BSV Releases “Blacklist Manager” to Freeze Lost or Stolen BTC

BSV Releases "Blacklist Manager” to Freeze Lost or Stolen BTC
  • ‘Blacklist Manager’, the first software tool, has been released by Bitcoin SV.
  • It enables the miners to freeze lost or stolen tokens by complying with court orders.

The Bitcoin Association for BSV (Bitcoin Satoshi Vision) blockchain has released “Blacklist Manager,” the first software tool for freezing lost or stolen Bitcoin (BTC). According to the recent announcement from the BSV platform, the newly launched Blacklist Manager will enable Bitcoin miners to freeze stolen or lost BTC tokens, by following the court orders. 

The miners are required to process valid court orders addressing the freezing of digital assets to comply with current legislation. They also abide by the requirement by installing and using Blacklist Manager. Additionally, the miners must set up and run the program in connection with their node, to activate the Blacklist Manager.

Features of New ‘Digital Assets Recover’

At the same time, General Counsel and Chief of Staff at the Bitcoin Association, Marcin Zarakowski, emphasizes the need for a Digital Asset Recovery procedure. 

Zarakowski stated: 

The introduction of the Blacklist Manager tool is a sign of the maturing blockchain space. If we want to have a massive adoption of blockchain technology by the corporate world, large firms, banks and governments, there needs to be a way to recover lost or stolen assets.

As per Bitcoin SV, legal bodies such as banks, custody providers, and law firms will first authenticate a court order including a list of compromised digital assets, and translate it into a machine-readable format the network can comprehend before implementing a digital asset recovery process. This is digitally signed and delivered to each miner’s BM tool.

Moreover, the digital assets will subsequently be added to miners’ freeze lists, where they will be rejected in transactions, stopping them from being used. On the same consensus basis as the network is now using, the service forbids anyone from arbitrarily enforcing a freeze, and miners will only accept a court order or other document of similar significance.

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