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74 Greed

Shielded Bitcoin: private transactions without a soft fork

Original title: Bitcoin Privacy Breakthrough a Zcash Killer? | Misha Komorov, Alloc Innit

Bitcoin Magazine 14:04 48 views on YouTube BTC +0.1% ZEC +0.1% XMR +0.3%
Thumbnail for Bitcoin Privacy Breakthrough a Zcash Killer? | Misha Komorov, Alloc Innit 14:04

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Summary

Researchers have proposed a way to make Bitcoin private without changing Bitcoin itself. The proposal is called Shielded Bitcoin. It uses zero-knowledge proofs to hide the sender, receiver, and amount of a BTC transfer. The design also aims for no soft fork, no custodians, and no bridges. Bitcoin PIPEs are described as the mechanism that makes this possible. The proposal is still a research proposal, not a finished product. Open questions remain. One is whether indexers and ZK rollups require trust. Another is how private early users are, because of the small privacy set problem. Shielded Bitcoin is compared with Monero and Zcash. Open topics include what privacy it protects, fees, block space, and larger shielded transactions. Possible users include people facing wrench attacks and corporate treasuries. Dark pools, governments, and the next wave of Bitcoin buyers are also mentioned. The proposal does not require a soft fork, custodians, or bridges.

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Key points

  1. Shielded Bitcoin is a research proposal to make BTC private without changing Bitcoin itself.
  2. It uses zero-knowledge proofs to hide the sender, receiver, and amount of a BTC transfer.
  3. The design aims for no soft fork, no custodians, and no bridges.
  4. Bitcoin PIPEs are described as the mechanism that makes this possible.
  5. Open questions include whether indexers and ZK rollups require trust and how private early users are because of the small privacy set problem.
  6. Open topics include fees, block space, and larger shielded transactions.

Chapters

Chapters come from the timestamps in the video description.

Questions

What is Shielded Bitcoin?
It is a research proposal to make Bitcoin private without changing Bitcoin itself. It uses zero-knowledge proofs to hide the sender, receiver, and amount of a BTC transfer, with no soft fork, no custodians, and no bridges.
Does Shielded Bitcoin require a soft fork?
No. The description says the design aims for no soft fork.
Is Shielded Bitcoin a finished product?
No. It is described as a research proposal, not a finished product.

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