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Summary

  • We propose CoinPool, a covenant-based payment pool construction, which takes the idea of sharing UTXO ownership to the next level.
  • In CoinPool, Bitcoin users lock funds in many accounts within a single UTXO to instantly transact across the pool without much on-chain footprint...or use their accounts inside the pool for advanced protocols (e.g. payment channels), possible even connect to other CoinPools to the Lightning Network.
  • CoinPool users can withdraw their funds from the pool at anytime.
  • Once a user withdraws from the pool, the remaining participants can either continue withdrawing non-cooperatively or return to off-chain pool operations.
  • CoinPool introduces an alternative set of trade-offs: users get increased funds velocity and use Bitcoin throughput more efficiently, at the cost of high interactivity required by pool participants.
  • e.g. A CoinPool instance can represent a corporation, with stakeholders having different balances and voting rights to implement corporate governance and distribute dividends. A special balance could be used as a corporate account and controlled by the majority of the participants.
  • CoinPool requires modifications to the Bitcoin protocol.
  • Similar to CoinPool, mixers provide confidentiality against an outside, but not against an in-protocol spy. "Confidentiality boost "is a secondary feature for CoinPool.
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isnt entering,exiting, and changing pools under the same hinderance as channel opening/closing with LN? am i fundamentally misunderstanding it
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might be an improvement over lightning if it can scale more efficient with more users per covenant. Just an uneducated guess.
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it requires a soft fork right?
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Yeah it will require a soft fork that implements covenants
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so given all the resent op_ctv drama is this really a viable proposal?
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i think the bigger pushback was the way it was brought up rather than the code itself.
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Beyond my technical ability to comprehend. Can anyone explain this to me in a dumbed down way?
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Its basically a large, multi-party channel on a different, but interoperable second layer network. Its not lightning, but works a lot like lightning and can interact with lightning. It will require a soft fork in order to work.
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