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0 sats \ 3 replies \ @ynniv OP 30 May \ parent \ on: Bitcoin Deposits: A Zero UTXO Trust-Minimized Lightning Wallet lightning
ELI5 game theory:
- people trust established auditors
- auditors trust operators who follow the rules and have a trusted party of last resort
- operators need a reputable partner
- most available reputable partners will be honest from self-interest
- you need to collude with your partner in order to steal funds
- if you stop operating, your partner will force close
- if your partner force closes without reason, they lose reputation
- if the channel force closes the managed funds +20% will be reallocated to a new operator
- if you want out, you pay other vaults that auditors trust to take your deposits
Reputation, auditors, bonding... That's called just use SQL