From: ZmnSCPxj <ZmnSCPxj@protonmail•com>
To: Tamas Blummer <tamas.blummer@gmail•com>
Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists•linuxfoundation.org>
Subject: Re: [bitcoin-dev] Generalized covenants with taproot enable riskless or risky lending, prevent credit inflation through fractional reserve
Date: Tue, 02 Jul 2019 08:12:26 +0000 [thread overview]
Message-ID: <7E8yyDSqmXEfFtcZRx2vdmPuovamf67X6aDHrokgaYScm01zPivVKpI3Br2PrzBdVdvKBqECP96EFB5ebT8sPfMWU8npJwS_wujFs00bcqU=@protonmail.com> (raw)
In-Reply-To: <0190F226-7133-4B6D-8750-25CAB5C73D17@gmail.com>
Good morning Tamas,
> Note that the advertizing service provider would need temporary access to UTXOs of signficant value, so opportunity cost and thereby cost of advertizing becomes significant.
> Covenants would allow the separation of the advertizing service from HODLer funding it with significant UTXOs.
> HODLer could give temporary control to the service and the service could broker those to others, but the original HODLer was sure to receive the UTXOs back and the HODLer would not be bothered with the operation of the service.
Thank you for this thought.
It has challenged me to consider how to bring this capability out of the Bitcoin blockchain.
As a counterargument, I observe that committing to the advertisement on the UTXO is similar to committing to a SCRIPT on a UTXO.
And I observe the Graftroot idea, wherein we commit to a public key on the UTXO, and admit a SCRIPT that is signed by the public key as a SCRIPT that unlocks the UTXO for spending.
By analogy, in my "advertising" scheme, instead of committing the advertisement on the UTXO, I can instead commit a public key (for example, the hash of the "advertiser pubkey" is used to tweak the onchain public key).
Then we use this advertiser pubkey to admit advertisements on the advertising network.
This advertiser pubkey is used to sign an "advertisement chain", which is a merklized singly-linked list whose contents are the actual advertisements, each node being signed using the advertiser pubkey.
To ensure that the advertiser does not sign multiple versions of this chain, we can have the signing nonce be derived from the height of the advertchain, such that signing the same height multiple times leads to private key revelation.
Each header of the advertchain also includes a `CLTV`-like construct, which is the Bitcoin blockheight that must be reached first before another advertchain header can be added, containing a new advertisement that replaces the previous one.
This lets an advertising broker pay for some onchain UTXO to a HODLer, providing a `nLockTime`d onchain transaction returning the funds to the HODLer, with the UTXO paying to a 2-of-2 with a commitment to the advertiser pubkey.
Then the advertising broker can rent out the UTXO to providers who wish to advertise, though I have to figure out how to make this atomic (i.e. paying the advertiser onchain or on Lightning, would be enough for the provider to derive the advertchain header and its signature, for its own advertisement --- perhaps some minimal SCRIPT-like language on the advertchain can be done).
This lets the advertising broker case to work even without generalized covenants on the Bitcoin blockchain, while providing the same benefit of not bothering the HODLer who ultimately owns the funds each time advertisements need to be changed.
This gives the advantage that changes to the advertisement that is attested by a UTXO do not have any activity on the Bitcoin blockchain itself, only on the advertchain; at the cost that the advertising network now takes on the added bandwidth of handling several tiny blockchains of limited lifetime, instead of keeping the data on "which advertisement is valid" on the Bitcoin blockchain.
Regards,
ZmnSCPxj
next prev parent reply other threads:[~2019-07-02 8:12 UTC|newest]
Thread overview: 44+ messages / expand[flat|nested] mbox.gz Atom feed top
2019-06-28 8:27 Tamas Blummer
2019-06-28 17:25 ` Eric Voskuil
2019-06-28 19:21 ` Tamas Blummer
2019-06-29 21:21 ` Eric Voskuil
2019-06-30 10:56 ` Tamas Blummer
2019-06-30 17:41 ` Eric Voskuil
2019-06-30 18:35 ` Tamas Blummer
2019-06-30 18:54 ` Eric Voskuil
2019-06-30 19:55 ` Tamas Blummer
2019-06-30 20:13 ` Eric Voskuil
2019-06-30 20:26 ` Tamas Blummer
2019-07-01 18:52 ` Eric Voskuil
2019-07-02 3:45 ` ZmnSCPxj
2019-07-02 6:38 ` Tamas Blummer
2019-07-02 8:12 ` ZmnSCPxj [this message]
2019-07-02 9:30 ` Tamas Blummer
2019-07-02 9:47 ` Tamas Blummer
2019-07-02 10:14 ` Tamas Blummer
2019-07-02 10:33 ` ZmnSCPxj
2019-07-02 12:51 ` Tamas Blummer
2019-07-02 5:08 ` Tamas Blummer
2019-07-03 22:30 ` Eric Voskuil
2019-07-04 4:57 ` ZmnSCPxj
2019-07-04 16:43 ` Eric Voskuil
2019-07-04 17:10 ` Tamas Blummer
2019-07-04 18:31 ` Eric Voskuil
2019-07-04 19:31 ` Eric Voskuil
2019-07-05 4:05 ` ZmnSCPxj
2019-07-05 19:27 ` Eric Voskuil
2019-07-05 23:16 ` ZmnSCPxj
2019-07-05 23:44 ` Eric Voskuil
2019-07-06 0:17 ` ZmnSCPxj
2019-07-06 1:28 ` Eric Voskuil
2019-07-06 1:46 ` Eric Voskuil
2019-07-06 13:34 ` Tamas Blummer
2019-07-06 22:21 ` Eric Voskuil
2019-07-07 1:30 ` Eric Voskuil
2019-07-07 9:18 ` Tamas Blummer
2019-07-09 10:31 ` ZmnSCPxj
2019-07-09 20:32 ` Tamas Blummer
2019-07-06 10:12 ` Tamas Blummer
2019-07-06 22:37 ` Eric Voskuil
2019-07-05 23:20 ` Eric Voskuil
2019-06-29 18:21 ` David A. Harding
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