Renegotiation and Recursion in Bitcoin Contracts

BitML is a process calculus to express smart contracts that can be run on Bitcoin. One of its current limitations is that, once a contract has been stipulated, the participants cannot renegotiate its terms: this prevents expressing common financial contracts, where funds have to be added by particip...

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Autores principales: Bartoletti, Massimo, Murgia, Maurizio, Zunino, Roberto
Formato: Online Artículo Texto
Lenguaje:English
Publicado: 2020
Materias:
Article
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7282892/
http://dx.doi.org/10.1007/978-3-030-50029-0_17
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author Bartoletti, Massimo
Murgia, Maurizio
Zunino, Roberto
author_facet Bartoletti, Massimo
Murgia, Maurizio
Zunino, Roberto
author_sort Bartoletti, Massimo
collection PubMed
description BitML is a process calculus to express smart contracts that can be run on Bitcoin. One of its current limitations is that, once a contract has been stipulated, the participants cannot renegotiate its terms: this prevents expressing common financial contracts, where funds have to be added by participants at run-time. In this paper, we extend BitML with a new primitive for contract renegotiation. At the same time, the new primitive can be used to write recursive contracts, which was not possible in the original BitML. We show that, despite the increased expressiveness, it is still possible to execute BitML on standard Bitcoin, preserving the security guarantees of BitML.
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spelling pubmed-72828922020-06-10 Renegotiation and Recursion in Bitcoin Contracts Bartoletti, Massimo Murgia, Maurizio Zunino, Roberto Coordination Models and Languages Article BitML is a process calculus to express smart contracts that can be run on Bitcoin. One of its current limitations is that, once a contract has been stipulated, the participants cannot renegotiate its terms: this prevents expressing common financial contracts, where funds have to be added by participants at run-time. In this paper, we extend BitML with a new primitive for contract renegotiation. At the same time, the new primitive can be used to write recursive contracts, which was not possible in the original BitML. We show that, despite the increased expressiveness, it is still possible to execute BitML on standard Bitcoin, preserving the security guarantees of BitML. 2020-05-13 /pmc/articles/PMC7282892/ http://dx.doi.org/10.1007/978-3-030-50029-0_17 Text en © IFIP International Federation for Information Processing 2020 This article is made available via the PMC Open Access Subset for unrestricted research re-use and secondary analysis in any form or by any means with acknowledgement of the original source. These permissions are granted for the duration of the World Health Organization (WHO) declaration of COVID-19 as a global pandemic.
spellingShingle Article
Bartoletti, Massimo
Murgia, Maurizio
Zunino, Roberto
Renegotiation and Recursion in Bitcoin Contracts
title Renegotiation and Recursion in Bitcoin Contracts
title_full Renegotiation and Recursion in Bitcoin Contracts
title_fullStr Renegotiation and Recursion in Bitcoin Contracts
title_full_unstemmed Renegotiation and Recursion in Bitcoin Contracts
title_short Renegotiation and Recursion in Bitcoin Contracts
title_sort renegotiation and recursion in bitcoin contracts
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7282892/
http://dx.doi.org/10.1007/978-3-030-50029-0_17
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AT zuninoroberto renegotiationandrecursioninbitcoincontracts

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