A team of Bitcoin developers announced that it is working on implementing the “statechain” concept in the hopes of reducing transaction times and costs for Bitcoin users.
First introduced by developer Ruben Somsen in October 2018, statechain will supposedly introduce a neutral third party to send private keys of bitcoin wallet to fast track transaction times. The transaction will only occur if both the sender and neutral third party authorize the transaction at once – after the recipient request hem to.
However, there are challenges up ahead as the current Bitcoin system doesn’t have the features required to quickly turn the concept into reality.
“The protocol as outlined by Ruben requires features not currently available in Bitcoin […] So we are looking at variants that would work with current Bitcoin,” CommerceBlock CTO Tom Trevethan stated.
Trevathan added that the team is looking for some feedback on how to make it happen.