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Pettycoin: Towards 1.0? Rusty Russell rusty@rustcorp.com.au - PowerPoint PPT Presentation

Oct 19, 2022 •196 likes •1.87k views

Pettycoin: Towards 1.0? Rusty Russell rusty@rustcorp.com.au Contents Pettycoin Background Massive Detour Contains Caveats and Notes! Pettycoin v2? Pettycoin Mining cost places lower limit on transaction fees Help cut

  1. Caveats & Notes II ● Numbers being pushed on the stack are usually just printed; I made up OP_PUSH<> here to be explicit ● Input script is often called scriptSig ● Output script is often called scriptPubkey ● The “signature” actually has a byte appended which indicates what parts of the transaction it signed. ● The RIPEMD160 of a ECDSA secp256k1 public key is usually encoded for printing using bitcoin's base58 encoding method, and called a “bitcoin address”

  2. Sidechains

  3. Sidechains ● Alternative chains which use real bitcoins – But may have different/experimental protocol rules

  4. Sidechains: More Wasted Work?

  5. Sidechains: More Wasted Work? 2 2

  6. Sidechains: More Wasted Work? ● Bitcoin miners can mine other chains at the same time prev txs version timestamp nonce target

  7. Sidechains: More Wasted Work? ● Bitcoin miners can mine other chains at the same time txs H(H(Tx-0) H(Tx-1)) H(H(Tx-2) H(Tx-3)) H(Tx-0) H(Tx-1) H(Tx-2) H(Tx-3)

  8. Sidechains: More Wasted Work? ● Bitcoin miners can mine other chains at the same time txs H(H(Tx-0) H(Tx-1)) H(H(Tx-2) H(Tx-3)) H(Tx-0) H(Tx-1) H(Tx-2) H(Tx-3) Tx-0 Dummy Input 0

  9. Sidechains: More Wasted Work? ● Bitcoin miners can mine other chains at the same time txs H(H(Tx-0) H(Tx-1)) H(H(Tx-2) H(Tx-3)) H(Tx-0) H(Tx-1) H(Tx-2) H(Tx-3) Tx-0 Dummy Input 0 H(sidechain header) Sidechain Header

  10. Sidechains: More Wasted Work? ● Bitcoin miners can mine other chains at the same time txs H(H(Tx-0) H(Tx-1)) H(H(Tx-2) H(Tx-3)) H(Tx-0) H(Tx-1) H(Tx-2) H(Tx-3) Tx-0 Dummy Input 0 H(sidechain header) Sidechain Header

  11. Sidechains: More Wasted Work? ● Bitcoin miners can mine other chains at the same time txs H(H(Tx-0) H(Tx-1)) H(H(Tx-2) H(Tx-3)) H(Tx-0) H(Tx-1) H(Tx-2) H(Tx-3) Tx-0 Dummy Input 0 H(sidechain header) Sidechain Header

  12. Sidechains: More Wasted Work? ● Bitcoin miners can mine other chains at the same time txs H(H(Tx-0) H(Tx-1)) H(H(Tx-2) H(Tx-3)) H(Tx-0) H(Tx-1) H(Tx-2) H(Tx-3) Tx-0 Dummy Input 0 H(sidechain header) Sidechain Header

  13. Sidechains: More Wasted Work? ● Bitcoin miners can mine other chains at the same time txs H(H(Tx-0) H(Tx-1)) H(H(Tx-2) H(Tx-3)) H(Tx-0) H(Tx-1) H(Tx-2) H(Tx-3) Tx-0 Dummy Input 0 H(sidechain header) Sidechain Header

  14. Sidechains: More Wasted Work? ● Bitcoin miners can mine other chains at the same time txs H(H(Tx-0) H(Tx-1)) H(H(Tx-2) H(Tx-3)) H(Tx-0) H(Tx-1) H(Tx-2) H(Tx-3) Tx-0 Dummy Input 0 H(sidechain header) Sidechain Header

  15. Sidechains: More Wasted Work? ● Bitcoin miners can mine other chains at the same time txs H(H(Tx-0) H(Tx-1)) H(H(Tx-2) H(Tx-3)) H(Tx-0) H(Tx-1) H(Tx-2) H(Tx-3) Tx-0 Dummy Input 0 H(sidechain header) Sidechain Header

  16. Sidechains: More Wasted Work? ● Bitcoin miners can mine other chains at the same time txs H(H(Tx-0) H(Tx-1)) H(H(Tx-2) H(Tx-3)) H(Tx-0) H(Tx-1) H(Tx-2) H(Tx-3) Tx-0 Dummy Input 0 H(sidechain header) Sidechain Header

