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In-Reply-To: <CANEdHmjczpys1RMaZAahE-L==xMDzuVT=eyVApCxU_AHswtEYQ@mail.gmail.com>
References: <CANEdHmjczpys1RMaZAahE-L==xMDzuVT=eyVApCxU_AHswtEYQ@mail.gmail.com>
Date: Wed, 13 Jan 2016 17:47:50 -0600
Message-ID: <CANEdHmgBkwLxJNqEwoWCVL7Vrsiv8WZReJp2so+UvMG1A38Gmg@mail.gmail.com>
From: Scott Morgan <scott@adligo.com>
To: bitcoin-dev@lists.linuxfoundation.org
Content-Type: multipart/alternative; boundary=001a113fe5b647f2a205293fcc63
Subject: [bitcoin-dev] Fwd: Wallet Lock, Unlock BIP idea
Precedence: list

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Hi All,

   Here is a suggestion which is similar to bip-0065, but slightly
different.
In a nutshell I under stand bip-0065 to do this;
Create a transaction adding a lock time, that the recipient user must wait
before they can spend the coins.

My proposal is to do this;
Create an entry in the blocks to lock entire wallet addresses indefinitely,
with a specified unlock period.
Later on create / modify an entry in the blocks to acknowledge the wallet
is being unlocked.
Remove the lock on the wallet after the unlock period has transpired.

  I think it is technically feasible since many wallet addresses are in
each block at the transaction level.  However, it would have huge
implications to the entire Bitcion ecosystem, so it would probably need a
start date at least a year in the future after it was developed.

bip-0065 would not allow the following;
  This would allow users holding coins for long periods to monitor the
blockchain to see if someone else is unlocking their wallets (which may
have been stolen/copied etc), giving them some time to react to a
intrusion.  Perhaps there should also be a re-lock (during unlock) feature.

My original message is attached.

Cheers,
Scott

---------- Forwarded message ----------
From: Scott Morgan <scott@adligo.com>
Date: Tue, Jan 12, 2016 at 3:35 PM
Subject: Wallet Lock, Unlock BIP idea
To: bitcoin-dev@lists.linuxfoundation.org


Hi All,

   It seems to me that one of the large issues with bitcoin is that they
can be stolen like cash.   This issue also culminates with the fact that
most miners probably need to hold their coins for some time to be
profitable due to the large interest in mining.
   I think it may be possible to reduce some of this theft by adding a BIP
to lock and unlock wallets.  Here is the basic idea (probably with some
holes);

   1) Users could 'lock' their wallet specifying a unlock period (i.e. 15
days)
       The information that a particular wallet is locked would get added
to the blocks and confirmed like other transactions.
    2) During transaction creation and mining (to be sure a locked wallet
isn't drained) the top blocks would be checked to see if the wallet is
locked.  Locked wallet transactions would not be confirmed.
    3)  Users would eventually 'unlock' their wallet.
        This would put a unlocking as of date time in the blocks to specify
a wallet is unlocking.  Eventually the wallet would not have any lock or
unlocking entries in the blocks.
    4) The users would wait the unlock period (i.e. 15 days)
    5) The Users could then spend their coins.


   This would also have some other consequences on the bitcoin system,
since anyone could check the transactions to locked wallets to see how many
BTC are being held, or are being unlocked soon.   This could effect the
price of BTC in fiat as supply would change similar to the way mining
changes it.  Also it will slow transaction creation a little and mining a
fair amount.
   Also locking a wallet might incur a fee.

  What are your thoughts, does this idea qualify for a BIP?
  If so, I would appreciate it if someone takes it and runs with it.

Cheers,
Scott

PS A bit about me, I am a Privacy and Java evangelist, so I will not be
doing any work on the main bitcoin core.  I have been doing a little mining
to attempt to help fund my companies (Adligo Inc) open source Java projects
Tests4j and Fabricate and hopefully in the future Taxi, Sanctum and
Intelligence4j.

