‘Covenants’ Mean You Can Burn Stolen Bitcoins

[bitkilo]

Cornell computer science professor Emin Gün Sirer thinks a bitcoin wallet model called ‘Covenants’ would disincentivize hackers by allowing the victim to ‘burn’ the compromised bitcoin after the hack; that is, destroy the bitcoin.

“Hackers cannot get rid of the covenant,” Dr. Sirer clarifies. “They are inherited, and no matter if the hacker tries to mix the coins, he can’t rid of the recursive nature of the covenant. With covenant, holders can kill the hacker’s satisfaction of having stolen the bitcoins.”

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