  17. Sidechains: More Wasted Work? ● Bitcoin miners can mine other chains at the same time txs H(H(Tx-0) H(Tx-1)) H(H(Tx-2) H(Tx-3)) H(Tx-0) H(Tx-1) H(Tx-2) H(Tx-3) Tx-0 Dummy Input 0 H(Chain3) H(Chain1) H(Chain2) H(Chain4)

  18. Sidechains: More Wasted Work?

  19. Sidechains: More Wasted Work? ● Bitcoin miners can mine other chains at the same time txs H(H(Tx-0) H(Tx-1)) H(H(Tx-2) H(Tx-3)) H(Tx-0) H(Tx-1) H(Tx-2) H(Tx-3) Tx-0 Dummy Input 0 H(H(H(C1) H(C2)) H(H(C3) H(C4))) H(H(C1) H(C2)) H(H(C1) H(C2)) H(Chain3) H(Chain1) H(Chain2) H(Chain4)

  20. Sidechains: More Wasted Work? ● Bitcoin miners can mine other chains at the same time H(H(Tx-0) H(Tx-1)) H(H(Tx-2) H(Tx-3)) H(Tx-0) H(Tx-1) H(Tx-2) H(Tx-3) Tx-0 Dummy Input 0 H(H(H(C1) H(C2)) H(H(C3) H(C4))) H(H(C1) H(C2)) H(H(C1) H(C2)) H(Chain3) H(Chain1) H(Chain2) H(Chain4) Chain header

  21. Sidechains ● Alternative chains which use real bitcoins – But may have different/experimental protocol rules

  22. Sidechains ● Alternative chains which use real bitcoins – But may have different/experimental protocol rules ● Special bitcoin transactions send to the sidechain.

  23. Sidechains ● Alternative chains which use real bitcoins – But may have different/experimental protocol rules ● Special bitcoin transactions send to the sidechain. ● Special sidechain transactions return bitcoins to bitcoin.

  24. Sidechains ● Alternative chains which use real bitcoins – But may have different/experimental protocol rules ● Special bitcoin transactions send to the sidechain. ● Special sidechain transactions return bitcoins to bitcoin. ● Prove to the bitcoin network that the return happened in the sidechain, and bitcoin will let you spend those bitcoins again.

  25. To Sidechain ● A bitcoin transaction output script would “send” bitcoins to the sidechain: – <hash-of-sidechain-block> OP_SIDECHAINPROOFVERIFY

  26. On the Sidechain... ● Hey, a new OP_SIDECHAINPROOFVERIFY bitcoin output for us!

  27. On the Sidechain... ● Hey, a new OP_SIDECHAINPROOFVERIFY bitcoin output for us! … some time later...

  28. On the Sidechain... ● Hey, a new OP_SIDECHAINPROOFVERIFY bitcoin output for us! … some time later... ● That can now be spent like any other unspent transaction output.

  29. On the Sidechain... ● Hey, a new OP_SIDECHAINPROOFVERIFY bitcoin output for us! … some time later... ● That can now be spent like any other unspent transaction output. … coins move around sidechain... ● A special unspendable output script returns the funds to the bitcoin network.

  30. Caveats & Notes III ● In practice, would use proofs for bitcoin → sidechain (as we'll see for the other way) ● There's no BIP yet describing this, but the unspendable output could be as simple as OP_RETURN. ● My guess is: – <bitcoin-genesis> OP_RETURN <extra-script-to-be-evaluated-on-bitcoin-side>

  31. On The Sidechain ... Block 0 Block 1 Block 2 Block 3 Block 4 ... Block N-1 Block N N+1 N+2 N+3 Return-to-bitcoin tx output

  32. … Back To Bitcoin ... ... Block 0 Block 0 Block 1 Block 1 Block 2 Block 2 Block 3 Block 3 Block 4 Block 4 ... ... Block N-1 Block N-1 Block N Block N N+1 N+1 N+2 N+2 N+3 N+3 Return-to-bitcoin tx output ● To spent the bitcoin OP_SIDECHAINPROOFVERIFY output – Prove the return-to-bitcoin tx is in the sidechain

  33. … Back To Bitcoin ... ... Block 0 Block 0 Block 1 Block 1 Block 2 Block 2 Block 3 Block 3 Block 4 Block 4 ... ... Block N-1 Block N-1 Block N Block N N+1 N+1 N+2 N+2 N+3 N+3 Return-to-bitcoin tx output ● Prove the tx is in block N ● Prove block N is in sidechain.

  34. Prove TX in Block txs Tx-0

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