Op Ed: Three Technical Requirements to Connect Blockchains Without a Token by jycloud9

bitcoin · @jycloud9 · Jun 20 '17

$0.28

Op Ed: Three Technical Requirements to Connect Blockchains Without a Token

<html>
<p><img src="https://fs.bitcoinmagazine.com/img/images/connecting_bchains.width-800.jpg" width="800" height="448"/></p>
<p><br></p>
<ul>
  <li>No need for an additional token.</li>
  <li>Users can “remain” on their blockchain.</li>
  <li>No need to trust a centralized third party.</li>
</ul>
<p>&nbsp;</p>
<h4>Basic Building Blocks</h4>
<p>&nbsp;</p>
<ol>
  <li>Multisignature feature (Multisig);</li>
  <li>Hashing functionality; and</li>
  <li>Time-lock functionality</li>
</ol>
<p>&nbsp;1. <strong>Multisig</strong> is an old and well-trusted concept that can be compared to a shared checkbook with multiple required signatories.&nbsp;</p>
<p><img src="https://lh4.googleusercontent.com/phKe8-EAF8cpOexEBruaIEA3utCl_w845HeJ5-cSCacYaaf1MCgDbu6ojFovg8BnaCYKE4xKlEAwkzYfY1hmKrg4uIeB6-AfhHfr-Fi7_jH6ndy9AKFzXXnXQsBjLV-8Pjcph3HR" width="736" height="350"/></p>
<p>&nbsp;2. <strong>Hash functions</strong> are standard cryptographic concepts. These are one-way functions to convert arbitrary data (in our case a secret “<em>s</em>”) into a unique hash “<em>h</em>.” This hash <em>h</em>can then be shared safely without anyone being able to compute the secret <em>s</em> used to create it.&nbsp;</p>
<p><img src="https://lh5.googleusercontent.com/0CJkEcCbhrkMUaoofk1Gc2pWQz1iTT0IAEp8iYj0hCizMKi42MufSj1Tk3VMSg-cXvU-fCuaxwwQtaAv91vi2Y-qxrd6bpPhYEA-QUcuhBKqN_1DZyusxXVMijV8V2useQFAw-_s" width="950" height="362"/></p>
<p><br></p>
<p>&nbsp;3. <strong>Time-lock</strong> is a simple requirement for funds to be locked up until a future date. Blockchains are found to have two different time-locks: relative and absolute. &nbsp;</p>
<p><img src="https://lh5.googleusercontent.com/tqXpqSdCdGJvq0IxqwrS8Wlpb2JV8PgLzmikykjbfBJXIb5rRGqWVcqFXL9x15ULZCTL_WLwa9GsjgQoI7qC-TZ8Yandrh0pseruogbYHfLVQ_37Enuaum92KYn_546_7AScuD4q" width="940" height="352"/></p>
<p><br></p>
<p>&nbsp;</p>
<h4>Putting It Together&nbsp;</h4>
<p><img src="https://lh4.googleusercontent.com/mggC6T67yueXmyTGFhqMbtXM8Xz_I6S8wFrKRuXAxJHB78WbdWThC0DiGdw8knQw4AyUj58oiPdpr3Vo1xYTt_yefJ3z1O6S_Le6Z2uOJloan2JgvqUWDOqmbj61Gwp0i_xgOP0Y" width="944" height="340"/></p>
<p>&nbsp;</p>
<h4>The Full Route</h4>
<p><img src="https://lh4.googleusercontent.com/rvISnHKFp2GgI4Yi9QVR5kLbRjyT2K2DoG2l0eBKAMtI-f0H3CpAwh4nCssdCKC2JSrgyNNJazwqYyl6Rs2e3TehFjXWrgsYINQXP7RspvQZCzkYY3GezCBSLd21iA1WFIJo93Tk" width="1258" height="738"/></p>
<p>&nbsp;</p>
<h4>Conclusion&nbsp;</h4>
<p>&nbsp;</p>
<ul>
  <li>Cryptographically-secure (relies on cryptographic standards),</li>
  <li>Off-chain (like the Lightning- or Raiden-Network) ,</li>
  <li>Multi-Asset (cross-chain),</li>
  <li>Instant (no need for a transaction to settle on the blockchain as updates only happen between the parties until it gets broadcasted)</li>
  <li>A Transaction Network, such as COMIT.</li>
</ul>
<p>https://bitcoinmagazine.com/articles/op-ed-three-technical-requirements-connect-blockchains-without-token/</p>
</html>

