New Bitcoin Security Feature OP_VAULT Boosts Transaction Flexibility and Safety
A new Bitcoin storage security feature, OP_VAULT, has been introduced to enhance transaction security and flexibility. Proposed in BIP 345, this covenant aims to improve upon existing vault systems. OP_VAULT operates on Taproot, using tapscript and taptrees. It consists of two opcodes: OP_VAULT for withdrawals and OP_VAULT_RECOVER for mid-withdrawal fund recovery. Both can be 'gated' with an authorization script for extra security. Unlike pre-signed transactions, OP_VAULT offers more flexibility and security. It ensures the correct amount of funds is returned to the vault and that the output script matches the taptree being spent from. OP_VAULT_RECOVER uses a hash of the recovery script and an output index for the recovery transaction. OP_VAULT addresses major limitations of pre-signed transaction or CTV-based vaults. It restricts bitcoins to a 'middle ground' address, from which they can only be sent to a deep cold storage wallet after a timelock. OP_VAULT, proposed in BIP 345, is a significant advancement in Bitcoin storage security. By offering more flexibility and security than pre-signed transactions, it enhances the protection of users' funds. The proposal aims to improve upon existing vault systems, providing a more robust solution for secure bitcoin storage.
