Published on: 2020-11-25T01:52:08+00:00
In a post to the bitcoin-dev mailing list, AdamISZ asked for feedback on his idea for creating "bitcoin fungibility markets" that prioritize liquidity and privacy. However, Greg Maxwell pointed out a flaw in the idea, where makers could falsely claim censorship after not sending the plaintext. Upon further reflection, it was acknowledged that the problem is more challenging than anticipated, as existing solutions rely on slow and expensive blockchain bulletin boards.Ruben Somsen, a Bitcoin developer, responded by suggesting the possibility of creating a custom blockchain using Blind Merged Mining for a censorship-resistant data layer. Although it may not be the most practical solution, Ruben provided a link to more details about the perpetual one-way peg mechanism needed to pay for fees without introducing speculation.AdamISZ reflected on the difficulty of finding a solution for this problem without relying on the slow and expensive blockchain or begging the question. The proposed idea aims to make selective censorship difficult through cryptographic blinding and a proof-of-misbehavior approach. It is designed to work for various bitcoin-native systems, not just CoinJoin, and would allow systems like Joinmarket to run on a single bulletin board server with reduced resource requirements. The goal is to disincentivize censorship and make it challenging to achieve through collusion among servers.
Updated on: 2023-08-02T02:51:54.828397+00:00