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
next prev parent 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 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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