Author: SomberNight 2018-12-28 21:41:51
Published on: 2018-12-28T21:41:51+00:00
The sender of the email, Kenshiro, requests the creation of a Bitcoin Improvement Proposal (BIP) to implement Confidential Transactions (CT) in Bitcoin Core. They believe CT would be beneficial for providing privacy and fungibility for normal users. Kenshiro suggests that if the CT transaction size is three times the size of a regular transaction, the block size could also be increased by three times or keep the current block size and make CT transactions optional. However, the recipient of the email disagrees with the idea of requesting the creation of a BIP to implement CT in Bitcoin Core. They explain that instead of requesting the creation of a BIP, one should just create one. Additionally, they express their doubts about achieving consensus for CT in Bitcoin. The recipient cites section 4.6 of the Bulletproofs paper, which states that an adversary who can break the binding property of the commitment scheme or the soundness of the proof system can generate coins out of thin air, creating uncontrolled but undetectable inflation, rendering the currency useless. They also mention that they do not have enough knowledge to argue whether quantum computers will ever exist, but if they did, it would easily kill a currency that uses these types of range proofs for confidential transactions. The recipient provides a link to the Bulletproofs paper for reference.
Updated on: 2023-06-13T16:38:41.152220+00:00