somewhat recently cake wallet added silent payment support to their bitcoin wallet. I don’t ever use bitcoin so I was unaware of the tech until then. it seems to work similarly to monero’s remote node scanning & is said to enhance privacy.
im wondering how it weighs against moneros privacy protections & what this development may or may not mean for the project in the future. im worried about the way it may overshadow XMR due to bitcoins reach & possible consequences if it is inferior tech (being based on a transparent L1 & all). however it is also a big step towards closing the gap between the privacy coin community & the BTC maxis (which is probably only good for eveyone involved). so im feeling split & figured i would ask the community what they think of the development.
it seems to be more like hiding coins in different addresses while obscuring it on chain & using some clever math to make the UX better. aswl as not giving over ur key to the remote node. although Ill admit the technical stuff is slightly about my head so please correct my explanation as needed haha.
im more so wondering about the practical use/implications when it comes to privacy & was struggling to find a good comparison online.
From what I understand, silent payments only gives the sender the ability to generate addresses that the receiver can pull Bitcoin from. So it protects the receiver, but it does not protect the sender and it does not protect the amounts. This is a step in the right direction for Bitcoin, but it’s still nothing compared to Monero.
Edit: Instead of having the receiver manually have to give you a new address that’s fresh every single time you want to pay them. This automatically can generate new addresses to pay them without their input.