opening transaction, on each update, this transaction is replaced with a new one, so in prac
by madacol 5y ago
Each update to the channel is a new transaction that references the opening transaction, on each update, this transaction is replaced with a new one, so in practice only the last transaction is kept (old transactions become dangerous to publish)
To know how they update trustlessly you should read my other comment https://news.ycombinator.com/item?id=27451184 https://news.ycombinator.com/item?id=27451184
LN eliminates the need of escrow completely by using bitcoin's script (smart contracts) in clever ways and a bit of cryptography
- SavantIdiot 5y ago> bitcoin's script (smart contracts I'm out of the loop, I didn't realize bitcoin had contracts yet. Cool.
- madacol 5y agoIt has always had, it is just much limited than ethereum's. But you can express things like "if X and Y cooperate they can spend this transaction or Y can spend after 1000 blocks or X can spend if it reveals the preimage of this hash ____" These logics are what LN uses in its update-transactions
- anonporridge 5y agoThe big difference is that bitcoin's scripting language is not turing complete. This is a security and scalability trade off that the bitcoin community isn't willing to compromise on, which drove people like Vitalik (started as a bitcoin dev) away to start Ethereum. Taproot is also a rad upgrade that is going to improve bitcoin's layer one scripting in some interesting ways, https://bitcoinmagazine.com/technical/taproot-coming-what-it-and-how-it-will-benefit-bitcoin https://bitcoinmagazine.com/technical/taproot-coming-what-it... I haven't looked into this much, but there are projects like Rootstock, https://www.rsk.co/ https://www.rsk.co/, that essentially recreate all of Ethereum's functionality as a bitcoin sidechain.