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September 27, 2020
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Overview of the most important news from the backyard of Bitcoin developers. CoinSwap, BWT and transaction size calculator Blocksats

Works on the development of Bitcoin technology and infrastructure are still ongoing, new proposals are being made and new tools are emerging. In today summary We will present the topic of CoinSwap as an alternative to CoinJoin, discuss the most important functions of the new Bitcoin Wallet Tracker and look at the transaction size calculator from Jameson Loop.

CoinSwap implementation project

For the first time about the alternative to CoinJoin, or CoinSwap, was heard by the Bitcoin community in 2013. On the forum Bitcointalk, Gren Maxwell presented a vision of a particular type of transaction generated using the CoinSwap protocol. It allows two users to create a pair of transactions that looks like a normal payment at first glance, but in reality the transaction involves exchanging coins.

Chris Belcher, in his extensive post on Bitcoin-Dev very substantively discusses the CoinSwap implementation project as a method of effectively improving privacy in the BTC network. According to Chris, current Bitcoin standards allow for seamless CoinSwap implementation without the need for any Soft Fork.

It also suggests the option of combining CoinSwap with existing CoinJoin.

CoinSwap can be combined with CoinJoin. In original CoinSwap, Alice
might pay into a CoinSwap address with a regular transaction spending
multiple of her own inputs:

    AliceInputA (1 BTC) ----> CoinSwap Address (3 BTC)
    AliceInputB (2 BTC)

For such collaboration to be possible, Bob would have to create two unrelated UTXOs. One of them using the CoinSwap protocol and the other CoinJoin.

Technically, CoinSwap may be a much better solution than CoinJoin, but it can’t work alone. To make the most of CW, it must be combined with:

* Liquidity market
* Routed CoinSwaps
* Multi-transaction CoinSwaps
* Breaking change output heuristics
* Fidelity bonds
* PayJoin with CoinSwap
* Federated message boards protected from spam with fidelity bonds

Bitcoin Wallet Tracker (BWT)

Nadav Ivgi introduced his own alpha version Bitcoin Wallet Tracker, a program that works with the Bitcoin Core wallet, using the standard RPC interface:

wykorzystuje te dane do tworzenia dodatkowych indeksów niezbędnych do lekkich portfeli, a następnie udostępnia te dane zarówno za pomocą protokołu Electrum Server, jak i własnego API BWT opartego na HTTP

Several software features:

  • the ability to track and improvise XPUB addresses
  • support for two additional indexes, one for viewing transaction history and the other for searching outgoing Tx0
  • real-time updates

BWT can be used as a backend for wallets (similar to Dojo Samurai) or to track deposits on xpub.

Calculator calculating the size and size of the transaction

Jameson Lopp presented an interesting tool to make life easier for all programmers. In order to create their own portfolio or service based on the BTC network, everyone has to deal with problematic determination of the amount of payment for miners.

The calculator mentioned above comes in handy and you can find the link to it here.

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