OP_VAULT, A Custodian’s Perspective

November 14, 2024

Sean Ryan of Anchorage Digital presents OP_VAULT, or how vaults and reactive security enhance custody for institutions.

Vaults offer a way to recover assets after a private key compromise
BIP 345 proposes an opcode-based vault design, supporting reactive security and time-delayed withdrawals.
The vault mechanism utilizes a phased approach to enhance protection, including trigger and recovery paths.
Vaults can add resilience against physical attacks by enforcing time-locked access, mitigating “$5 wrench attacks”
Insurance and risk-sharing mechanisms for Bitcoin custody need development, and vaults could support insurability, encouraging institutional adoption.

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