path: root/06/d60373361d0fde5e31d70df0af131a70cc9428

Return-Path: <jacob.swambo@kcl.ac.uk>
Received: from smtp1.osuosl.org (smtp1.osuosl.org [IPv6:2605:bc80:3010::138])
 by lists.linuxfoundation.org (Postfix) with ESMTP id 41194C0032
 for <bitcoin-dev@lists.linuxfoundation.org>;
 Thu, 19 Oct 2023 20:23:15 +0000 (UTC)
Received: from localhost (localhost [127.0.0.1])
 by smtp1.osuosl.org (Postfix) with ESMTP id CF2E48414C
 for <bitcoin-dev@lists.linuxfoundation.org>;
 Thu, 19 Oct 2023 20:23:14 +0000 (UTC)
DKIM-Filter: OpenDKIM Filter v2.11.0 smtp1.osuosl.org CF2E48414C
Authentication-Results: smtp1.osuosl.org; dkim=pass (1024-bit key,
 unprotected) header.d=kcl.ac.uk header.i=@kcl.ac.uk header.a=rsa-sha256
 header.s=selector2 header.b=KXRAUtmY
X-Virus-Scanned: amavisd-new at osuosl.org
X-Spam-Flag: NO
X-Spam-Score: -0.702
X-Spam-Level: 
X-Spam-Status: No, score=-0.702 tagged_above=-999 required=5
 tests=[BAYES_05=-0.5, DKIMWL_WL_MED=-0.001, DKIM_SIGNED=0.1,
 DKIM_VALID=-0.1, DKIM_VALID_AU=-0.1, DKIM_VALID_EF=-0.1,
 HTML_MESSAGE=0.001, SPF_HELO_PASS=-0.001, SPF_PASS=-0.001]
 autolearn=ham autolearn_force=no
Received: from smtp1.osuosl.org ([127.0.0.1])
 by localhost (smtp1.osuosl.org [127.0.0.1]) (amavisd-new, port 10024)
 with ESMTP id nV2tycn1rolP
 for <bitcoin-dev@lists.linuxfoundation.org>;
 Thu, 19 Oct 2023 20:23:12 +0000 (UTC)
Received: from EUR01-VE1-obe.outbound.protection.outlook.com
 (mail-ve1eur01on070e.outbound.protection.outlook.com
 [IPv6:2a01:111:f400:fe1f::70e])
 by smtp1.osuosl.org (Postfix) with ESMTPS id AF41E84106
 for <bitcoin-dev@lists.linuxfoundation.org>;
 Thu, 19 Oct 2023 20:23:11 +0000 (UTC)
DKIM-Filter: OpenDKIM Filter v2.11.0 smtp1.osuosl.org AF41E84106
ARC-Seal: i=1; a=rsa-sha256; s=arcselector9901; d=microsoft.com; cv=none;
 b=B9fC0bUHKxmAF/l0bdCKmf7881QNcGc1t46FcCacjGBUkTKMurs0ebzARx24Q6mJeIvXHzYJbV/0xBFx1zOyecKug2BwjH4pVRCFEcZHvayA6SQDnsWMZVaoglHkDl4qVdAvir/1nr3NjVYdleUBoPVVkuA2Z/ShUn9kB90cr2JnSuOsmzZYDq8RsngRbcPOAg1OEaCLUPoNJiBqYZdJwUyDEuvD3QcjxjnX/C8A3dqjhYB47TBFEpY6hCpYm9+0xB/aU/ibvC99R1kM+cl3cgeKQj/tJZ1MBKjeSsUdvsyTBOJ7IcdwUHEInB+R8koEghMUS/e2tApnjaCennWuqg==
ARC-Message-Signature: i=1; a=rsa-sha256; c=relaxed/relaxed; d=microsoft.com; 
 s=arcselector9901;
 h=From:Date:Subject:Message-ID:Content-Type:MIME-Version:X-MS-Exchange-AntiSpam-MessageData-ChunkCount:X-MS-Exchange-AntiSpam-MessageData-0:X-MS-Exchange-AntiSpam-MessageData-1;
