Bitcoin Core suggested improved Confidential Transactions

According to Gregory Maxwell, Bitcoin Core developer, using the Confidential Transactions, the size of a typical bitcoin transaction can be reduced by 20 times
15 November 2017   1037

The Confidential Transactions  technology received a new development impulse.

The technology, which was first announced in 2015 by Dr. Adam Beck, uses the so-called "Pederson's obligations" and assumes that it is possible to make the transferable amount visible only to the direct participants of the transaction or the third party assigned to them.

However, such transactions are not in themselves a universal solution, since they hide only the amount of the transfer, and not the address of the sender and the recipient.

A new approach to the issue was suggested by Bitcoin Core developer Gregory Maxwell. His model involves using the CoinJoin method to combine transaction outputs into one large transaction, which will hide the links between users from outside observers.

As Maxwell says, in this case the amount of payment will be available only to the "sender, recipient and those to whom they will provide special keys for viewing information."

In addition to increased privacy, the proposed method solves another important task related to the issue of scaling. In particular, it allows you to significantly optimize the weight of transaction confirmation.

It is necessary to understand that the technology of Confidential Transactions, in the background of all its advantages, is rather resource-intensive. It is this problem that Maxwell decided, optimizing a number of indicators.

The primary advantage of this approach is that it can be constructed without any substantial new cryptographic assumptions (e.g., only discrete log security in our existing curve), that it can be high performance compared to alternatives, that it has no trusted setup, and that it doesn't involve the creation of any forever-growing unprunable accumulators. All major alternative schemes fail multiple of these criteria (e.g., arguably Zcash's scheme fails every one of them).

Gregory Maxwell
Developer, Bitcoin Core

Charlie Lee, creator of Litecoin, found this technology very interesting.

According to Maxwell, the size of a typical bitcoin transaction using the advanced technology of Confidential Transactions can be reduced by about 20 times.

Users Suspected RusGas of Scam

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol
07 December 2018   97

The RusGas cryptocurrency project (RGS) demonstrates disturbing signs and releases new tokens in excess of the pre-set emission limit, Cryptovest reports. With an aggregate capitalization of $ 117, RGS trading volume for the last few days is $ 35,000. Events unfold against the backdrop of promises made by the project organizers about the upcoming restart.

Most of the RGS trade is focused on the Crex24 exchange, which has a daily  of $ 700,000. RusGas had a daily volume of several million dollars in its best days, which already then caused questions about the authenticity of this value.

According to CoinMarketCap, RGS emissions are limited to 10 billion tokens, but Etherscan indicates that currently 298 addresses contain 860 billion RGS. The rapid growth of emissions was recorded in recent days and hours. The largest wallet contains 99% of all tokens, which is probably the crex24 wallet. The developers themselves explain these movements to the next restart.

Reddit users have already accused RusGas of exit scam, since its behavior is much like  recent scam project Oyster Protocol(PRL), when the additional issue feature was used in a smart contract.

The likelihood of such an outcome is a characteristic feature of projects based on the Ethereum protocol, which allows additional emission of tokens through a smart contract at the discretion of its owner, not to mention other vulnerabilities that cost investors a lot of money.

RusGas is based on the idea of ​​using tokens and blockchains to optimize the Russian gas industry. Despite the dubiousness of the project’s mission, the data on the network indicates that in April of this year he managed to raise $ 2.2 million for ICO.