Author: rot13maxi 2023-01-09 19:02:26
Published on: 2023-01-09T19:02:26+00:00
The email exchange between James O'Beirne and Rijndael discusses the former's proposal for implementing a vault design, called OP_VAULT. While vaults have been discussed as a way to secure Bitcoin custody in the past, consensus functionality is necessary to make them practical. James experimented with using limited covenant mechanism OP_CTV to implement a "minimum-viable" vault design, but found it wanting. Proposed "general" covenant schemes were also unsuitable due to their bloated scriptPubKeys and the intractable social-consensus quagmire regarding which proposal to deploy. OP_VAULT is designed solely to deliver the safety benefits of vaults without getting hung up on trying to solve the general problem of covenants. James wrote a paper summarizing his findings and the resulting proposal, along with an accompanying draft implementation. He may work on a BIP if there's interest. Rijndael finds the proposal cool and thinks OP_VAULT would be an incredibly useful tool for inheritance designs in wallets. They need to think more about the recovery path not having any real encumbrances on it.
Updated on: 2023-06-16T03:48:12.729407+00:00