Author: s7r 2016-08-06 10:39:33
Published on: 2016-08-06T10:39:33+00:00
The recent hack on Bitcoin has caused a developer to suggest creating a new address type with a reversal key and settlement layer for revoking transactions. However, this proposal conflicts with Bitcoin's design, which makes transaction reversals impossible. Additionally, there is no clear way to decide the proper settlement period length, and even if it is settled, the user may not be able to spend it immediately. The proposal also raises security concerns as merchants may not accept payments from 'vaults', and coins may take 24 hours to become irreversible outside of the vault. The author believes that hacks and losses are often due to wrong implementations or poor security practices, rather than flaws in Bitcoin's design.
Updated on: 2023-06-11T19:18:30.176850+00:00