 bh=Vyf9U4bhNcGLjSX66QptmctgXwLIJe2tih+YSJeD2bM=;
 b=eUmq0TQHYzjRNH7z+s1hduQEDOWZTY4w/tag99Z4Qynnx6G95uZHmWb4X3K53XmhWGc0G9YYB7npu/ZC0jqBqrH0u0bXq20IV9ahgXGbCYe1uIpCISqVRt7OvNQxTKuAzjpyIznPM/BVrSb5n+toCOawsXzhkWTaVhJ4AjNARP95d71N8tnx4NWJR9DeUmex+2Q3Qh+6CLhaXwCvhNhaPDtkN/9JIWIBCHHgoXhovBlzyTIL6X9L7PpkDdeW/VvyAiRVGtIBbU2G3HkvoJporMBCdlKv/koaul4chlSWvY66xkIoqjEJFNMqQO8Q680AAojF485uZ8M5KpgLT/0r9Q==
ARC-Authentication-Results: i=1; mx.microsoft.com 1; spf=pass
 smtp.mailfrom=kcl.ac.uk; dmarc=pass action=none header.from=kcl.ac.uk;
 dkim=pass header.d=kcl.ac.uk; arc=none
DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; d=kcl.ac.uk; s=selector2;
 h=From:Date:Subject:Message-ID:Content-Type:MIME-Version:X-MS-Exchange-SenderADCheck;
 bh=Vyf9U4bhNcGLjSX66QptmctgXwLIJe2tih+YSJeD2bM=;
 b=KXRAUtmYTIRGAmPQ4Y2sgfnCGrueJd9P5cjzvGY4KUZ12WmfPS+3FZ90puSKhnwXZ7o0BG5aONzc6pbxRkQRZCK1OcTOTA318nh6Jj+wiGHFBsB7HWLfZLnBBzRMkUFUY6F0IBjQdJOXgVv+mPiE21I4gGlj5fS3fqWMZNmDzmo=
Received: from VI1PR03MB5103.eurprd03.prod.outlook.com (2603:10a6:803:b6::30)
 by AM9PR03MB7898.eurprd03.prod.outlook.com (2603:10a6:20b:435::5)
 with Microsoft SMTP Server (version=TLS1_2,
 cipher=TLS_ECDHE_RSA_WITH_AES_256_GCM_SHA384) id 15.20.6907.23; Thu, 19 Oct
 2023 20:23:07 +0000
Received: from VI1PR03MB5103.eurprd03.prod.outlook.com
 ([fe80::a969:94a1:9338:5848]) by VI1PR03MB5103.eurprd03.prod.outlook.com
 ([fe80::a969:94a1:9338:5848%2]) with mapi id 15.20.6907.022; Thu, 19 Oct 2023
 20:23:07 +0000
From: Jacob Swambo <jacob.swambo@kcl.ac.uk>
To: "bitcoin-dev@lists.linuxfoundation.org"
 <bitcoin-dev@lists.linuxfoundation.org>
Thread-Topic: Announcing My PhD Thesis: "Evolving Bitcoin Custody"
Thread-Index: AQHaAsKBClrj928l1Eawv05qivMbFQ==
Date: Thu, 19 Oct 2023 20:23:07 +0000
Message-ID: <VI1PR03MB510397F78CFF34747DFDDC5DCCD4A@VI1PR03MB5103.eurprd03.prod.outlook.com>
Accept-Language: en-GB, en-US
Content-Language: en-GB
X-MS-Has-Attach: 
X-MS-TNEF-Correlator: 
msip_labels: 
authentication-results: dkim=none (message not signed)
 header.d=none;dmarc=none action=none header.from=kcl.ac.uk;
x-ms-publictraffictype: Email
x-ms-traffictypediagnostic: VI1PR03MB5103:EE_|AM9PR03MB7898:EE_
x-ms-office365-filtering-correlation-id: e2df1830-cec4-4424-536b-08dbd0e13491
x-ms-exchange-senderadcheck: 1
