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Cc: Bitcoin-Dev <bitcoin-development@lists.sourceforge.net>
Subject: Re: [Bitcoin-development] 2-way pegging (Re: is there a way to do
bitcoin-staging?)
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On Sun, Mar 16, 2014 at 3:58 PM, Adam Back <adam@cypherspace.org> wrote:
> 2. you move coins to the side-chain by spending them to a fancy script,
> which suspends them, and allows them to be reanimated by the production o=
f
> an SPV proof of burn on the side-chain.
One point to note here is that the if the whole move and quieting
period stuff sounds
cumbersome=E2=80=94 thats because it is. Even with the best efficiency opti=
mizations the
security requirements result in somewhat large and slow transactions=E2=80=
=94
and thats totally fine!
A key point here is that normally someone who needs to use coins on one cha=
in or
the other can use fast atomic cross-chain transactions[1][2] and not
bother with the
slow direct movement across. The cross chain swapping, however, requires an
(untrusted) counterparty on the other chain, while the 2-way peg migrations=
can
be performed alone in order to provide liquidity and balance demand.
[1] https://en.bitcoin.it/wiki/Contracts#Example_5:_Trading_across_chains
(Hm the citation there is weird, that predates TierNolan's post)
[2] https://bitcointalk.org/index.php?topic=3D321228.0
CoinSwap: Transaction graph disjoint trustless trading
(private version)
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