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A New Privacy Tool For Bitcoin

There is a brand new privateness software coming to city: coinswaps on statechains. The authentic statechain design was proposed by Ruben Somsen at Scaling Bitcoin 2018 in Tokyo. I’ll summarize shortly, however Aaron van Wirdum has a really thorough explainer of the unique idea right here. The common concept is to have a facilitating entity (the statechain operator) create a 2-of-2 multisig deal with with a consumer to facilitate the off-chain switch of a UTXO. The consumer then transfers their personal key for the 2-of-2 to a brand new consumer. The statechain entity would be told of when this occurs and at that time will solely permit the brand new proprietor to switch the funds out. So the entire concept is to transact by actually transferring the personal key itself and have the state chain operator implement present possession.

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