Author: Tamas Blummer 2019-07-02 06:38:55
Published on: 2019-07-02T06:38:55+00:00
The email exchange discusses the idea of a "Bitcoin Classified Ads Network" where P2PKH UTXOs embed commitments to advertisements, and a secondary network transmits the actual advertisements, as well as the UTXOs being used to commit to them. A covenant may not be needed in this case as transfers of the UTXO require paying to the issuer/lender of the coin. However, if it is against the interest of all parties involved in transfers of the UTXO, a covenant is needed for consensus to enforce it. The covenant proposed adds an alternate taproot validation path stacked onto previously existing ones. This allows one to give others temporary access for a shorter time period than one's own temporary access. The service provider would act like a bank, matching depositor (the HODLer) with those who need temporary control of UTXO for advertising purposes. The consensus would also have to ensure that inputs with covenants are merged only into outputs with the same covenant. This would unlock the use of Bitcoin's unforgeable registry to track any asset with the same security guarantees it offers for its own cash token.
Updated on: 2023-06-13T19:44:44.811291+00:00