x-ms-exchange-antispam-relay: 0
x-microsoft-antispam: BCL:0;
x-microsoft-antispam-message-info: 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
x-forefront-antispam-report: CIP:255.255.255.255; CTRY:; LANG:en; SCL:1; SRV:;
 IPV:NLI; SFV:NSPM; H:VI1PR03MB5103.eurprd03.prod.outlook.com; PTR:; CAT:NONE;
 SFS:(13230031)(136003)(346002)(39860400002)(396003)(376002)(366004)(230922051799003)(451199024)(64100799003)(186009)(1800799009)(38070700009)(19627405001)(55016003)(86362001)(2906002)(122000001)(44832011)(8936002)(33656002)(8676002)(166002)(83380400001)(55236004)(66574015)(71200400001)(38100700002)(26005)(9686003)(52536014)(66899024)(6506007)(316002)(7696005)(6916009)(1015004)(5660300002)(786003)(478600001)(966005)(66556008)(91956017)(76116006)(66446008)(66946007)(41300700001)(64756008)(66476007);
 DIR:OUT; SFP:1102; 
x-ms-exchange-antispam-messagedata-chunkcount: 1
x-ms-exchange-antispam-messagedata-0: =?iso-8859-1?Q?Pq2OaN4MjIFGvryEhJxuOFiX1PTWFZIePoYorH2A/WcSkmrMXyTfjbCHpZ?=
 =?iso-8859-1?Q?8zx1/9dfjbRv+6dAMYh70V33zFyre3jd3Tdkl2kfm0YWQHvMpPq9gzQ3F2?=
 =?iso-8859-1?Q?XD2OB8hkJWOWW2HLDHuTruo6MFioLh0QyPl8uKMtl19eBl+z7KnF1YMpVq?=
 =?iso-8859-1?Q?4r/eAifSfZ/BUHgU+RQv85j/ofqj1gP8okMmDb2ozRfer9uclaZD7D9ciD?=
 =?iso-8859-1?Q?rQpjFGmGQ0PjDG7rwqpOLhUTBhCeRrbt7ccQHWjFPf6e7zbMoSkQ+qq+wf?=
 =?iso-8859-1?Q?vzAEEVwrgMy6W9imFSrtt/rcfnBGeDDRecjYj+T7C4LtRba43o5QpjmUnC?=
 =?iso-8859-1?Q?iJchMQ9kOlCtbA/+HhPnOAkK2u5ibOUXK3XAOFLEMPh/hKw5hjzOIx2GS9?=
 =?iso-8859-1?Q?0R+4DUcFmw83jzJKU+WsFO7sctR2FUqrY+S2BjuRKtK1fmyV3hX1Twa45E?=
 =?iso-8859-1?Q?ng0sbsb9FPTkN/NKVfFs4x5bUUk5rDt0bnnxJdaA8RDUIRsN7Xv8mPQYh/?=
 =?iso-8859-1?Q?s3HzSse6gD+HkOtQFRt0wkpDNlOoWWMXgH6WDT+KRNbKWBRJQ/3KnjO7bY?=
 =?iso-8859-1?Q?JBl903XJ1/4PnpyMkrTyt03LoTEN0qxwsK+b6Grg6qwbNVEctQ8t7lzn/L?=
 =?iso-8859-1?Q?Kt+uCVu4JeQpDoDhbHRLkimJfiW7+VH8OZaRU8eU/4Uab/quQ3Trg+bO8u?=
 =?iso-8859-1?Q?Xor2ICZUNQjplXVctcI/NZp54sWAvAr6p+j1/KVb3KEIP2a/1IZ+3RGBxo?=
 =?iso-8859-1?Q?h4Q4FFkV6td+vyO2IdGtVB7SOGStrCJccYf9OIzBTF8lI0JVKJS8uzDBzn?=
 =?iso-8859-1?Q?2y5u/n22qz5C6ijf5Zc4hQ7mBPRMLWCcPka17h9ssFnQUW7J8axZ2baYyw?=
 =?iso-8859-1?Q?Nu0TrgxVLwZSQteHF57tLnsQ6Vv62jYqraP9bPmu+3Rfm9r34elj5Kww4V?=
 =?iso-8859-1?Q?yy95SSIpdsaqrxLw6OhEgY6oY4nAbfwThr6IX2+ZWWqgHNoC6ySyqcpKn7?=
 =?iso-8859-1?Q?peQBt9iCJm6+csBOBLWR8g2PIAmNZhcE/i34V0ZG+oYtHUzeOYLVum4uWu?=
 =?iso-8859-1?Q?DF6h5nhtsakcximnXkcoFYj5xoyfuGkPxnQ8/W+jDxh7duOHaiQd5mI+tL?=
