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| author | Erik Aronesty <earonesty@gmail.com> | 2024-11-30 09:19:08 -0800 |
|---|---|---|
| committer | bitcoindev <bitcoindev@googlegroups.com> | 2024-11-30 09:21:45 -0800 |
| commit | 47d84b47675874aad2ae80013b154b52d9ea91ec (patch) | |
| tree | 560ea7dcdf6933b206fcc79be1534ded18f9d504 /28 | |
| parent | 2a4adf669539ac5022c5cd146d1c3d198ba139e1 (diff) | |
| download | pi-bitcoindev-47d84b47675874aad2ae80013b154b52d9ea91ec.tar.gz pi-bitcoindev-47d84b47675874aad2ae80013b154b52d9ea91ec.zip | |
[bitcoindev] Re: Un-FE’d Covenants: Char-ting a new path to Emulated Covenants via BitVM Integrity Checks
Diffstat (limited to '28')
| -rw-r--r-- | 28/457287069e8273057ef1b1d0d8b8ca641e7f05 | 197 |
1 files changed, 197 insertions, 0 deletions
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+ boundary="----=_Part_293622_781025926.1732987148316" +X-Original-Sender: earonesty@gmail.com +Precedence: list +Mailing-list: list bitcoindev@googlegroups.com; contact bitcoindev+owners@googlegroups.com +List-ID: <bitcoindev.googlegroups.com> +X-Google-Group-Id: 786775582512 +List-Post: <https://groups.google.com/group/bitcoindev/post>, <mailto:bitcoindev@googlegroups.com> +List-Help: <https://groups.google.com/support/>, <mailto:bitcoindev+help@googlegroups.com> +List-Archive: <https://groups.google.com/group/bitcoindev +List-Subscribe: <https://groups.google.com/group/bitcoindev/subscribe>, <mailto:bitcoindev+subscribe@googlegroups.com> +List-Unsubscribe: <mailto:googlegroups-manage+786775582512+unsubscribe@googlegroups.com>, + <https://groups.google.com/group/bitcoindev/subscribe> +X-Spam-Score: -0.5 (/) + +------=_Part_293622_781025926.1732987148316 +Content-Type: multipart/alternative; + boundary="----=_Part_293623_1027010153.1732987148316" + +------=_Part_293623_1027010153.1732987148316 +Content-Type: text/plain; charset="UTF-8" +Content-Transfer-Encoding: quoted-printable + +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 +You received this message because you are subscribed to the Google Groups "= +Bitcoin Development Mailing List" group. +To unsubscribe from this group and stop receiving emails from it, send an e= +mail to bitcoindev+unsubscribe@googlegroups.com. +To view this discussion visit https://groups.google.com/d/msgid/bitcoindev/= +65f9c15a-c2cb-4831-a3dd-00bbbfb465e8n%40googlegroups.com. + +------=_Part_293623_1027010153.1732987148316 +Content-Type: text/html; charset="UTF-8" +Content-Transfer-Encoding: quoted-printable + +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> + +-- <br /> +You received this message because you are subscribed to the Google Groups &= +quot;Bitcoin Development Mailing List" group.<br /> +To unsubscribe from this group and stop receiving emails from it, send an e= +mail to <a href=3D"mailto:bitcoindev+unsubscribe@googlegroups.com">bitcoind= +ev+unsubscribe@googlegroups.com</a>.<br /> +To view this discussion visit <a href=3D"https://groups.google.com/d/msgid/= +bitcoindev/65f9c15a-c2cb-4831-a3dd-00bbbfb465e8n%40googlegroups.com?utm_med= +ium=3Demail&utm_source=3Dfooter">https://groups.google.com/d/msgid/bitcoind= +ev/65f9c15a-c2cb-4831-a3dd-00bbbfb465e8n%40googlegroups.com</a>.<br /> + +------=_Part_293623_1027010153.1732987148316-- + +------=_Part_293622_781025926.1732987148316-- + |