From: Adam Back <adam@cypherspace•org>
To: Alan Reiner <etotheipi@gmail•com>
Cc: Bitcoin Dev <bitcoin-development@lists•sourceforge.net>
Subject: Re: [Bitcoin-development] [BIP draft] CHECKLOCKTIMEVERIFY - Prevent a txout from being spent until an expiration time
Date: Thu, 9 Oct 2014 07:14:31 +0100 [thread overview]
Message-ID: <CALqxMTHN4G1HO-7_0Fot943KK-GGOfK9gXDBqaKyyRngiXbuFQ@mail.gmail.com> (raw)
In-Reply-To: <5435FD3D.40409@gmail.com>
I think you can do everything with the existing script level nlocktime
in some kind of turing completeness sense (maybe); but there is a
complexity cost that often you have to resort to extra dependent
transaction(s) (and work-around malleability until that is fully
fixed) just to get the effect.
When I tried building things that need nlocktime I found it quite
inconvenient that it was wasnt a function rather than a script
property, so I like this proposal.
Adam
On 9 October 2014 04:13, Alan Reiner <etotheipi@gmail•com> wrote:
> By the way, I really like this proposal. I haven't spent much time thinking
> about the deeper subtleties and risks associated with it, but I see a lot of
> opportunities. One just came to mind that I didn't see mentioned in his
> original proposal:
>
> Non-Interactive Recurring payments with ID-association:
> You want to make N recurring payments of 1 BTC each month to a service.
> Sign N transactions each of them use a CHECKLOCKTIMEVERIFY block number
> approximately X months in the future (one for each month). The script
> allows the customer to move the coins at any time, but after the locktime
> the merchant/service has signing access. The merchant software will
> continually watch for and sweep all coins that become available via this
> mechanism and credit the appropriate customer account. The customer
> maintains control of the funds until payment time, the merchant can
> automatically collect it each month without requiring user interaction, and
> the customer can cancel it just by spending it elsewhere before the
> locktime.
>
> This scheme has an added benefit: both the merchant's address and the
> user's address is in the script. Given an appropriate scheme for linking
> addresses to accounts (perhaps sending the service a watch-only BIP32
> branch), the service can use the other address in the script to recognize
> and link that payment to the user's account. This allows you to continue
> paying and extending your subscription without having to explicitly link
> each payment to the account. The wallet will simply make sure to use a
> return address that is in a BIP32 branch that was provided to the service
> during signup, and the service will automatically extend your subscription
> every month based on that info when it sweeps payments.
>
> Along with everything else that was mentioned by Peter in his original
> proposal, I see OP_CHECKLOCKTIMEVERIFY as an enabling feature, not just a
> simple improvement.
>
> -Alan
>
>
>
> On 10/08/2014 06:26 AM, Wladimir wrote:
>
> On Tue, Oct 7, 2014 at 6:08 PM, Mike Hearn <mike@plan99•net> wrote:
>
> That is easy to change; I'll submit a pull request.
>
> That's certainly a useful improvement. It won't help the existing userbase
> though - assuming CHECKLOCKTIMEVERIFY is to go in to the next major release.
>
> The next minor release (0.9.4) could have Gavin's change already.
>
> I don't think CHECKLOCKTIMEVERIFY will make it into the next major
> release though. Once headers-first and pruning is merged (which is
> expected to be a matter of weeks). I'd like to split off the 0.10
> branch and give it some time to stabilize with a feature freeze, then
> do a release before the end of the year.
>
> So 0.11, in say 6 months, would be soonest.
