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.
Renegotiation and recursion in bitcoin contracts / Bartoletti, M.; Murgia, M.; Zunino, R.. - 12134:(2020), pp. 261-278. (Intervento presentato al convegno 22nd IFIP WG 6.1 International Conference on Coordination Models and Languages, COORDINATION 2020, held as part of the 15th International Federated Conference on Distributed Computing Techniques, DisCoTec 2020 tenutosi a Valletta, Malta nel 2020) [10.1007/978-3-030-50029-0_17].
Renegotiation and recursion in bitcoin contracts
Murgia M.;Zunino R.
2020-01-01
Abstract
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.| File | Dimensione | Formato | |
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