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BIP draft: HTLC transactions | Sean Bowe | Jul 20 2016

Sean Bowe on Jul 20 2016:
I'm requesting feedback for Hash Time-Locked Contract (HTLC) transactions
in Bitcoin.
HTLC transactions allow you to pay for the preimage of a hash. CSV/CLTV can
be used to recover your funds if the other party is not cooperative. These
scripts take the following general form:
[HASHOP] OP_EQUAL OP_IF OP_ELSE [TIMEOUTOP] OP_DROP OP_ENDIF OP_CHECKSIG 
These transactions are useful for both the Lightning network and in
zero-knowledge contingent payments. This very script (using CLTV and
SHA256) was used as part of our "pay-to-sudoku" ZKCP demo earlier this
year: https://github.com/zcash/pay-to-sudoku
Members of the community have expressed the desire for a BIP to submitted
in coordination with changes to Bitcoin Core that support these
transactions in the wallet.
Please review my draft BIP here:
https://gist.github.com/ebfull/8306903041d46e4119a39442f72a3741
An implementation is being worked on here:
https://github.com/bitcoin/bitcoin/pull/7601
Thanks!
Sean Bowe
Zcash
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