RingTumbler0.1 .pdf

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RING TUMBLER0.1

An idea I quickly wrote up for a Ring Signature Tumbler Replacement service:
• 0. Assume at rst a website with similar functionality to mymonero, but
users are allowed to optionally choose "advanced" accounts which have
bitcoin wallets and the option to place limit buys / limit sells.
• 1. Advanced user Ui for i=0,1,2,... places limit buy Xi monero for Yi bitcoin
and / or limit sell Wi monero for Zi bitcoin each having a xed minimum
time to cancel Ti
• 1' possibly an option to automatically set your limits at current poloniex
rate + F3%
• 2. Bitcoin user desires to send B bitcoin to an address with mix n>=3
• 3. set the site fee at F1% (e.g. .01) and the monero n-mix transaction fee
at F2% (e.g. n*.01)
• 4. site calculates (1-F1%) * Xi / Yi * (1 - F2%/100%) Zj / Wj = M(i,j)
for all (i not equals j)
explanation: computing the exchange rate to go from bitcoin -> monero -> monero
blockchain mix-> monero -> bitcoin
• 5. Site nds M(i,j) such that the ratio Xi /M(i,j) is minimum out of all i,j
such that both (Zj > B and Yi * (1-F2%/100%) > Wj ) and (Ti - Now) >
time for 60 seconds + 1 bitcoin conf + 1 monero conf + epsilon
explanation: this is nding the best price available with enough currency to nance
the transaction, with enough time left to nance the transaction.
• 6. Site produces a qr code for Ui's address (at the website) to accept bitcoin
and a quote for B' = B / M(i,j) bitcoin it will require to send, and then if
bitcoin is received at the address Ui, the transaction is carried out.
benets:
• adds lots of transactions to monero blockchain with higher mix-ins
• convenience for bitcoin users over tumblers
• advanced users and site owner make money
-Shen

1


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