Fast and cheap off-chain micro-transactions for the Telegram Open Network.
A payment channel allows two parties to send funds to each other over a period of time using fast and cheap micro-transactions. The micro-transactions happen off-chain, however they are guaranteed by funds locked on-chain and do not require the parties to trust each other.
- The payment channel is deployed and configured with the addresses of the two parties involved.
- Both parties contribute their shares by sending them to the contract.
- All further transactions happen off-chain by exchanging signed messages in a special format that facilitates keeping track of liabilities.
- After all micro-transactions have been performed, the two parties communicate the results to the contract and it redistributes the funds accordingly.
- If one of the parties disappears and stops communicating according to the protocol, the locked funds are released after a predetermined timeout.
- Even if one of the parties behaves dishonestly, the other party will get at least as much funds as they expect to get.
- Optionally, misbehaviour (disappearing or being actively dishonest) can be penalised by incurring a fine on the misbehaving party.
make
See the Tutorial.
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