The underneath is a right away excerpt of Marty’s Bent Issue #1214: “Silent payments.” Sign up for the newsletter here.
The primary silent cost transaction on Signet, a bitcoin testnet
by means of Ruben Somsen
This is a fascinating proposal from Ruben Somsen that will assist building up the privateness of the ones receiving bitcoin: Silent Payments. Somsen’s proposal builds on ideas like BIP47, which permits people to create reusable cost codes that may be tweaked via others to create distinctive public addresses that best the sender and receiver are conscious about. This permits the receiver to just accept bitcoin in a extra personal style when in comparison to exposing a xpub or just reusing a unmarried deal with to obtain bills.
BIP47 introduces the tradeoff of greater knowledge utilization because the reusable addresses it permits are produced via together with OP_RETURN messages, which require extra knowledge than your reasonable bitcoin transaction. With silent bills, the tradeoff made via BIP47 within the type of further knowledge related to the introduction of a cost code the use of OP_RETURN is eradicated and changed with an building up within the scanning necessities of pockets tool. The best way I know it, senders take a silent cost public deal with equipped via a receiver, use the personal key of the enter (UTXO) they’re going to be the use of to ship bitcoin to the receiver to create a brand new public deal with owned via the receiver and ship the bitcoin to that deal with. The receiver then scans the blockchain for inputs and makes use of knowledge related to their silent bills deal with to spot the place bills were won.
This is an engaging tradeoff as a result of it could cut back the longer term knowledge burden on the ones running complete nodes whether it is followed in prefer of answers like the ones enabled via BIP47, however calls for buy-in from the ones development pockets tool to make certain that their merchandise have compatibility with the silent bills design scheme. A heavy carry, undoubtedly, however one that can be profitable to check out to get applied throughout those pockets softwares. This would offer greater software for the ones having a look to obtain bitcoin bills with higher privateness assurances and no more interactivity with the chain. Assume dissidents dwelling beneath oppressive regimes who wish to obtain bills as privately and simply as imaginable.
Previous as of late, anyone initiated the primary silent bills transaction on Signet, a bitcoin testnet. You’ll dig into that here. We can be protecting you freaks abreast of the trends of silent bills as they spread.
