20 sats \ 0 replies \ @super_testnet OP 1 Feb 2023 \ on: Handcrank: a drivechain wannabe with no softfork bitcoin

TLDR of how handcrank works
  1. Alice makes a 51 of 51 multisig address with the most recent btc miners who mined a block
  2. She deposits X btc to it after she gets the miners to create a “presigned withdrawal” covenant
  3. She announces her covenant on a sidechain to get X “sidechain bitcoins”
  4. She does stuff on the sidechain and (let’s suppose) loses ownership of her money
  5. A new person claims they now own Alice’s deposit and says they want to withdraw it
  6. The covenant lets 51% of miners send the coins anywhere after a delay of 3 months
  7. Any bitcoin miner can check the new person’s claim and start sending them Alice’s deposit
  8. During the delay, any miner who rejects the claim can reset the delay to add 6 more months
  9. During the delay, the rightful owner is supposed to say where the money should really go
  10. 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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