[bitcoin-dev] Hiding entire content of on-chain transactions

[Peter Todd]

On Mon, Aug 08, 2016 at 09:41:27PM +0000, James MacWhyte via bitcoin-dev wrote:
> Wouldn't you lose the ability to assume transactions in the blockchain are
> verified as valid, since miners can't see the details of what is being
> spent and how? I feel like this ability is bitcoin's greatest asset, and by
> removing it you're creating an altcoin different enough to not be connected
> to/supported by the main bitcoin project.

The fact that miners verify transactions is just an optimisation:

    https://petertodd.org/2013/disentangling-crypto-coin-mining

Preventing double-spending however is a fundemental requirement of Bitcoin, and
this proposal does prevent double-spending perfectly well (although there may
be better ways to do it).

The OP's proposal sounds quite similar to my earlier one along similar lines:

    https://petertodd.org/2016/closed-seal-sets-and-truth-lists-for-privacy

-- 
https://petertodd.org 'peter'[:-1]@petertodd.org
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