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From: ZmnSCPxj <ZmnSCPxj@protonmail.com>
To: "prayank@tutanota.de" <prayank@tutanota.de>,
	Bitcoin Protocol Discussion
	<bitcoin-dev@lists.linuxfoundation.org>
Subject: Re: [bitcoin-dev] Post-mix(coinjoin) usage with multisig and cpfp in bitcoin core wallet
Date: Mon, 25 May 2020 06:54:27 +0000	[thread overview]
Message-ID: <3K6kmk75oNFwNf_E4xqPgf5URJOf4c64Iyxi1HOgEpvvZrdn_wBWxbx3hRBEDfu2MjC5kF6N0ejpjqeG_5FTGIFD_45sFyhLCtMvhJNdq3E=@protonmail.com> (raw)
In-Reply-To: <M87d6RV--3-2@tutanota.de>

Good morning Prayank

> I have explained the whole idea with a proof of concept in this link: https://medium.com/@prayankgahlot/post-mix-usage-using-multisig-and-cpfp-e6ce1fdd57a1

The article is not clear I think, so please confirm my understanding below.

Participants:

* "Peer 3" - Payee
* "Peer 2" - Payer
* "Peer 1" - Enabling tr\*sted third party

Goal: Payer wants to pay to the payee 0.006BTC

Current Conditions:

* Payer owns 0.01 BTC in a single UTXO
* Third Party owns 0.05 BTC in a single UTXO

Protocol:

1.  Payer and Third Party compute a 2-of-3 address with the public keys of Payer, Payee, and Third Party.
2.  Payer and Third Party individually pay their owned funds to the 2-of-3 address.
3.  After confirmation, they consume the new outputs into another transaction with equal-valued outputs, hiding who owns which coins.

Is my understanding correct?

If so, I believe JoinMarket has a superior technology, which does not require a tr\*sted third party; it simply requires one or more UNtrusted third parties to participate in signing a single transaction that does not require paying to an intermediate m-of-n address (thus all inputs are singlesig).

Basically JoinMarket allows the market taker to decide how much the equal-value outputs are, and to define the address it goes to.
The destination address need not be one the market taker controls, it can be to a payee.
This technique is the only out-of-the-box way that a JoinMarket wallet can spend funds from a JoinMarket wallet.

JoinMarket as well already includes how to get in touch with enabling third parties (called "market makers").


Regards,
ZmnSCPxj


  reply	other threads:[~2020-05-25  6:54 UTC|newest]

Thread overview: 6+ messages / expand[flat|nested]  mbox.gz  Atom feed  top
2020-05-24 21:44 [bitcoin-dev] Post-mix(coinjoin) usage with multisig and cpfp in bitcoin core wallet prayank
2020-05-25  6:54 ` ZmnSCPxj [this message]
2020-05-25 12:16   ` prayank
2020-05-26  2:46     ` ZmnSCPxj
2020-05-26 12:50       ` Prayank
2020-05-27  4:11         ` ZmnSCPxj

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