{"type":"rich","version":"1.0","author_name":"npub16dt55fpq3a8r6zpphd9xngxr46zzqs75gna9cj5vf8pknyv2d7equx4wrd","author_url":"https://nostr.ae/npub16dt55fpq3a8r6zpphd9xngxr46zzqs75gna9cj5vf8pknyv2d7equx4wrd","provider_name":"njump","provider_url":"https://nostr.ae","html":"📅 Original date posted:2023-01-03\n🗒️ Summary of this message: A proposal for a contract protocol between two parties, Alice and Bob, with two branches: on-chain/channel and timelock, for instant LN payments.\n📝 Original message:\nOn 2023-01-03 03:57, ZmnSCPxj via Lightning-dev wrote:\n\u003e The contract has two participants: Alice the funds owner, and\n\u003e Bob its potential swap partner.\n\u003e [...]\n\u003e The contract has only 2 branches:\n\u003e \n\u003e * Onchain/channel branch: Alice and Bob.\n\u003e * Timelock branch: Alice plus a relative timelock (`OP_CSV`)\n\u003e   measurable in weeks.\n\nGood morning Jesse and ZmnSCPxj,\n\nIs the following an accurate summary of the proposal's benefits and \ncosts? At some point x blocks before Alice expects she might want to \nspend her funds on LN (but also wants the option to quickly spend her \nfunds onchain), she enters into a contract protocol with Bob.  At any \ntime, with Bob's cooperation, she can send an onchain transaction.  Or, \nafter the contract protocol deposit transaction gets x confirmations, \nAlice can instantly fund a fully initialized LN channel with Bob's \ncooperation, from which she can immediately send LN payments.\n\nIf the above is accurate, how does that compare to splice outs?  For \nexample: at some point x blocks before Alice expects she might want to \nspend her funds on LN (but also wants the option to quickly spend her \nfunds onchain), she enters into a contract protocol with Bob by opening \nan LN channel.  At any time, with Bob's cooperation, she can send an \nonchain transaction using a splice out.  Or, after the contract protocol \n(LN) deposit transaction gets x confirmations, Alice now has a funded \nfully initialized LN channel with Bob's participation as counterparty, \nfrom which she can immediately send LN payments.\n\nIf the value for x blocks is the same in both cases, those two scenarios \nlook very similar to me.\n\nThe only advantages I see of your proposal are:\n\n1. It allows Alice's LN wallet to remain offline indefinitely---but only \nif Alice doesn't have any other funds in open channels.\n2. It's easier to implement than splice-outs (I would guess)---but it \nalso only provides the benefits of sending onchain payments at the time \nbefore the first LN transaction is made, whereas actual splice out can \nbe used any time in a channel's lifetime to immediately send onchain \npayments.\n\nAm I missing something?\n\n-Dave"}