HTLC for group account ownership trades
Context IrisHub recently add HTLC feature in v0.16.0( https://github.com/irisnet/irishub/blob/master/docs/features/htlc.md ) Although it is a standard feature in blockchain industry, I want to suggest expanded version of HTLC to Cosmos-SDK which can also trade the ownership of a group account in a completely decentralized way. standard HTLC procedure • Bob lock his tokens T1 into a contract C1 in Chain1 which will send the locked tokens to Alice if hash lock created by Bob’s secret is provided by transaction • Bob also create another contract C2 in Chain2. When Bob confirms the contract C2, it will emit Bob’s secret and also send tokens T2 to Bob’s account • Alice send her tokens T2 into the contract C2 in Chain2 • Bob confirms that Alice sent good amount of tokens T2 into the contract C2. The secret is emitted and tokens T2 is sent to Bob’s account • Alice create a transaction with emitted secret and broadcast it to Chain1 to get locked tokens T1 in the contract C1 group account ownership trade HTLC procedure • Bob lock his group account G1 by changing the admin key of G1 to a contract C1 in Chain1. The contract C1 will change its admin key to Alice’s key if…
Excerpt (1197 of 2530 characters). Read the whole post on the forum ↗
Thank you @bharvest! We can contribute the HTLC module to Cosmos-SDK 