Donations are always welcome;

http://www.plumfund.com/crowdfunding/adligoorg

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<div dir=3D"ltr">Hi All,<div><br></div><div><font face=3D"monospace, monosp=
ace">=C2=A0 =C2=A0Here is a suggestion which is similar to bip-0065, but sl=
ightly different.</font></div><div><font face=3D"monospace, monospace">In a=
 nutshell I under stand bip-0065 to do this;</font></div><div><font face=3D=
"monospace, monospace">Create a transaction adding a lock time, that the re=
cipient user must wait before they can spend the coins.</font></div><div><f=
ont face=3D"monospace, monospace"><br></font></div><div><font face=3D"monos=
pace, monospace">My proposal is to do this;</font></div><div><font face=3D"=
monospace, monospace">Create an entry in the blocks to lock entire wallet a=
ddresses=C2=A0<span style=3D"line-height:100%">indefinitely</span>, with a =
specified unlock period.</font></div><div><font face=3D"monospace, monospac=
e">Later on create / modify an entry in the blocks to acknowledge the walle=
t is being unlocked.</font></div><div><font face=3D"monospace, monospace">R=
emove the lock on the wallet after the unlock period has transpired.</font>=
</div><div><font face=3D"monospace, monospace"><br></font></div><div><font =
face=3D"monospace, monospace">=C2=A0 I think it is t<span style=3D"line-hei=
ght:100%">echnically
feasible</span>=C2=A0since many wallet addresses are in each block at the t=
ransaction level.=C2=A0 However, it would have huge implications to the ent=
ire Bitcion ecosystem, so it would probably need a start date at least a ye=
ar in the future after it was developed.=C2=A0</font></div><div><font face=
=3D"monospace, monospace"><br></font></div><div><font face=3D"monospace, mo=
nospace">bip-0065 would not allow the following;</font></div><div><font fac=
e=3D"monospace, monospace">=C2=A0 This would allow users holding coins for =
long periods to monitor the blockchain to see if someone else is unlocking =
their wallets (which may have been stolen/copied etc), giving them some tim=
e to react to a intrusion.=C2=A0 Perhaps there should also be a re-lock (du=
ring unlock) feature.</font></div><div><font face=3D"monospace, monospace">=
<br></font></div><div><font face=3D"monospace, monospace">My original messa=
ge is attached.</font></div><div><font face=3D"monospace, monospace"><br></=
font></div><div><font face=3D"monospace, monospace">Cheers,</font></div><di=
v><font face=3D"monospace, monospace">Scott</font></div><div><span style=3D=
"font-size:12.8px"><br></span><div class=3D"gmail_quote">---------- Forward=
ed message ----------<br>From: <b class=3D"gmail_sendername">Scott Morgan</=
b> <span dir=3D"ltr">&lt;<a href=3D"mailto:scott@adligo.com">scott@adligo.c=
om</a>&gt;</span><br>Date: Tue, Jan 12, 2016 at 3:35 PM<br>Subject: Wallet =
Lock, Unlock BIP idea<br>To: <a href=3D"mailto:bitcoin-dev@lists.linuxfound=
ation.org">bitcoin-dev@lists.linuxfoundation.org</a><br><br><br><div dir=3D=
"ltr"><font face=3D"monospace, monospace">Hi All,</font><div><font face=3D"=
monospace, monospace"><br></font></div><div><font face=3D"monospace, monosp=
ace">=C2=A0 =C2=A0It seems to me that one of the large issues with bitcoin =
is that they can be stolen like cash. =C2=A0 This issue also culminates wit=
h the fact that most miners probably need to hold their coins for some time=
 to be profitable due to the large interest in mining.</font></div><div><fo=
nt face=3D"monospace, monospace">=C2=A0 =C2=A0I think it may be possible to=
 reduce some of this theft by adding a BIP to lock and unlock wallets.=C2=
=A0 Here is the basic idea (probably with some holes);</font></div><div><fo=
nt face=3D"monospace, monospace">=C2=A0 =C2=A0</font></div><div><font face=
