On-Chain Defense in Depth - Dr. Bob McElrath

We will examine all current and proposed mechanisms for creating a “Bitcoin Vault”. A Vault is a mechanism first proposed by Eyal et al to encumber your cold storage with a timelock, so that an attacker who manages to penetrate your cold storage or exfiltrate keys must wait out a timelock. During the time frame of this timelock, the owner has the opportunity to notice that a theft attempt is in progress via online monitoring of the blockchain, and deploy an alternative “clawback” spending mechan…