Anonymous cryptocurrency transactions – Otto Grass
Cryptocurrency have gained a great popularity as a new kind of money because of its different features. Privacy and anonymity became ones of the most demanded features of cryptocurrency. It’s useful for many people to keep their identities and transactions concealed because they don’t want to show personal data in different situations. And this new kind of money can give people such opportunity.
The developer of popular anonymous cryptocurrency Monero, Riccardo Spagni says that digital industry needs a financial privacy. If people won’t have an access to financial privacy, on the one hand, the market will be overflowed with targeted advertising, and on the other hand, there will be many crimes against people who have a great amount of cryptocurrency.
But everything is not so simple. Some cryptocurrencies are only called anonymous. But they don’t guarantee anonymity while sending and receiving transactions because personal data can be detected any way. Let’s consider the problem of anonymity in the cryptocurrency field on some concrete examples.
How can be anonymity reached in cryptocurrencies?
As it was said, some cryptocurrencies are often described as anonymous because it gives an opportunity to send and get coins without providing any personally identifying data. For example, such situation is connected with Bitcoins. But a real situation is more complicated.
As for Bitcoins, your pseudonym represents the address to which you get cryptocurrency. Transactions where this address mentioned are stored forever in the blockchain. And if your address was linked to your personal data, any deal will be linked to you. As a result, the users of Bitcoins are recommended to use multiple wallets in order to increase the level of their anonymity.
In order to increase anonymity in an easier way, some specialists have created cryptocurrencies where this feature is guaranteed thanks to different solutions. For example, Monero uses cryptography to shield addresses and transacted amounts during transactions. But this method is really complicated, so the size of transactions in Monero is up to 50 times longer than in Bitcoins. That is disadvantage for this cryptocurrency.
Zcash uses a different method to reach anonymity in comparison with Monero. This cryptocurrency works on a zk-SNARK protocol, or zero-knowledge proofs. To use the privacy feature thanks to this cryptocurrency, you need at least 4 gygabytes of RAM. That is a serious obstacle to Zash’s adoption among many people.
One more popular anonymous cryptocurrency is DASH. Its privacy feature is based on using a simple form of a coin-mixing service that is called PrivateSend. But it provides an analyzable meta-data to get to know a real sender or receiver. And transactions can be anonymously for users, but DASH’s founders and team have an access to openly implemented KYC/AML compliance of DASH’s blockchain. That doesn’t match the terms of privacy and anonymity.
So, there are many cryptocurrencies which are represented as anonymous but they have different disadvantages. And the question of an optimal solution in this field stays opened.
Anonymous transactions on EDC Blockchain
EDC Blockchain is a platform that provides ready-made blockchain solutions for business. People can get an access to the services of this platform in EDC Wallet. This wallet can be used for keeping cryptocurrency, sending and receiving it, using different services of EDC Blockchain and reading latest news about the platform. And it gives users an opportunity to use anonymous transactions. On the main page of the official site of the platform you can download available versions of the wallet: Web and Android. iOS, Windows, OS X, Linux versions will be available later.
This wallet is hard to hack thanks to the usage of Brainkey that consists of 16 words. You will need to enter it in order to login. Your account gives you an access to such services as coin constructor where you will be able to create your own cryptocurrency, leasing where you can earn passive incomes, and so on. And, of course, you will get an access to transactions.
On the left side of your personal cabinet you will see your balance and buttons “send” and “receive” below. Thanks to the wallet you can send and receive money, and your transactions will be fast and secure. When you choose to send money, you will see an opportunity to choose an anonymous transaction. When you choose it, you will see your commission for using this service. Then you can send cryptocurrency anonymously thanks to EDC Blockchain. All is simple.
Links to the pages of EDC Blockchain:
The author of this article on BitcoinTalk: thlayli (https://bitcointalk.org/index.php?action=profile;u=2637842)