delvingbitcoin

Contract-level Relative Timelocks

Contract-level Relative Timelocks

Original Postby ajtowns

Posted on: January 5, 2025 02:52 UTC

Chia's blockchain introduces an innovative approach to handling coin identifiers (coinid), particularly beneficial for their Non-Fungible Token (NFT) schemes, through the use of singletons.

Singletons permit a method where the proof size required is not dependent on the update history, presenting a more efficient way of tracking and verifying coin ownership and transitions. This process involves identifying a specific coin, referred to as X, as holding a singleton S. This identification is achieved by matching the parent coin's identifier and puzzle to predefined criteria, essentially confirming that the singleton puzzle was previously satisfied either in the current generation or by a preceding one. The verification leans on the fact that the parent coin has been mined and thus any singleton puzzle it satisfies must have been met under the correct conditions, ensuring the integrity of the singleton's lineage. The detailed mechanism ensures a streamlined and secure method of tracing coin transactions and ownership within the Chia blockchain ecosystem. For more on how singletons function within the Chia network, visit singleton.

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