Multi-asset Instant Transaction network
COMIT NETWORK | Cross-Chain Instant Transaction
Before the invention of the TCP/IP protocol the internet was dispersed in many local networks, so-called intranets. These provided local efficiency over the more traditional of point-to-point communication (such as letter, FAX, telephone calls). The real breakthrough only came in 1973, when different intranet networks realized that they could use a unifying internetwork protocol to communicate between each other, thereby extending reach by compatibility even more.
The basic structure of the Internet and COMIT is exactly the same as its purposes are similar: the exchange of something. In today’s world the exchange of value works similar as the exchange of information pre-internet: point-to-point in an enclosed system.
COMIT network can provide the same final and elegant solution as the Internet did for information.
• True instant, frictionless and cheap payments for users all over the world
• True global access without limitations to any asset or business process connected to a blockchain
• Amazing new business opportunities for companies
• New recurring revenue streams for banks and other liquidity providers
• Rapid adoption based on existing networks build with new cheap and secure infrastructure
Minimal Requirements for a blockchain to be COMIT-compatible
Double-spend protection is the main reason blockchains exist in the first place. In technical terms this means that two valid transactions which spend the same transaction output (UTXO) will conflict and only one can be confirmed in the network. Account based languages (for example Ethereum) that allow for spending the same amount from the same address multiple times, usually have other means to prevent double spending.
Multisig is a very old concept and can be compared to a shared checkbook with multiple required signers. A multisig transaction allows to enforce arbitrary joint signature rules. COMIT uses 2 out of 2 multisig transactions for which both signers have to sign a transaction to become valid and accepted by the network. Multi-signature transactions are a requirement for Payment Channels.
A timelock is a simple requirement for funds to be locked up until a future date. Blockchains are found to have 2 different kind of time-locks: relative and absolute time-locks. Absolute time-locks will lock a transaction output until a fixed time in the future. Relative time-locks will lock a transaction output relative to the time the transaction was confirmed. Time-locks are a requirement for trustless Payment Channels and relative time-locks are recommended as they allow for indefinitely open Payment Channels.
To be able to route across multiple blockchains, we need the same hash function to be able available in the smart contracting language of each blockchain. A standard hash function like the SHA256 hash function is usually available and is perfectly suitable for this purpose.