Non-Custodial Bitcoin Vaults

Vaults

Bitcoin Vault
  1. Issue a request to move coins out of the vault in a first transaction, called unvault.
  2. Wait for a predefined time (called the unvaulting period), say 24 hours after the first transaction is mined, before coins can be moved out in a subsequent transaction.

Implementation

Vault Contract

Discussion

  • Compared to vaults offered by a trusted third party such as Coinbase, it is non-custodial. The user has to monitor the status of the vault UTXO to detect if there is any request transaction¹.
  • It does not require any consensus change or new opcodes such as OP_CheckTemplateVerify in BIP 119 or OP_CheckOutputVerify in Bitcoin Covenants.

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sCrypt Inc (https://scrypt.io) is a company with a mission to provide integrated on-chain smart contracting solutions using the original BitCoin Protocol on BSV

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sCrypt

sCrypt

sCrypt Inc (https://scrypt.io) is a company with a mission to provide integrated on-chain smart contracting solutions using the original BitCoin Protocol on BSV

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