Rusty Russell Proposes Generic Addresses for Bitcoin Wallets
Rusty Russell , the open software developer has recently shared a proposal to create generic bitcoin wallet address on lightning network. The Bitcoin network is badly in need of an upgrade. As the number of transactions on the blockchain increase, the smaller block size and limited processing capacity has led to confirmation backlogs and an increase in miner fee for transactions across the network. As a solution to this issue, an alternative protocol over the blockchain called lightning network is currently being developed. The implementation of Lightning network for bitcoin transactions....
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Blockstream Bitcoin developer Rusty Russell recently published a proposal for a Segregated Witness-compatible c-lightning system for Bitcoin addresses. Detailing the proposal on his personal blog, Russell laid out plans to to add a prefix at the beginning of each address, as well as eliminate capital letters to improve convenience. Surprised at the lack....
The U.S. Treasury bureau proposed a rule that would require cryptocurrency exchanges to submit reports on withdrawals to “unhosted wallets.” The post FinCEN Proposes KYC For Withdrawing Cryptocurrency To Private Wallets appeared first on Bitcoin Magazine.
Blockstream engineer Rusty Russell has publicly stated his support for SegWit via a user-activated soft fork (UASF), saying the current scaling impasse is “his fault.” In a Medium post published Saturday, the Bitcoin Core contributor said he had not foreseen miner reactions while developing BIP-8. “I chose the state machine to timeout activation after one year,” he wrote. “I figured it was a useful checkpoint in case an updated proposal had a flaw, or (more likely!) someone came up with a far better idea. This way, miners could kill it without forcing everyone to upgrade. […] I hadn’t....
“You would be able to eg. send an NFT to vitalik.eth without anyone except me (the new owner) being able to see who the new owner is,” said the Ethereum co-founder. Ethereum co-founder Vitalik Buterin has suggested there may be a “low-tech approach” to incorporating privacy features ito nonfungible token, or NFT, transactions.In a Monday post on the Ethereum research channel, Buterin implied Merkle trees and Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge, or ZK-SNARKs, were a more complicated method for stealth addresses for ERC-721 tokens, while proposing his own solution.....
Bitcoin requires decentralization of miners (or mining pools) and full nodes to achieve what some consider its core property: censorship resistance. As such, the block-size dispute represents a trade-off. Bigger blocks allow for more transactions on the Bitcoin network, but take more time to propagate, favoring larger miners and pools, while the increased data transmission disincentivizes users to run full nodes. Fortunately, there are proposals to increase Bitcoin's efficiency that reduce the risk of bigger blocks. One of the most promising innovations in this regard, are Invertible Bloom....