Another question, as I understand, the ledger that operators maintain should be transparent so that the channel partners can see fraud (fractional reserve, stealing of funds etc). Is this ledger a "blockchain" or something else? If it's going to be publicly available, could we do Monero style privacy stuff on it so that the balances of individual users stay private, but auditable. Or is that not needed at all?
Discussion
maybe, though i'm focused on delivering the basic framework. anything that works with keys on-chain should work here, and with low fees it's easy to limit keys to two uses: once to pay someone and once to pay the change to your own new address.
it may be possible to create more novel ledgers in the same system. the constraints are that fraud be prove-able, total funds under custody be calculable, and accounts be serviceable by anyone with the ledger. notably, the third requirement prevents us from implementing traditiona ecash
Great! Really looking forward to seeing where this goes. I think even Liquid style confidential amounts could be done instead of Monero style complete privacy through obscurity. Good luck with the work