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This is the fourth article in a series deep diving into individual covenant proposals that have reached a point of maturity meriting an in-depth breakdown.
OP_VAULT, put forward by James O’Beirne in BIP 345 (with Greg Sanders added later as a co-author), is a covenant designed to implement vaults. It depends additionally on CTV (or TXHASH or other similar opcodes) to complete the construction of a vault.
Before getting into how the proposal itself works, let’s look at what a vault is trying to accomplish.
The purpose of a vault is to improve the security of your bitcoin storage. This is accomplished by the introduction of a delay period during any attempt to spend from the…
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