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Talking to some people about OP_VAULT today. Any questions you have that you want the answers to?

Some thoughts

1. bip345 introduced a new utxo which is new, unprecedented, and not in a minor scope. Change is Too big.

2. bip345 seeks fast activation, and inevitable activation, but after only one month, it seems that the author has made significant changes to it, including detail implementation. Too hurry.

3. only discuss the benefits without reciprocity, and avoid discussing the disadvantages of its misuse. Compares are Not even for other time lock method

4. It is very beneficial for institutional users, but not friendly enough for individual users, which exacerbates inequality. A simple one like watch tower is not practically implementable for most of the individual users

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Discussion

Rijndael 2y ago

1. The change is much smaller than other soft forms and is a well-scoped change (vs a large sweeping change). It does not introduce new utxos. It introduces new ways to encumber coins

2. The activation for bip345 is currently unspecified. It is not seeking a one month activation.

3. Im not sure what you mean about the other lock time. What are the downsides you want to have discussed?

4. I disagree. OP_VAULT would let individual HODLers massively upgrade their security without a lot of operational complexity. Individual users could have a single phone wallet or hardware wallet that implements a vault and falls back to more complex recovery paths. So you could have the ease of use of something like blue wallet but the theft resistance of a multisig

dlmair 2y ago

1. bip345 introduces 'covenant' a new utxo, non-deterministic utxo, doesn't it?

2. from GitHub and Twitter comments, bip345 behaves too hurry, but 1 month ago the author made a lot of changes with the help of others didn't he?

3. bip345 introduces new features, in terms of security comparisons, any progress over timelock-multi-signature address? And bip345 repeatedly disparages the time-lock protocol(bip65), and claims itself to be the 'perfect ultimate wallet solution', which is too suspicious, isn't it?

4. bip345 needs a watch-tower all the time to look at the on-chain txs, how can an individual do that? Technically(mobile phone) not allowed, time (need work, sleep, vocation) not allowed for an individual, isn't it?