something that was suggested for a long time
I think that's because blinded bearer certificates are quite complicated to understand. I read about it a few times, and I read your OP, but it's still unclear how it would work exactly.
Can you start by creating a live working version on testnet, before going for real Bitcoin? My guess is you'll have much more users testing your service when they don't risk real funds.
Point No 1 Op please make sure to edit your post and make it worth reading as its very hard to find what is ongoing in the particular section of the topic.
Agreed. If you can't present how it works in such a way that the reader quickly understands it, he'll move on to another service.
Blinded bearer certificates are indeed a bit complicated to comprehend, but really the only thing that you have to understand is that by using these it becomes possible to prove possession of information without revealing it, and this is very useful for privacy. For example we have 100 users that each has a Certificate worth 1BTC, so 100 BTC in total. It is possible for any of the 100 users to prove that he is owed 1BTC
without revealing which BTC was originally his.
In order to understand why something like this is needed in the first place you have to be aware of the issues of
all current centralized mixing solutions:
1.Can't trust the no-logs policy as there is no way the service can prove it doesen't log information
2.Operator is a single point of failure, so there is always theft risk/servers being seized etc.
This makes it impossible to be sure that your "mixing" was done properly and that your coins are really anonymous. Even if you trust the operator other entities may be "listening" so really you can assume that everything is an open book.
We aim to solve both of these issues starting with the first one, but the backend was built in such a way that it's pretty easy to decentralize everything completely assuming we find the right people to run signers alongside ourselves.
Everything will be explained in a much more professional and easy to understand manner before we actually start the service, for now I just wanted to start a discussion and see how the community reacts to something like this. Given that it's something
completely new in the Bitcoin space I expect lots of questions, but I'm sure once you understand how it really works you will see the value.
Our service will be very easy to use, there are just a few steps involved for any method you would choose, the flows are as follows:
For fast:
select withdrawal addresses/amounts/fees->deposit BTC->receive BTCFor slow:
save Note->deposit BTC /to withdraw from Note:
input Note->select withdrawal addresses/amounts->receive BTC For blinded certificates: Note->blinded certificates /to withdraw from blinded certificates: blinded certificates->Note
Exchanging your Notes for Blinded Certificates and then back to Notes will make you completely anonymous to any observer
including the operators. Essentially if you want to ensure anonymity the flow would be:
save Note->deposit BTC->Blinded Certificates->Note->select withdrawal addresses/amounts->receive BTCI will consider launching a testnet version too, but at the very least we will pay for a review campaign and have very low/no fees for the first few weeks in case we don't do it.