BIP proposal: Timelocked address fidelity bond for BIP39 seeds



Summary:

ZmnSCPxj discussed with Tamas about the defiads network, where a UTXO can host only one advertisement at any one time. A sequence counter would replace lower-sequenced advertisements, and only one advertisement per UTXO could be used for a defiads node. Each advertisement would have a specific application ID, and a UTXO could only be used for one application at a time. This would be equivalent to domain separation tags. The BIP contains a definition of address derivation and how to sign fidelity bond certificates. The abstract points out that the BIP contains both, but the second area is much more tricky. The second area can be interpreted without consensus between wallet developers. If the BIP addresses moving funds out of an old Joinmarket wallet, it should be enough. There are gains to be had from a broader community discussing and agreeing on the details of creating a fidelity bond certificate, but it's a separate and more difficult task.


Updated on: 2023-06-15T20:10:02.214709+00:00