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barry 2024-01-27 04:23:49 -06:00
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docs/liquid/liquid-part1.md
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@ -11,7 +11,7 @@ Liquid is a federated BTC sidechain (Layer-2). The federation which controls the
Functionaries do the block signing for the network, which happens in a round-robin style arrangement - and consensus requires 11-of-15 to be available and in agreement.
A unique aspect of this federation is that functioinary membership is dynamic - using a protocol known as *DynaFed* - this allows members to be rotated out/in depending on circumstance. In order to support a large number of signers, the functionaries use a signature scheme known as [ROAST](https://eprint.iacr.org/2022/550.pdf) (Robust Asynchronous Schnorr Threshold Signatures). As stated:
A unique aspect of this federation is that functionary membership is dynamic - using a protocol known as *DynaFed* - this allows members to be rotated out/in depending on circumstance. In order to support a large number of signers, the functionaries use a signature scheme known as [ROAST](https://eprint.iacr.org/2022/550.pdf) (Robust Asynchronous Schnorr Threshold Signatures). As stated:
"It guarantees that a quorum of honest signers, e.g., the Liquid functionaries,
can always obtain a valid signature even in the presence of disruptive signers
@ -49,11 +49,11 @@ Liquid supports Asset Issuance. Any full-node can issue their own Assets (only r
### Additional Opcodes
At its core, Liquid is basically "BTC plus special OPCODES less Mining". In order to support the Smart Contracts and Convenants seen above, Liquid reintroduces some safe but disabled opcodes, including string concatenation (CAT), substrings, integer shifts, and several bitwise operations ([see here for more](https://github.com/ElementsProject/elements/blob/master/doc/tapscript_opcodes.md?ref=blog.blockstream.com)).
At its core, Liquid is basically "BTC plus special OPCODES less Mining". In order to support the Smart Contracts and Covenants seen above, Liquid reintroduces some safe but disabled opcodes, including string concatenation (CAT), substrings, integer shifts, and several bitwise operations ([see here for more](https://github.com/ElementsProject/elements/blob/master/doc/tapscript_opcodes.md?ref=blog.blockstream.com)).
Additionally a new DETERMINISTICRANDOM operation which produces a random number within a range from a seed. Also included is CHECKSIGFROMSTACK (CSFS) operation, which verifies a signature against a message on the stack, rather than the spending transaction itself.
These new opcodes have several use cases, including convenant-style controls, double-spent protection bonds, lotteries, merkle tree constructions to allow 1-of-N multisig with huge N (thousands), and probabilistic payments.
These new opcodes have several use cases, including covenant-style controls, double-spent protection bonds, lotteries, merkle tree constructions to allow 1-of-N multisig with huge N (thousands), and probabilistic payments.
# Installation of Elements Node
@ -78,7 +78,7 @@ Liquid uses a variation of BTC Core program known as Elements, much of the setup
* You should now be able to issue commands against the elements daemon
- `$ sudo ./scripts/app compose elements exec node elements-cli -rpcuser=$E_RPCUSER -rpcpassword=$E_RPCPASS getblockcount`
25846 (It doesn’t matter what the number returned is as long as no error.)
25846 (It doesn't matter what the number returned is as long as no error.)
* Create a default wallet
- `$ sudo ./scripts/app compose elements exec node elements-cli -rpcuser=$E_RPCUSER -rpcpassword=$E_RPCPASS createwallet ""`
* Check balance info (should show 0 balance with no errors)