Cointext CTO Reveals a New Protocol That Aims to Bolster a Censorship-Resistant Economy for Bitcoin Cash

On Might 7, the Cointext CTO and cofounder of Countermarkets, Vin Armani revealed a new mission he’s been engaged on referred to as “Sign, Watch, and Pay Protocol” (SWaP). Armani’s printed specification and reference code of SWaP signifies that the platform permits “onchain, peer-to-peer negotiation and execution of ‘collaborative transactions.’”

SWaP: Onchain, Trustless, and Collaborative Transactions

Vin Armani is well-known for his free market views and he’s additionally the chief technical officer at Cointext. Throughout the previous couple of months, Armani has printed a few various things that purpose to bolster the BCH economic system. As an illustration, again in November 2019, Armani printed specs for a Easy Ledger Protocol (SLP) idea referred to as the “Easy Ledger Postage Protocol (SLPP).” The SLPP idea gives folks with the flexibility to ship SLP-based tokens with out leveraging bitcoin money (BCH) for fuel. The announcement on Thursday referred to as the “Sign, Watch, and Pay (SWaP): A protocol for censorship-resistant, peer-to-peer collaborative transactions on Bitcoin Cash.” Armani wrote a weblog publish concerning the topic alongside publishing specs and the reference code.

“A collaborative transaction is a Bitcoin transaction by which two or extra unbiased events take part as inputs (payees),” Armani’s weblog publish particulars. “Probably the most primary real-world instance of such a transaction could be three mates pooling their cash to collectively pay for their meal at a restaurant. Within the context of the broader economic system, collaborative transactions embody among the most vital monetary actions.” Armani’s weblog publish additional states:

The SWaP protocol, as presently printed, allows three completely different ‘lessons’ of collaborative transactions.

SLP/BCH Alternate, Multi-Get together Escrow, and Threshold Crowdfunding

The Cointext CTO explains the three lessons might imply an SLP/BCH alternate the place two unbiased events can alternate SLP tokens for bitcoin money in a trustless vogue. Secondly, a multi-party escrow with an oracle that allows folks to negotiate an escrow scheme and leverage an oracle as nicely. Lastly, Armani describes threshold crowdfunding which permits folks to increase funds with a purpose in thoughts and function the fundraiser in a trustless method and onchain. Throughout the weblog publish, the developer explains why he thinks there’s a want for the SWaP idea. Armani additionally harassed that SWaP was particularly designed for the Bitcoin Cash blockchain.

“The aim of Bitcoin is the elimination of trusted third-parties (intermediaries) from monetary transactions,” the Cointext CTO remarked. “This course of is named “disintermediation.” Satoshi Nakamoto makes it abundantly clear that disintermediation is Bitcoin’s raison d’être within the Introduction part of the white paper.”

Armani believes that the SWaP mission may very well be “extremely disruptive” as a result of it could disintermediate “buying and selling, escrow, and funding platforms.” Proper now, essentially the most highly effective enterprises inside the crypto business are custodial and controlled suppliers, Armani says. He believes ideas like SWaP might carry the true imaginative and prescient of Bitcoin to fruition by offering avenues to monetary schemes that fully take away the third get together. Armani concludes that SWaP solely wants some full nodes, supporting wallets, and presumably information offering providers as nicely.

What do you consider Armani’s SWaP specs and codebase? Tell us within the feedback under.

Tags on this story
BCH, Bitcoin, bitcoin money, Censorship Resistance, Cointext, Counter Markets, Cryptocurrencies, CTO, Digital Belongings, Multi-Get together Escrow, Satoshi Nakamoto, Sign Watch and Pay Protocol, swap, Trustless Alternate, Vin Armani, White Paper

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