From 407178e04a23583856fcf333d46e7d121efe0acc Mon Sep 17 00:00:00 2001 From: bitcoina Date: Wed, 11 Sep 2019 10:32:43 +0100 Subject: [PATCH] Update ch01.asciidoc (#34) Great start to the Unilateral Channel part of the history! I've suggested some stylistic updates to the first sentence. --- ch01.asciidoc | 2 +- 1 file changed, 1 insertion(+), 1 deletion(-) diff --git a/ch01.asciidoc b/ch01.asciidoc index cea5372..1b62fd0 100644 --- a/ch01.asciidoc +++ b/ch01.asciidoc @@ -37,7 +37,7 @@ This is achieved by creating an economic incentive via a penalty mechanism if no Effectively the most recent update of the payment channel (encoded as a bitcoin transaction) becomes enforcable in this way. // find / add sources for some of the claimes -Already in July 2011 pseudonomous user hashcoin proposed on bitcointalk the usage of Timelocks via `nLockTime` to solve the custody problem of exchanges. +In July of 2011, on the bitcointalk.org forum, a pseudonomous user by the name of "hashcoin" proposed the usage of Timelocks via the `nLockTime` function of the bitcoin network to solve the custody problem of exchanges. The idea was to be able to quickly trade / sell Bitcoin without the necessity to send all the bitcoins to the exchange in the first place. Hashcoin effectively proposed what we would today call a unidirectional payment channel. With this mechanism a user A could fund a multisig wallet between A and another user B together with a timelocked transaction sending all Bitcoin Back to A.