Author: Greg Sanders 2023-03-13 14:56:15
Published on: 2023-03-13T14:56:15+00:00
Luke Dashjr, in a message to the Bitcoin-dev mailing list, expressed his concerns with the current idealized functionality of deposit -> trigger -> withdrawal and suggested a new approach. He believes that the previous approach is too complicated for everyday use and would harm privacy quite a bit. Instead, he suggests that Joe receives funds with a taproot output like normal and sends funds to Fred, but Fred cannot spend them until N blocks later (covenant-enforced relative locktime). If Joe's funds were stolen, Joe can spend Fred's UTXO within the N block window to a recovery output. Luke admits that the implementation details for this kind of setup are non-obvious and will likely require yet another address format, but certainly seems within the scope of possibility. In other related correspondence on the same mailing list, James O'Beirne announced that a number of improvements have been made to the OP_VAULT draft. The improvements include no longer having a hard dependence on package relay/ephemeral anchors for fee management, all vault-related transactions can be bundled with unrelated inputs and outputs, facilitating fee management that is self-contained to the transaction, and specific output locations are no longer hardcoded in any of the transaction validation algorithms. James has written a BIP that fully describes the proposal and his next steps will be to try for a merge to the inquisition repo.
Updated on: 2023-06-16T15:40:16.679963+00:00