Atomic Verification Via Private Key Locked Bitcoin Transactions

The smart contract technology permits the creation of new protocols that can be implemented on top of bitcoin’s protocol itself. This signals the development of complex scripts, that are far beyond the requirement of a single digital signature. A research paper, which has been published a few days ago, introduced a new concept of private key locked bitcoin transactions, which represents an innovative type of transactions that permit atomic verification of a specific private key (which belongs to an asymmetric pair of keys) throughout the process of execution of the script.

bitcoin locked transaction.jpg

bitcoin locked transaction.jpg

What Are Private Key Locked Bitcoin Transactions?

Although the present hash locked bitcoin transactions permit the usage of a symmetric key to unlock the value of a transaction, or even a private key that belongs to an asymmetric pair of keys, considering that a private key can only be verified using the correspondent public key can inspire the development of a more secure and simple approach.

Symmetric keys are forms of arbitrary characters, as they are strings of bits. Consequently, the only way to certify the validity of a given symmetric key

Read more ... source: TheBitcoinNews

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