Can somebody help me understand what Michael Dunworth is describing?
Sharing a private key? Pushing bitcoin into the future? Having it available to miners in 100 years?
I get the basic idea, but what determines who is rewarded the bitcoin?
Anybody know how to reach him, maybe he would be open to explaining it to me?
I think the idea is to time lock a utxo for a certain block height long into the future using a vault like op code. Then you broadcast the private key. Whichever miner finds that block will be able to spend that utxo to themselves.
So they would create the spend transaction which shows the UTXO (that everybody has access to) being sent to their account/address. Such that when the block is mined, the spend was already included.
Makes sense. Thx for explaining.
I love the idea.
I met him a couple of times, he is very approachable, I don’t think he is here, but you can ask him on twitter
I will have to wait until he joins us here on NOSTR.
Thank you 🙏
It might be a variation on an idea I’ve thought about myself. Goes something like this:
Spend a small amount of BTC automatically to an “anyone-can-spend” address with a timelock for 50 years worth of blocks from now. Do like $1 worth every on-chain transaction. Then it will get unlocked at that block height, and any miners can then scoop it up for themselves like a fee. If Bitcoin does 1000x in purchasing power over 50 years, then that $1 will be the equivalent of $1000 in today’s money in fees for future miners.
——
No idea if that’s what he is talking about, but it sounds similar the way you described it.
(If you have a link to where this was explained I could look into it)
Thx Guy. On a recent podcast, he mentioned doing this with 0.5 BTC 100 years from now.
So this amount will be >>>>>>>> than the block reward.
Such a cool idea.
He has time locked little pots of sats at each halving. I think his overall goal is to incentivise collaboration and bring people together for a common goal. Presumably in the future those time locked sats will be of a significant value and therefore encourage people to continue to secure the network with miners for a chance at a small share of the prize.
He’s also just an ultra maths nerd and thinks about the future is a wildly different way. It’s fun that he’s committed to a project that he will never see the outcome of because he believes in the best of humanity and the longevity of Bitcoin.
Hey nostr:npub1n40lpgkc2gzvgr22cfamy6ymax225xe0707gfugle9rukx50k3lqvl25h6, we have questions brother.
🧡🤙
nostr:npub1dld9hn3gsgtkh7atl26s8gd49qfjjkpdw8ztap9mk4n7vhq60y0satfd8s Using the concept of "Time Locked Address(BIP 65 )", we can create a transaction today. In order for someone to unlock the coins in that transaction, not only do the un-locker need the Private Key, they would also need to wait for that future time(in block height).
Think of this as 2 of 2 multi signature where one key is the Private Key, other is the Block Height. Therefore, we can publish the Private Key openly but no one can spend it until the Block height is reached. This creates an incentive for miners who would do whatever it takes to mine that block when the time comes.
https://bitcoinmagazine.com/culture/bitcoin-is-time-traveling-energy
He has a GitHub where he originally posted the idea and I think also the private key 🔑
Why doesn't he take transaction fees into account?
The fees will outweigh reward long before block 7140000.
I always envisioned Bitcoin distribution as an engine where you use the reward to crank it initially then the economy fuels it with activity.
Hey! Sorry about the delay!
Yes so the idea is to artificially plant coins into the future via Timelock addresses.
The Timelock addresses are unlocked after a certain blockheight.
The miners and everyone else already have the private key…
So essentially whoever mines the block can pay themselves by including this transaction from the timelocked address to pay to themselves.
(Timelock addresses are created by giving a specific public key and a blockheight)…
The public key that they’re locked with, corresponds to the private key I shared!
Does that make more sense?
Happy to clarify either way 🤙 thanks!
And here’s the transactions for the work that’s already completed.
Shows how much, the public key, the utxo, etc…
😊
https://docs.google.com/spreadsheets/d/1WUEoOG3ihfSgkN6S061UMIEoNU-8rMTvPMyjVQ2n57A/edit
