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From: Peter Todd <pete@petertodd.org>
To: James MacWhyte <macwhyte@gmail.com>,
	Bitcoin Protocol Discussion
	<bitcoin-dev@lists.linuxfoundation.org>
Cc: Tony Churyumoff <tony991@gmail.com>
Subject: Re: [bitcoin-dev] Hiding entire content of on-chain transactions
Date: Mon, 8 Aug 2016 14:53:54 -0700	[thread overview]
Message-ID: <20160808215354.GA1373@fedora-21-dvm> (raw)
In-Reply-To: <CAH+Axy6yJ3WotKjsMjo3o23V5Du1nniu8Bzd3gxYX5OuqeB6gw@mail.gmail.com>

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On Mon, Aug 08, 2016 at 09:41:27PM +0000, James MacWhyte via bitcoin-dev wrote:
> Wouldn't you lose the ability to assume transactions in the blockchain are
> verified as valid, since miners can't see the details of what is being
> spent and how? I feel like this ability is bitcoin's greatest asset, and by
> removing it you're creating an altcoin different enough to not be connected
> to/supported by the main bitcoin project.

The fact that miners verify transactions is just an optimisation:

    https://petertodd.org/2013/disentangling-crypto-coin-mining

Preventing double-spending however is a fundemental requirement of Bitcoin, and
this proposal does prevent double-spending perfectly well (although there may
be better ways to do it).

The OP's proposal sounds quite similar to my earlier one along similar lines:

    https://petertodd.org/2016/closed-seal-sets-and-truth-lists-for-privacy

-- 
https://petertodd.org 'peter'[:-1]@petertodd.org

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  reply	other threads:[~2016-08-08 21:54 UTC|newest]

Thread overview: 15+ messages / expand[flat|nested]  mbox.gz  Atom feed  top
2016-08-08 15:30 [bitcoin-dev] Hiding entire content of on-chain transactions Tony Churyumoff
2016-08-08 15:47 ` Henning Kopp
2016-08-08 16:03   ` Tony Churyumoff
2016-08-08 21:41     ` James MacWhyte
2016-08-08 21:53       ` Peter Todd [this message]
     [not found]         ` <CAL3p6zpvv7ph9CJQF6E1VVdwCKKFLNe2EVh=JE=R0Gpt4y=1Tw@mail.gmail.com>
2016-08-10  7:50           ` [bitcoin-dev] Fwd: " Tony Churyumoff
2016-08-08 23:42       ` [bitcoin-dev] " Tony Churyumoff
2016-08-09  0:03         ` James MacWhyte
     [not found]           ` <CAL3p6zr76k1F07dtvxQ8hiOiK_ZvVFBmW=ESYem60udUQmM+Cw@mail.gmail.com>
2016-08-10  7:51             ` [bitcoin-dev] Fwd: " Tony Churyumoff
2016-08-09  0:18         ` [bitcoin-dev] " James MacWhyte
     [not found]           ` <CAL3p6zqdKgkFWSDZYqVERvX2iGyS3qaLZae-kDp3Y-s1rmB2Zg@mail.gmail.com>
2016-08-10  4:31             ` James MacWhyte
2016-08-10  8:37               ` Tony Churyumoff
2016-08-10  7:53             ` [bitcoin-dev] Fwd: " Tony Churyumoff
2016-08-09  7:26     ` [bitcoin-dev] " Henning Kopp
     [not found]       ` <CAL3p6zqj7bc=qrayBBK=O6p2b2PBNO3n5EMFf_1dR1oMq581hg@mail.gmail.com>
2016-08-10  7:52         ` [bitcoin-dev] Fwd: " Tony Churyumoff

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