Re: [Bitcoin-development] [BIP draft] CHECKLOCKTIMEVERIFY - Prevent a txout from being spent until an expiration time

[Alan Reiner <etotheipi@gmail.com>]

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By the way, I really like this proposal.  I haven't spent much time
thinking about the deeper subtleties and risks associated with it, but I
see a lot of opportunities.  One just came to mind that I didn't see
mentioned in his original proposal:

_Non-Interactive Recurring payments__with ID-association_:
You want to make N recurring payments of 1 BTC each month to a service. 
Sign N transactions each of them use a CHECKLOCKTIMEVERIFY block number
approximately X months in the future (one for each month).   The script
allows the customer to move the coins at any time, but after the
locktime the merchant/service has signing access.  The merchant software
will continually watch for and sweep all coins that become available via
this mechanism and credit the appropriate customer account.  The
customer maintains control of the funds until payment time, the merchant
can automatically collect it each month without requiring user
interaction, and the customer can cancel it just by spending it
elsewhere before the locktime. 

This scheme has an added benefit:  both the merchant's address and the
user's address is in the script.  Given an appropriate scheme for
linking addresses to accounts (perhaps sending the service a watch-only
BIP32 branch), the service can use the other address in the script to
recognize and link that payment to the user's account.  This allows you
to continue paying and extending your subscription without having to
explicitly link each payment to the account.  The wallet will simply
make sure to use a return address that is in a BIP32 branch that was
provided to the service during signup, and the service will
automatically extend your subscription every month based on that info
when it sweeps payments.

Along with everything else that was mentioned by Peter in his original
proposal, I see OP_CHECKLOCKTIMEVERIFY as an enabling feature, not just
a simple improvement.
 
-Alan


On 10/08/2014 06:26 AM, Wladimir wrote:
> On Tue, Oct 7, 2014 at 6:08 PM, Mike Hearn <mike@plan99.net> wrote:
>>> That is easy to change; I'll submit a pull request.
>>
>> That's certainly a useful improvement. It won't help the existing userbase
>> though - assuming CHECKLOCKTIMEVERIFY is to go in to the next major release.
> The next minor release (0.9.4) could have Gavin's change already.
>
> I don't think CHECKLOCKTIMEVERIFY will make it into the next major
> release though. Once headers-first and pruning is merged (which is
> expected to be a matter of weeks). I'd like to split off the 0.10
> branch and give it some time to stabilize with a feature freeze, then
> do a release before the end of the year.
>
> So 0.11, in say 6 months, would be soonest.
>
> Wladimir
>
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