The thesis by Jacob Tyge Gøker Swambo, submitted for a Ph.D., explores the design and analysis of Bitcoin custody systems. These are systems to safeguard, manage, and control Bitcoin assets. The paper introduces Bitcoin custody, describing different types, design principles, phases, and functions of custody systems. It also presents a detailed exposition and security analysis of a deleted-key covenant protocol, a mechanism to enforce constraints on transaction sequences. The thesis proposes an autonomous custody system called Ajolote, which uses deleted-key covenants to enforce a vault sequence. This work offers a synthesis of concepts and methods from various sources and presents several original contributions towards the evolution of Bitcoin custody.
Publication date: 18 Oct 2023
Project Page: https://arxiv.org/abs/2310.11911v1
Paper: https://arxiv.org/pdf/2310.11911
