Re: [Bitcoin-development] Bi-directional micropayment channels with CHECKLOCKTIMEVERIFY

[Peter Todd <pete@petertodd.org>]

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On Fri, Jan 09, 2015 at 01:40:53PM +0200, Nathan Cook wrote:

Would you mind doing up some actual scriptPubKeys/transactions using
this idea as an example? I think it'd make the review process a lot
easier for everyone if there was something more concrete. (equally,
sorry I haven't had a chance to look at this, very busy for the rest of
the month)

You may find my CLTV-using micropayment channel demo useful reference
material too:

https://github.com/petertodd/checklocktimeverify-demos/blob/master/micropayment-channel.py

> A limitation on most existing micropayment channel ideas is that payments
> can only flow in one direction. This is because the payment receiver can
> sign -any- transaction you send them, not just the most recent one, and so
> it's possible to just sign the transaction transferring the largest amount
> into their control. This is easily remedied by opening a second payment
> channel in the opposite direction, but now both parties have to deposit
> funds over the lifetime of the two channels. If one party doesn't know
> ahead of time whether or not the other party will go into credit, having
> only one channel may save the use of a deposit.

-- 
'peter'[:-1]@petertodd.org
00000000000000000d41f9ac3e2a4a621769f4f077c490bf2b2a967ebfd04e42

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