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To: Chris Stewart <chris@suredbits.com>
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Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>,
"dlc-dev@mailmanlists.org" <dlc-dev@mailmanlists.org>
Subject: Re: [bitcoin-dev] Recurring bitcoin/LN payments using DLCs
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Good morning Chris,
> I think this proposal describes arbitrary lines of pre-approved credit fr=
om a bitcoin wallet. The line can be drawn down with oracle attestations. Y=
ou can mix in locktimes on these pre-approved lines of credit if you would =
like to rate limit, or ignore rate limiting and allow the full utxo to be s=
pent by the borrower. It really is contextual to the use case IMO.
Ah, that seems more useful.
Here is an example application that might benefit from this scheme:
I am commissioning some work from some unbranded workperson.
I do not know how long the work will take, and I do not trust the workperso=
n to accurately tell me how complete the work is.
However, both I and the workperson trust a branded third party (the oracle)=
who can judge the work for itself and determine if it is complete or not.
So I create a transaction whose signature can be completed only if the orac=
le releases a proper scalar and hand it over to the workperson.
Then the workperson performs the work, then asks the oracle to judge if the=
work has been completed, and if so, the work can be compensated.
On the other hand, the above, where the oracle determines *when* the fund c=
an be spent, can also be implemented by a simple 2-of-3, and called an "esc=
row".
After all, the oracle attestation can be a partial signature as well, not j=
ust a scalar.
Is there a better application for this scheme?
I suppose if the oracle attestation is intended to be shared among multiple=
such transactions?
There may be multiple PTLCs, that are triggered by a single oracle?
Regards,
ZmnSCPxj
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