Author: ZmnSCPxj 2019-06-29 20:25:07
Published on: 2019-06-29T20:25:07+00:00
In a message to the bitcoin-dev mailing list, Tamas Blummer introduced generalized covenants as a solution for a federated sidechain embedded into the Bitcoin blockchain. The covenant would put a coin under the alternative control of a Transfer and Exit keys together with the script in control of the current owner. Additional transaction level validations of transactions spending input with covenants apply. The result is a federated side chain embedded into the Bitcoin block chain. It would be possible to keep the `Transfer`-signed transactions offchain until `Exit`-signing. When this chain of transaction spends is presented to the participants, the participants can be convinced to sign a "cut-through" transaction that cuts through the offchain transactions. This hides not only the smart contract being executed, but also the fact that a Smart Contracts Unchained technique was at all used.
Updated on: 2023-06-13T20:00:18.027165+00:00