Utilizing the communication layer to keep the size of on-chain bitcoin UTXO transactions as small as possible with the help from others and paying their "refund" via instantanious lightning layer 2.

In other words:

Using the lightning network to pay someone who has the right UTXO sets to pay for your transaction on-chain if you don't have the right ones. With communication via nostr.

Imagine you need to pay for an online service (opensource) with 0.008 bitcoins, while you only have max UTXO'S of 0.000003 bitcoin, if you want to still have it on-chain, you would need to pay for alot of bytes. So reducing the amount of bytes would in all cases be the best option.

To do this, you could ask someone via nostr to pay for you, who has exactly the right UTXO set, so that his transaction would cost least amount of bytes in the block. Instead of you paying the service with 1000 UTXO's as example, he could pay it for you with 1 UTXO, even without change. You can refund him via lightning.

As Bitcoin scales, fees will become 100% of miner revenue, and thus be extremely important. This could be a way to handle this fee market decentralized.

Reply to this note

Please Login to reply.

Discussion

"In 2024, we will incorporate a marketplace where miners can sell their unrewarded proof of work (PoW) directly to buyers over Lightning for immediately spendable bitcoins. This saves money for the miner in the form of onchain fees (so much so that they may sell at a discount) and permits third-parties to buy bitcoins in exchange for aggregating the unrewarded PoW into fewer UTXOs. The savings made by more efficiently using Bitcoin's blockchain translate into savings for the miner and profit for the liquidity provider."

- ocean.xyz

I don't know when that idea was posted, but it sounds alot like this idea :)

nostr:nevent1qqsq9nfustk8mz2py6khkpsqnqrddy6v79rp67x6jjsya52qa3shcyqpz3mhxue69uhhyetvv9ujumn0wd68ytnzvupzq0r3jarmy778rlvlg00cugwpm0fn9ucle2g3q2va0l5flr2ucql9qvzqqqqqqyupu9t3