>
> Wladimir
>
> ------------------------------------------------------------------------------
> Meet PCI DSS 3.0 Compliance Requirements with EventLog Analyzer
> Achieve PCI DSS 3.0 Compliant Status with Out-of-the-box PCI DSS Reports
> Are you Audit-Ready for PCI DSS 3.0 Compliance? Download White paper
> Comply to PCI DSS 3.0 Requirement 10 and 11.5 with EventLog Analyzer
> http://pubads.g.doubleclick.net/gampad/clk?id=154622311&iu=/4140/ostg.clktrk
> _______________________________________________
> Bitcoin-development mailing list
> Bitcoin-development@lists•sourceforge.net
> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>
>
>
> ------------------------------------------------------------------------------
> Meet PCI DSS 3.0 Compliance Requirements with EventLog Analyzer
> Achieve PCI DSS 3.0 Compliant Status with Out-of-the-box PCI DSS Reports
> Are you Audit-Ready for PCI DSS 3.0 Compliance? Download White paper
> Comply to PCI DSS 3.0 Requirement 10 and 11.5 with EventLog Analyzer
> http://pubads.g.doubleclick.net/gampad/clk?id=154622311&iu=/4140/ostg.clktrk
> _______________________________________________
> Bitcoin-development mailing list
> Bitcoin-development@lists•sourceforge.net
> https://lists.sourceforge.net/lists/listinfo/bitcoin-development
>
next prev parent reply other threads:[~2014-10-09 6:14 UTC|newest]
Thread overview: 46+ messages / expand[flat|nested] mbox.gz Atom feed top
2014-10-01 13:08 Peter Todd
2014-10-01 15:01 ` Gavin Andresen
2014-10-02 1:06 ` Peter Todd
2014-10-01 15:29 ` Sergio Lerner
2014-10-01 17:06 ` Peter Todd
2014-10-01 18:23 ` Luke Dashjr
2014-10-01 20:58 ` Gavin Andresen
2014-10-01 21:04 ` Alan Reiner
2014-10-01 21:34 ` Gavin Andresen
2014-10-02 0:12 ` Peter Todd
2014-10-02 0:05 ` Peter Todd
2014-10-02 0:55 ` Luke Dashjr
2014-10-02 1:09 ` Peter Todd
2014-10-02 15:05 ` Flavien Charlon
2014-10-03 14:28 ` Matt Whitlock
2014-10-03 14:30 ` Matt Whitlock
2014-10-03 16:17 ` Gregory Maxwell
2014-10-03 17:50 ` Luke Dashjr
2014-10-03 20:58 ` Mike Hearn
2014-10-03 23:12 ` Jeff Garzik
2014-10-04 0:38 ` Peter Todd
2014-10-04 12:58 ` Mike Hearn
2014-10-07 15:50 ` Gavin Andresen
2014-10-07 16:08 ` Mike Hearn
2014-10-08 10:26 ` Wladimir
2014-10-09 3:13 ` Alan Reiner
2014-10-09 6:14 ` Adam Back [this message]
2014-10-09 6:28 ` Gregory Maxwell
2014-10-09 6:33 ` Peter Todd
2014-10-09 6:40 ` Gregory Maxwell
2014-10-08 4:07 ` Tom Harding
2014-10-08 10:15 ` Mike Hearn
2015-03-16 22:22 ` [Bitcoin-development] Relative CHECKLOCKTIMEVERIFY (was CLTV proposal) Matt Corallo
2015-03-19 17:39 ` Zooko Wilcox-OHearn
2015-04-21 7:59 ` Peter Todd
2015-04-26 11:35 ` Jorge Timón
2015-04-26 12:20 ` Jorge Timón
2015-04-27 19:35 ` Peter Todd
2015-04-28 7:44 ` Jorge Timón
2015-05-04 2:15 ` Matt Corallo
2015-05-04 11:24 ` Jorge Timón
2015-05-05 0:41 ` Btc Drak
2015-05-05 19:19 ` Jorge Timón
2015-05-05 20:38 ` Tier Nolan
2015-05-06 7:37 ` Jorge Timón
2015-05-06 22:09 ` Tier Nolan
Reply instructions:
You may reply publicly to this message via plain-text email
using any one of the following methods:
* Save the following mbox file, import it into your mail client,
and reply-to-all from there: mbox
Avoid top-posting and favor interleaved quoting:
https://en.wikipedia.org/wiki/Posting_style#Interleaved_style
* Reply using the --to, --cc, and --in-reply-to
switches of git-send-email(1):
git send-email \
--in-reply-to=CALqxMTHN4G1HO-7_0Fot943KK-GGOfK9gXDBqaKyyRngiXbuFQ@mail.gmail.com \
--to=adam@cypherspace$(echo .)org \
--cc=bitcoin-development@lists$(echo .)sourceforge.net \
--cc=etotheipi@gmail$(echo .)com \
/path/to/YOUR_REPLY
https://kernel.org/pub/software/scm/git/docs/git-send-email.html
Be sure your reply has a Subject: header at the top and a blank line
before the message body.
This is a public inbox, see mirroring instructions
for how to clone and mirror all data and code used for this inbox