What Are the Two Distinct Phases of a Commit-Reveal Scheme?

The two distinct phases are the "commit" phase and the "reveal" phase. In the commit phase, the user submits a cryptographic hash of their transaction details to the blockchain, which commits them to the trade without revealing its specifics.

In the reveal phase, the user submits the original, unhashed transaction details, which are then validated against the previously committed hash and executed.