From: Alan Reiner <etotheipi@gmail•com>
To: bitcoin-development@lists•sourceforge.net
Subject: Re: [Bitcoin-development] multisig, op_eval and lock_time/sequence...
Date: Wed, 9 Nov 2011 10:22:57 -0500 [thread overview]
Message-ID: <CALf2ePw2zcxrPFfQtJrDYSNWQ-rfNPv1R7LnH=8MHApe3_D1+Q@mail.gmail.com> (raw)
In-Reply-To: <4EBA9199.7050201@gmail.com>
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Actually, I'm not sure if your solution works, because it relies on
broadcasting a tx to the network that isn't valid. I believe that the
first tx in your proposal will be rejected and thus you'll need to exchange
the tx's offline.
However, third-parties could pretty easily and conveniently host a service
for this kind of exchange.
--Sent from my overpriced smartphone
On Nov 9, 2011 9:43 AM, "Alan Reiner" <etotheipi@gmail•com> wrote:
> That's what my proposal was for, in BIP 0010:
>
> https://github.com/genjix/**bips/blob/master/bip-0010.md<https://github.com/genjix/bips/blob/master/bip-0010.md>
>
> However, I just found a minor problem with it that should be addressed if
> we want to enable super-lightweight clients that only sign tx's without
> needing the blockchain. Simply that the TxIns don't contain the value of
> the TxOuts they are spending, which means the dumb tx-signers with no
> blockchain can't tell how much input there is. They can only see the
> output values and recipients, which means they can't figure out the tx fee,
> or how much money is in each of the TxIns they are signing.
>
> And most users/clients will have access to the blockchain, so it's not a
> dealbreaker. But it's something to consider. Otherwise, I think this is a
> big step towards bringing this complicatedprotocol a little closer to
> Earth...
>
>
>
>
>
>
> On 11/09/2011 05:22 AM, Michael Grønager wrote:
>
>> Hi All,
>>
>> Along with the multisig/op_eval BIPs (11/12) I am considering how the
>> actual client functionality could be.
>>
>> Some of you might already have the solution for this - if not I would
>> like to propose the following...
>>
>> Lets consider the 2 of 3 multisig - and lets say I now have some coins
>> hence only redeemable using 2 key signatures. So when I want to spend them
>> I would do:
>>
>> 1. from client1 I issue a transaction containing one of the signatures,
>> with a locktime e.g. 10 minutes from now and a sequence of 0. This
>> transaction is now posted to the p2p network.
>>
>> 2. client2 discovers the transaction and that it will affect its wallet.
>> It hence modifies the transaction to includes also the second signature,
>> changes the sequence to 0xFFFFFFFF=final and the lock_time to 0 and
>> retransmits the transaction.
>>
>> 3. The transaction is now valid and final and will be approved by the
>> miners.
>>
>> However, for this setup to be possible, we need to reenable the
>> replacement of transaction in the client....
>>
>> Anyone working on this now ?
>>
>> Alternatively, the transactions would need to be sent between clients
>> using another protocol...
>>
>> Cheers,
>>
>> Michael
>>
>>
>>
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>
>
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next prev parent reply other threads:[~2011-11-09 15:23 UTC|newest]
Thread overview: 18+ messages / expand[flat|nested] mbox.gz Atom feed top
2011-11-09 10:22 Michael Grønager
2011-11-09 14:43 ` Alan Reiner
2011-11-09 15:22 ` Alan Reiner [this message]
2011-11-09 19:13 ` Gavin Andresen
2011-11-09 20:02 ` Gavin Andresen
2011-11-09 20:31 ` Michael Grønager
2011-11-09 21:18 ` Gavin Andresen
2011-11-09 21:32 ` Joel Joonatan Kaartinen
2011-11-09 22:13 ` theymos
2011-11-09 20:03 ` Michael Grønager
2011-11-10 3:00 ` Alan Reiner
2011-11-10 9:55 ` Michael Grønager
2011-11-10 12:56 ` Alan Reiner
2011-11-12 16:58 ` Mike Hearn
2011-11-12 17:10 ` Alan Reiner
2011-11-12 17:16 ` Mike Hearn
2011-11-12 17:25 ` Alan Reiner
2011-11-12 17:38 ` Mike Hearn
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