Author: josibake 2023-06-05 16:21:06
Published on: 2023-06-05T16:21:06+00:00
Ruben Somsen and Josie have proposed a Silent Payments BIP which aims to eliminate the need for interaction, notifications, and protect both sender and receiver privacy. The proposal requires wallets to scan the blockchain in order to detect payments, but it does not increase the size or cost of transactions. The resulting transactions blend in with other bitcoin transactions and can’t be distinguished. Transactions can’t be linked to a silent payment address by an outside observer and no linking of multiple payments to the same sender. Each silent payment goes to a unique address, avoiding accidental address reuse, supports payment labeling, uses existing seed phrase or descriptor methods for backup and recovery, separates scanning and spending responsibilities, is compatible with other spending protocols such as CoinJoin, light client/SPV wallet support, and protocol is upgradeable. The full specification can be found at https://github.com/bitcoin/bips/pull/1458/files, along with a WIP implementation for Bitcoin Core at https://github.com/bitcoin/bitcoin/pull/27827.
Updated on: 2023-06-16T18:50:04.152524+00:00