Enhancing Anonymity and Efficiency in Blockchain: A Modified TumbleBit Protocol with Segregated Witness Integration
摘要
Blockchain due to its transparency, decentralization, and security properties made a great impact on the system. We will also present problem of anonymity and its impact on blockchain if not preserved. The solution of the problem will increase the efficiency and anonymity of fund transfers in blockchain networks. To solve scaling issues, we suggest a modified version of the TumbleBit protocol, which allows for safe and anonymous transactions, and extend it by incorporating Segregated Witness (SegWit). The improved protocol allows for direct transfers between parties without the use of a reliable middleman by swapping out the 2-of-2 escrow mechanism for a Pay-to-Script-Hash (P2SH) transaction. SegWit allows us to decrease transaction size and speed up confirmation times, which increases efficiency. The innovative method presented in this article will increase the efficiency and anonymity of fund transfers in blockchain networks. To solve scaling issues, we suggest a modified version of the TumbleBit protocol, which allows for safe and anonymous transactions, and extend it by incorporating Segregated Witness (SegWit). The improved protocol allows for direct transfers between parties without the use of a reliable middleman by swapping out the 2-of-2 escrow mechanism for a Pay-to-Script-Hash (P2SH) transaction. SegWit allows us to decrease transaction size and speed up confirmation times, which increases efficiency.