10M Sats - Integration of Payjoin Transaction Protocol into Bria #2899
Replies: 2 comments 3 replies
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I'm game to work on this! To add support for BIP78 Payjoin to Bria, I would integrate Payjoin Development Kit (PDK), as it's written in Rust so it's a natural fit. A few relevant resources:
How do you propose we proceed - schedule a chat with a Bria core developer to go over some of the details? I'm reachable on Twitter @ThomasFarstrike for DM's or through e-mail: [email protected] |
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@ThomasFarstrike Stoked to hear your enthusiasm to take this on. I've started planning through what such an integration could look like here GaloyMoney/bria#266. If you're interested in exploring a PDK integration and development together, hop on into the PDK discord |
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Thanks @ThomasFarstrike for reaching out! As you can see we are already working with @DanGould to integrate PDK. I recommend you coordinate with him as he is already aware some of the complexities of the Bria implementation - perhaps there is something to delegate or another way to work together. |
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I went over GaloyMoney/bria#266 and honestly, I think this task is in very good hands with @DanGould so there's probably not much for me to add to that, knowing that delegation would also come with significant overhead. So for now I'll be watching it from afar. Don't hesitate to reach out if you think you could really use an extra pair of hands somewhere! |
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Following the fact Blink has become an independent company from Galoy, and that this bounty was created primarily for an integration of payjoin in blink, we (at Galoy) are demoting this bounty for now. But for anyone who would want to work on this, reach out to @pretyflaco to see if Blink would like to a Patron for this bounty |
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Description
Implement the Payjoin transaction protocol into the Bria repository that will provide UTXO consolidation and enhance transaction efficiency.
Background
Payjoin is a Bitcoin transaction protocol offering significant benefits in transaction efficiency and cost-effectiveness. By consolidating Unspent Transaction Outputs (UTXOs) and optimizing transaction sizes, Payjoin enhances economic efficiency and reduces transaction fees. This results in smaller, more efficient transactions for both Bitcoin services and their users.
Bria is a bridge from your applications to the Bitcoin network. It enables efficient sharing of on-chain Bitcoin liquidity with multiple consumers. Key features of Bria include:
Integrating Payjoin into Bria would allow Bitcoin services to provide more cost-effective on-chain transactions to their users and contribute to the overall health and efficiency of the Bitcoin network.
Task
Submit a PR that implements the Payjoin transaction protocol into the Bria repository. Care must be taken to ensure continuity in code style and application design with the rest of the code base. Close collaboration with Bria core maintainers will be required.
Definition of Done
Submit a PR that leads to the successful integration of the Payjoin transaction protocol into the Bria repository.
Bounty
10M Sats (0.1 BTC)
Bounty Patrons
Galoy
Additional Information about Payjoin
Payjoin is a Bitcoin transaction protocol that offers significant advantages in terms of transaction efficiency and cost-effectiveness for Bitcoin services.
One of the critical features of Payjoin is its ability to facilitate UTXO (Unspent Transaction Outputs) consolidation. UTXOs represent discrete amounts of Bitcoin that are spent entirely during a transaction, with any required 'change' returned as a new UTXO. In standard transactions, the sender's wallet selects UTXOs to cover the sent amount, and the receiver acquires a new UTXO as their payment. However, managing a large number of small UTXOs can lead to inefficiency and increased costs, as Bitcoin transaction fees are calculated per byte of data, and each UTXO contributes to the overall data size.
Payjoin addresses this issue by enabling both the sender and the receiver to contribute inputs to the transaction. In a Payjoin transaction, the receiver, which is the Bitcoin service in this context, adds one of its own UTXOs to the inputs, and the payment is received into this same input. This process results in UTXO consolidation for the Bitcoin service, decreasing the number of small UTXOs they need to handle. This reduction in UTXOs can translate into lower transaction fees when the service moves Bitcoin out of its wallets, enhancing overall economic efficiency.
Moreover, this consolidation can lead to lower fees for the service's users. Fewer UTXOs result in smaller transaction sizes and therefore lower fees. This cost-effectiveness is a clear advantage for users of a Bitcoin service implementing Payjoin, making their on-chain transactions more economical.
Additionally, Payjoin transactions can lead to more efficient use of the blockchain space. Even though individual Payjoin transactions are slightly larger than traditional ones, due to the increased number of inputs and outputs, they can help decrease the size of future transactions. This contributes to a more streamlined and efficient Bitcoin blockchain.
In conclusion, by implementing Payjoin, Bitcoin services can optimize their transaction efficiency through UTXO consolidation. This not only significantly reduces operational costs but also provides users with lower fees for on-chain transactions, thereby contributing to the overall health and efficiency of the Bitcoin network.
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