Author: ZmnSCPxj 2018-04-20 04:30:08
Published on: 2018-04-20T04:30:08+00:00
The context discusses the use of Numerifides command, which is a scheme that allows for non-financial data to be stored on-chain. The CLTV Unix epoch is used for absolute lock time, and CSV is used for relative lock time measured in blocks. The scheme involves generating a secret private key and public key, encoding the command, computing the pay-to-contract public key, generating a P2WSH to the script, paying to the P2WSH on the Bitcoin network, and broadcasting command, P, and the txid+outnum of the UTXO that pays to the P2WSH above to the Numerifides network. Numerifides nodes then verify the command+P+outpoint by confirming that it can get C = P + h(P || command) * G, and that the outpoint is unspent, and pays to a P2WSH matching the above script template with the replaced with the computed C. When the command expires, the user can reclaim its locked coins from c = p + h(P || command), meaning it only has to memorize p and command. If two commands conflict, the one with higher locked amount is preferred. The same scheme can be used for practically any kind of asset, not just names.
Updated on: 2023-05-24T22:51:30.947803+00:00