Author: Luca Venturini 2017-09-06 18:32:47
Published on: 2017-09-06T18:32:47+00:00
Luca responded to Dan's feedback on his protocol for plausible deniability of tokens being contained within Bitcoin transactions without any modification. Luca clarified that the plausible deniability is a property of the protocol and will be approved as a BIP. However, there will be wallets that will manage tokens. In situations where plausible deniability is a concern, vanity addresses are not mandatory and will probably not be used.Sending bitcoin along with tokens is easy and doesn't require any math. The state of the tokens is fully contained in the bitcoin blockchain, and there is no need for verification nodes or other software. The consolidation is needed only when using wallets that do not allow coin selection. There is no "special" need to create small outputs since the bitcoin value is transferred along with the token value.Luca agreed that memorable names are great for social scalability, and therefore, you can use a vanity address or only the first part of the vanity address to identify a token type. Regarding Dan's comments, Luca explained that people got equity for "time, money, furniture, knowledge," and Alice sends small outputs without receiving the underlying bitcoin value beforehand. Luca also addressed Dan's concerns about the plausible deniability, which would seem apparent to a third party. He explained that it can be done manually, and mistakes can be corrected by performing actions to try again. In the document, the word "wallet" refers to every single bitcoin wallet that exists today, and there is no "special" wallet involved. Luca believes that the design will cause less UTXOs, and the bitcoin value transferred to issuers is exactly the price of the tokens, so there is no "extra" bitcoin value involved.
Updated on: 2023-06-12T18:13:21.040564+00:00