Author: Bob McElrath 2018-11-28 00:54:16
Published on: 2018-11-28T00:54:16+00:00
The author has been working on an experimental wallet that implements Bitcoin Covenants/Vaults. The concept is to deposit to an address for which you don't know the private key and instead construct a second transaction locking it for some time with a staging address for which you have the privkey. The author used Pay-to-Timelock Signed Transaction (P2TST) to achieve this. To avoid circular dependency issues, the author's construction of covenants/vaults requires NOINPUT. Sipa's proposal, which uses SIGHASH_NOINPUT | SIGHASH_SCRIPTMASK to remove scriptPubKey/redeemScript from the sighash, is compatible with the above vaulted construction. One would want to provide the fee from a separate wallet so as to be able to account for fluctuating fee pressures when the unvaulting occurs a long time after vaulting. Thus one would want to use SIGHASH_SINGLE so that a fee-wallet can add fees (or for composability of P2TSTs), and SIGHASH_NOFEE as well. The author is also excited to combine this idea with Taproot/Graftroot/g'Root.
Updated on: 2023-06-13T15:25:01.077318+00:00