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Date: Sat, 29 Jun 2019 07:53:57 +0200
To: Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
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Subject: [bitcoin-dev] Generalized covenant to implement side chains
embedded into the bitcoin block chain
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I introduced you to gerneralized covenants[1] earlier, but in a domain =
specific context that de-routed us from technical discussion. Let me =
demonstrate the concept in a more generic use:
A covenant
or(and(pk(Transfer), _) covenant transitive, and(pk(Exit),_) covenant =
drop)
would put a coin under the alternative control of a Transfer and Exit =
keys together with the script in control of the current owner.
Additional transaction level validations of transactions spending input =
with covenants apply as in [1]
Owner of such coins would be able to transfer them to others provided an =
addtional Transfer signature, in which case the coin remains encumbered =
with the same covenant.
If Exit and owner signs the covenant is dropped on the output, it =
becomes a plain Bitcoin again.
The Thransfer and Exit signatures could be threshold signatures of a =
federation, whereby member decide if the proposed transfer transaction =
complies with whatever unique rules they impose.
The result is a federated side chain embedded into the Bitcoin block =
chain.
Bob could purchase some asset guarded by the federation with a =
transaction:
Inputs
100.0001 pk(Bob)
Outputs
0.1 or(and(pk(Transfer), pk(Bob)), and(pk(Exit), pk(Bob)) covenant =
or(and(pk(Transfer), _) covenant transitive, and(pk(Exit),_) covenant =
drop)
99.9 pk(Transfer)
Transfer to Alice with consent of the transfer validators:
Inputs
0.1 or(and(pk(Transfer), pk(Bob)), and(pk(Exit), pk(Bob)) covenant =
or(and(pk(Transfer), _) covenant transitive, and(pk(Exit),_) covenant =
drop)
100.001 pk(Alice)
Outputs
0.1 or(and(pk(Transfer), pk(Alice)), and(pk(Exit), pk(Alice)) covenant =
or(and(pk(Transfer), _) covenant transitive, and(pk(Exit),_) covenant =
drop)
100 pk(Bob)
Alice might be approved to exit with the exit signature of the =
federation:
Inputs
0.1 or(and(pk(Transfer), pk(Alice)), and(pk(Exit), pk(Alice)) covenant =
or(and(pk(Transfer), _) covenant transitive, and(pk(Exit),_) covenant =
drop)
99.9 pk(Transfer)
Outputs
99.9999 pk(Alice)
Tamas Blummer
[1] =
https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2019-June/017059.h=
tml =
<https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2019-June/017059.=
html>
--Apple-Mail=_6966DAA7-0226-4B47-BBDE-E8014BD42EE9
Content-Transfer-Encoding: quoted-printable
Content-Type: text/html;
charset=us-ascii
<html><head><meta http-equiv=3D"Content-Type" content=3D"text/html =
charset=3Dus-ascii"></head><body style=3D"word-wrap: break-word; =
-webkit-nbsp-mode: space; -webkit-line-break: after-white-space;" =
class=3D"">I introduced you to gerneralized covenants[1] earlier, but in =
a domain specific context that de-routed us from technical discussion. =
Let me demonstrate the concept in a more generic use:<div class=3D""><br =
class=3D""></div><div class=3D"">A covenant </div><div class=3D""><br=
class=3D""></div><div class=3D"">or(and(pk(Transfer), _) covenant =
transitive, and(pk(Exit),_) covenant drop) </div><div class=3D""><br =
class=3D""></div><div class=3D"">would put a coin under the alternative =
control of a Transfer and Exit keys together with the script in control =
of the current owner. </div><div class=3D"">Additional transaction =
level validations of transactions spending input with covenants apply as =
in [1]</div><div class=3D""><br class=3D""></div><div class=3D"">Owner =
of such coins would be able to transfer them to others provided an =
addtional Transfer signature, in which case the coin remains encumbered =
with the same covenant.</div><div class=3D"">If Exit and owner signs the =
covenant is dropped on the output, it becomes a plain Bitcoin =
again.</div><div class=3D""><br class=3D""></div><div class=3D"">The =
Thransfer and Exit signatures could be threshold signatures of a =
federation, whereby member decide if the proposed transfer transaction =
complies with whatever unique rules they impose. </div><div =
class=3D""><br class=3D""></div><div class=3D"">The result is a =
federated side chain embedded into the Bitcoin block chain.</div><div =
class=3D""><br class=3D""></div><div class=3D"">Bob could purchase some =
asset guarded by the federation with a transaction:</div><div =
class=3D""><br class=3D""></div><div class=3D"">Inputs<span =
class=3D"Apple-tab-span" style=3D"white-space: pre;"> =
</span></div><div class=3D"">100.0001 pk(Bob)</div><div class=3D""><br =
class=3D""></div><div class=3D"">Outputs</div><div class=3D"">0.1 =
or(and(pk(Transfer), pk(Bob)), and(pk(Exit), pk(Bob)) covenant =
or(and(pk(Transfer), _) covenant transitive, and(pk(Exit),_) covenant =
drop) </div><div class=3D"">99.9 pk(Transfer)</div><div =
class=3D""><br class=3D""></div><div class=3D""><div class=3D"">Transfer =
to Alice with consent of the transfer validators:</div><div class=3D""><br=
class=3D""></div><div class=3D"">Inputs</div><div class=3D"">0.1 =
or(and(pk(Transfer), pk(Bob)), and(pk(Exit), pk(Bob)) covenant =
or(and(pk(Transfer), _) covenant transitive, and(pk(Exit),_) covenant =
drop) </div><div class=3D"">100.001 pk(Alice)</div><div =
class=3D""><br class=3D""></div><div class=3D"">Outputs</div><div =
class=3D"">0.1 or(and(pk(Transfer), pk(Alice)), and(pk(Exit), pk(Alice)) =
covenant or(and(pk(Transfer), _) covenant transitive, and(pk(Exit),_) =
covenant drop) </div><div class=3D"">100 pk(Bob)</div><div =
class=3D""><br class=3D""></div><div class=3D"">Alice might be approved =
to exit with the exit signature of the federation:</div><div =
class=3D""><br class=3D""></div><div class=3D"">Inputs</div><div =
class=3D"">0.1 or(and(pk(Transfer), pk(Alice)), and(pk(Exit), pk(Alice)) =
covenant or(and(pk(Transfer), _) covenant transitive, and(pk(Exit),_) =
covenant drop) </div><div class=3D"">99.9 pk(Transfer)</div><div =
class=3D""><br class=3D""></div><div class=3D"">Outputs</div><div =
class=3D"">99.9999 pk(Alice)</div><div class=3D""><br =
class=3D""></div><div class=3D"">Tamas Blummer</div><div =
class=3D"">[1] <a =
href=3D"https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2019-June/=
017059.html" =
class=3D"">https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2019-Ju=
ne/017059.html</a></div></div></body></html>=
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