Bitcoin Will Never Be Truly Private Says Andreas Antonopoulos

Bitcoin educator Andreas Antonopoulos says he want to see extra privateness options on Bitcoin, however they’re unlikely to occur anytime quickly.

In a livestream Q&A on Antonopoulos’ YouTube channel on July 7, he mentioned Bitcoin (BTC) was unlikely to ever implement privateness options much like these utilized by Monero (XMR).

Antonopoulos mentioned creating such options on a cryptocurrency like BTC “would create an enormous amount of controversy.” In addition, he mentioned the construction of Bitcoin merely doesn’t enable ring signatures and stealth addresses.

“I think what we’re going to see soon is Schnorr, Taproot, and Tapscript, which open the door to a lot of improvements,” Antonopoulos mentioned, “But they still do not involve zero-knowledge proofs or the types of ring signatures and stealth addresses that are done in Monero. Bitcoin is not a privacy coin.”

Bitcoin privateness options efficient?

The options to which Antonopoulos is referring – Schnorr, Taproot, and Tapscript (a scripting replace to Taproot) – have been cited by others within the crypto neighborhood as having the potential to make Bitcoin extra non-public.

The director of analysis at blockchain agency Blockstream Andrew Poelstra has referred to Taproot as a system which might presumably render any transaction largely indistinguishable from each other on the BTC blockchain. However, he famous that “transaction amounts and the transaction graph are still exposed, which are much harder problems to address.”

Multisignature schemes (MuSigs) from Schnorr are one other chance. Poelstra mentioned utilizing this technique doesn’t reveal the unique set of signers, and even present the variety of signers for MuSig transactions.

Bitcoin might be higher considered pseudonymous quite than totally nameless, as many transactions on the BTC blockchain can nonetheless be traced even with these privateness enhancements.

Bitcoin Will Never Be Truly Private Says Andreas Antonopoulos

Your Opinion Matters

Quality - 10


Total Score

Your feedback is important to us to improve our services. We constantly seek feedback to improve and evolve our service, whilst identifying opportunities to assist clients in realising their business objectives.

User Rating: 4.43 ( 7 votes)

Show More

Patricia Bakely

Earn Free Bitcoin Online with

Related Articles

Leave a Reply

Back to top button