On May 7, the Cointext CTO and cofounder of Countermarkets, Vin Armani revealed a new devise he’s been working on called “Signal, Watch, and Pay Protocol” (SWaP). Armani’s published specification and reference code of SWaP tells that the platform allows “onchain, peer-to-peer negotiation and execution of ‘collaborative transactions.’”
SWaP: Onchain, Trustless, and Collaborative Affairs
Vin Armani is well known for his free market views and he’s also the chief technical officer at Cointext. During the up to date few months, Armani has published a few different things that aim to bolster the BCH economy. For instance, back in November 2019, Armani published list of particulars for a Simple Ledger Protocol (SLP) concept called the “Simple Ledger Postage Protocol (SLPP).” The SLPP concept demands people with the ability to send SLP-based tokens without leveraging bitcoin cash (BCH) for gas. The announcement on Thursday fetched the “Signal, Watch, and Pay (SWaP): A protocol for censorship-resistant, peer-to-peer collaborative transactions on Bitcoin Cash.” Armani wrote a blog pale about the subject alongside publishing specs and the reference code.
Signal, Watch, and Pay Protocol: Toward A Censorship-Resistant Frugality On Bitcoin Cash by @vinarmani https://t.co/FzNUiVA7q5
— Ⓥin Ⓐrmani (@vinarmani) May 7, 2020
“A collaborative transaction is a Bitcoin transaction in which two or myriad independent parties participate as inputs (payees),” Armani’s blog post details. “The most basic real-world warning of such a transaction would be three friends pooling their money to collectively pay for their meal at a restaurant. In the background of the broader economy, collaborative transactions include some of the most important financial activities.” Armani’s blog leg further states:
The SWaP protocol, as currently published, enables three different ‘classes’ of collaborative transactions.
SLP/BCH The Street, Multi-Party Escrow, and Threshold Crowdfunding
The Cointext CTO explains the three classes could mean an SLP/BCH exchange where two unaffiliated parties can exchange SLP tokens for bitcoin cash in a trustless fashion. Secondly, a multi-party escrow with an oracle that aids people to negotiate an escrow scheme and leverage an oracle as well. Lastly, Armani describes threshold crowdfunding which approves people to raise funds with a goal in mind and operate the fundraiser in a trustless manner and onchain. Within the blog set, the developer explains why he thinks there is a need for the SWaP concept. Armani also stressed that SWaP was specifically drafted for the Bitcoin Cash blockchain.
“The purpose of Bitcoin is the removal of trusted third-parties (intermediaries) from financial transactions,” the Cointext CTO asserted. “This process is known as “disintermediation.” Satoshi Nakamoto makes it abundantly clear that disintermediation is Bitcoin’s raison d’être in the Introduction allocate of the white paper.”
Armani believes that the SWaP project could be “highly disruptive” because it can disintermediate “have dealing, escrow, and funding platforms.” Right now, the most powerful enterprises within the crypto industry are custodial and regulated providers, Armani puts. He believes concepts like SWaP could bring the true vision of Bitcoin to fruition by providing avenues to economic schemes that completely remove the third party. Armani concludes that SWaP only needs some complete nodes, supporting wallets, and possibly data providing services as well.
What do you think about Armani’s SWaP specifications and codebase? Let us skilled in in the comments below.
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