BlockChainCommitMethod
Ripple Protocol Commit Method: Block Chain
See Commit Methods.
The Bitcoin (or other) block chain is a system for achieving distributed irrevocable consensus on transactions. It can be used as a Ripple commit method by embedding a commit token in the block chain before a deadline. Under this method, Ripple transactions are fully atomic.
Commit Method Name
This commit method is called blockchain.
Network & Routing
Hub Info
The Info message also contains:
"max-block-deadline-length": (# of blocks)
The max block deadline length is the maximum number of blockchain blocks the hub will hold credit for a Promise. Exchange Requests with a deadline further away will likely be refused.
Commit Method-Specific Data
Where commit method-specific data is required, use the following:
"commit": {
"method": "blockchain",
"chain_ID": "(Hash of genesis block)",
"deadline": (block number),
"src_pk": "(Blockchain public key)",
}
Transactions
If a Blockchain transaction occurs that matches the source public key before the deadline, then the Ripple transaction is committed. Otherwise, it is rolled back. The recipient uses the first input public key (that matches src_address) of the blockchain tx to prove that he's the only one who is able to initiate the commit.
This commit method can be used to perform atomic trades of ripple IOUs for chain coins like bitcoin.