Most onchain contracts are motivated by eliminating the counterparty risk that comes from relying on a trusted third party. In this case, we get that benefit like usual, but I find it notable that we also (theoretically) get the benefit of not having to worry about principle actor corruption. It’s like being able to bet for your favorite sports team without creating a temptation for the athletes on that team to bet against themselves. For example, a trusted third party arbitrating futures c...| Delving Bitcoin
Subject: An Onchain Implementation Of Mining Feerate Futures Introduction Future onchain fees to be paid to miners cannot, in general, be predicted, as unpredictable novel uses of the blockchain may increase use of block space, and unpredictable novel innovations on block space use reduction may decrease use of block space. This uncertainty makes onchain use unpalatable, and even non-custodial offchain uses like the Lightning Network incur risk of onchain enforcement, and the uncertain onchai...| Delving Bitcoin
Out-of-band fees are payments made directly to a specific miner (or group of miners) in exchange for confirming one or more transactions. They can be contrasted with standard in-band fees that are paid using the fee implied by the difference in a transaction’s input and output value.| Bitcoin Optech
Mark “Murch” Erhardt and Mike Schmidt are joined by Richard Myers, Rijndael, Luke Dashjr, and Jason Hughes to discuss Newsletter #291.| Bitcoin Optech