Author: Adam Back 2017-04-13 01:43:46
Published on: 2017-04-13T01:43:46+00:00
On the Bitcoin-dev mailing list, Oleg Andreev proposed a new accounting model and representation of numbers (EC points as Pedersen commitments) for the deployment of Confidential Transactions on the Bitcoin network. The proposal aims to make the change as compatible as possible and preserve the 1 MB limit while introducing two new script versions and soft-forking additional rules. The new rules include a sum of commitments on inputs that must balance with the sum of commitments on outputs and cleartext mining fee in the witness. The range proof can be confidential or non-confidential, and Tx witness can have an excess value and cleartext amount for a miner's fee. The confidential transactions use the same UTXO set and can be co-authored with plaintext inputs/outputs using legacy software. The proposal has a side effect that miners, being the minters of confidential coins, can sell them at a premium, which creates an incentive for them to actually support that feature and work on improving performance of rangeproof validation.
Updated on: 2023-06-12T00:06:28.994813+00:00