Bitcoin “key man” was born, is the decoding?

Bitcoin “key man” was born, is the decoding?

An anonymous decoding to named after Harry Potter’s nemesis, Voldemort presented a solution, and experts believe that this proposal can solve the main problems currently facing the network, which may become bitcoin history seems strange but true to the latest chapter.

The proposal by the “TomElvisJedusor” (French version of “Harry Potter?” in Voldemort’s name), but the proposal for “Harry Potter” is not quoted? Stop this. This proposal with a tongue spell named “Mimblewimble” (“Harry Potter?” the first volume of fourth chapters), in early August this year was published in the chat channel.

Although the proposals cited in the best-selling fantasy series of novels, but it has practical significance. This proposal provides an overview of how the combination of encryption and signature privacy technology to realize the function of new technology. Soon, the experts began through the resolution image, explore its essence, seriously consider the idea of the proposal. For example, Blockstream AndrewPoelstra is a spokesman for the first round of the mathematician, IRC discussion he said that this proposal does not seem completely “talk rubbish”.

Since bitcoin developers in a wider range to find long-term scalability and anonymity solutions, so the next expert will carry out a more serious talk. Many of these developers are now think this proposal can promote the release of anonymous discussion on how to solve these challenges.

Bitcoin wallet (BitcoinCore) core contributor BryanBishop told CoinDesk:

“[we]” Voldemort “as a serious cryptographer and discussed very seriously, and he published on the Internet is clearly a profound development vision.”

Scalability potential

At present, scalability is regarded as bitcoin blockchain and all need a field improvement.

Thus, bitcoin developers are using LightningNetwork, a chain of payment channels for the gathering point, and as the “extended” platform, extended from about 7 transactions per second to the level of trading volume equivalent to Visa level. But Mimblewimble can provide options omit the blockchain.

The use of bitcoin users need to verify download complete transaction history, however, the amount of data is not as you imagined less.

Poelstra said: “on the Mimblewimble, you can delete all the intermediate transaction records. Imagine, each block has a transaction, when you put all these historical data to the block synchronization chain, it does not completely disappear, it is just a lot of compression.”

He added: “this is the innovation of Mimblewimble. It is the extension of the system which is used instead of the system size, the duration of how long.”

Poelstra also pointed out that the proposal provides “not only extended.”

The scalability of the price is no longer have privacy?

However, privacy is still.

Because of the block chain is an open ledger, anyone can read or write, so bitcoin is not it these years design as anonymous. The privacy advocates and want to use bitcoin companies are not a good thing, because they don’t want their financial information is to know the other person competition opponent or the world.

In terms of current approaches to solve the bitcoin privacy issues, they all exist between scalability and privacy trade-offs. One of the disadvantages of confidential transaction is that it requires more transaction types, this is the developers are currently side chain (sidechain) is a technique to try.

Explained the proposal: “these solutions are very good, and can make use of bitcoin has become very safe. But on a large number of data problems have become more serious. Confidential services are required to prove a few thousand bytes in each output, and the vanSaberhagen signature requirements for each output is permanently stored, because it can not identify whether the signature is truly spelling.”

This Mimblewimble provides a solution to the combination of the two — old bitcoin encryption technology: Signature aggregation and confidential transaction.

Signature aggregation can put all the signature to a block in the compression set. This can reduce the size of the blocks, the security will also reduce transaction.

The other half of the answer is to solve the confidential transaction method, confidential transaction by the bitcoin core developers wallet (BitcoinCore) proposed by GregMaxwell, this technique provides a method for shielding the volume of transactions, so that only the sender and the receiver can see the amount of transfer.

Mimblewimble and the combination of these two techniques together.

Bishop explained: “basically, this method is the two kinds of methods to solve the advantages together. We can put together all the signature at the same time, we can also enjoy the advantages provided by the exchange of confidential privacy protection.”

The future development

The developer of this proposal looks very interested in Bishop, even said that some people (though may not be the anonymous author of the proposal) may be on this idea in the next month, held in Italy Milan bitcoin conference.

But challenges remain. A big problem of Mimblewimble is that it does not apply to the current bitcoin scripting language.

Bishop explained: “it cannot be exactly applied to bitcoin. The use of this proposal to give up all the features of each individual now widely used.”

Mimblewimble can only operate in a simple system, is to deal directly by a party sent to the other party, and can’t be any more complicated than this operation. In other words, plans to upgrade and Mimblewimble like smart contracts and micro payment channels are incompatible, at least the current situation is this.

Poelstra further said that this proposal can be implemented in copycat currency (altcoin), or one in side chain hook. But other developers may also come up with the implementation of the proposal to.

Bishop added and concluded: “developers have yet to start thinking about some of the unique way to achieve this proposal. I think we will see a lot of the creative future proposal.”

Bitcoin investment Exchange group: 221662679

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