There cannot be Smart Vaults without Vaults. In this section, we will learn how to create and manage vaults. We start with some definitions.

  1. Vault is a Bitcoin Wallet.
  2. Policy is a set of rules that define how a vault can be managed.
  3. Vault Template is Vault with a predefined Policy.

While it is true that a Policy is not exactly the same as a descriptor, we define the Policy event as a Nostr event with kind 9289 that (in its encryped content) contains a descriptor.