 =?iso-8859-1?Q?OoFyblMWkyljcrUOaom1twxxMuMALv4hAg5i6u4WFxmXtONn6THJEkEbdV?=
 =?iso-8859-1?Q?1fqAfiODmt0uza0eCsat51XF95KmDfzJZg6caufqzd3hFRhJE56XVNzft/?=
 =?iso-8859-1?Q?IJVorbEJREUQ0cTAceQqfl7Ma817qARWgdijNSYyll1mTT3aWCFDvxI47F?=
 =?iso-8859-1?Q?LBU03xxOu9r2xS59C5+nn8NrWFEj+mbE5Xi9Qr/3iSX+anf5FgHU+FYpIk?=
 =?iso-8859-1?Q?xZZmIdBjykJ+MGmWsT2sr3L8zM51xu6NV5CjqYt63ilCyWo/y3vX1FLBAF?=
 =?iso-8859-1?Q?YJE5CeONZkRJa5HQnv440hisSTybtZofw+/b7dShcQ25bIecHF/gncFHbC?=
 =?iso-8859-1?Q?Jk2hZwMPm5KXbanYUHBwuR35VA216VIbgC87hOEB/md+fxYywD6AdOIjys?=
 =?iso-8859-1?Q?ONPOh0rSRQGVlLxF4HzIjR8BSM4PyB/kImmcVHL0OGNj27g89a3IEYbOOg?=
 =?iso-8859-1?Q?uvqh7tY2Fp5Eo=3D?=
Content-Type: multipart/alternative;
 boundary="_000_VI1PR03MB510397F78CFF34747DFDDC5DCCD4AVI1PR03MB5103eurp_"
MIME-Version: 1.0
X-OriginatorOrg: kcl.ac.uk
X-MS-Exchange-CrossTenant-AuthAs: Internal
X-MS-Exchange-CrossTenant-AuthSource: VI1PR03MB5103.eurprd03.prod.outlook.com
X-MS-Exchange-CrossTenant-Network-Message-Id: e2df1830-cec4-4424-536b-08dbd0e13491
X-MS-Exchange-CrossTenant-originalarrivaltime: 19 Oct 2023 20:23:07.0845 (UTC)
X-MS-Exchange-CrossTenant-fromentityheader: Hosted
X-MS-Exchange-CrossTenant-id: 8370cf14-16f3-4c16-b83c-724071654356
X-MS-Exchange-CrossTenant-mailboxtype: HOSTED
X-MS-Exchange-CrossTenant-userprincipalname: MM2OjP1PjHXmevAezwpSnNUw5V0JeZYDiNHi55HmZiNqqa30rETEKpxZGBPAVl6sa3v943MM+Zigz6LHXp/xuw==
X-MS-Exchange-Transport-CrossTenantHeadersStamped: AM9PR03MB7898
X-Mailman-Approved-At: Thu, 19 Oct 2023 21:52:02 +0000
Subject: [bitcoin-dev] Announcing My PhD Thesis: "Evolving Bitcoin Custody"
X-BeenThere: bitcoin-dev@lists.linuxfoundation.org
X-Mailman-Version: 2.1.15
Precedence: list
List-Id: Bitcoin Protocol Discussion <bitcoin-dev.lists.linuxfoundation.org>
List-Unsubscribe: <https://lists.linuxfoundation.org/mailman/options/bitcoin-dev>, 
 <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=unsubscribe>
List-Archive: <http://lists.linuxfoundation.org/pipermail/bitcoin-dev/>
List-Post: <mailto:bitcoin-dev@lists.linuxfoundation.org>
List-Help: <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=help>
List-Subscribe: <https://lists.linuxfoundation.org/mailman/listinfo/bitcoin-dev>, 
 <mailto:bitcoin-dev-request@lists.linuxfoundation.org?subject=subscribe>
X-List-Received-Date: Thu, 19 Oct 2023 20:23:15 -0000

