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Date: Sat, 30 Nov 2024 09:19:08 -0800 (PST)
From: Erik Aronesty <earonesty@gmail.com>
To: Bitcoin Development Mailing List <bitcoindev@googlegroups.com>
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Subject: =?UTF-8?Q?=5Bbitcoindev=5D_Re=3A_Un=2DFE=E2=80=99d_Covenants=3A_Char=2Dting_a_ne?=
=?UTF-8?Q?w_path_to_Emulated_Covenants_via_BitVM_Integrity_Checks?=
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like all other "incentive-driven honesty" proposals, it only works if the=
=20
value locked in the bonds is greater than thevalue locked in the=20
covenants. but that's a reasonable restriction for many "l2" use cases,=
=20
where the purpose of l2 is to enable low-valued "vtxo's" that allow an=20
emulated self custody of small amounts that would otherwise be too=20
expensive to move on-chain
some analysis of the relationship between the bond lock value and the=20
maximum "incentive-safe" covenant value, and the fees the oracles are paid=
=20
vs the loss of liquidy needs to be done in order to drive the incentives=20
home both for would-be oracles and would-be users.
this is unlikely, for example, to be valueable for any vault-ing use case,=
=20
but should be possible to enable ark2, enigma-network and other protocols=
=20
designed to falicitate small-value-transactions-at-scale =20
On Tuesday, November 26, 2024 at 7:21:03=E2=80=AFPM UTC-8 jeremy wrote:
Esteemed Bitcoin Developers,
Sharing below an approach to implementing Bitcoin covenants without=20
requiring native protocol changes. The approach uses covenant emulators=20
signing servers.
Unlike approaches to date for covenant emulation, the oracle signers put up=
=20
bonds to BitVM auditors subject to a BITVM style fraud proof, whereby their=
=20
funds can be stolen if the emulator oracle ever signs a transaction in=20
violation of the covenant rules.
you can find the paper here:=20
https://rubin.io/bitcoin/2024/11/26/unfed-covenants/
Regards,
Jeremy
--=20
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Bitcoin Development Mailing List" group.
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like all other "incentive-driven honesty" proposals, it only works if the v=
alue locked in the bonds is greater than thevalue locked in the covenants.=
=C2=A0 =C2=A0but that's a reasonable restriction for many "l2" use cases, w=
here the purpose of l2 is to enable low-valued "vtxo's"=C2=A0 that allow an=
emulated self custody of small amounts that would otherwise be too expensi=
ve to move on-chain<div><br />some analysis of the relationship between the=
bond lock value and the maximum "incentive-safe"=C2=A0 covenant value, and=
the fees the oracles are paid vs the loss of liquidy needs to be done in o=
rder to drive the incentives home both for would-be oracles and would-be us=
ers.</div><div><br /></div><div>this is unlikely, for example, to be valuea=
ble for any vault-ing use case, but should be possible to enable ark2, enig=
ma-network and other protocols designed to falicitate small-value-transacti=
ons-at-scale=C2=A0=C2=A0<br /><br /></div><div><div dir=3D"auto">On Tuesday=
, November 26, 2024 at 7:21:03=E2=80=AFPM UTC-8 jeremy wrote:<br /></div><b=
lockquote style=3D"margin: 0px 0px 0px 0.8ex; border-left: 1px solid rgb(20=
4, 204, 204); padding-left: 1ex;"><div><span style=3D"color: rgb(0, 0, 0);"=
>Esteemed Bitcoin Developers,</span><br /></div><div><p style=3D"color: rgb=
(0, 0, 0);">Sharing below an approach to implementing Bitcoin covenants wit=
hout requiring native protocol changes. The approach uses covenant emulator=
s signing servers.</p><p style=3D"color: rgb(0, 0, 0);">Unlike approaches t=
o date for covenant emulation, the oracle signers put up bonds to BitVM aud=
itors subject to a BITVM style fraud proof, whereby their funds can be stol=
en if the emulator oracle ever signs a transaction in violation of the cove=
nant rules.</p></div>you can find the paper here: <a href=3D"https://rubin.=
io/bitcoin/2024/11/26/unfed-covenants/" target=3D"_blank" rel=3D"nofollow">=
https://rubin.io/bitcoin/2024/11/26/unfed-covenants/</a><br /><div><br /></=
div><div>Regards,</div><div><br /></div><div>Jeremy</div></blockquote></div=
>
<p></p>
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