Author: Luke Dashjr 2023-03-13 20:55:00
Published on: 2023-03-13T20:55:00+00:00
Luke Dashjr, a Bitcoin developer, has expressed his view on the proposed OP_VAULT draft, suggesting that it is not simplified enough for day-to-day use and would harm privacy. He proposes an alternative approach where funds are received with a taproot output and sent to the recipient with a covenant-enforced relative locktime. If the sender's funds were stolen, they can spend the recipient's UTXO within the N block window to a recovery output. However, he acknowledges that the implementation details for this setup are non-obvious and may require a new address format or recipient-wallet changes. Meanwhile, James O'Beirne has written a BIP that fully describes the OP_VAULT proposal, which aims to secure Bitcoin vaults by requiring multiple signatures to spend the funds and allowing users to recover their funds if the private key is lost. The proposal has undergone some improvements such as removing a hard dependence on package relay/ephemeral anchors and being compatible with future changes like SIGHASH_GROUP.
Updated on: 2023-06-16T15:35:34.204421+00:00