In our journey so far, we drew inspiration from a lot of ideas and frameworks but none has influenced us more than the Bitcoin Covenants paper by Dr. Malte Moser, Dr. Ittay Eyal, and Dr. Emin Gun Sirer.
We came across this seminal paper a little late though, a good 6 months after we developed the basic structure of our State Channel based Vaults but their work really helped us turn this nascent technology into a practical framework for cold storage of Bitcoin and more. In fact, it helped us to analyze this whole thing more rigorously and exhaustively.
This led us to explore other works by the same team and found several other papers by Dr. Eyal interesting and inspiring. We thought we should reach out to Dr. Eyal and seek his opinion and feedback about this new and exciting Layer 2 protocol that we have developed.
We then published a quick explainer of this new Layer 2 protocol to the Bitcoin-Dev mailing list to serve as a reference and reached out to Dr. Eyal for comments.
He quickly recognized the potential in what we were doing and we both scheduled a Zoom call to discuss the whole thing better. After listening to us earnestly, he asked us to focus on building a Proof of Concept implementation and demonstrate the whole thing in the flesh.
Dr. Ittay Eyal has played a key role in developing Smart Vaults and Hybrid Custody, and we are grateful for his patient guidance over the years.
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