If you haven’t already you should take the time to read this brilliant proposal. In my opinion there is currently no better solution (speculative) to “scaling” (future) and simultaneous privacy other than Inherited IDs.
Below I’ve outlined and simplified to demonstrate some of the dynamics I personally like most- claiming otherwise would be disrespectful to the time that’s been put in. Participants should vet and grasp the (TIMEOUT TREES) (UPDATE FOREST) (CHALLENGE AND RESPONSE) concepts.
Consider an IID a hash of the outpoint in input 0 of the parent transaction- rather than the transaction ID, which is a hash of all of the fields in the parent transaction. A way to (in essence) alter output data by hashing input 0 outpoint- without hard forking. This is possible because it leaves the outpoint data structure as it is but modifies how signatures are calculated to simulate the effect of using the modified outpoint data structure. By using an IID rather than a transaction ID to reference the output being spent, the spending transaction (and any signature for the spending transaction) does not depend on the exact values of most of the fields in the parent transaction. Thus using IIDs a signature doesn’t specify an exact transaction with the output that it spends- however it does specify how that output is related to a specific transaction. Making possible a transaction that can’t be used more than once or in an unexpected location. IIDs also support factory protocols that scale to an unbounded number of parties and channels, and allow all of the channels in the factory to be bought and sold by anyone, with a single on-chain transaction.
At this point in the timeline if you’re looking for an ELI5 I urge you to simply read over the proposal; or least the previously mentioned concepts - oversimplification does not give proper justice - the dense portions are marginal compared to the broad dynamics and their implications. I welcome open discussion and I reckon any/all input is welcome. Thank you for your time, cheers.
Bitcoin using Inherited IDs GitHub https://github.com/JohnLaw2/btc-iids/blob/main/iids14.pdf
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