--_000_VI1PR03MB510397F78CFF34747DFDDC5DCCD4AVI1PR03MB5103eurp_
Content-Type: text/plain; charset="iso-8859-1"
Content-Transfer-Encoding: quoted-printable

Hello Bitcoin Community,

I'm thrilled to share with you my PhD thesis titled "Evolving Bitcoin Custo=
dy," a deep-dive into the design and analysis of Bitcoin custody systems, e=
xploring their evolution in the face of a constantly changing technological=
 and threat landscape.

You can access the full thesis on ArXiv here: https://arxiv.org/abs/2310.11=
911

Your feedback and questions are not only welcomed but immensely appreciated=
. I'm looking forward to discussion and am excited to see how your inputs w=
ill shape the future of custody systems and covenants.


Bitcoin Covenants:


In my research, I've given particular attention to deleted-key covenants, a=
iming to harness what's feasible with the current state of Bitcoin. As we v=
enture deeper into the realm of covenants, I advocate for a similar depth a=
nd rigor, if not more, for other covenant proposals that necessitate soft-f=
orks. By adopting systematic specifications coupled with meticulous analysi=
s, we're better positioned to identify and rectify potential pitfalls, ther=
eby safeguarding users from undue risks.


A pressing concern I've identified pertains to coin-control challenges and =
the subsequent user experience hurdles they present. My observations sugges=
t that addressing these effectively might necessitate more granular covenan=
ts, akin to the INSPECT_X implemented in the Liquid sidechain.

Ajolote Custody System:

The Ajolote custody system proposed is theoretical, serving as a case study=
 illustrating how vault covenants can operate within a complete custody sys=
tem design. It is not my expectation for it to be built but rather to be ut=
ilized as a conceptual framework for further discussions and developments i=
n the field. In my opinion Ajolote as presented turned out to be too compli=
cated for users, but I believe it's a useful case study that adds several i=
nsights to the ongoing debate on bitcoin covenants and vaults in particular=
. I hope in time we can use these ideas in realistic custody systems.

For Custody System Designers:

Custody system designers may find the approach to security analysis delinea=
ted in this thesis to be of notable value. The methodology employed not onl=
y addresses the multifaceted challenges faced by custody systems but also p=
rovides a structured framework for evaluating and enhancing them. I encoura=
ge designers to explore and possibly integrate this attack model and method=
ology into the security analysis of their respective systems, and I am open=
 to discussions and collaborations in this domain.

Thank you for your time and consideration.

Best Regards,

Jacob G=F6ker Swambo

--_000_VI1PR03MB510397F78CFF34747DFDDC5DCCD4AVI1PR03MB5103eurp_
Content-Type: text/html; charset="iso-8859-1"
Content-Transfer-Encoding: quoted-printable

