Author: Billy Tetrud 2022-02-25 15:56:24
Published on: 2022-02-25T15:56:24+00:00
In a discussion about the possibility of hiding coin amounts in Bitcoin, AdamISZ corrected the notion that such a move would inherently remove unconditional soundness from the system and replace it with computational soundness. While commitments can be either perfectly binding or perfectly hiding, El Gamal commitments are an example of commitments that are perfectly binding but only computationally hiding. However, AdamISZ also noted that he doesn't see a world where Bitcoin goes that route as it would make it impossible to audit the blockchain and verify that there hasn't been inflation and the emission schedule is on schedule. He added that even if Bitcoin were to adopt amount hiding, it would keep backwards compatibility with old style addresses which could continue to use ordinals.
Updated on: 2023-06-15T17:10:39.461441+00:00