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light.btc
@lightcoin
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@lightcoin
Problem: you have a bunch of UTXOs in your wallet. Maybe you got them from coinjoining, paynyming, or plain old bitcoining. Eventually you need to make a payment that's bigger than any one UTXO, so you'll need to combine some UTXOs. But doing so can be bad for privacy! What do?
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light.btc
@lightcoin
Solution: [compactor] [compactor] is an app that consolidates smaller UTXOs into bigger UTXOs without creating any public link between the original UTXOs. Here's a high level explanation of how it works, along with some wireframes for visuals:
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light.btc
@lightcoin
1. Select the UTXOs in your wallet that you want to consolidate, then deposit the UTXOs into the zSide shielded pool. The app will take care to send the UTXOs one by one at predefined time intervals to avoid timing analysis correlation.
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light.btc
@lightcoin
2. Wait some time while the app consolidates the UTXOs into a single shielded note, in a way that avoids note count correlation.
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light.btc
@lightcoin
3. Import the master pubkey of the bitcoin wallet you want your consolidated UTXOs sent to and select the denominations you want to withdraw. The app will derive one unused address per consolidated UTXO and automatically send the consolidated UTXOs to those addresses one by one.
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light.btc
@lightcoin
4. In the end you will have one or more consolidated UTXOs that are larger than the UTXOs you started with, enabling you to make those larger transactions without creating any public link between the original UTXOs.
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light.btc
@lightcoin
For the bitcoin designathon, I have two main goals and one stretch goal: 1. Finish all of the user journey flows 2. Make some real UI designs (not just wireframes) Stretch goal: Make a (working? clickable?) frontend GUI
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