April 2017
Intermediate to advanced
266 pages
7h 4m
English
Content preview from Building Blockchain Projects
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Payment and state channels
Before getting into state channels, we need to know what payment channels are. A payment channel is a feature that allows us to combine more than two transactions of sending ether to another account into two transactions. Here is how it works. Suppose X is the owner of a video streaming website, and Y is a user. X charges one ether for every minute. Now X wants Y to pay after every minute while watching the video. Of course, Y can broadcast a transaction every minute, but there are few issues here, such as X has to wait for confirmation, so the video will be paused for sometime, and so on. This is the problem payment channels solve. Using payment channels, Y can lock some ether (maybe 100 ether) for a period of ...
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