Implementing Reusable Payment Codes In Bitcoin Wallets To Improve User Privacy

2022-3-26 05:30

The Bitcoin Development Kit is planning to implement BIP47 which would allow users to receive via a static payment code and interact with more privacy.

The below is a direct excerpt of Marty's Bent Issue #1182: "BDK plans to add BIP47 support.” Sign up for the newsletter here.

Source

This is very encouraging to see; the team working on the Bitcoin Development Kit (BDK) seem as if they are going to merge in support for BIP47, which would allow wallet developers who are building their wallets leveraging the BDK to easily implement reusable payment codes. This would allow bitcoin users to interact with each other in a more private way by enabling users to receive via a static payment code that does not reveal the actual address a UTXO ends up in.

To date (and to the best of my knowledge), the only popular wallet to enable BIP47 has been Samourai Wallet. Recently, there has been a surge in interest for more wallets to begin implementing this feature. Historically, BIP47 has been controversial because many developers think that if BIP47 gets wide adoption it will bloat the chain and drive fees higher due to the amount of data needed to create the payment codes via OP_RETURN. As fees have remained low for an extended period of time and bitcoiners seek out better privacy tools as authoritarian governments like Canada seem keen on using their financial systems to execute political witch hunts, it seems that many are more than comfortable with this tradeoff that comes with BIP47.

The beauty of the BDK team adding BIP47 support is that it should make it easier for a number of wallets to implement the payment codes without having to build it from scratch. It will be interesting to see how many wallets begin implementing BIP47 once support is officially merged into the BDK. And whether or not they do it quickly. At the very least, the market will get some very intriguing insight into how this feature affects the chain at scale if it gets material adoption. Best case scenario is that it significantly increases the ability for users to transact more privately using many different wallets and it doesn't affect the chain state too much due to the fee market acting as a forcing function (as fees go higher individuals become less incentivized to create transactions with OP_RETURN data included).

We will keep you freaks updated as this progresses.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 66903.17 (+0.21%)
Объем 24H $23.131b
Изменеия 24h: -0.40 %, 7d: 6.11 %
Cегодня L: $66031.14 - H: $67143.86
Капитализация $1318.047b Rank 1
Цена в час новости $ 44249.35 (51.2%)

bitcoin privacy payment via receive allow users

Источник: bitcoinmagazine.com

bitcoin privacy → Результатов: 126


Ray Dalio: Bitcoin Is A ‘Long-Duration Option On A Highly Unknown Future,’ But Ticks Regulation & Lack Of Privacy Risks

Bridgewater Associates founder called Bitcoin “one hell of an invention,” which the firm considers an investment for new funds in line with “cash is trash.” The post Ray Dalio: Bitcoin Is A ‘Long-Duration Option On A Highly Unknown Future,’ But Ticks Regulation & Lack Of Privacy Risks first appeared on BitcoinExchangeGuide.

2021-1-30 19:31


Edward Snowden on Crypto and Privacy: Bitcoin is Freedom Because It’s Permissionless

In the wake of Facebook’s announcement that it will be launching its own crypto asset, while much of the focus has been on what the tech giant’s support might mean for mainstream adoption of Bitcoin and the rest of the asset class and emerging technology, it’s also brought about much discussion of privacy, decentralization, and.

2019-7-2 04:01


Фото:

Breeze Wallet with Breeze Privacy Protocol Mainnet Now Available for Download

The Breeze Wallet with the Breeze Privacy Protocol public mainnet has been released and is now open to the public. The wallet showcases Stratis technology — a platform built for visual basic apps and blockchain solutions — and places heavy emphasis on both privacy and security for businesses seeking to implement business-to-business (B2B) transactions on the Stratis and Bitcoin blockchain networks.

2018-8-4 00:02


Facebook’s Record-Setting Stock Market Wipeout Revives Crypto Comparisons

Security and volatility. They are the two aspects of cryptocurrencies that are attacked the most. While there are other challenges such as scalability, the energy consumption associated with mining, and privacy, cryptos’ volatility is often cited by skeptics as the reason they could never become a mainstream payment method. In 2017 alone, Bitcoin’s value rose […]

2018-7-31 23:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru