Adam Back's latest plan for Bitcoin transformation into a Cryptographic Accumulator sparks reaction from Peter Todd
Peter Todd, a renowned computer scientist and cryptography expert, has once again taken centre stage in the Bitcoin community. Todd, like Adam Back, a figure often associated with the identity of Bitcoin's mysterious creator, Satoshi Nakamoto, has been advocating for improvements to Bitcoin's transaction encryption since 2013.
Todd, in a recent development, uses the term "blobs" in reference to large data objects. This term was first introduced in Ethereum's Duncan upgrade. The proposal aims to enhance Bitcoin's privacy features, making transactions more secure and private.
Adam Back's proposal involves adding more cryptographic fungibility to Bitcoin, with the ultimate goal of turning the blockchain into a cryptographic accumulator. This approach could potentially make transactions impossible to trace or block, increasing security and protection from censorship.
However, it's important to note that this proposed change would not be immediate. It would require improvements in Bitcoin technology first. The optimization technique suggested by Back is not currently implemented in Bitcoin.
Peter Todd expresses agreement with Back's Bitcoin proposal, having discussed similar ideas since 2013. Todd suggests that having completely full Bitcoin blocks of indistinguishable data would be beneficial for privacy.
The idea is to use Bitcoin as a cryptographic accumulator, a mechanism that would allow for more privacy in transactions. Back even suggests that Bitcoin could adopt the large data object optimization technique used in Ethereum's Duncan upgrade.
While the proposal promises enhanced privacy and protection from censorship, there is a risk of various "spam tradeoffs running amok" if Bitcoin transactions become impossible to trace or block. This is a concern that developers will need to address as they continue to discuss and refine the proposal.
Meanwhile, the SEC Boss has called for protecting crypto markets against 'regulatory mischief'. As the discussion around Bitcoin's privacy features and potential optimizations continues among developers, it remains to be seen how the proposed changes will shape the future of Bitcoin.
Todd shares a link to his 2013 blog post titled "Disentangling Crypto-Coin Mining: Timestamping, Proof-of-Publication, and Validation", providing insight into the early discussions about Bitcoin's privacy and security.
Back recently tweeted about this proposal, sparking renewed interest and discussion within the Bitcoin community. As the conversation evolves, one thing is clear - the pursuit of privacy and security in Bitcoin transactions remains a top priority for many developers.
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