Silent Payments Explained Simply
A major privacy issue for Bitcoin is address reuse. If you reuse a Bitcoin address, anyone with that address can see your transaction history and balances.
The solution was to generate a new bitcoin address for each transaction.
Silent Payments allow you to reuse a single static payment address, that generates a new on-chain bitcoin address every single time you receive.
BIP47 has been quietly carrying the privacy torch since 2015.
It survived wallet discontinuations. It survived Samurai going down. It is, every time, one centralized server failure away from losing its network effect.
@maxtannahill answer: put the directory on chain.
https://t.co/M6h3mZJtHC compresses payment codes into ordinal inscriptions on a single unspendable numbers address. Anyone can rebuild a payment directory from chain data. Wallets can skip the server entirely. And -- theoretically -- notification transactions could go away.
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@rgbrod116@newstart_2024 It actually does mean that.
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A Low Time preference will benefit us over the long term for the direction of the game. Immediate gratification isn’t always preferable.