@ -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.
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
// 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.
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.
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.
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.