How To Save Fees in Bitcoin Smart Contracts: a Simple Optimistic Off-chain Protocol
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arXiv
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| Hauptverfasser: | , , |
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| Format: | Preprint |
| Veröffentlicht: |
2024
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| author | Maddaloni, Dario Marchesin, Riccardo Zunino, Roberto |
| author_facet | Maddaloni, Dario Marchesin, Riccardo Zunino, Roberto |
| contents | We consider the execution of smart contracts on Bitcoin. There, every contract step corresponds to appending to the blockchain a new transaction that spends the output representing the old contract state, creating a new one for the updated state. This standard procedure requires the contract participants to pay transaction fees for every execution step. In this paper, we introduce a protocol that moves most of the execution of a Bitcoin contract off-chain. When all participants follow this protocol, they are able to save on transaction fees, drastically reducing them. By contrast, whenever adversaries try to disrupt the off-chain execution, any honest participant is still able to enforce the correct contract behaviour, by continuing its execution on-chain. |
| format | Preprint |
| id |
arxiv_https___arxiv_org_abs_2403_09880 |
| institution | arXiv |
| publishDate | 2024 |
| record_format | arxiv |
| spellingShingle | How To Save Fees in Bitcoin Smart Contracts: a Simple Optimistic Off-chain Protocol Maddaloni, Dario Marchesin, Riccardo Zunino, Roberto Cryptography and Security We consider the execution of smart contracts on Bitcoin. There, every contract step corresponds to appending to the blockchain a new transaction that spends the output representing the old contract state, creating a new one for the updated state. This standard procedure requires the contract participants to pay transaction fees for every execution step. In this paper, we introduce a protocol that moves most of the execution of a Bitcoin contract off-chain. When all participants follow this protocol, they are able to save on transaction fees, drastically reducing them. By contrast, whenever adversaries try to disrupt the off-chain execution, any honest participant is still able to enforce the correct contract behaviour, by continuing its execution on-chain. |
| title | How To Save Fees in Bitcoin Smart Contracts: a Simple Optimistic Off-chain Protocol |
| topic | Cryptography and Security |
| url | https://arxiv.org/abs/2403.09880 |