Spinner
Spinner 3 minutes reading from Bitcoin

Tipping and Decentralization for Bitcoin and ICP

1/ We have switched

from btc testnet to mainnet, being one of the first to conduct real btc transactions on internetcomputer, as well as one of the first to conduct private btc transactions!

Private Transactions for ICP and BTC

2/ Before going any further, first a WARNING:

Spinner is still in beta, you are advised not to transact in big amount.

Please report any problem by replying to this thread.

3/ To use it is simple: Start by sending tokens to the public address shown on "Receive" tab. Once fully confirmed (6 confirmations), it will show "received", and you may "deposit" them to become privacy "notes" (and the private balance will be instantly available).

4/ With btc stored as private notes, you may instantly send any amount to other Spinner users by their "private address". Or you may "withdraw" them any time to a public btc address (which will take 6 confirmations). Both of these can be done on "Send" tab.

5/ At beta stage, Spinner does not charge any extra fees, besides a transfer fee for deposit and withdrawal, because they happen on the BTC public network.

6/ This should mark the first step of our journey to a fully decentralized privacy solution for BTC and ICP, and potentially more coins down the road.

7/ But before declaring victory, there is still much to do! Top on our mind is security. Some of you may have noticed that we haven't reported much progress lately, which was partly due to several setbacks in trying to find a secure and yet user-friendly key management solution.

8/ We are still undecided whether to wait to ICP upcoming feature of threshold key derivation

or go ahead with a slightly inferior solution first. Either way, we will NOT ask users to use seed phrases.

Threshold Key Derivation - Privacy on the IC

9/ Another priority is the path towards decentralization. Many have asked if we will be adopting SNS, but unfortunately SNS uses a public governance token, and we wish to go all-in on privacy.

10/ For the next couple months, Spinner will still stay in beta as we work towards better security & decentralization.

In the mean time, please enjoy the 0% fee of private transactions on Spinner!

This post is based on this twitter thread.

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