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

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On Could 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 few months, Armani has printed a few various things that intention to bolster the BCH financial 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 supplies individuals with the flexibility to ship SLP-based tokens with out leveraging bitcoin money (BCH) for gasoline. 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 put up in regards to the topic alongside publishing specs and the reference code.

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

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

SLP/BCH Change, Multi-Occasion Escrow, and Threshold Crowdfunding

The Cointext CTO explains the three courses may imply an SLP/BCH alternate the place two unbiased events can alternate SLP tokens for bitcoin money in a trustless trend. Secondly, a multi-party escrow with an oracle that allows individuals to negotiate an escrow scheme and leverage an oracle as properly. Lastly, Armani describes threshold crowdfunding which permits individuals to increase funds with a aim in thoughts and function the fundraiser in a trustless method and onchain. Inside the weblog put up, the developer explains why he thinks there’s a want for the SWaP idea. Armani additionally confused 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 called “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 might be “extremely disruptive” as a result of it might disintermediate “buying and selling, escrow, and funding platforms.” Proper now, probably the most highly effective enterprises throughout the crypto business are custodial and controlled suppliers, Armani says. He believes ideas like SWaP may deliver the true imaginative and prescient of Bitcoin to fruition by offering avenues to monetary schemes that fully take away the third social gathering. Armani concludes that SWaP solely wants some full nodes, supporting wallets, and probably information offering providers as properly.

What do you concentrate on Armani’s SWaP specs and codebase? Tell us within the feedback beneath.

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

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