Author: Luke Dashjr 2016-08-04 03:27:34
Published on: 2016-08-04T03:27:34+00:00
On August 3, 2016, Matthew Roberts proposed the idea of creating a new address type with a reversal key and settlement layer that could be used to revoke transactions in light of a recent hack. However, this idea doesn't make sense at the address level since it represents the recipient and not the sender. Transactions are never sent from addresses; therefore, you could specify that transactions "sent" from these addresses must receive N confirmations before they can't be revoked. After this time, the transaction is "settled," and the coins become redeemable from their destination output. A settlement phase would also mean that a transaction's progress was publicly visible, allowing transparent fraud prevention and auditing by anyone. However, Luke argues that this concept is already possible by simply nLockTime-ing withdrawals for some future block and not signing any transaction that isn't nLockTime'd at least N blocks beyond the present tip.
Updated on: 2023-06-11T19:18:24.180577+00:00