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S2025:E08
Off-chain payment channels have tremendous utility. Thousands of transactions can be aggregated every minute without consuming block space; and seamless point-of-sale transactions would make Monero purchases feel no different to using a credit card or Venmo.
Unfortunately, payment channels require a persistent state mechanism to keep track of the payment channel balance; something that is highly unlikely to be introduced to Monero (for good reason). Therefore it may appear that payment channels are impossible in Monero.
Enter Grease: a minimal, bidirectional proof-of-concept payment channel implementation for Monero. It makes use of verifiable, consecutive, one-way functions (VCOF) and consecutive linkable ring adapter signatures (CLRAS) in concert with a smart-contract enabled blockchain (SCEB) to provide payment channels with the promise of unlocking these and other use cases.