Date: Mon, 8 Aug 2016 14:53:54 -0700
From: Peter Todd <pete@petertodd.org>
To: James MacWhyte <macwhyte@gmail.com>,
	Bitcoin Protocol Discussion <bitcoin-dev@lists.linuxfoundation.org>
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	<20160808154707.GB2196@banane.informatik.uni-ulm.de>
	<CAL3p6zo1xBEu90MDHSK4TNX0DL2QXxq5vC48a2cFnX0JCD=RvQ@mail.gmail.com>
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Cc: Tony Churyumoff <tony991@gmail.com>
Subject: Re: [bitcoin-dev] Hiding entire content of on-chain transactions
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On Mon, Aug 08, 2016 at 09:41:27PM +0000, James MacWhyte via bitcoin-dev wr=
ote:
> 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 connect=
ed
> 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 m=
ay
be better ways to do it).

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

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

--=20
https://petertodd.org 'peter'[:-1]@petertodd.org

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