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From: Tamas Blummer <tamas.blummer@gmail.com>
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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
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Hello ZmnSCPxj,
I share your goal to move everything possible off-chain.
The discussion of covenant is not an on/off-chain discussion, but if =
covenant is needed to solve problems we currently can not and which =
unlock significant innovation.
Consensus support of the covenant is only needed if an unchained setup =
using it is closed uncooperatively, otherwise there is not even a reason =
to disclose on-chain that a covenant was used.
Regards,
Tamas Blummer
> On Jul 2, 2019, at 11:30, Tamas Blummer <tamas.blummer@gmail.com> =
wrote:
>=20
> Hello ZmnSCPxj,
>=20
>> On Jul 2, 2019, at 10:12, ZmnSCPxj <ZmnSCPxj@protonmail.com> wrote:
>>=20
>> 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.
>>=20
>> 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.
>>=20
>> 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.
>=20
> The advertiser would thereby put the funds of the HODLer on risk of =
his misbehavior, which means the HODLer would have to trust the =
advertizing service.
> This is not the trustless separation the covenant achives.
>=20
> Regards,
>=20
> Tamas Blummer
>=20
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