--- Log opened Thu May 26 00:00:34 2022 01:31 < RubenSomsen> harding: spacechains do two things – creating consensus for a secondary chain inside of Bitcoin via a covenant, and creating tokens via a one-way peg 01:31 < RubenSomsen> harding: here is the technical write-up of the consensus part: https://gist.github.com/RubenSomsen/5e4be6d18e5fa526b17d8b34906b16a5 01:32 < RubenSomsen> harding: and a recent talk can be found here https://vimeo.com/703246895/d89aba6e56 01:34 < RubenSomsen> I currently just pre-sign transactions and throw away the key, since we don't have ctv/anyprevout yet. The downside is that the key can halt consensus (and there are also some fee issues anyprevout can fix). 02:50 -!- Aaronvan_ [~AaronvanW@user/AaronvanW] has quit [Quit: Leaving...] 03:05 -!- AaronvanW [~AaronvanW@user/AaronvanW] has joined ##ctv-bip-review 03:12 -!- AaronvanW [~AaronvanW@user/AaronvanW] has quit [Quit: Leaving...] 14:03 < harding> RubenSomsen: interesting! To summarize to make sure I understand: instead of burning funds by sending them to 1BitcoinEaterxxx, they're burnt by being sent to an anyone-can-spend that must be spent to another anyone-can-spend in perpituity. A spend can commit to a hash of a spacechain block header, which spacechain clients can use to calculate how much PoW has committed to that version of spacechain history. 14:06 < harding> (Added spacechains to the covenant-enabled applications gist.) 14:07 < RubenSomsen> harding: thanks for taking a look. I believe you're conflating two separate mechanisms – a.) the consensus mechanism (fee-bidding RBF) and b.) the token creation mechanism (burning BTC) 14:09 < RubenSomsen> The consensus mechanism utilizes a covenant that ensures a single freely spendable output appears on-chain with each block that anyone can compete over via RBF (hence it becomes a bidding war). The spacechain hash is attached there. 14:09 < RubenSomsen> Separate from that new tokens can be created by also burning BTC. 14:13 < RubenSomsen> Technically the anyprevout version (from the write-up) doesn't have a freely spendable output (the version in the video does), but it's the same idea. Instead spacechain miners are expected to attach their own input/output to the covenant transaction. 14:18 -!- AaronvanW [~AaronvanW@user/AaronvanW] has joined ##ctv-bip-review 15:23 -!- AaronvanW [~AaronvanW@user/AaronvanW] has quit [Remote host closed the connection] 15:24 < harding> RubenSomsen: makes sense, thanks! 15:54 -!- AaronvanW [~AaronvanW@user/AaronvanW] has joined ##ctv-bip-review 16:28 -!- AaronvanW [~AaronvanW@user/AaronvanW] has quit [Ping timeout: 276 seconds] 16:41 -!- AaronvanW [~AaronvanW@user/AaronvanW] has joined ##ctv-bip-review --- Log closed Fri May 27 00:00:35 2022