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:
- TumbleBit works with today’s Bitcoin protocol. No changes to Bitcoin are required.
- 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.
- 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