=3D"monospace, monospace">=C2=A0 =C2=A01) Users could &#39;lock&#39; their =
wallet specifying a unlock period (i.e. 15 days)</font></div><div><font fac=
e=3D"monospace, monospace">=C2=A0 =C2=A0 =C2=A0 =C2=A0The information that =
a particular wallet is locked would get added to the=C2=A0</font><span styl=
e=3D"font-family:monospace,monospace">blocks and confirmed like other trans=
actions. =C2=A0</span></div><div><font face=3D"monospace, monospace">=C2=A0=
 =C2=A0 2) During transaction creation and mining (to be sure a locked wall=
et isn&#39;t drained) the top blocks would be checked to see if the wallet =
is locked.=C2=A0 Locked wallet transactions would not be confirmed.</font><=
/div><div><font face=3D"monospace, monospace">=C2=A0 =C2=A0 3) =C2=A0Users =
would eventually &#39;unlock&#39; their wallet.</font></div><div><font face=
=3D"monospace, monospace">=C2=A0 =C2=A0 =C2=A0 =C2=A0 This would put a unlo=
cking as of date time in the blocks to specify a wallet is unlocking.=C2=A0=
 Eventually the wallet would not have any lock or unlocking entries in the =
blocks.</font></div><div><font face=3D"monospace, monospace">=C2=A0 =C2=A0 =
4) The users would wait the unlock period (i.e. 15 days)</font></div><div><=
font face=3D"monospace, monospace">=C2=A0 =C2=A0 5) The Users could then sp=
end their coins.</font></div><div><font face=3D"monospace, monospace"><br><=
/font></div><div><font face=3D"monospace, monospace"><br></font></div><div>=
<font face=3D"monospace, monospace">=C2=A0 =C2=A0This would also have some =
other=C2=A0<span style=3D"line-height:100%">consequences</span>=C2=A0on the=
 bitcoin system, since anyone=C2=A0could check the transactions to locked w=
allets to see how many BTC are being held, or are being unlocked soon. =C2=
=A0 This could effect the price of BTC in fiat as supply would change simil=
ar to the way mining changes it.=C2=A0 Also it will slow transaction creati=
on a little and mining a fair amount.</font></div><div><font face=3D"monosp=
ace, monospace">=C2=A0 =C2=A0Also locking a wallet might incur a fee.</font=
></div><div><font face=3D"monospace, monospace"><br></font></div><div><font=
 face=3D"monospace, monospace">=C2=A0 What are your thoughts, does this ide=
a qualify for a BIP?</font></div><div><font face=3D"monospace, monospace">=
=C2=A0 If so, I would appreciate it if someone takes it and runs with it.</=
font></div><div><font face=3D"monospace, monospace"><br></font></div><div><=
font face=3D"monospace, monospace">Cheers,</font></div><div><font face=3D"m=
onospace, monospace">Scott</font></div><div><font face=3D"monospace, monosp=
ace"><br></font></div><div><font face=3D"monospace, monospace">PS A bit abo=
ut me, I am a Privacy and Java=C2=A0<span style=3D"line-height:100%">evange=
list, so I will not be doing any work on the main bitcoin core.=C2=A0 I hav=
e been doing a little mining to attempt to help fund my companies (Adligo I=
nc) open source Java projects Tests4j and Fabricate and hopefully in the fu=
ture Taxi, Sanctum and Intelligence4j.</span></font></div><div><span style=
=3D"line-height:100%"><font face=3D"monospace, monospace"><br></font></span=
></div><div>
=09
=09
=09


<p style=3D"margin-bottom:0in"><span style=3D"line-height:13px"><font face=
=3D"monospace, monospace">Donations are always welcome;</font></span></p><p=
 style=3D"margin-bottom:0in"><span style=3D"line-height:13px"><font face=3D=
"monospace, monospace"><a href=3D"http://www.plumfund.com/crowdfunding/adli=
goorg" target=3D"_blank">http://www.plumfund.com/crowdfunding/adligoorg</a>=
</font></span><br></p></div>
=09
=09
=09


<div><br></div></div>
</div><br></div></div>

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