Author: Matthew Roberts 2016-08-03 18:16:20
Published on: 2016-08-03T18:16:20+00:00
In the wake of a recent hack, the idea of creating a new address type that has a reversal key and settlement layer to revoke transactions is being discussed. Transactions "sent" from these addresses must receive N confirmations before they can't be revoked. The coins become redeemable from their destination output after the transaction is "settled". A settlement phase would publicly display transaction progress for transparent fraud prevention and auditing. OP codes and TX types are not suitable for a secure clearing mechanism; existing options such as Nlocktimed TXs and OP_CHECKLOCKTIMEVERIFY have limitations. The main use case here is to improve centralized exchange security by making it impossible for a hot wallet to be raided all at once. The proposed time-based clearing house using blockchains directly is considered a much better idea than the current proposal.
Updated on: 2023-06-11T19:17:26.194106+00:00