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27 September 2020

DLCs Are Making Smart Contracts Private on Bitcoin - CoinDesk

DLCs Are Making Smart Contracts Private on Bitcoin - CoinDesk


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presidential election outcome using a discrete log contract (DSL), a form of smart contract that became feasible on Bitcoin just this year, thanks to independent Bitcoin developer Lloyd Fournier’s technical advancements in the realm of so-called “scriptless-scripts” on Bitcoin’s blockchain.

These smart contracts have theoretically been feasible since Bitcoin’s inception, but groundbreaking work with ECDSA adapter signatures (a cryptographic signature scheme that enables “scriptless scripts” to execute smart contracts without relying on Bitcoin’s scripting language) in the past year has brought them from theory to application. .

In order to settle the transaction, an oracle would sign the contract with a signature that corresponds to the hash of the winning outcome (in this case, either Republican_Win or Democrat_Win).

The person with the hash that corresponds with the oracle’s signature can then withdraw the funds from the contract.

He added that DLCs could even find a home on the Lightning Network, but this would take some advancements considering that current implementations are not hard coded to accommodate ECDSA adapter signatures. .

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