13. The Goal
⢠Holy grail:
Instant, secure
payments
⢠Payment channels
⢠Open protocol
⢠Layer 2. Bitcoin base
⢠âLightning networkâ,
âImpulse protocolâ
14. Payment channel analysis
Trustless + multi-sig. Example use case:
Customer makes instant, secure payment to Lyft
Customer is secure against BitPay stealing funds
Lyft & BitPay are secure against Customer clawback
BitPay does not hold funds; funds go straight to Lyft.
Wallet software updates required
15. More Layer-2 services
BIP65 âCLTVâ - Funds locked on-chain for X days
Semi-trusted escrow (2-of-3) - no funds held
âInternet of Chainsâ - side chains and more
Deploy new bitcoin features rapidly
Non-currency chains
Smart property: transfer ownership of stocks, cars, âŚ
16. Identity & Smart Contracts
In a decentralized world, âidentityâ becomes key
nexus
Decentralized markets demand [anonymous] identity,
reputation.
Smart contracts: Digitize every fact, then trigger
action
ID+SC: Completes the decentralized landscape