📅 Original date posted:2022-02-28
📝 Original message:Imagine a future where a user Alice has bitcoins and wants to send them
with maximal privacy, so she creates a special kind of transaction. For
anyone looking at the blockchain her transaction appears completely
normal with her coins seemingly going from address A to address B. But
in reality her coins end up in address Z which is entirely unconnected
to either A or B.
Now imagine another user, Carol, who isn't too bothered by privacy and
sends her bitcoin using a regular wallet which exists today. But because
Carol's transaction looks exactly the same as Alice's, anybody analyzing
the blockchain must now deal with the possibility that Carol's
transaction actually sent her coins to a totally unconnected address. So
Carol's privacy is improved even though she didn't change her behavior,
and perhaps had never even heard of this software.
In a world where advertisers, social media and other institutions want
to collect all of Alice's and Carol's data, such privacy improvement
would be incredibly valuable. If even a small percentage of transactions
were actually created by this software, anybody doing analysis on the
blockchain would always have a niggle in the back of their mind: "what
if this transaction I'm looking at was actually a CoinSwap? How would I
know? What if these coins have actually disappeared into the mist?". The
doubt and uncertainty added to every transaction would greatly boost the
fungibility of bitcoin and so make it a better form of money.
Over a year ago I wrote to this list[1] about how undetectable privacy
can be developed today by implementing CoinSwap. Today I release the
first alpha version of this software:
https://github.com/bitcoin-teleport/teleport-transactions/
The project is almost completely decentralized and available for all to
use for free (baring things like miner fees). So far it is only really
usable by developers and power-users to play around with. It doesnt have
all the necessary features yet, but from now on I'll be doing new
releases very often as soon as every new feature gets added. It is
possible to run it on mainnet, but only the brave will attempt that, and
only with small amounts. I've personally made many coinswaps on the
testnet and signet networks, and I'll be running market makers on signet
which will be available for anyone to create coinswaps with.
Right now it just uses 2of2 multisig for the coinswap addresses. Those
address types are rare on the blockchain so the coinswaps stand out a
fair amount (although protocols like lightning also use 2of2 multisig).
However the next really big task on my todo list is to use ECDSA-2p
which would make these multisig addresses look like regular single-sig
addresses, which are overwhelmingly common out there and so provide an
enormous anonymity set.
My aim is that the Teleport project will develop into a practical and
secure project on the bitcoin mainnet, usable either standalone as a
kind of bitcoin mixing app, or as a library that existing wallets will
implement allowing their users with the touch of a button to send
bitcoin coinswap transactions with much greater privacy than as possible
before.
I want to thank everyone who has supported me financially over the last
several months, without them this project simply would not have been
possible. If bitcoin privacy and coinswap is something you find
important, please consider supporting my work with a donation:
https://bitcoinprivacy.me/coinswap-donations
[1]
https://lists.linuxfoundation.org/pipermail/bitcoin-dev/2020-May/017898.html
Chris Belcher [ARCHIVE] /
npub1ek…lnm2u
2023-06-07 23:05:00
in reply to nevent1q…wdz8
Author Public Key
npub1ekvnqhww3aagwuj9t55dgj5y29u8cxdjllfv3vgppt8vc0zljhrs6lnm2uPublished at
2023-06-07 23:05:00Event JSON
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"content": "📅 Original date posted:2022-02-28\n📝 Original message:Imagine a future where a user Alice has bitcoins and wants to send them \nwith maximal privacy, so she creates a special kind of transaction. For \nanyone looking at the blockchain her transaction appears completely \nnormal with her coins seemingly going from address A to address B. But \nin reality her coins end up in address Z which is entirely unconnected \nto either A or B.\n\nNow imagine another user, Carol, who isn't too bothered by privacy and \nsends her bitcoin using a regular wallet which exists today. But because \nCarol's transaction looks exactly the same as Alice's, anybody analyzing \nthe blockchain must now deal with the possibility that Carol's \ntransaction actually sent her coins to a totally unconnected address. So \nCarol's privacy is improved even though she didn't change her behavior, \nand perhaps had never even heard of this software.\n\nIn a world where advertisers, social media and other institutions want \nto collect all of Alice's and Carol's data, such privacy improvement \nwould be incredibly valuable. If even a small percentage of transactions \nwere actually created by this software, anybody doing analysis on the \nblockchain would always have a niggle in the back of their mind: \"what \nif this transaction I'm looking at was actually a CoinSwap? How would I \nknow? What if these coins have actually disappeared into the mist?\". The \ndoubt and uncertainty added to every transaction would greatly boost the \nfungibility of bitcoin and so make it a better form of money.\n\nOver a year ago I wrote to this list[1] about how undetectable privacy \ncan be developed today by implementing CoinSwap. Today I release the \nfirst alpha version of this software:\n\nhttps://github.com/bitcoin-teleport/teleport-transactions/\n\nThe project is almost completely decentralized and available for all to \nuse for free (baring things like miner fees). So far it is only really \nusable by developers and power-users to play around with. It doesnt have \nall the necessary features yet, but from now on I'll be doing new \nreleases very often as soon as every new feature gets added. It is \npossible to run it on mainnet, but only the brave will attempt that, and \nonly with small amounts. I've personally made many coinswaps on the \ntestnet and signet networks, and I'll be running market makers on signet \nwhich will be available for anyone to create coinswaps with.\n\nRight now it just uses 2of2 multisig for the coinswap addresses. Those \naddress types are rare on the blockchain so the coinswaps stand out a \nfair amount (although protocols like lightning also use 2of2 multisig). \nHowever the next really big task on my todo list is to use ECDSA-2p \nwhich would make these multisig addresses look like regular single-sig \naddresses, which are overwhelmingly common out there and so provide an \nenormous anonymity set.\n\nMy aim is that the Teleport project will develop into a practical and \nsecure project on the bitcoin mainnet, usable either standalone as a \nkind of bitcoin mixing app, or as a library that existing wallets will \nimplement allowing their users with the touch of a button to send \nbitcoin coinswap transactions with much greater privacy than as possible \nbefore.\n\nI want to thank everyone who has supported me financially over the last \nseveral months, without them this project simply would not have been\npossible. If bitcoin privacy and coinswap is something you find \nimportant, please consider supporting my work with a donation: \nhttps://bitcoinprivacy.me/coinswap-donations\n\n\n[1] \nhttps://lists.linuxfoundation.org/pipermail/bitcoin-dev/2020-May/017898.html",
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