While the last year or two have seen a number of proposals for covenant-proposing extensions to Bitcoin, there has always been a suspicion among experts that covenants may be possible without any extensions. Evidence for this has come in two forms: an expanding repertoire of previously-thought-impossible computations in Script (culminating in the BitVM’s project to implement every RISC-V opcode), and a series of „near-misses” by which Bitcoin developers have found ways that covenants would have been possible, if not for some obscure historical quirk of the system.
Ethan Heilman, Avihu Levy, Victor Kobolov and I have developed a scheme which proves this suspicion was well founded. Our scheme, ColliderScript, enables covenants on Bitcoin today, under fairly reasonable cryptographic assumptions and at a probable cost around 50 million dollars per transaction (plus some hardware R&D).
Despite the outlandish costs to use ColliderScript, setting it up is very cheap, and doing so (alongsi
We współpracy z: https://bitcoinmagazine.com/technical/colliderscript-a-50m-bitcoin-covenant-with-no-new-opcodes
