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Wording #458

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Andreas M. Antonopoulos 2018-02-04 10:48:57 -06:00
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@ -245,7 +245,7 @@ image::images/mbc2_1204.png["A payment channel between Bob and Alice, showing th
==== Simple Payment Channel Example
((("payment (state) channels", "example of", id="PSCexample12")))To explain state channels, we have to start with a very simple example. We demonstrate a one-way channel, meaning that value is flowing in one direction only. We will also start with the naive assumption that no one is trying to cheat, to keep things simple. Once we have the basic channel idea explained, we will then look at what it takes to make it trustless so that neither party _can_ cheat, even if they are trying to.
((("payment (state) channels", "example of", id="PSCexample12")))To explain state channels, we start with a very simple example. We demonstrate a one-way channel, meaning that value is flowing in one direction only. We will also start with the naive assumption that no one is trying to cheat, to keep things simple. Once we have the basic channel idea explained, we will then look at what it takes to make it trustless so that neither party _can_ cheat, even if they are trying to.
For this example we will assume two participants: Emma and Fabian. Fabian offers a video streaming service that is billed by the second using a micropayment channel. Fabian charges 0.01 millibit (0.00001 BTC) per second of video, equivalent to 36 millibits (0.036 BTC) per hour of video. Emma is a user who purchases this streaming video service from Fabian. <<emma_fabian_streaming_video>> shows Emma buying the video streaming service from Fabian using a payment channel.