Mixing without cj (payment channels)

[inaltoasinistra]

Hello folks! I was thinking that JM could provide the infrastructure to mix coins without cj. Would be possible use payment channels to exchange bitcoins with a maker without link the coins inside a unique tx. This is possible using 2 unrelated sources of coins (we could use 2 different mixing depth, or we can create a special mixing depth which is never coinjoined, in order to do not link these coins to JM at all).

• The source 0 is used to pay/receive the fee and as warranty to the other party that you have an incentive to terminate the transaction. It is possible to use coins from any mixing depth for this purpose;
• The source 1 will contain the coins to send to the other party with a simple transaction.

The 2 parties create a multisign address 2/2 and fund it (e.g. .01Ƀ the maker A and .02Ƀ the taker B).

(If one of them does not fund the multisign address the other loose that money. Am I right? There is a way to avoid this? CHECKLOCKTIMEVERIFY can help here?).

After the confirmation of the 2 transactions the 2 parties exchange their coins off-chain at small steps (steps size is computed from the amount of coins inside the warranty address. Game theory is used to create a loss to both parties if the process is interrupted).

When the coins are exchanged the 2 transactions are broadcasted to the network. A and B exchanged coins without linking them together.

Now they collaborate to get their coins back from the multisign address. They adjust the outputs in order to pay the fee. Example: A funded .01Ƀ and B .02Ƀ. The new tx gives .02Ƀ to A and .01Ƀ to B.

All the process could be implemented into JM.

[chris-belcher]

I've always understood coinswap as the same thing as payment channels but done with privacy in mind instead of micropayments, if so then the issue is #335