1 year ago
The beneath is simply a nonstop excerpt of Marty's Bent Issue #1286: “The archetypal mainnet DLC connected Lightning has been executed.” Sign up for the newsletter here.
Transaction graph showing however the DLC was executed
It's been precisely 11 months and 2 days since we wrote astir discreet log contracts (DLCs) successful this rag. For those of you who are a spot rusty oregon wholly ignorant successful regards to what a Discreet Log Contract is, it is simply a peculiar benignant of bitcoin transaction that executes a astute declaration with accusation provided by an oracle.
For example, if 2 radical privation to stake connected the result of Saturday's NBA contention betwixt the 76ers and Grizzlies they could make a DLC by locking up funds successful a multisig address, pre-constructing result transactions — if the 76ers triumph nonstop the sats to this address, if the Grizzlies triumph nonstop the sats to this code — and choosing an oracle, a institution that publishes last scores, e.g., Statmuse. The oracle provides a hash of the result of the game. When the crippled is implicit connected Saturday the DLC could beryllium closed retired by the victor of the stake by signing the transaction that moves the sats successful the astute declaration to their code utilizing the hash of the result provided by Statmuse.
A sports stake is but 1 example. Individuals could determine to wager connected the terms of bitcoin, the hash complaint astatine a definite artifact height, the somesthesia connected a peculiar day, oregon adjacent make peer-to-peer derivatives similar the squad from ItchySats has done. If you freaks person been pursuing our sum of DLCs passim the years, you astir apt cognize that your Uncle Marty is beauteous bullish astir the imaginable for DLCs to disrupt a fig of industries. However, to date, 1 of the things limiting DLCs from hitting a captious tipping constituent is the information that they person lone been conducted connected chain. Considering however galore imaginable applications that could leverage DLCs and however galore extremity users they could perchance touch, the thought of scaling this usage lawsuit connected concatenation seems untenable, particularly if 1 considers the anticipation of periods of elevated transaction fees that marque definite DLCs uneconomical. To me, it makes consciousness for DLCs to run connected Layer 2 protocols, similar the Lightning Network oregon Fedimint, which person comparatively inexpensive fees.
Well, the Crypto Garage squad announced that they successfully opened and closed a Lightning transmission with an embedded DLC transmission connected mainnet. Per their blogpost, it looks similar the Crypto Garage squad forked the Lightning Development Kit to adhd enactment for splitting a Lightning channel, which has enabled them to make a DLC transmission wrong a Lightning channel. From there, they were capable to make peculiar transactions — a divided transaction and a glue transaction — that would alteration the antithetic parties engaged successful a DLC to update the authorities of their declaration wrong the Lightning transmission and the DLC transmission without giving 1 of the parties an unfair advantage, which was 1 of the large plan challenges that was antecedently unsolved. This is simply a monolithic measurement successful the close direction.
With that being said, the Crypto Garage squad is informing that this implementation is successful its precise aboriginal days and should not beryllium considered stable. In fact, they pass that you are apt to suffer your sats if you effort to execute this connected mainnet. Nonetheless, this is unthinkable to see. Shoutout to the Crypto Garage squad and those that helped them retired for pushing this forward.
Slowly but surely, arsenic each naysayer connected the satellite is claiming bitcoin a failed Ponzi scheme, those who admit the revolutionary quality of the protocol are gathering the tools that marque bitcoin much utile for individuals the satellite over.
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