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

[Adam Back <adam@cypherspace.org>]

I think you can do everything with the existing script level nlocktime
in some kind of turing completeness sense (maybe); but there is a
complexity cost that often you have to resort to extra dependent
transaction(s) (and work-around malleability until that is fully
fixed) just to get the effect.

When I tried building things that need nlocktime I found it quite
inconvenient that it was wasnt a function rather than a script
property, so I like this proposal.

Adam

On 9 October 2014 04:13, Alan Reiner <etotheipi@gmail.com> wrote:
> 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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