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A New Privateness Instrument For Bitcoin

There’s a new privateness device coming to city: coinswaps on statechains. The unique statechain design was proposed by Ruben Somsen at Scaling Bitcoin 2018 in Tokyo. I’ll summarize rapidly, however Aaron van Wirdum has a really thorough explainer of the unique idea right here. The overall concept is to have a facilitating entity (the statechain operator) create a 2-of-2 multisig handle with a person to facilitate the off-chain switch of a UTXO. The person then transfers their personal key for the 2-of-2 to a brand new person. The statechain entity would learn of when this occurs and at that time will solely enable 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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