Business 13 December 2017Cecille de Jesus
CashShuffle just released a privacy protocol that jumbles transactions for Bitcoin Cash
The code builds on the CoinShuffle protocol and is free for all to use.
Throughout the years, there has been a tug-of-war between privacy and transparency in the blockchain industry. While transparency has its advantages, there is no doubt that too much of it endangers not just funds but the users who hold them as well. And although Bitcoin transactions are pseudonymous, there are still ways to pinpoint identities behind addresses. Because of this, other blockchains have concocted mechanisms to ensure the privacy of their users. Dash, Zcash, Zcoin, and Monero implement such protections.
And now Bitcoin Cash joins these ranks in the privacy arena. CashShuffle has released a protocol that implements CoinJoin, “shuffling” inputs and outputs from multiple transactions into one and making it difficult to determine whose transaction is what. CashShuffle uses a layered encryption to keep participating users “blind” of what other users’ transactions are.
“This marks the beginning of Bitcoin Cash’s direct competition with other privacy-related coins. With tools and protocols like CashShuffle, BCH will increase its dominance as the #1 form of peer to peer electronic Cash in the world.”
According to the press release, CashShuffle is a full implementation unlike its legacy chain (BTC) counterpart, CoinShuffle, as it has a matching service.
“The CashShuffle protocol is based on previous publications including Tim Ruffing’s CoinShuffle protocol. However, CashShuffle is more complete because it includes a matching service whereas the original CoinShuffle does not. Also, unlike many previous proposals, CashShuffle.com provides a complete, working implementation that can be used today.”
It also refines imperfections in the CoinShuffle model, and does not require trust between a server and a client.
“There is no risk of lost funds and no additional fees. The server cannot steal money in a proper CashShuffle implementation because the transactions are only signed on the client side if they are valid.”
CashShuffle itself does not run the service, but they expect more blockchain service providers to adopt the protocol. Currently, the plugin is available on the Electron Cash wallet, but the code is free for all to use, modify, and distribute. You can download the plug-in or run the software for your server from their Github repository.
Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true Bitcoin as intended by the original Satoshi white paper. Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.
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