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Handcrank: a drivechain wannabe with no softfork
github.com/supertestnet/handcrank/blob/main/README.md
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@super_testnet
1 Feb 2023
bitcoin
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@super_testnet
OP
1 Feb 2023
TLDR of how handcrank works
Alice makes a 51 of 51 multisig address with the most recent btc miners who mined a block
She deposits X btc to it after she gets the miners to create a “presigned withdrawal” covenant
She announces her covenant on a sidechain to get X “sidechain bitcoins”
She does stuff on the sidechain and (let’s suppose) loses ownership of her money
A new person claims they now own Alice’s deposit and says they want to withdraw it
The covenant lets 51% of miners send the coins anywhere after a delay of 3 months
Any bitcoin miner can check the new person’s claim and start sending them Alice’s deposit
During the delay, any miner who rejects the claim can reset the delay to add 6 more months
During the delay, the rightful owner is supposed to say where the money should really go
After the delay miners send the money to its rightful owner or take it if they never spoke up
Read the more detailed version here:
https://github.com/supertestnet/handcrank/blob/main/README.md
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@nk1tz
2 Feb 2023
I love the name
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@super_testnet
OP
2 Feb 2023
lol the most important part
thanks!
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@faithandcredit
2 Feb 2023
A poor mans drivechain
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@supertestnet_phone
2 Feb 2023
Yes, a drivechain for the plebs
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@super_testnet
OP
1 Feb 2023
deleted by author
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TLDR of how handcrank works