Cheque protocol as a multi-sig protocol
Take the following scenario:
A CEO authorises an employee to withdraw up to 500USD per day from an account.
The employee withdraws 100USD.
Observe that only the 2nd transaction causes money to change hand, yet the first is a blockchain transaction, consuming gas nonetheless.
The process can benefit from using multi-sig. The CEO sends the authorisation offchain to the employee. The employe adds some information (100USD), use it to withdraw the money from a smart contract.
Formulating such a multi-sig use-case with cheque, we have:
The manager's authorisation is a cheque since it promises digital rights.
The clerk is identified by an employee ID who is the beneficiary of the cheque.
The withdraw transaction is a redeeming transaction which uses the cheque.
Using cheque protocol
Adds privacy protection to the identifier
Allows management through identifier so that if the employee's term is over, the manager doesn't have to revoke the cheque explicitly.
Easier to extend through TokenScript and requires little programming, therefore reducing the attack surface.