Address Scheme for Timelocked Fidelity Bonds

The five-minute read

One action, walked through

1. Open BIP 46 and read the status line before the examples.
2. Write down the rule in one sentence. A fair version of that sentence is: The derivation scheme for HD wallets which create timelocked addresses used for creating fidelity bonds.
3. Name the object that changes: OP_CHECKLOCKTIMEVERIFY.
4. Ask what an old client, an old contract, or an offline counterparty does. If the document is silent, the silence is part of the design.

The argument, unpacked

What has to be true

• You are implementing BIP 46 at the status the text itself states: Draft.
• The object that has to change is OP_CHECKLOCKTIMEVERIFY. A neighbouring document with a similar name is not this one.
• Constants in the text can be superseded by a later fork. Cite the EIP number and the fork you mean.

What happened after the paper

The source marks this draft. It is not a live consensus rule just because it has a number. Later documents can narrow, replace, or ignore this one. Cite the number you mean.

What to check before you use the idea

• What does Address Scheme for Timelocked Fidelity Bonds charge, reject, or redefine on the first touch versus a later one?
• Does a reverted subcall roll the change back?
• Can you point at the object in a client: OP_CHECKLOCKTIMEVERIFY?

Terms

BIP 46

The public text titled Address Scheme for Timelocked Fidelity Bonds.

Draft

The document's own label for how finished the text is. It is not a market fact.

The problem the paper names

An underpriced or ambiguous EVM rule is not a feature. It is a block that takes longer than the gas limit claimed, or a client that disagrees about the result.

What the design proposes

• The derivation scheme for HD wallets which create timelocked addresses used for creating fidelity bonds.
• It also gives advice to wallet developers on how to use fidelity bonds to sign over messages, such as certificates, which are needed when using fidelity bonds that are stored offline.
• Fidelity bonds are used to resist sybil attacks in certain decentralized anonymous protocols.

How the mechanism is specified

• Taken from the specification, the next constraint is: It also gives advice to wallet developers on how to use fidelity bonds to sign over messages, such as certificates, which are needed when using fidelity bonds that are stored offline.
• Locate OP_CHECKLOCKTIMEVERIFY in BIP 46 and apply it to one transaction or call.
• Then check the failure the class of rule always has: a node that did not upgrade, a reverted call, a replayed signature, or a peer that does not speak the message.

What this page does not treat as proven

• A gas or opcode change is not a throughput benchmark. It is a relative price and a validity rule.
• Constants in the text can be superseded by a later fork. Cite the EIP number and the fork you mean.
• The source marks this draft. It is not a live consensus rule just because it has a number.

Why a venture studio still reads it

Use BIP 46 when a pitch says 'Address Scheme for Timelocked Fidelity Bonds' without saying whether the rule is consensus, policy, or an interface. The number is the citation. The pitch is not.