BITCOIN

A new privacy tool for Bitcoin

A new privacy tool is coming to town: currency exchange in the statechain. The original state chain design was proposed by Ruben Somsen at Scaling Bitcoin 2018 in Tokyo. I will summarize soon, but there is a very thorough explanation of the original concept of Aaron Van Wardum here. The general idea is that a convenient entity (statechain operator) creates 2 of 2 multisig addresses with the user to facilitate the off-chain transfer of a UTXO. The user then transfers their private key to a new user for 2-of-2. The statechain entity will be notified when this happens and will allow the new owner to transfer funds at that time. So the whole idea is to literally transfer the private key itself to the transaction and apply the current ownership to the state chain operator.



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