Version 2 of Eth is a poof of stake contract block chain. The parties involved have to monitor the state of the contract and determine when conditions are met to take the next step. That means all ledger swaps have to be formatted by rule to keep the contract checksum valid. For one party, proof of sake is a Swift or Btc or Gold or Stock entry in a public ledger. The new and old versions of contract checking require these uniform presentations from a variety of ledgers.
If the contract calls for swapping gold for stocks, then all parties agree on ledger formats that are uniquely derived from the public ledgers. One is just the inversion of the other, a dual. Anything I can prove in one model, I can prove in the other. The new Eth contracts should be finite, and the limited proof of stake means the new method is really built on short chain.
All of thgese contract links have the same form: parties, amounts, ledgers, confirmation, timeout. All of the contract proofing is identifying the conditions on ledgers apriori and uniquely in common form.
In both models one still needs reverse within timeout for congestion and scofflaws. If not timeoutlocks on the accounts then one needs an intermediate that can hold funds in all the ledgers. And that trusted miner can operate off the contract chain. But all parties must leave enough cash on deposit to cove the variations along the contract chain.
In every case a contract has market risk, that is the point. The risk is always congestion not know ex ante, bu priced. Contract enforcement is subjecting the parties to market risk where called for. The market risk for Btc, for example, is the miner fees that guarantee two ledgers register quickly. That is the contract risk, there is also pricing risk absorbed by the parties.
No way out. Contract stability is protocol stability and any ledger has to meet those conditions. Locking a ledger account is enough, over some time. That allows an intermediary to use bearer cash or short chain cash and the ledger confirmations are all one way. But one way or the other, the contract cannot get to the next step safely without a separate fails to deliver exit. In Btc the price and miners fee go out of range suddenly and need to be checked in contracts.
Any other solution involves something like an exchange where the intermediary is registered n all the ledgers. The congestion problem handled internal.
Bitcoin block Chain
Look at Btc. If an exchange is market as reversible in time then every miner treats the transaction as it just happened, and always sends it to the bottom of the chain. These are fuzzy entanglements which resolve in short order. When they resolve, by reverse or otherwise, it is reformatted as not reversible and treated as if it was the first to arrive. The miners earn a fee for reversible exchanges, there is a premium price for carrying them around. The reversal price goes up faster than time.
Locked transactions that are sharded, they are always treated as if they just arrived, always moving down for regular transactions to move up. But they are still valid on the chain. Any observer can see the time lock and thus buy into the sharded short chain cash being released. The miners keep an uncertain set of leaves at the end of the queue, always valid and subject to state change in some measurable period.
A separate group of miner could offer this service,maintain the dangling locked transaction separately but still connected to block chain. Users would see that these merge back into the main chain reasonable quick and consider it a safe form of stable coin for Btc, a source of short chain liquidity. The segment of miners thus collecting early access to sharded and conditional access and first to collect master block chain fees, as well as time fees.
The arrangement of exchanges under timeout would be unique and uniquely extended from official bloc chain, so it is publicly provable. There is little incentive for these segmented miners to cheat, as completion of timeout means miner fees immediately. So this is an entirely different service but completely compatible with blockchain.
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