Bit commitment is a cryptographic primitive that allows one party to commit to a value without revealing it until a later time. This scheme ensures that the committing party cannot alter the chosen value after commitment, nor can the receiving party discern the value prematurely. It operates in two phases a commitment phase and a reveal phase. This cryptographic tool provides a digital equivalent to sealing a choice in an envelope and handing it to a trusted third party.
Context
In blockchain and decentralized applications, bit commitment protocols are fundamental for constructing secure multi-party computations and fair coin flips, preventing participants from gaining an unfair advantage. Current discussions often relate to the computational efficiency and cryptographic security assumptions underlying various commitment schemes. Future applications may expand into secure voting systems and confidential transaction designs within advanced cryptographic protocols.
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