Silent Payments Improve Privacy Without the need of Bitcoin DetailsNews Headlines
Hear To The Episode Here:
In this episode of “Bitcoin, Spelled out,” hosts Aaron van Wirdum and Sjors Provoost welcome Ruben Somsen back again on the exhibit to communicate about his latest proposal for “silent payments.”
Silent payments resemble previously ideas like “stealth addresses” and “reusable payment codes,” in that they make it possible for consumers to publish a static deal with. While this is not the actual bitcoin tackle where they will be paid, senders of a transaction can use this static handle to crank out new bitcoin addresses for the receiver, for which the recipient — and only the recipient — can, in flip, generate the corresponding private keys.
Like stealth addresses and reusable payment codes, the reward of silent payments is that addresses can be posted publicly devoid of harming users’ privateness snoops are not able to backlink the publicly posted deal with to the true bitcoin addresses the place the recipient is paid out. In the meantime, contrary to stealth addresses and reusable payment codes, silent payments do not have to have any further blockchain facts — however this does occur at a computational price for the receiver.
The podcast episode details this in roughly two sections. In the first half of the episode, Somsen, van Wirdum and Provoost split down how silent payments perform, and in the 2nd 50 % of the episode, they discuss how silent payments review to stealth addresses and reusable payment codes, as nicely as some opportunity implementation concerns.
Provoost designed a productive silent payment on the Signet Bitcoin testnet, but silent payments are not prepared for mainnet use at this time.