On Sun, Mar 16, 2014 at 3:58 PM, Adam Back <a...@cypherspace.org> wrote: > 2. you move coins to the side-chain by spending them to a fancy script, > which suspends them, and allows them to be reanimated by the production of > an SPV proof of burn on the side-chain.
One point to note here is that the if the whole move and quieting period stuff sounds cumbersome— thats because it is. Even with the best efficiency optimizations the security requirements result in somewhat large and slow transactions— and thats totally fine! A key point here is that normally someone who needs to use coins on one chain or the other can use fast atomic cross-chain transactions[1][2] and not bother with the slow direct movement across. The cross chain swapping, however, requires an (untrusted) counterparty on the other chain, while the 2-way peg migrations can be performed alone in order to provide liquidity and balance demand. [1] https://en.bitcoin.it/wiki/Contracts#Example_5:_Trading_across_chains (Hm the citation there is weird, that predates TierNolan's post) [2] https://bitcointalk.org/index.php?topic=321228.0 CoinSwap: Transaction graph disjoint trustless trading (private version) ------------------------------------------------------------------------------ Learn Graph Databases - Download FREE O'Reilly Book "Graph Databases" is the definitive new guide to graph databases and their applications. Written by three acclaimed leaders in the field, this first edition is now available. Download your free book today! http://p.sf.net/sfu/13534_NeoTech _______________________________________________ Bitcoin-development mailing list Bitcoin-development@lists.sourceforge.net https://lists.sourceforge.net/lists/listinfo/bitcoin-development
