From: ZmnSCPxj <ZmnSCPxj@protonmail•com>
To: Chris Belcher <belcher@riseup•net>,
Bitcoin Protocol Discussion
<bitcoin-dev@lists•linuxfoundation.org>
Subject: Re: [bitcoin-dev] Improving JoinMarket's resistance to sybil attacks using fidelity bonds
Date: Tue, 06 Aug 2019 02:54:14 +0000 [thread overview]
Message-ID: <vwdvU8vMocIk6rEm5jdlRa9G_0dsDyNjURYYxin6HcjDddDFv8IyOQcxNvnGn6ywFLVWkVb7VvP-qcboH1EX8f_t85sbyuCzT6DbXhj5if0=@protonmail.com> (raw)
In-Reply-To: <ad501873-8912-765e-8df5-c9b0451fcd0a@riseup.net>
Good morning Chris,
> This could be worked around by honest makers because they
> can consolidate TXOs on the blockchain, which rented TXO owners can't do
> because the TXOs are owned by different people.
Would it not be possible the below?
* I rent some funds from Dmitry.
I agree to pay him 0.5 BTC for this service of putting up 50BTC from Dmitry UTXO.
* I also own 50BTC myself in a separate UTXO.
* We create a funding transaction paying out to a Schnorr MuSig output that is 2-of-2 between us.
This spends Dmitry UTXO 50 BTC and my UTXO 50BTC.
We only create this yet and do not sign.
* We create a backout transaction, probably with `nLockTime`, paying out 50.5BTC to Dmitry and 49.5BTC to me.
This spends the funding transaction.
We sign this using MuSig.
* After we exchange the signatures of the backout transaction, we exchange signatures for the funding transaction.
* Now we have a common 100BTC UTXO (indistinguishable from other Schnorr single-sig UTXOs) that can be used as fidelity bond for me.
This is the output of the funding transaction.
The above can be scaled up so I can rent arbitrary amounts of coin from many different people, who are assured of getting their funds back, in exchange for a fidelity bond / advertisement, and thus greatly destroying the properties of the V^2 tweak.
(The ability to have shared ownership of UTXOs is a powerful feature of Bitcoin, and backs its ability to scale, as witnessed with Lightning Network and channel factories.)
Regards,
ZmnSCPxj
next prev parent reply other threads:[~2019-08-06 2:54 UTC|newest]
Thread overview: 31+ messages / expand[flat|nested] mbox.gz Atom feed top
2019-07-25 11:47 Chris Belcher
2019-07-26 8:10 ` Tamas Blummer
2019-07-26 9:38 ` Dmitry Petukhov
2019-07-30 21:39 ` Chris Belcher
2019-07-31 15:50 ` Dmitry Petukhov
2019-08-02 9:21 ` Chris Belcher
[not found] ` <20190802145057.7b81c597@simplexum.com>
2019-08-05 19:04 ` Chris Belcher
2019-08-06 1:51 ` Leo Wandersleb
2019-08-06 10:27 ` Chris Belcher
2019-08-06 13:07 ` Leo Wandersleb
2019-08-06 2:54 ` ZmnSCPxj [this message]
2019-08-06 20:55 ` Dmitry Petukhov
2019-08-06 21:37 ` Dmitry Petukhov
2019-08-06 23:33 ` ZmnSCPxj
2019-08-07 9:38 ` Chris Belcher
2019-08-07 11:20 ` ZmnSCPxj
2019-08-07 10:05 ` Chris Belcher
2019-08-07 11:35 ` ZmnSCPxj
2019-08-07 15:10 ` Dmitry Petukhov
2019-08-08 0:09 ` ZmnSCPxj
2019-08-08 9:35 ` ZmnSCPxj
2019-08-08 11:37 ` Dmitry Petukhov
2019-08-08 13:59 ` ZmnSCPxj
2019-08-08 20:06 ` Chris Belcher
2019-08-08 12:05 ` Dmitry Petukhov
2019-07-27 19:34 ` David A. Harding
2019-07-28 14:17 ` Tamas Blummer
2019-07-28 18:29 ` Tamas Blummer
2019-07-30 21:27 ` Chris Belcher
2019-07-31 17:59 ` David A. Harding
2019-08-02 14:24 ` Adam Gibson
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