From: Tamas Blummer <tamas.blummer@gmail.com>
Message-Id: <38FAD812-A764-49F5-BA80-ED10685A1714@gmail.com>
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Date: Tue, 2 Jul 2019 11:30:31 +0200
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To: ZmnSCPxj <ZmnSCPxj@protonmail.com>
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Cc: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Generalized covenants with taproot enable
 riskless or risky lending,
 prevent credit inflation through fractional reserve
Precedence: list


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Hello ZmnSCPxj,

> On Jul 2, 2019, at 10:12, ZmnSCPxj <ZmnSCPxj@protonmail.com> wrote:
>=20
> As a counterargument, I observe that committing to the advertisement =
on the UTXO is similar to committing to a SCRIPT on a UTXO.
> And I observe the Graftroot idea, wherein we commit to a public key on =
the UTXO, and admit a SCRIPT that is signed by the public key as a =
SCRIPT that unlocks the UTXO for spending.
>=20
> By analogy, in my "advertising" scheme, instead of committing the =
advertisement on the UTXO, I can instead commit a public key (for =
example, the hash of the "advertiser pubkey" is used to tweak the =
onchain public key).
> Then we use this advertiser pubkey to admit advertisements on the =
advertising network.
>=20
> This advertiser pubkey is used to sign an "advertisement chain", which =
is a merklized singly-linked list whose contents are the actual =
advertisements, each node being signed using the advertiser pubkey.
> To ensure that the advertiser does not sign multiple versions of this =
chain, we can have the signing nonce be derived from the height of the =
advertchain, such that signing the same height multiple times leads to =
private key revelation.

The advertiser would thereby put the funds of the HODLer on risk of his =
misbehavior, which means the HODLer would have to trust the advertizing =
service.
This is not the trustless separation the covenant achives.

Regards,

Tamas Blummer


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