Author: Johnson Lau 2017-04-27 20:10:03
Published on: 2017-04-27T20:10:03+00:00
A proposal has been made to activate Segwit by bribing miners. A trustless contract protocol is suggested where contributors pledge to a Segwit bounty which would be paid out to miners if Segwit is activated, else the funds are returned to the contributor. The proposal includes the creation of three private keys and corresponding pubkeys, the creation of a Funding Transaction with two outputs, and the creation of a Segwit Assertion Transaction and Bounty Payout Transaction. After setup, miners can find Funding Transactions confirmed on the chain and verify the other two transactions are correct and have valid signatures. Once the chain reaches height H-1, if Segwit has activated, miners can claim the bounty payout by including the Segwit Assertion and Bounty Payout transactions in their block H. If Segwit has not activated at height H, Input 1 of the Bounty Payout is not valid since it spends a P2WPKH output, preventing the miner from including the Bounty Payout transaction in the block. The contributor can reclaim the funds from Output 0 of the Funding tx by creating a new transaction, signed with k1. According to the proposal, this is likely a win-win scenario for contributors since Segwit activating will likely increase the price of Bitcoin, which gives a positive return if the price increases enough.
Updated on: 2023-05-20T02:09:27.989736+00:00