Author: Alan Reiner 2013-06-06 00:34:55
Published on: 2013-06-06T00:34:55+00:00
Peter Vessenes, CEO of CoinLab, proposed a scheme to add revocability to Bitcoin transactions without any protocol change. He suggested a trusted escrow service that would issue time promises for signing and sign at the end of the time if it did not receive a cancel message. The addresses would be listed by the escrow service or in an open registry so that users could see if they were going to have a delay period when they saw a transaction go out. However, he acknowledged that this approach was vulnerable to griefing and depended upon the existence of a trusted escrow service. In response, Alan suggested two basic ways to create non-final states for transactions. The first way involved creating transactions with a locktime of X days and sequence numbers that allow them to be replaced exactly once within 30 days. The second way involved sending money to either the recipient or the sender and requiring the recipient to sign for it by sending it to one of their own single-sig addresses. This approach allowed for reversibility but still provided binary accessibility: complete access until it was revoked.
Updated on: 2023-06-06T18:34:29.353184+00:00