Author: raymo at riseup.net 2021-07-03 08:02:09
Published on: 2021-07-03T08:02:09+00:00
The "claw back" mechanism, which adds complexity and uncertainty to the Bitcoin system, is not present in Bitcoin. Raymo suggests that instead of this mechanism, penalties for issuers, creditors, and miners should be put in place to reduce cheating risks. Upgrading the Bitcoin protocol by applying the BIPxxx for flagging/unflagging promised UTXOs can resolve the small risk of miner attacks.Sabu is a proposed protocol that aims to improve Bitcoin TPS and privacy. It allows users to send and receive Bitcoin through a PGP-encrypted, peer-to-peer network or classic server/client networks. Sabu uses 12 seed words for both the Bitcoin wallet private key and the PGP private key, making it the key of user wealth and identity as well. The protocol allows issuers to sell their UTXOs to creditors and create debt documents that are valid Bitcoin transactions for circulation in the Sabu protocol.While email is suggested as a user identifier and communicating tool because it is neutral, free, "nonproprietary," and open, using email has some privacy issues. Sabu's security model has some counterparty risk, and the protocol is compared against traditional custodial solutions and the Lightning Network.A recent post on the bitcoin-dev mailing list hosted by the Linux Foundation has sparked a discussion about the potential risks and benefits of incorporating more privacy features into Bitcoin. The post suggests that adding more privacy functionality could help to address concerns around surveillance and censorship. Some members of the bitcoin-dev community expressed concern that adding more privacy features could make it harder for regulators to monitor transactions and prevent illegal activities.Overall, the discussion highlights the complex trade-offs involved in designing a decentralized currency system that balances the needs of users, regulators, and other stakeholders. While there is no easy solution, the bitcoin-dev community will continue to explore ways to make Bitcoin more secure, private, and accessible for everyone who uses it.
Updated on: 2023-06-14T22:46:49.846060+00:00