Project Eleven, in collaboration with Jim Posen, has developed a zero-knowledge proof system aimed at enhancing Bitcoin security by allowing users to prove knowledge of key material without disclosing it. This system, built around the Binius proof system, enables users to authorize migration transactions by proving they know the key material above their address in the wallet's derivation tree. The process is efficient, with proof generation taking 243 milliseconds and verification 40 milliseconds on an M5 MacBook Air, using about 2GB of memory without a GPU.
Despite its advancements, the tool cannot be applied to Satoshi Nakamoto's 1.1 million Bitcoin, as it relies on the BIP-32 tree structure introduced in 2012. Prior to this, Bitcoin wallets generated keys independently and randomly, making it impossible to apply the new proof system to those early coins.
New Zero-Knowledge Proof Tool Enhances Bitcoin Security, Excludes Satoshi's Coins
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