Author: Prayank 2020-05-26 12:50:03
Published on: 2020-05-26T12:50:03+00:00
The writer is proposing a system where users can spend coins after coinjoin in a way that makes it difficult for people trying to monitor transactions. The system involves a 2 of 3 multisig with one peer locking some amount in the multisig with another peer, and the third peer being involved in the spending tx. Incentives can be provided through a small fee. While JoinMarket already has a PayJoin implementation, the proposed technique is not too different from what JoinMarket already does for normal sends. However, a chain of such mixers could work better if everything is done correctly. Multisig usage may not be ideal right now, but better privacy for multisig will make it possible for many ideas to be implemented on Bitcoin using different multisig setups and combinations of other things already available. Schnorr, which is introduced as a package deal with Taproot, already makes all n-of-n look the same as 1-of-1 without a trusted setup, and makes hidden m-of-n possible with some kind of setup. The end goal is to create more options for users to spend UTXOs easily in different ways after coinjoin, making it difficult for people trying to analyze transactions or algorithms monitoring and flagging reporting txs 24/7.
Updated on: 2023-06-14T01:49:19.128075+00:00