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Date: Thu, 9 Dec 2021 07:56:19 -0500
From: Peter Todd <pete@petertodd.org>
To: Alex Schoof <alex.schoof@gmail.com>
Message-ID: <YbH884j/+rZNcMjG@petertodd.org>
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Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>,
lightning-dev <lightning-dev@lists.linuxfoundation.org>,
=?iso-8859-1?Q?H=E9ctor_Jos=E9_C=E1rdenas?= Pacheco <hcarpach@gmail.com>
Subject: Re: [bitcoin-dev] [Lightning-dev] Sending OP_RETURN via Bitcoin
Lightning
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On Thu, Dec 09, 2021 at 07:12:45AM -0500, Alex Schoof wrote:
> The multisig scheme is interesting. From my understanding of Single Use
> Seals, since seal n commits to seal n+1, for the on-chain aggregation sea=
ls
> you would want to pick some common aggregation service provider ahead of
> time and if that provider disappears, you=E2=80=99re stuck and cant close=
the next
> seal. If instead you say =E2=80=9Cthis seal commits to three of the five =
of these
> next seals=E2=80=9D then you mitigate both availability and censorship ri=
sk. Am I
> getting that right?
Re: "some common aggregation service provider", you might be misunderstandi=
ng
the protocol: since seals are trustless with regard to validity, I can vali=
date
your seal, regardless of which aggregation service you use.
But other than that, I think we're on the same page!
A concrete example would be an exchange: they do a lot of transactions, so =
they
could choose to be their own aggregator, and wouldn't need any multisig at =
all
because they can trust themselves not to censor themselves. :) Meanwhile, o=
ne
of their customers might use 3-of-5 as you suggest, as they only do a few
transactions a month.
Interestingly, in some scenarios it might be worthwhile to both run your own
aggregator, and use multisig. Eg Alice could use a 2-of-3 with two third-pa=
rty
aggregators, and her own aggregation chain. If both third-parties are up, s=
he
does no on-chain transactions at all; if one third-party is down, she can u=
se
her own, and the remaining third-party. Thus she would only do an on-chain
transaction to defeat censorship/failure.
--=20
https://petertodd.org 'peter'[:-1]@petertodd.org
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