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3 Boarding the Ark

Overview

Alice wants to board the Ark of a well-known Ark service provider (ASP). It requires an on-chain transaction.

  • Alice must be online at least once every 4 weeks to keep her funds safe.
  • If ASP denies Alice's boarding request, Alice can claim her funds back in 24 hours.

The timeline of events

  1. Alice creates a Funding transaction

  2. Alice adds any inputs she wants to cover the values the VTXO she will receive, plus on-chain fees.

  3. Alice adds an output with two spending conditions:

    • (ASP in 1 month)
    • A covenant output that forces coins to be spent by a Redeem transaction with an output with two spending conditions:
      • (Alice + ASP)
      • (Alice in 24 hours)

  4. Alice notifies ASP about the Funding transaction

  5. Alice has now a VTXO.