28 Feb '16, 4pm

The Bitcoin Covenant — Defense Against #Bitcoin Theft !

The Bitcoin Covenant — Defense Against #Bitcoin Theft !

The new vault, developed by Cornell University professor is called a Covenant and it uses the inbuilt bitcoin script to create special transactions. Users can transfer their bitcoin for safekeeping in a vault by using this special transaction protocol. The Covenant’s vault is similar to a regular bitcoin vault with recovery keys. However, unlike the conventional bitcoin vault, this one is more of a savings account than a deposit locker. All bitcoins in the Covenant vault are tagged by the protocol in such a way that any bitcoin spent over the blockchain from this vault can be recalled in no time. In addition, it also allows the user to burn the stolen bitcoin in case both his/her vault and recovery keys are compromised.

Full article: http://www.newsbtc.com/2016/02/28/bitcoin-covenant-defens...

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