[bitcoin-dev] BIP clearing house addresses

[Matthew Roberts]

This would honestly work. It forces the attacker to go through with the
clearing phase which simultaneously makes it possible to "cancel" the TX
through another logic branch before the timeout occurs. I'd say that would
meet the needs of a clearing mechanism / fraud prevention system for an
exchange perfectly while requiring minimal changes to the software.

Very, very smart idea. A++, would read again.

On Thu, Aug 4, 2016 at 9:55 AM, Tier Nolan via bitcoin-dev <
bitcoin-dev at lists.linuxfoundation.org> wrote:

> On Wed, Aug 3, 2016 at 7:16 PM, Matthew Roberts via bitcoin-dev <
> bitcoin-dev at lists.linuxfoundation.org> wrote:
>
>> The reason why I bring this up is existing OP codes and TX types don't
>> seem suitable for a secure clearing mechanism;
>>
>
> I think reversing transactions is not likely to be acceptable.  You could
> add an opcode that requires that an output be set to something.
>
> [target script] SPENDTO
>
> This would require that [target script] is the script for the
> corresponding output.  This is a purely local check.
>
> For example, if SPENDTO executes as part of the script for input 3, then
> it checks that output 3 uses the given script as its scriptPubKey.  The
> value of input 3 and output 3 would have to be the same too.
>
> This allows check sequence verify to be used to lock the spending script
> for a while.  This doesn't allow reversal, but would give a 24 hour window
> where the spenders can reverse the transaction.
>
> [IF <1 day> CSV DROP <live public key> CHECKSIG ELSE <offline protected
> key> CHECKSIG] SPENDTO <live public key2> CHECKSIG
>
> Someone with the live public key can create a transaction that spends the
> funds to the script in the square brackets.
>
> Once that transaction hits the blockchain, then someone with the <offline
> protected key> has 24 hours to spend the output before the person with the
> live keys can send the funds onward.
>
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