👍 dimimp, bola, jycloud9, darth-cryptic

`author`	jycloud9
`permlink`	op-ed-three-technical-requirements-to-connect-blockchains-without-a-token
`category`	bitcoin
`json_metadata`	{"tags":["bitcoin","blockchains","token","opinion"],"image":["https://fs.bitcoinmagazine.com/img/images/connecting_bchains.width-800.jpg","https://lh4.googleusercontent.com/phKe8-EAF8cpOexEBruaIEA3utCl_w845HeJ5-cSCacYaaf1MCgDbu6ojFovg8BnaCYKE4xKlEAwkzYfY1hmKrg4uIeB6-AfhHfr-Fi7_jH6ndy9AKFzXXnXQsBjLV-8Pjcph3HR","https://lh5.googleusercontent.com/0CJkEcCbhrkMUaoofk1Gc2pWQz1iTT0IAEp8iYj0hCizMKi42MufSj1Tk3VMSg-cXvU-fCuaxwwQtaAv91vi2Y-qxrd6bpPhYEA-QUcuhBKqN_1DZyusxXVMijV8V2useQFAw-_s","https://lh5.googleusercontent.com/tqXpqSdCdGJvq0IxqwrS8Wlpb2JV8PgLzmikykjbfBJXIb5rRGqWVcqFXL9x15ULZCTL_WLwa9GsjgQoI7qC-TZ8Yandrh0pseruogbYHfLVQ_37Enuaum92KYn_546_7AScuD4q","https://lh4.googleusercontent.com/mggC6T67yueXmyTGFhqMbtXM8Xz_I6S8wFrKRuXAxJHB78WbdWThC0DiGdw8knQw4AyUj58oiPdpr3Vo1xYTt_yefJ3z1O6S_Le6Z2uOJloan2JgvqUWDOqmbj61Gwp0i_xgOP0Y","https://lh4.googleusercontent.com/rvISnHKFp2GgI4Yi9QVR5kLbRjyT2K2DoG2l0eBKAMtI-f0H3CpAwh4nCssdCKC2JSrgyNNJazwqYyl6Rs2e3TehFjXWrgsYINQXP7RspvQZCzkYY3GezCBSLd21iA1WFIJo93Tk"],"links":["https://bitcoinmagazine.com/articles/op-ed-three-technical-requirements-connect-blockchains-without-token/"],"app":"steemit/0.1","format":"html"}
`created`	2017-06-20 16:05:27
`last_update`	2017-06-20 16:05:27
`depth`	0
`children`	0
`last_payout`	2017-06-27 16:05:27
`cashout_time`	1969-12-31 23:59:59
`total_payout_value`	0.266 HBD
`curator_payout_value`	0.011 HBD
`pending_payout_value`	0.000 HBD
`promoted`	0.000 HBD
`body_length`	2,934
`author_reputation`	458,196,323,804
`root_title`	"Op Ed: Three Technical Requirements to Connect Blockchains Without a Token"
`beneficiaries`	`[]`
`max_accepted_payout`	1,000,000.000 HBD
`percent_hbd`	10,000
`post_id`	5,366,443
`net_rshares`	16,444,107,262
`author_curate_reward`	""

properties (23)vote details (4)

voter	rshares	pct
dimimp	12,805,237,447	1%
bola	2,367,331,535	1%
darth-cryptic	110,837,437	2%
jycloud9	1,160,700,843	100%