We will examine all current and proposed mechanisms for creating a “Bitcoin Vault”. A Vault is a mechanism first proposed by Eyal et al to encumber your cold storage with a timelock, so that an attacker who manages to penetrate your cold storage or exfiltrate keys must wait out a timelock. During the time frame of this timelock, the owner has the opportunity to notice that a theft attempt is in progress via online monitoring of the blockchain, and deploy an alternative “clawback” spending mechanism to recover the funds, entirely preventing the theft. Topics covered will include the mechanism by Eyal at al, OP_PUSHTXDATA (Lau), pre-signed transactions with deleted keys (McElrath), OP_CHECKSIGFROMSTACK (O’Connor), as well as mechanisms useful to hide the fact that this alternative spending path exists (Taproot, MAST). Most of these mechanisms are dependent on future soft-fork changes to Bitcoin.
Dr. Bob McElrath, Ph.D. Theoretical Physics, Fidelity Investments (https://twitter.com/BobMcElrath)
Door opening: 18:30
Talk start: 19:00
Sponsor: 21 Lectures - Courses for developers to learn about Bitcoin https://www.21lectures.com