Improving Bitcoin’s Privacy and Scalability with TumbleBit

Bitcoin Watch Shop

Last week we denounced TumbleBit, a new unknown payments intrigue that addresses dual vital technical hurdles faced by Bitcoin today: (1) scaling Bitcoin to accommodate augmenting use, and (2) safeguarding a remoteness of payments done around Bitcoin. Our proof-of-concept source code and a pre-print of a latest chronicle of a paper were both posted online final week. In this post, I’ll travel by a proclivity and a pattern of TumbleBit, and explain how it achieves a following 3 critical features:

  1. TumbleBit works with today’s Bitcoin protocol. No changes to Bitcoin are required.
  2. TumbleBit payments are processed off of a Bitcoin blockchain, assisting Bitcoin scale to aloft transaction quickness and volume. Like Bitcoin’s on-blockchain transactions, a reserve and confidence of payments sent around TumbleBit do not need trust in any third party. The TumbleBit remuneration heart can not take a user’s Bitcoins.
  3. TumbleBit provides anonymity for a off-blockchain payments even opposite a TumbleBit service. The accurate skill we pledge is unlinkability (as explained in fact below).

Bitcoin Anonymity Concerns

Bitcoin is a ultimate pure currency. Each transaction reveals a value of bitcoin that was transferred, and a addresses (Bitcoin identities) of both a celebration transferring a remuneration and a celebration receiving a payment. Even


Read more ... source:

Advertise on the Bitcoin News

Do you like The Bitcoin News ? Thank you for Support us !
BTC: 1FVCSiK2ErerjH1kBP4VLS5LqR3YzmVeXf
ETH: 0xa829E61Cc130b4f02fbfc9D7763361a550C7f824