Author: Greg Sanders 2023-03-16 14:44:33
Published on: 2023-03-16T14:44:33+00:00
A proposal for OP_VAULT has been made, which involves adding a new script opcode to Bitcoin's scripting language. The proposed functionality allows for the creation of a "vault" where funds are held in cold storage until a certain time period has passed or a specific condition is met. A new BIP has been written that fully describes the proposal and can be found on GitHub. The proposal has undergone changes recently, including the removal of a hard dependence on package relay/ephemeral anchors for fee management and no longer hardcoding specific output locations in validation algorithms. However, there are still technical challenges to overcome, requiring wallet support and potentially a new address format. Another approach that has been suggested involves using taproot and covenant-enforced relative locktime to delay fund spending. This approach would require recipient-wallet changes but may be simpler and more privacy-preserving than the OP_VAULT proposal.
Updated on: 2023-06-16T15:33:51.791340+00:00