Author: bgroff at lavabit.com 2011-08-27 01:36:19
Published on: 2011-08-27T01:36:19+00:00
Gavin Andresen proposed a new transaction type for Bitcoin and shared it with the community to seek feedback. The proposal includes the introduction of a new opcode called OP_CHECKSIGADD to enable more complex scripts. However, there are some concerns about the proposal. Firstly, groffer reported a bug in the CHECKMULTISIG opcode, which needs further investigation as fixing it would cause a blockchain split. Secondly, Gavin questioned the usage of 1-of-3 and 3-of-3 cases included for the completeness of the proposal, suggesting they may not be needed often. Moreover, some additional use cases were provided such as long-term lock funds requiring signatures from two officers of a company to disburse, short-term lock funds with 2-factor authentication to disburse, an escrow where two parties have to agree or one of two backup observers helps in case of disagreement, and an options contract triggered by broadcast of a key. These use cases require multi-signature transactions to enable secure and flexible transactions. Additionally, Gavin wanted to get as many smart brains looking at the proposal so that it can be improved as much as possible.
Updated on: 2023-05-26T20:27:21.394829+00:00