Date Posted: 3/15/2016

Malte Moeser, Ittay Eyal, and Emin Gun Sirer were mentioned in the press after introducing a new abstraction, Bitcoin Covenants, for protecting bitcoins from hackers.

The intro to a Blockcy article begins, "Some call him a genius. A hacker of 25 years, professor at Cornell University, one of the few in the bitcoin space who can see what others can not, Emin Gün Sirer announced today a new invention designed to make bitcoin thefts if not impossible, highly unlikely."

The ideas, as described by Blockcy, is: "By utilizing bitcoin’s inbuilt script system to create what ... a [so-called] covenant, special transactions can be created to send your bitcoin to a vault, a saving account which requires no banks, no middle men, no intermediary. Unlike normal transactions, this saving account is designed to have a recovery key so that if your bitcoins are stolen you can use the recovery key to in effect undo any transaction by the hacker."

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