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Combined summary - Smart Contracts Unchained

Combined summary - Smart Contracts Unchained

In an email conversation, the benefits of Lightning in smart contracts are discussed.

The proposal suggests using locked funds from a Lightning channel to create a 2/3 MultiSig output for an escrow scheme. Three scenarios are presented: Smart Contracts in a Lightning Channel, Single Hop Smart Contracts, and Fully Routed Smart Contracts. Each scenario has its own challenges, such as ensuring only the intended party can claim the output in Single Hop Smart Contracts. The proposal aims to achieve the benefits of Lightning without the need for a separate blockchain or sidechain.The conversation also touches on the comparison between Ethereum and Bitcoin sidechains. The writer emphasizes precision in terminology and defines a blockchain as a Merklized singly-linked list containing state transformations. While Lightning Network is not considered a sidechain, it shares a "federated" off-chain structure with federated sidechains. The security of Lightning is highlighted due to its consensus mechanism.Aymeric and ZmnSCPxj discuss the disappearance of smart contract platforms and the possibility of recovering funds. They suggest that if all participants agree on a fair distribution, funds can be recovered even if the platform disappears. The conversation raises concerns about the centralization of existing sidechains and proposes a decentralized system for storing intermediate states. However, it is noted that this may be a future step. The issue of platforms going down needs to be addressed.ZmnSCPxj proposes an alternative method for implementing smart contracts without launching a separate blockchain or sidechain. This method allows participants to select trusted executors of smart contracts and determine the necessary voting quorum for consensus. However, too many choices may complicate decision-making. The importance of addressing the issue of disappearing platforms is emphasized.The conversation between Aymeric and ZmnSCPxj revolves around the decentralization and security of sidechains. The possibility of recovery in case of disappearing smart contract platforms is discussed. A decentralized system to store intermediate states is suggested, but its feasibility is uncertain. The proposal does not directly address the concerns about centralization and sidechains.ZmnSCPxj proposes a mechanism for implementing smart contracts without a separate blockchain or sidechain. This mechanism offers security similar to federated sidechains and additional benefits to privacy and smart-contract-patching. It allows participants to select trusted executors of smart contracts and determine the necessary voting quorum for consensus. However, too many choices may complicate decision-making.The conversation discusses the possibility of recovering funds in case smart contract platforms disappear. It is suggested that all participants agree on a fair distribution of funds. Existing sidechains are criticized for being centralized, except for Lightning Network. The proposal aims to move towards offchain techniques and highlights concerns about the decentralization and security of sidechains.The author questions the use of sidechains for smart contracts and proposes a decentralized system for storing intermediate states. They believe existing sidechains are centralized except for Lightning Network. The proposal advocates for a distributed escrow to store intermediate states. Concerns are raised about the decentralization and security of sidechains and the issue of disappearing platforms is acknowledged.ZmnSCPxj proposes an alternative method for implementing smart contracts without launching a separate blockchain or sidechain. This method achieves security similar to federated sidechains and offers additional benefits. The proposal suggests using an "as long as everybody agrees" escape hatch for buggy contracts. Concerns are raised about the ability to determine if a contract state is old without a consensus mechanism. The proposal addresses traditional smart contract implementation and offers a different approach.A proposal suggests an alternative method for implementing smart contracts without a separate blockchain or sidechain. This method achieves security similar to federated sidechains and offers additional benefits. The proposal uses Bitcoin's script language to create custom transaction types. It introduces Vault Transactions for time-locked payments and escrow services. Patchable Smart Contracts allow for updates without a hard fork. The proposal offers enhanced security, privacy, and patchability.

Discussion History

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ZmnSCPxjOriginal Post
April 4, 2019 01:55 UTC
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April 4, 2019 02:35 UTC
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April 8, 2019 10:45 UTC
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April 17, 2019 16:17 UTC
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April 18, 2019 05:33 UTC