The treasury: a fund no one person can spend

01What it is for

One thing: the first exchange listing — the listing fee, and what a listing demands around it (an integration test node, a market-making float if the exchange requires one, nothing else). When that is paid, the next goal is written here before a satoshi moves toward it.

It is not an investment, and it does not owe anyone anything. A contribution is a donation to a piece of free software, with the one difference that here you can watch it, block by block, and see that it was not taken.

02Why a promise is not asked of you

The usual way to fund a listing is “send it to the founder”. The founder could leave. So the treasury is built so that leaving takes nothing:

What this cannot do: stop two holders from colluding. That is why they are named, not the same person twice, and why every spend is announced before it is signed — so a spend that was not announced is a spend everyone sees for what it is.

03Rules of spending

1. Only the stated goal. Nothing leaves for anything this page does not name as the current goal.
2. Announced first, seven days ahead. Exchange, amount, destination address and invoice are posted on the Discord and in the ledger below before anyone signs.
3. Two named holders sign, and the transaction says which two.
4. Never to a holder. No key holder's own address is ever a destination, including as change.
5. Everything shows up here, in the block it lands in, with its reason next to it.
6. Not refundable. A donation is a donation. If the goal is never reached the coins stay where they are, visible, until it is.
7. A key holder who goes quiet for 90 days is replaced: the other two sign a move to a new 2-of-3, announced like any spend.

04How to contribute

Three ways, all opt-in, none in consensus. A node that never heard of the treasury relays its outputs like any other.

# in the window: Send Coins, then the button
# "Donate to the Bitflash treasury"

# over RPC, either of
donate 10
sendtoaddress treasury 10

# or as an output of a raw transaction
createrawtransaction [...] {"treasury": 10}

# 10% of every block you find, paid in the
# coinbase itself; the block is worth the same
bitflash -treasuryshare=10

# or Options -> Solo -> the slider (0 to 50)

# the pool fee goes to the treasury
# instead of the operator's wallet
bitflash -poolfeeto=treasury

# miners on that pool contribute by mining,
# in proportion, without doing anything

05Every movement

Newest first. coinbase is a miner's share, transfer a donation or a pool fee, spend a payment out with where it went. The transaction id opens in the explorer.

06Verify it yourself

# from any node 1.2.29 or later
gettreasuryinfo

# the same three keys, from the source
grep -A3 MAINNET_KEYS src/treasury.cpp

# decode what is shown below
decodescript <script hex>

curl -O https://status.bitflash.network/treasury.json
python3 scripts/build-treasury.py --datadir ~/.bitflash \
    --script <script hex> --verify treasury.json

# ok: treasury.json agrees with this node's chain
#     up to height N: balance X BTF, M movements

The output script, exactly as it is on the chain:

—

required

—

network

—

ledger tip

—

07Who holds the keys

A holder is a person with a name people can reach, who keeps the key on a machine of their own and signs with signrawtransaction. The charter they signed, and the release key that signed it, are at docs.bitflash.network/treasury.