From 9b5f9d5e200bb056de199e26cd5d1696ce237862 Mon Sep 17 00:00:00 2001 From: "Andreas M. Antonopoulos" Date: Sun, 11 Sep 2016 15:55:27 -0700 Subject: [PATCH] skeleton for timelocks and state channels --- state_channels.asciidoc | 18 ++++++++++++++++++ timelocks.asciidoc | 18 ++++++++++++++++++ 2 files changed, 36 insertions(+) create mode 100644 state_channels.asciidoc create mode 100644 timelocks.asciidoc diff --git a/state_channels.asciidoc b/state_channels.asciidoc new file mode 100644 index 00000000..a81661cf --- /dev/null +++ b/state_channels.asciidoc @@ -0,0 +1,18 @@ +//// + + +Will be merged later into chapter 6 or 7, as the book is reorganized + + +//// +[[state_channels]] +=== State Channels + +_State channels_, or _payment channels_ are a system of smart-contract based virtual channels that enable payments to be exchanged between two parties that do not need to trust each other, with settlement via transactions on the blockchain. + +In the simplest form, a state channel is made by constructing a sequence of time-locked transactions with incrementing value. This is a one-way state channel between two parties. A one-way channel like this is useful for making off-chain micro-payments in return for delivery of a metered service, such as streamed video or Wifi service. + +More complex state channels can be used to build bi-directional off-chain payments between two parties. These are useful for maintaining a running balance between two parties without having to commit transactions to the bitcoin blockchain. + +Finally, state channels can be linked together to form a routed multi-hop network of payments between multiple parties. Such a network can support a much higher volume of transactions, each of very small value (micro-payments), for much lower cost than the equivalent transactions on the bitcoin blockchain. Yet, the trust is entirely + diff --git a/timelocks.asciidoc b/timelocks.asciidoc new file mode 100644 index 00000000..8d1d9cdd --- /dev/null +++ b/timelocks.asciidoc @@ -0,0 +1,18 @@ +//// + + +Will be merged later into chapter 6 or 7, as the book is reorganized + + +//// +[[state_channels]] +=== Time Locks + +==== nLockTime + +==== CLTV + +==== CSV + +==== Smart Contracts Using Time Locks +