delvingbitcoin
Contract-level Relative Timelocks (or, let's talk about ancestry proofs and singletons)
Posted on: January 5, 2025 02:52 UTC
Chia's innovative approach to coin identification, known as coinid, simplifies transaction verifications while maintaining a linear relationship with update history.
This method is particularly evident in their handling of Non-Fungible Tokens (NFTs) through a mechanism referred to as a singleton, which boasts the advantage of having a proof size that does not expand with the update history. The concept behind singletons involves marking a specific coin X as the holder of a unique singleton S. This is achieved by referencing the parent_coin_id and the parent's puzzle hash, which are both derived from the coin's own identification data. The crucial part of this process is ensuring that the parent's puzzle matches the singleton puzzle designated for S, indicating that the parent coin was indeed mined and fulfilled the criteria of the singleton puzzle. This either occurred in a recursive manner or through the initialization by the grandparent coin. The technique underscores Chia's commitment to enhancing efficiency in blockchain transactions and can be further explored through their detailed explanation at singleton.