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From: Jacob Swambo <jacob.swambo@kcl.ac.uk>
To: "bitcoin-dev@lists.linuxfoundation.org"
<bitcoin-dev@lists.linuxfoundation.org>
Thread-Topic: Announcing My PhD Thesis: "Evolving Bitcoin Custody"
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Subject: [bitcoin-dev] Announcing My PhD Thesis: "Evolving Bitcoin Custody"
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--_000_VI1PR03MB510397F78CFF34747DFDDC5DCCD4AVI1PR03MB5103eurp_
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Hello Bitcoin Community,
I'm thrilled to share with you my PhD thesis titled "Evolving Bitcoin Custo=
dy," a deep-dive into the design and analysis of Bitcoin custody systems, e=
xploring their evolution in the face of a constantly changing technological=
and threat landscape.
You can access the full thesis on ArXiv here: https://arxiv.org/abs/2310.11=
911
Your feedback and questions are not only welcomed but immensely appreciated=
. I'm looking forward to discussion and am excited to see how your inputs w=
ill shape the future of custody systems and covenants.
Bitcoin Covenants:
In my research, I've given particular attention to deleted-key covenants, a=
iming to harness what's feasible with the current state of Bitcoin. As we v=
enture deeper into the realm of covenants, I advocate for a similar depth a=
nd rigor, if not more, for other covenant proposals that necessitate soft-f=
orks. By adopting systematic specifications coupled with meticulous analysi=
s, we're better positioned to identify and rectify potential pitfalls, ther=
eby safeguarding users from undue risks.
A pressing concern I've identified pertains to coin-control challenges and =
the subsequent user experience hurdles they present. My observations sugges=
t that addressing these effectively might necessitate more granular covenan=
ts, akin to the INSPECT_X implemented in the Liquid sidechain.
Ajolote Custody System:
The Ajolote custody system proposed is theoretical, serving as a case study=
illustrating how vault covenants can operate within a complete custody sys=
tem design. It is not my expectation for it to be built but rather to be ut=
ilized as a conceptual framework for further discussions and developments i=
n the field. In my opinion Ajolote as presented turned out to be too compli=
cated for users, but I believe it's a useful case study that adds several i=
nsights to the ongoing debate on bitcoin covenants and vaults in particular=
. I hope in time we can use these ideas in realistic custody systems.
For Custody System Designers:
Custody system designers may find the approach to security analysis delinea=
ted in this thesis to be of notable value. The methodology employed not onl=
y addresses the multifaceted challenges faced by custody systems but also p=
rovides a structured framework for evaluating and enhancing them. I encoura=
ge designers to explore and possibly integrate this attack model and method=
ology into the security analysis of their respective systems, and I am open=
to discussions and collaborations in this domain.
Thank you for your time and consideration.
Best Regards,
Jacob G=F6ker Swambo
--_000_VI1PR03MB510397F78CFF34747DFDDC5DCCD4AVI1PR03MB5103eurp_
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I'm thrilled to share with you my PhD thesis titled "Evolving Bitcoin =
Custody," a deep-dive into the design and analysis of Bitcoin custody =
systems, exploring their evolution in the face of a constantly changing tec=
hnological and threat landscape. </div>
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Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0 ContentPasted1">
You can access the full thesis on ArXiv here: <a href=3D"https://arxiv=
.org/abs/2310.11911" id=3D"LPNoLPOWALinkPreview" class=3D"OWAAutoLink">http=
s://arxiv.org/abs/2310.11911</a></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof">
<br>
</div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof">
<span style=3D"display: inline !important; color: rgb(0, 0, 0); background-=
color: rgb(255, 255, 255);" class=3D"ContentPasted3">Your feedback and ques=
tions are not only welcomed but immensely appreciated. I'm looking forward =
to discussion and am excited to see
how your inputs will shape the future of custody systems and covenants.&nb=
sp;</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof">
<br>
</div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof">
<p class=3D"ContentPasted2 ContentPasted5" style=3D"color: rgb(0, 0, 0); ba=
ckground-color: rgb(255, 255, 255);">
