Author: Tamas Blummer 2019-07-28 18:29:34
Published on: 2019-07-28T18:29:34+00:00
The bitcoin-dev mailing list has discussed creating a fidelity bond by burning bitcoins or using time-locked addresses. However, Tamas Blummer dislikes the idea of burning bitcoins as service usage is infinite while coin supply is finite. Instead, he suggests using time locked funds or proven coin age to incur opportunity cost rather than sacrificing value. Time locked funds do not need proof of unspentness as they cannot be spent, and they can be proven with SPV. On the other hand, coin age measures past patience rather than future sacrifice and requires no specific script. While there is no current SPV-level secure way to prove an output is still unspent, verification may be possible within each lite client's own security model related to transaction withholding attacks. The proposal provides significant sybil resistance for honest makers who usually have only a small portion of their funds under JoinMarket control.
Updated on: 2023-06-13T20:25:26.246375+00:00