BitStream: Unveiling a transformative approach to redefine transactions in the digital content space.
The concept of purchasing digital files seamlessly with digital currency has a longstanding history within the crypto space. Pairing digital goods with digital money seems an ideal match, especially considering the massive markets for digital content such as videos, audio, text, games, and more, valued in billions of dollars. Numerous attempts to implement paid file-sharing, like Filecoin and BitTorrent, have encountered pitfalls with over-engineered technical systems and questionable economic incentives.
In the realm of innovations, Robin Linus proposes BitStream, aiming to address the challenges of atomic data purchases without the complexities of altcoins and intricate technical protocols. Key to BitStream is the unique identification of files through a hash. Atomically purchasing a file involves encrypting it using a function allowing users to verify the encrypted content. The buyer then atomically acquires the encryption key. The challenge lies in the verification process and proving any deception in the decryption.
BitStream introduces a novel approach, leveraging the structure of file-sharing systems like BitTorrent. Files are broken into standardized chunks forming a merkle tree, enhancing efficiency in fraud-proof mechanisms. The seller encrypts each file chunk using a random value and signs an attestation, allowing for straightforward fraud proofs. By creating pairs of leaves consisting of encrypted and unencrypted file chunks, the buyer can verify and atomically purchase the decryption value.
Notably, any seller using the BitStream protocol can deposit a bond, slashable with a fraud proof if they cheat a customer. The protocol offers efficient fraud-proof validation, potentially enabling a trustless enforcement mechanism in the future.
