Bitcoin Core developer introduces a security feature

Implementing it would require a soft fork of the network

01.03.2023 - 10:30

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What’s new? Bitcoin developer James O’Beirne said on Twitter that he is working on a feature that alerts users when someone tries to steal their coins and then prevents the theft by redirecting the funds to a safer wallet. The feature called a “vault,” is a type of smart contract that places constraints on how BTC can be spent on the wallet.

I've just published a paper with a new proposal for how to construct vaults in Bitcoin, OP_VAULT. I think vaults are maybe the single most impactful change we could make to Bitcoin to help derisk custody at any scale. https://t.co/7drmhLL3XS pic.twitter.com/tOlBAbfIOt — James O'Beirne (@jamesob) January 9, 2023

How does the feature work? Users need to broadcast two separate transactions in two different blocks before spending BTC. After the first transaction, which has a time delay, an alert is issued allowing them to either approve the transaction or transfer the funds to an alternative wallet.

The feature is still in draft form, and if implemented on the Bitcoin network, it will require a soft fork (a backwards-compatible change to the blockchain).

Late last year, the team of the Stacks blockchain project unveiled a way to use a new digital asset called Stacks bitcoin (sBTC) to make BTC fully programmable. The asset with a 1:1 peg to BTC can be used to create smart contracts and converted back to BTC.

As of March 1, 10:00 UTC, the price of bitcoin is $23 744, having gained 2,06% in 24 hours (Binance’s data).

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