Bitcoin startup test script new contract, let bitcoin theft rebirth in the side chain

Bitcoin startup test script new contract, let bitcoin theft rebirth in the side chain

In essence, bitcoin is to allow users to better manage their money.

Bitcoin is often referred to as’ programmable ‘money’, it has some scripts can limit the payment of future bitcoin (and some control variables, such as those who are able to pay the bitcoin). One script ensures that users can check whether the correct signature before unlocking and send money, then pay bitcoin.

Last week, Blockstream technology developer RussellO ‘Connor revealed that he has been in the ElementsAlpha side chain (hook in the bitcoin network test) on testing some of the new script, the script can bring new features.

The new script is called “contract (Covenant)”, the potential for bitcoin users how to control or limit and pay money to open up new possibilities — and how to protect bitcoin. (before the idea that researchers have been MalteM? Ser, IttayEyal and EminGunSirer explored).

One of the use cases of these scripts is to help users to control their bitcoin in hacked case.

When asked about the new “contract” to play a role, Eyal said it might be worried about their bitcoin lost or stolen gospel.

Eyal told Coindesk:

“These new steps will increase the safety of the user end to an invaluable way.”

Extended bitcoin script

Eyal pointed out that the reason for this idea is worthy of attention: This is a limit on how spending bitcoin script, and bitcoin has never been carried out before the script.

In particular, there are two new contract scripts, Blockstream parameters and the output by exploring the script is effective, and its limitation is in the transaction can be paid.

It is worth noting that, in terms of security, the current bitcoin script system is quite simple. The bitcoin system in the present Provisions very much, because the new functionality can be very dangerous, so it need time to test.

This side chain can come in handy, because the side chain is not fixed to the main chain.

Since last June, bitcoin startup Blockstream has been interoperable blockchain in research and test for the new function of bitcoin added, and this example will show how these new chain can be used to test new features.

These new operation code may become the basis of new features, and even help the bitcoin exchange and users to prevent lost or stolen funds.

Use case

However, although Blockstream is the implementation of this idea, the researchers but the idea was originally from the Cornell University.

In February this year, researchers at MalteM? Ser, IttayEyal and EminGunSirer put forward the idea of “bitcoin vault” (the implementation of their own version of the contract), can help users to recapture bitcoin hacked in case. (after the idea is stolen and lost 120 thousand BTC in Bitfinex regained attention).

Eyal explained:

“Even if the attacker to steal the money can not control the money, then they will lose the theft of funds from the beginning of motivation.”

But he points out that the contract and the Treasury are often contradictory: if a user creates a new key to avoid losing money, which means the funds are more likely to be stolen. At the same time, if you create a few key, so that it is more easy to lose money.

At the same time, Blockstream will, as a potential use case is tested, the future may contract script and some other use cases, including lending.

The idea seems to have been temporarily silent for a period of time, developers and even in a few months ago began to discuss its feasibility.

However, these side chain testing means to implement forward.

Although the contract and vault before some people doubt (PeterTodd questioned whether this function should be incorporated into the code infrastructure layer expansion bitcoin), but still looks very optimistic.

When asked about these new scripts are safe, BitcoinCore developer GregMaxwell said:

“If implemented correctly, it is safe.”

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