Published on: 2019-01-02T13:39:57+00:00
In an email to the bitcoin-dev mailing list, a user named Kenshiro has requested the creation of a Bitcoin Improvement Proposal (BIP) to implement Confidential Transactions (CT) in Bitcoin Core. Kenshiro believes that CT would provide privacy and fungibility for normal users. They suggest that if the CT transaction size is three times larger than 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, a recipient of the email, known as SomberNight, disagrees with the idea of requesting the creation of a BIP to implement CT in Bitcoin Core. SomberNight explains that instead of making a request, one should directly create a BIP proposal. They express doubts about achieving consensus for CT implementation in Bitcoin, citing concerns about computational binding and the potential for undetectable inflation. SomberNight references section 4.6 of the Bulletproofs paper, which states that breaking the binding property of the commitment scheme or soundness of the proof system could lead to the generation of coins out of thin air, rendering the currency useless. They also mention the uncertainty surrounding the existence of quantum computers and their potential impact on range proofs for confidential transactions. SomberNight provides a link to the Bulletproofs paper for further reference.The user who suggested CT implementation highlights its successful implementation in Grin and Monero, indicating its maturity for adoption in Bitcoin. They argue that increasing privacy for normal users and ensuring fungibility are key advantages of CT. However, there is no mention of whether the user agrees or disagrees with SomberNight's concerns about computational binding and undetectable inflation. The user proposes either increasing the block size by three times if the CT transaction size is three times larger or keeping the current block size and making CT transactions optional.Overall, there seems to be a difference of opinion regarding the implementation of Confidential Transactions in Bitcoin Core, with one party requesting the creation of a BIP while the other expresses doubts about achieving consensus and raises concerns about potential vulnerabilities.
Updated on: 2023-08-02T00:23:44.403047+00:00