Here’s What’s Next for Bitcoin Wallet GreenAddress After Being Acquired by Blockstream

By August 1, 2016Bitcoin Business

Blockstream announced the acquisition of Bitcoin wallet provider GreenAddress on Wednesday. In a post on the company’s official blog, Blockstream President Adam Back noted, “GreenAddress has a demonstrated track record of delivering an industry-leading product that prioritizes security, privacy and convenience.”

GreenAddress has been quick to implement new Bitcoin features, such as fee estimation and replace-by-fee , into its own wallet. Also, GreenAddress developer Lawrence Nahum is a supporter of the Bitcoin Core scalability roadmap and says he’s excited about the improvements that are coming to Bitcoin in the near future.

Bitcoin Magazine reached out to Nahum to get the details on what GreenAddress will be working on now that it is under the Blockstream umbrella of Bitcoin products and services.

Implementing CHECKSEQUENCEVERIFY

Nahum was quick to bring up the upcoming implementation of OP_CHECKSEQUENCYVERIFY (CSV) to improve the refund process on their 2-of-2 multisignature addresses .

One of the key features of GreenAddress is the ability to complete what are essentially instant Bitcoin transactions. This works by putting user funds in a 2-of-2 multisig address where the two parties are the user and GreenAddress. If someone trusts GreenAddress to not double spend a transaction, then he or she can trust this user’s GreenAddress wallet to do the same.

A refund transaction is also pre-signed and held by the user to prevent funds being locked up in an address that requires a signature from GreenAddress to send a transaction. Currently, a pre-signed nLocktime refund transaction is emailed to the user when a transaction is received on a 2-of-2 address (including change transactions). This transaction becomes valid after a predetermined amount of time.

With CSV, the refund process can be handled directly on the blockchain. The gist of it is that a 2-of-2 multisignature address will be controlled only by the user after a certain […]

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