Author: Gavin Andresen 2014-10-01 21:34:33
Published on: 2014-10-01T21:34:33+00:00
In an email conversation between Alan Reiner and Gavin Andresen, they discussed the advantages of using P2SH (Pay-to-Script-Hash) transactions for proof-of-burn schemes. Gavin explained that if the first transaction is a P2SH, the miner would not know there is an advantage to holding it until it is too late, as the scriptPubKey is an opaque hash until the second transaction is finalized. Alan questioned whether using P2SH would defeat the purpose of a proof-of-burn scheme, to which Gavin replied that the burner would supply the funding transaction plus the redeeming script as the proof-of-burn to whoever needed it. He also added that revealing the redeeming script after at least one confirmation could potentially make miners refuse to mine the first transaction because they want to get it plus the CHECKTIMELOCKVERIFY "burn" transaction.
Updated on: 2023-06-09T02:49:06.822062+00:00