Examining ScriptPubkeys in Bitcoin Script

In this email, James O'Beirne discusses the concept of a "master" key and a "normal" key from a user's point of view. The "master" key is intended to be kept extremely secure for emergency situations, while the "normal" key is used for delayed spending. O'Beirne mentions that OP_VAULT could potentially encompass these functionalities, but a thorough review is necessary to evaluate the different design decisions.

O'Beirne then goes on to express his ideal scenario where Bitcoin Script would be powerful enough to implement vaults. In this scenario, once a popular usage pattern emerges, a new address type could be introduced that expands to that template, similar to P2WPK or P2PKH. However, O'Beirne acknowledges that we are not currently in that world.

BIP 345 is also mentioned, which introduces various mechanisms such as limited script delegation, iteration, and amount arithmetic. O'Beirne notes that these mechanisms are not expressible in Script, except for amount arithmetic which is not ideal. To form a real opinion on these elements, O'Beirne needs to consider whether they should exist inside OP_VAULT or be separate entities. However, this process is slow and ongoing.

In conclusion, O'Beirne expresses interest in volunteers who would be willing to contribute to this interesting but challenging endeavor.