| submitted by /u/cryptoapprenticex
Privacy coins are meant to be private: that’s their raison d’être. Without this functionality, they’re just altcoins, and dangerous ones at that for anyone relying on them for anonymity. Verge (XVG) is one of the best known privacy coins on the market, but it risks becoming famous for all the wrong reasons. A new website claims to list the IP addresses associated with hundreds of verge transactions, stripping bare the coin’s claims of anonymity.
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Greg Maxwell made a VERY exciting announcement for some real cutting edge stuff: a way to get full privacy with transactions in Bitcoin!
The great thing about this is, unlike ZCash, this new method:
- Doesn't use untested new cryptography
- Can be high performance (compared to alternatives)
- Doesn't require a trusted setup
- Doesn't break pruning
There is a video here that describes confidential transactions in more detail. But the exciting announcement today is a way to make confidential transactions work with a size overhead only 3 times that of normal transactions. When combined with the further privacy improvement of CoinJoin or ValueShuffle, there is virtually no size overhead and no trusted third party or sharing of private data is required!
Thank you Greg, Pieter, and other Core team contributors for this excellent work on confidential transactions, coinjoin, and working on the theory and engineering to bring this to Bitcoin! Exciting developments! Thanks also Benedikt Bünz, Jonathan Bootle for your discovery of BulletProofs and Dan Boneh, Andrew Poelstra for your work on this.
Update: As /u/pwuille pointed out, while the size overhead is 3X (or less per transaction w/ coinjoin), the CPU overhead for verification is still an order of magnitude higher than regular transactions. But we'll know more once they start working on an implementation.