Published on: 2016-02-26T23:56:58+00:00
In February 2016, Gregory Maxwell proposed a scheme to reveal a private key in Bitcoin through a single-show-signature approach. This scheme was previously developed by Maxwell and discussed on the lightning-dev mailing list. Tier Nolan also inquired about atomic cross-chain transfers between Bitcoin and legacy altcoins, which are outdated coins with strict IsStandard() rules and no advanced script opcodes. Nolan suggested using the single-show-signature scheme he created on the Bitcoin side instead of performing an EC multiply. Discussions have been ongoing regarding atomic cross-chain transfers between Bitcoin and legacy altcoins. A legacy altcoin is defined as one with strict IsStandard() rules and lacking advanced script opcodes. To transfer funds, Bob must prove that he has a private key that matches his public key. This can be achieved through a cut-and-choose scheme that uses a fee to ensure attackers lose money on average. However, this scheme is vulnerable to attackers who don't mind losing money as long as the target loses money too. The feasibility of using an elliptic curve multiply for this scheme is questioned. The discussion took place on the Bitcoin-dev mailing list.Gregory Maxwell successfully demonstrated a Zero-Knowledge Contingent Payment (ZKCP) transaction protocol on the Bitcoin network. This protocol allows a buyer to purchase information from a seller using Bitcoin in a private, scalable, and secure manner without relying on trust or third-party arbitration. The buyer receives the expected information only if the payment is made. ZKCP eliminates significant transactional costs and risks associated with irreversible sales across multiple jurisdictions. In a live demonstration, Gregory purchased a 16x16 Sudoku puzzle solution for 0.10 BTC from Sean Bowe of the Zcash team at Financial Cryptography 2016 in Barbados. The transfer involved two transactions, and most of the engineering work behind the ZKCP implementation was done by Sean Bowe, with support from Pieter Wuille, Gregory Maxwell, and Madars Virza.The first successful Zero-Knowledge Contingent Payment (ZKCP) on the Bitcoin network has been announced. ZKCP enables buyers to purchase information from sellers in a private, scalable, and secure manner without relying on trust or third-party arbitration. The payment is only made if the expected information is transferred. This eliminates transactional costs and risks associated with irreversible sales across multiple jurisdictions. In a demonstration, Gregory purchased a 16x16 Sudoku puzzle solution for 0.10 BTC from Sean Bowe of the Zcash team. The transfer involved two transactions, and most of the engineering work was done by Sean Bowe, with support from Pieter Wuille, Gregory Maxwell, and Madars Virza. More technical details about ZKCP can be found at the provided link. The buyer also plans to launch a ZKCP sudoku buying faucet soon.
Updated on: 2023-08-01T17:53:24.934051+00:00