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Author Topic: Term contract with multisig/P2SH  (Read 1215 times)
HostFat
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March 05, 2012, 02:14:46 PM
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Is it possible to make a term contract with multisig/P2SH ?

Example:
I'll move 10 Bitcoins from my address to another, and I set 20 confirmations.
If no one will give the remain sign to move them to the bitcoin address or to move back to me on next 20 confirmations ... these 10 Bitcoin will lose their owner and they will be able to be mined again from miners.

Me and the other receiver-address-owner must be able to see the remaining confirmations, he must be able to see that there is a deadline and when it will expiry.

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March 05, 2012, 02:41:59 PM
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Is it possible to make a term contract with multisig/P2SH ?

Example:
I'll move 10 Bitcoins from my address to another, and I set 20 confirmations.
If no one will give the remain sign to move them to the bitcoin address or to move back to me on next 20 confirmations ... these 10 Bitcoin will lose their owner and they will be able to be mined again from miners.

Me and the other receiver-address-owner must be able to see the remaining confirmations, he must be able to see that there is a deadline and when it will expiry.

Don't think this is possible.  It would need some sort of OP_PUSHTIME or OP_PUSHBLOCKNUMBER operator, plus p2sh support.

Don't think the "and then mined again" part is ever going to be possible.

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March 05, 2012, 02:47:21 PM
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It's difficult to respond to questions like this without a real world example of the usefulness of the idea. If there are good ideas out there that cannot be done with Bitcoin yet, they could be addressed in the future.

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March 05, 2012, 03:07:24 PM
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The scripts do not have any notion of a block number.  This is intentional.

You can probably figure out a better way to do whatever it is that you are trying to do.

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March 05, 2012, 03:10:43 PM
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Anyway, I have many "strange" ideas, and I think that somehow timed transfers ( public viewable or viewable only from some ) can open many new interesting ways to open new kinds of contracts.

The blockchain is a timer, a decentralised timer.
I think that we should find some other ways to use it.

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March 05, 2012, 03:19:08 PM
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Have you read https://en.bitcoin.it/wiki/Contracts ?

There are several examples using nLockTime, which is not as powerful as what you describe, but it is implemented and can be used to provide some time dependency.

aka sipa, core dev team

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March 05, 2012, 03:49:49 PM
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Is it possible to make a term contract with multisig/P2SH ?

Example:
I'll move 10 Bitcoins from my address to another, and I set 20 confirmations.
If no one will give the remain sign to move them to the bitcoin address or to move back to me on next 20 confirmations ... these 10 Bitcoin will lose their owner and they will be able to be mined again from miners.

Me and the other receiver-address-owner must be able to see the remaining confirmations, he must be able to see that there is a deadline and when it will expiry.

You could send the coins with the output requiring 2-of-2 signatures to spend, yours and the receivers.  Then you and the receiver both sign a transaction with a 0 output (or no output? is that legal? not sure how else this would work and affect potential pruning in the future) and all the money going to fees with an nLockTime of either a block number or a time in the future.  This spends that entire output to fees.

After that, it's up to you and the receiver to negotiate a transaction favorable to you both before the deadline.  However, the receiver doesn't really have any motivation to cooperate with you as you'd be the only one losing money and she'd just not be gaining any.

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