Hello! I'm trying to improve my understanding of LN but just realized I'm lacking some basic understanding of the revocation process on blockchain, and how revokation keys work.
The meaning of word revocation means that I can somehow cancel the tx, however given the nature of blockchain transaction I struggle to understand how this is possible. Could someone please explain meaning of revocation in this context?
I'm still wrapping my head round it all, but my understanding is that revocation is part of the anti-cheat process. Its purpose is not to cancel a transaction if you change your mind, but to ensure people aren't trying to spend from previous transactions. You effectively only revoke permission to spend from anything but the most recent balance, because if someone tries to spend from an old transaction, it allows the other participant to spend the entire balance. There's a decidedly technical explanation
here.