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A trusted third party introduced in watermarking protocols would decrease the security and affect the implementation of the protocols. In this paper, a new watermarking protocol with an un-trusted third party (UTTP) was proposed. Based on the idea of all-or-nothing disclosure of secret (ANDOS), all of the buyer, the seller and the third party didnt know the exact watermark, which was embedded in a digital content for tracing piracy. The proposed protocol provided mechanisms to trace piracy and protect customers right. In addition, the problem that a seller colluded with UTTP to frame the buyer, namely, the conspiracy problem, could be avoided.