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Improving Bitcoin Privacy With Silent Payments

The beneath is a direct excerpt of Marty’s Bent Issue #1214: “Silent payments.” Sign up for the newsletter here.

By sharing a secret between a receiver and sender, then scanning the Bitcoin blockchain for the transaction, users gain more privacy thanks to a new proposal.

The first silent fee transaction on Signet, a bitcoin testnet

By sharing a secret between a receiver and sender, then scanning the Bitcoin blockchain for the transaction, users gain more privacy thanks to a new proposal.

through Ruben Somsen

Here’s an attention-grabbing proposal from Ruben Somsen that may assist enhance the privateness of these receiving bitcoin: Silent Payments. Somsen’s proposal builds on ideas like BIP47, which permits people to create reusable fee codes that may be tweaked by others to create distinctive public addresses that solely the sender and receiver are conscious of. This permits the receiver to settle for bitcoin in a extra non-public trend in comparison to exposing a xpub or just reusing a single handle to obtain funds.

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