Author: Greg Sanders 2023-03-13 14:55:05
Published on: 2023-03-13T14:55:05+00:00
In a discussion on the bitcoin-dev mailing list, James O'Beirne proposed improvements to the OP_VAULT draft. The proposal has undergone various improvements since the last correspondence, such as no longer having a hard dependence on package relay/ephemeral anchors for fee management and not having specific output locations hardcoded in any of the transaction validation algorithms. O'Beirne has written a BIP that fully describes the proposal and is seeking a merge to the inquisition repo. However, Luke Dashjr reviewed the BIP and left several comments on the PR. He thinks the current idealized functionality of deposit -> trigger -> withdrawal is too complicated for everyday use and would harm privacy quite a bit. Instead, he suggests a new approach where Joe receives funds with a taproot output like normal, sends funds to Fred, but Fred cannot spend them until N blocks later (covenant-enforced relative locktime), and if Joe's funds were stolen, he can spend Fred's UTXO within the N block window to a recovery output. The implementation details for this kind of setup are non-obvious and will likely require yet another address format (or at least recipient-wallet changes), but it certainly seems within the scope of possibility.
Updated on: 2023-06-16T15:35:22.223141+00:00