From: Alex Mizrahi <alex.mizrahi@gmail•com>
To: Bitcoin Development <bitcoin-development@lists•sourceforge.net>
Subject: Re: [Bitcoin-development] BIP - Hash Locked Transaction
Date: Fri, 25 Apr 2014 23:06:37 +0300 [thread overview]
Message-ID: <CAE28kUT4rZJHzww5gsdkCyzyKV6q2bV4h4rL_hzAcvhtCpKW4w@mail.gmail.com> (raw)
In-Reply-To: <CAE-z3OVsQAya3RDzMTvKNK4hLGQVjFOp6Bseo=xK4ApOdPCh8g@mail.gmail.com>
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It is also useful for betting: an oracle will associate a hash with each
possible outcome, and when outcome is know, it will reveal a corresponding
preimage which will unlock the transaction.
This approach has several advantages over approach with multi-sig script:
1. oracle doesn't need to be involved in each specific transaction
2. resolution is same for everyone who makes a bet on a specific event
outcome
3. no need for two-way communication
4. no need for a special protocol: oracle might publish unlocking preimage
on a web page, and participants will manually enter it into their clients
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next prev parent reply other threads:[~2014-04-25 20:06 UTC|newest]
Thread overview: 10+ messages / expand[flat|nested] mbox.gz Atom feed top
2014-04-25 18:49 Tier Nolan
2014-04-25 19:18 ` Luke-Jr
2014-04-25 19:37 ` Tier Nolan
2014-04-25 20:06 ` Alex Mizrahi [this message]
2014-04-25 20:14 ` Peter Todd
2014-04-25 20:19 ` Gregory Maxwell
2014-04-25 21:14 ` Peter Todd
2014-04-25 21:52 ` Tier Nolan
2014-04-26 11:11 ` Jorge Timón
2014-04-26 11:31 ` Tier Nolan
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