<html>
<head>
<meta http-equiv=3D"Content-Type" content=3D"text/html; charset=3Diso-8859-=
1">
<style type=3D"text/css" style=3D"display:none;"> P {margin-top:0;margin-bo=
ttom:0;} </style>
</head>
<body dir=3D"ltr">
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
Hello Bitcoin Community,&nbsp;</div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<br>
</div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
I'm thrilled to share with you my PhD thesis titled &quot;Evolving Bitcoin =
Custody,&quot; a deep-dive into the design and analysis of Bitcoin custody =
systems, exploring their evolution in the face of a constantly changing tec=
hnological and threat landscape.&nbsp;</div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<br>
</div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0 ContentPasted1">
You can access the full thesis on ArXiv here:&nbsp;<a href=3D"https://arxiv=
.org/abs/2310.11911" id=3D"LPNoLPOWALinkPreview" class=3D"OWAAutoLink">http=
s://arxiv.org/abs/2310.11911</a></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof">
<br>
</div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof">
<span style=3D"display: inline !important; color: rgb(0, 0, 0); background-=
color: rgb(255, 255, 255);" class=3D"ContentPasted3">Your feedback and ques=
tions are not only welcomed but immensely appreciated. I'm looking forward =
to discussion and am excited to see
 how your inputs will shape the future of custody systems and covenants.&nb=
sp;</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof">
<br>
</div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof">
<p class=3D"ContentPasted2 ContentPasted5" style=3D"color: rgb(0, 0, 0); ba=
ckground-color: rgb(255, 255, 255);">
<strong class=3D"ContentPasted2 ContentPasted5">Bitcoin Covenants</strong>:=
&nbsp;</p>
<p class=3D"ContentPasted2" style=3D"color: rgb(0, 0, 0); background-color:=
 rgb(255, 255, 255);">
<br class=3D"ContentPasted5">
</p>
<p class=3D"ContentPasted2 ContentPasted5" style=3D"color: rgb(0, 0, 0); ba=
ckground-color: rgb(255, 255, 255);">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
 Calibri, Helvetica, sans-serif; font-size: 12pt; background-color: rgb(255=
, 255, 255);"></span></p>
<p class=3D"ContentPasted7">In my research, I've given particular attention=
 to deleted-key covenants, aiming to harness what's feasible with the curre=
nt state of Bitcoin. As we venture deeper into the realm of covenants, I ad=
vocate for a similar depth and rigor,
 if not more, for other covenant proposals that necessitate soft-forks. By =
adopting systematic specifications coupled with meticulous analysis, we're =
better positioned to identify and rectify potential pitfalls, thereby safeg=
uarding users from undue risks.</p>
<p class=3D"ContentPasted7"><br>
</p>
<p class=3D"ContentPasted7">A pressing concern I've identified pertains to =
coin-control challenges and the subsequent user experience hurdles they pre=
sent. My observations suggest that addressing these effectively might neces=
sitate more granular covenants, akin
 to the INSPECT_X implemented in the Liquid sidechain.</p>
<p class=3D"ContentPasted2 ContentPasted5" style=3D"color: rgb(0, 0, 0); ba=
ckground-color: rgb(255, 255, 255);">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
 Calibri, Helvetica, sans-serif; font-size: 12pt; background-color: rgb(255=
, 255, 255);"></span></p>
</div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof">
<br>
</div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<b>Ajolote Custody System:&nbsp;</b></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<b><br>
</b></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
 Calibri, Helvetica, sans-serif; font-size: 12pt;">The Ajolote custody syst=
em proposed is theoretical, serving as a case study illustrating how vault =
covenants can operate within a complete
 custody system design. It is not my expectation for it to be built but rat=
her to be utilized as a conceptual framework for further discussions and de=
velopments in the field. In my opinion Ajolote as presented turned out to b=
e too complicated for users, but
 I believe it's a useful case study that adds several insights to the ongoi=
ng debate on bitcoin covenants and vaults in particular. I hope in time we =
can use these ideas in realistic custody systems.</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
 Calibri, Helvetica, sans-serif; font-size: 12pt;"><br>
</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
 Calibri, Helvetica, sans-serif; font-size: 12pt;" class=3D"ContentPasted6"=
><b>For Custody System Designers:&nbsp;</b></span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
 Calibri, Helvetica, sans-serif; font-size: 12pt;" class=3D"ContentPasted6"=
><br>
</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
 Calibri, Helvetica, sans-serif; font-size: 12pt;" class=3D"ContentPasted6"=
>Custody system designers may find the approach to security analysis deline=
ated in this thesis to be of notable
 value. The methodology employed not only addresses the multifaceted challe=
nges faced by custody systems but also provides a structured framework for =
evaluating and enhancing them. I encourage designers to explore and possibl=
y integrate this attack model and
 methodology into the security analysis of their respective systems, and I =
am open to discussions and collaborations in this domain.<br>
</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
 Calibri, Helvetica, sans-serif; font-size: 12pt;"><br>
</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
 Calibri, Helvetica, sans-serif; font-size: 12pt;">Thank you for your time =
and consideration.</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
 Calibri, Helvetica, sans-serif; font-size: 12pt;"><br>
</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
 Calibri, Helvetica, sans-serif; font-size: 12pt;">Best Regards,&nbsp;</spa=
n></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
 Calibri, Helvetica, sans-serif; font-size: 12pt;"><br>
</span></div>
<div style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService, =
Calibri, Helvetica, sans-serif; font-size: 12pt; color: rgb(0, 0, 0);" clas=
s=3D"elementToProof ContentPasted0">
<span style=3D"font-family: Aptos, Aptos_EmbeddedFont, Aptos_MSFontService,=
 Calibri, Helvetica, sans-serif; font-size: 12pt;">Jacob G<span class=3D"IL=
fuVd NA6bn" lang=3D"en"><span class=3D"hgKElc"><span><span><span class=3D"C=
ontentPasted4">=F6</span></span></span></span></span>ker
 Swambo</span><br>
</div>
</body>
</html>

--_000_VI1PR03MB510397F78CFF34747DFDDC5DCCD4AVI1PR03MB5103eurp_--