Author: Ali Sherief 2022-08-22 12:55:58
Published on: 2022-08-22T12:55:58+00:00
The recent implementation of the Silent Payment in Bitcoin using standard Taproot script has been updated to eliminate manual steps. The new version uses a new descriptor type ("sp()") that contains exactly one key and no range, making it easier for users to create silent transactions. This new output type generates a standard Taproot script with HRP changed from "bc" to "sp" on the mainnet or "tsp" on testnet and signet. To create a silent transaction, users can simply use the silent payment address as one of the outputs, and the "send" RPC will automatically identify and tweak it. The transaction can contain multiple outputs, combining silent and standard addresses. However, some people have voiced concerns about the auditability of these transactions. In response, Ali explains that the silent payments are still transactions included in publicly auditable blocks, and the only thing that changes is that the addresses cannot be heirarchically derived with BIP44 or any other path. Nonetheless, Ali's explanation does not seem to satisfy some critics, who warn that if Bitcoin allows secret payments that cannot be publicly audited, then it would exceed the original consensus that gave Bitcoin fungibility.
Updated on: 2023-06-15T23:45:24.930974+00:00