From: Matthew Roberts <matthew@roberts•pm>
To: bitcoin-dev <bitcoin-dev@lists•linuxfoundation.org>
Subject: [bitcoin-dev] BIP clearing house addresses
Date: Thu, 4 Aug 2016 04:16:20 +1000 [thread overview]
Message-ID: <CAAEDBiGMGWLeC81vkojGwEqQTT1HQaE=a3z114u6=FXXM2DRtQ@mail.gmail.com> (raw)
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In light of the recent hack: what does everyone think of the idea of
creating a new address type that has a reversal key and settlement layer
that can be used to revoke transactions?
You could specify so that transactions "sent" from these addresses must
receive N confirmations before they can't be revoked, after which the
transaction is "settled" and the coins become redeemable from their
destination output. A settlement phase would also mean that a transaction's
progress was publicly visible so transparent fraud prevention and auditing
would become possible by anyone.
The reason why I bring this up is existing OP codes and TX types don't seem
suitable for a secure clearing mechanism; Nlocktimed TXs won't work for
this since you can't know ahead of time when and where a withdrawal needs
to be made, plus there's still the potential for key mismanagement; Similar
problems with OP_CHECKLOCKTIMEVERIFY apply too – unless you keep a private
key around on the server which would defeat the purpose. The main use case
here, would be specifically to improve centralized exchange security by
making it impossible for a hot wallet to be raided all at once.
Thoughts?
Some existing background:
http://hackingdistributed.com/2016/08/03/how-bitfinex-heist-could-have-been-avoided/
-- Proposed the basic idea for a time-based clearing house but using
blockchains directly, this is a much better idea than my own.
roberts.pm/timechain -- My original paper written in 2015 which proposed a
similar idea for secure wallet design but implemented using time-locked
ECDSA keys. Obviously a blockchain would work better for this.
Other -- if the idea has already been brought up by other people, I
apologize.
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next reply other threads:[~2016-08-03 18:16 UTC|newest]
Thread overview: 16+ messages / expand[flat|nested] mbox.gz Atom feed top
2016-08-03 18:16 Matthew Roberts [this message]
2016-08-03 21:13 ` Troy Benjegerdes
2016-08-03 23:55 ` Tier Nolan
2016-08-04 2:07 ` Matthew Roberts
2016-08-04 3:27 ` Luke Dashjr
2016-08-04 3:49 ` Andrew Johnson
2016-08-04 4:53 ` Matthew Roberts
2016-08-04 12:43 ` Erik Aronesty
2016-08-06 10:39 ` s7r
2016-08-06 11:13 ` Tier Nolan
2016-08-07 5:35 ` Matthew Roberts
2016-08-07 22:59 ` Erik Aronesty
2016-08-08 0:48 ` Matthew Roberts
2016-08-08 9:56 ` Tier Nolan
2016-08-08 10:09 ` Erik Aronesty
2016-08-08 11:01 ` Tier Nolan
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