From c3c911e1eb222bc15ddd4a0c783556a4673dfcb5 Mon Sep 17 00:00:00 2001 From: "Andreas M. Antonopoulos" Date: Wed, 5 Oct 2016 13:34:20 +0200 Subject: [PATCH] Revert "skeleton for timelocks and state channels" This reverts commit 9b5f9d5e200bb056de199e26cd5d1696ce237862. --- state_channels.asciidoc | 18 ------------------ timelocks.asciidoc | 18 ------------------ 2 files changed, 36 deletions(-) delete mode 100644 state_channels.asciidoc delete mode 100644 timelocks.asciidoc diff --git a/state_channels.asciidoc b/state_channels.asciidoc deleted file mode 100644 index a81661cf..00000000 --- a/state_channels.asciidoc +++ /dev/null @@ -1,18 +0,0 @@ -//// - - -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 deleted file mode 100644 index 8d1d9cdd..00000000 --- a/timelocks.asciidoc +++ /dev/null @@ -1,18 +0,0 @@ -//// - - -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 -