<strong class=3D"ContentPasted2 ContentPasted5">Bitcoin Covenants</strong>:=
</p>
<p class=3D"ContentPasted2" style=3D"color: rgb(0, 0, 0); background-color:=
rgb(255, 255, 255);">
<br class=3D"ContentPasted5">
</p>
<p class=3D"ContentPasted2 ContentPasted5" style=3D"color: rgb(0, 0, 0); ba=
ckground-color: rgb(255, 255, 255);">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
Calibri, Helvetica, sans-serif; font-size: 12pt; background-color: rgb(255=
, 255, 255);"></span></p>
<p class=3D"ContentPasted7">In my research, I've given particular attention=
to deleted-key covenants, aiming to harness what's feasible with the curre=
nt state of Bitcoin. As we venture deeper into the realm of covenants, I ad=
vocate for a similar depth and rigor,
if not more, for other covenant proposals that necessitate soft-forks. By =
adopting systematic specifications coupled with meticulous analysis, we're =
better positioned to identify and rectify potential pitfalls, thereby safeg=
uarding users from undue risks.</p>
<p class=3D"ContentPasted7"><br>
</p>
<p class=3D"ContentPasted7">A pressing concern I've identified pertains to =
coin-control challenges and the subsequent user experience hurdles they pre=
sent. My observations suggest that addressing these effectively might neces=
sitate more granular covenants, akin
to the INSPECT_X implemented in the Liquid sidechain.</p>
<p class=3D"ContentPasted2 ContentPasted5" style=3D"color: rgb(0, 0, 0); ba=
ckground-color: rgb(255, 255, 255);">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
Calibri, Helvetica, sans-serif; font-size: 12pt; background-color: rgb(255=
, 255, 255);"></span></p>
</div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof">
<br>
</div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<b>Ajolote Custody System: </b></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<b><br>
</b></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
Calibri, Helvetica, sans-serif; font-size: 12pt;">The Ajolote custody syst=
em proposed is theoretical, serving as a case study illustrating how vault =
covenants can operate within a complete
custody system design. It is not my expectation for it to be built but rat=
her to be utilized as a conceptual framework for further discussions and de=
velopments in the field. In my opinion Ajolote as presented turned out to b=
e too complicated for users, but
I believe it's a useful case study that adds several insights to the ongoi=
ng debate on bitcoin covenants and vaults in particular. I hope in time we =
can use these ideas in realistic custody systems.</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
Calibri, Helvetica, sans-serif; font-size: 12pt;"><br>
</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
Calibri, Helvetica, sans-serif; font-size: 12pt;" class=3D"ContentPasted6"=
><b>For Custody System Designers: </b></span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
Calibri, Helvetica, sans-serif; font-size: 12pt;" class=3D"ContentPasted6"=
><br>
</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
Calibri, Helvetica, sans-serif; font-size: 12pt;" class=3D"ContentPasted6"=
>Custody system designers may find the approach to security analysis deline=
ated in this thesis to be of notable
value. The methodology employed not only addresses the multifaceted challe=
nges faced by custody systems but also provides a structured framework for =
evaluating and enhancing them. I encourage designers to explore and possibl=
y integrate this attack model and
methodology into the security analysis of their respective systems, and I =
am open to discussions and collaborations in this domain.<br>
</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
Calibri, Helvetica, sans-serif; font-size: 12pt;"><br>
</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
Calibri, Helvetica, sans-serif; font-size: 12pt;">Thank you for your time =
and consideration.</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
Calibri, Helvetica, sans-serif; font-size: 12pt;"><br>
</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
Calibri, Helvetica, sans-serif; font-size: 12pt;">Best Regards, </spa=
n></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
Calibri, Helvetica, sans-serif; font-size: 12pt;"><br>
</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
Calibri, Helvetica, sans-serif; font-size: 12pt;">Jacob G<span class=3D"IL=
fuVd NA6bn" lang=3D"en"><span class=3D"hgKElc"><span><span><span class=3D"C=
ontentPasted4">=F6</span></span></span></span></span>ker
Swambo</span><br>
</div>
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