Post
Topic
Board Bitcoin Discussion
Adding support for LTC or other currencies in BTC?
by
shade_tom
on 17/07/2017, 00:58:24 UTC
Has there been an attempt at adding LTC or any other cryptocurrencies to BTC or another altcoin? Specifically I intend to trade crypto-crypto without an exchange.

I propose a simple scheme, all nodes sync the blockheaders similar cryptocurrencies, taking up a trivial amount of space, and a new opcode is added to BTC to verify that a specific block exists within a specific blockchain.
This would allow for the following transaction to take place:

Suppose Alice wants to trade 10 BTC for Bob's 10 LTC:
  • Bob crafts an LTC transaction to send 10 LTC to Alice's LTC wallet.
  • Bob does not broadcast this to the chain, but sends an unsigned version to Alce
  • Alice creates a BTC tx to allow Bob to spend 10 BTC on condition that Bob's transaction to Alice exists on the LTC blockchain
  • Alice publishes her transaction to the BTC blockchain
  • Bob can spend the transaction that Alice sent if he can prove that a specific block on the LTC chain contains the Tx that he sent Alice
  • Therefore, Bob must publish his transaction to the LTC blockchain

Obviously, one would need a timeout condition, e.g. allow Alice to spend the BTC if it has been over a day, otherwise Bob could simply burn Alice's BTC by never sending Alice 10 LTC on the LTC network.

Any thoughts or insights?