Bitcoin Options

Bitcoin is not just a technology - it's helping people all around the world. They also discussed whether it was really necessary to prevent people from creating recursive covenants, with a possible allusion in the conversation to a 2013 thread started by Maxwell about awful ways misguided people might use recursive covenants. To keep pace with other central banks, the Bank of Japan began testing a Yuan-backed CBDC in April of this year, following a trend that began in other countries as early as 2021. According to the findings of the bank, the majority of Japanese people have little interest in CBDCs. As of 2022, a new CoinJoin UI is being developed to make it a more viable option for regular users, but that is still some time away and limits your ability to really use decentralized Crypto Mixers without a little technical know-how. Additionally, Guix requires fewer build environment dependencies and there is ongoing work to essentially eliminate its need for any pre-compiled binaries in the typical build toolchain, both of which make the build system much easier to audit. Their joint node could then open a channel to Charlie’s node, using MuSig aggregation there too, ((A, B), C).

Watchtowers are services that broadcast penalty transactions on behalf of LN nodes that may be offline, recovering any funds that would otherwise have been lost due to an old channel state being confirmed onchain. For example, ZmnSCPxj’s nodelets proposal suggests Alice and Bob could jointly control funds through a single LN node using the aggregation of their keys, (A, B). 49, this new opcode proposed by Jeremy Rubin would allow a script to ensure its funds could only be spent by a specified set of child transactions. On IRC, Gregory Maxwell and Jeremy Rubin discussed several aspects of CTV, especially focusing on making the proposed opcode easier to use with advanced designs without making it harder to use with the simple congestion controlled transactions and payment pools already proposed. If this proposed soft fork is adopted, click users would be able to use a new CTV opcode to create covenants with less interaction than would be required using current consensus rules. As an alternative to either BIP9 or BIP8 alone, Corallo proposes a three-step process: use BIP9 to allow a proposal to be activated within a one-year window; pause for a six-month discussion period if the proposal is not activated; and-if it’s clear that the community still wants the proposal activated-force activation using a BIP8 flag day set to two years in the future (with faster activation possible using versionbits signaling).

For example, a spender could restrict the future receivers of a set of coins to just three addresses-any payment to any other address would be forbidden. 18032 extends the results of the createmultisig and addmultisigaddress RPCs to include a descriptor field that contains an output script descriptor for the created multisig address. 5. You can copy the address by clicking on the orange symbol to the right of it. This option can be dangerous if the alternative sub-daemon isn’t fully compatible with the other daemons being used, but it also allows improved flexibility and may simplify some testing. Also described are several alternative schemes that attempt to work around the problem. 3372 allows the user to specify an alternative program to use instead of one of the default sub-daemons (the C-Lightning system consists of multiple interacting daemons, referred to as sub-daemons of lightningd). Tapscript signatures already commit to the script being executed, so a signature that’s valid for one script can’t be used in another script.

In a separate schnorr-related topic, ZmnSCPxj wrote a post about the challenges of safely using the MuSig signature aggregation protocol with sub-groups. However, ZmnSCPxj describes why this might be unsafe given Wagner’s algorithm as described in last week’s newsletter. This week’s newsletter requests help testing the next version of LND, summarizes a discussion about soft fork activation mechanisms, and describes a few notable changes to popular Bitcoin infrastructure software. In addition to the name change, Rubin has also added additional details to the proposed BIP and he plans to hold a review workshop in the first few months of 2020 (fill out this form if you’re interested in attending). Basically, it's a monetized form of sharing. The promise of Bitcoin is that it can become a global platform that is not in the control of any company, government, or special interest (other than the developers and miners of the Bitcoin community) and make independently sharing critical information (such as transaction details) safe, scalable, efficient, and cost-effective. A distributed ledger is a database, digitally recording transaction information using cryptography, making it secure and unforgeable. Please view our General Risk Warning for more information.