Author: Tom Trevethan 2020-04-05 21:25:51
Published on: 2020-04-05T21:25:51+00:00
In an email chain on the Bitcoin development mailing list, several proposals were discussed to increase platform security. One proposal involved using two-party elliptic curve digital signature algorithms to make it difficult for malicious actors to compromise the exchange platform. The processor would be configured to perform these functions, which would limit opportunities for attackers to compromise the platform. Bob McElrath noted that this proposed solution may not be effective in preventing all attacks and ended his email with a quote by H.L. Mencken: "For every complex problem, there is a solution that is simple, neat, and wrong. "Another proposal discussed was the statechain protocol. Nadav Kohen raised concerns over the possibility of a malicious Statechain Entity (SE) stealing a user's UTXO by collaborating with or being a previous owner. Tom suggested using proof-of-publication as a way to enable the current owner to prove ownership and prevent double-spending, as well as provide evidence of fraud on the part of the SE. Bob McElrath suggested using single use seals to track ownership history and prevent the SE from buying the UTXO, noting that the attack would require collusion with the current UTXO owner. Nadav proposed adding a new user key to the protocol, which would be required for a transfer to be valid on the statechain.Tom provided a more detailed document specifying the proposed protocol, including improvements to the transfer mechanism and an explanation of how this can be used to transfer/novate positions in DLCs. He also addressed concerns about nChain Holdings' patent application related to secure off-chain blockchain transactions. Overall, the email chain discussed various proposals to improve platform security and prevent attacks by malicious actors.
Updated on: 2023-06-14T00:15:06.473797+00:00