British designer Chris Belcher presented a report on the managed use structure of CoinSwap with multiple exchanges, continuing his work to improve the protection and interchangeability of Bitcoins (BTC). The message, which included the tiniest structure for the presentation of the primary convention, prompted further discussions, with different voices from Cryptoverse asking about the security of the convention when using cryptography and guarantee, that the exchange would be acceptable to two players.
The latest improvement uses squares of CoinSwap’s multivariant exchange structure, CoinSwaps’ managed exchanges, the liquidity market, private key transfers, and fixed securities. “It excludes PayJoin-with-CoinSwap, however this is part of the arrangement that will be included later”, according to Belcher.
The offer has extended the design structure since May of last year, in which it explained how the use of CoinSwap can guarantee an unnoticed security for cryptography.
CoinSwap is not really news. It is an old safety convention originally adopted seven years earlier by Greg Maxwell, one of the sponsors of Blockstream and the creator of Coinjoin. He went back to the public scrutiny of Belcher’s execution. In effect, this allows two or more collections to trade coins, while the location of the final beneficiary is not distributed in the Blockchain, which is in principle important for improved protection and interchangeability.
The August plan has elicited many responses to Github. By and large, aware of the ingenuity of the Belcher code, several clients requested a number of highly specialized and specific queries concerning the functionality of the convention.
“In Coinjoin, since all participants sign one exchange, each participant knows the full number of participants. According to these principles, it is really futile for Coinjoin to have only one recipient and one manufacturer, the creator knows exactly what income is going to happen Regardless of whether all exchanges were made through a single payer, the manufacturer (and) indicates (and) the last exchange and, accordingly, can undoubtedly know how many members there are (by checking the amount of the equivalent estimated income)” the compiled client Zmnscpxj.
On the fundamental level, with CoinSwap, “no manufacturer should know how many different creators are involved in the trade”, so “in any case it would be useful to make a CoinSwap of one creator, as this would be problematic for the manufacturer. to separate from sharing Coinswap with multiple manufacturers” according to the client.
Zmnscpxj additionally singled out a “pair of probable cliffs”:
In case payment through CoinSwap is the least expensive alternative for the buyer is to transfer the only huge UTXO (one-time transaction) to the main manufacturer, and then a request for last payment and any changes in the form of two separate transactions from the last creator. Producers halfway will probably not have certain amounts, and then [he] will probably not receive a single output tx when sent. Accordingly, the main creator can distinguish the recipient.
Antoine Riard, a supporter of Bitcoin Core and Rust-Lightning at Chaincode Labs, stressed that he had discovered weaknesses in the structure presented.
“With regard to the cost model for the exchange of contracts, the timely confirmation of AFAICT is a matter of the store’s welfare for transitional waiver. Between the Off-Chain Prospectus phase and the Off-Circuit Private Key Transfer phase, the next jump can report an exchange of your active agreement, thereby limiting you should quickly guarantee the opposite, since you cannot expect that the previous refusal will actually participate in the transfer of the private key” – said Riard.
After the various requests for this security procedure have to be answered, the conversations continue.
Then, in June of this year, Belcher received a major blessing from the newly created Bitcoin Development Fund, a security-oriented mission designed to help programmer engineers who make Bitcoin more private, decentralized, and tough as human rights. The foundation painted this.