BitTorrent TOKEN ( BTTC )Transaction Processing ๐Ÿ’ต๐Ÿ’ต๐Ÿ’ต

Once a service requester receives both the bid response and unchoke messages, it opens a payment channel on the private ledger whose output is addressed to the service provider. The service provider expects payment to be delivered via a new or existing channel for each complete piece received by the service requester.

Below, the service requester is the party sending BTTC, and the service provider is the party receiving it.

1. The service requester creates a public key (K1) and requests a public key from the service provider (K2).

2. When the service requester wishes to pay the service provider, it opens a channel on the private ledger with K2 as the destination account. When the channel is created, the service requester transfers some of its BTTC into the channel. This BTTC is deducted from the account associated with K1.

3. The service requester generates a transaction on the channel which disburses the initial payment amount to K2 and the remainder of the channel's BTT to K1.

4. The service requester signs the transaction, then sends the transaction and the signature to the service provider.

5. If the service provider has not seen the channel before, it requests the channel information from the private ledger. The service provider only accepts the payment if the channel information retrieved from the ledger matches the information received from the service requester.

6. When the service requester wishes to send another payment to the service provider, it adjusts the transaction to allocate more value to K2. It then re-signs the new transaction and sends the transaction and the signature to the service provider.

7. If the service requester wishes to send more payment, but the existing channel's BTTC is entirely allocated to the service provider, the service requester opens a new channel on the ledger and uses it to send payment as described in steps 2-4.

Wait For BitTorrent TOKEN ( BTTC ) part - 2

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