The article discusses the development of ColliderScript, a scheme that enables covenants on Bitcoin without the need for any extensions to the protocol. Covenants are Script constructions that allow users to control the conditions and destination of their coins. The ColliderScript scheme bridges the gap between "Big Script" and "Small Script" (referring to transaction signatures and arbitrary computations), using cryptographic constructs such as hashes and signatures to demonstrate computational indistinguishability. Implementing ColliderScript would cost around $50 million per transaction but could protect coins in the event of a quantum computer threat. The paper also mentions the possibility of using the covenant construction as a quantum-secure signature method and proposes an emergency soft-fork in case quantum computers can break Bitcoin signatures.



Other News from Today