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An open code for Coconut, a privacy protocol that focuses on privacy
The largest cryptological enterprise in the world, Bitmain, has developed a new code with the use of Intel's ID Enhanced Privacy. This new code, coconutIt is popular for the way it maintains privacy with the know-your-customer protocol. With the division, this company is able to maintain information on the identity of the user separated from the information needed by companies to maintain compliance, addressing one of the major concerns in the market.
The document on this code observes,
"As one of the key features of the blockchain is that all transaction records are public, transparent and permanent, there are concerns that organizations can potentially track and analyze customer behavior on the blockchain once they have implemented KYC. This will raise serious problems. of privacy and will hinder the spread of the blockchain ".
With this separation, companies are going to use the software themselves, while offering "authentication as a service". Most exchanges have a history in the current market that requires users to forgo all their personal information for Bitcoin transfer. coconut provides a potential solution by verifying information and then splitting it into appropriate areas of the sector as needed.
Deciding to make open source code shows that Bitmain may not want to make this protocol a part of its business model. As a result, it opens the door to other companies that are interested in this type of identity verification, such as digital portfolio providers and companies that want to outsource it. At this time, the code is licensed by Apache 2.0 and has been established in Java.
On the Blog Bitmain, the company wrote,
"Although there are numerous identity authentication schemes in the industry, most of these schemes focus on the use of the blockchain to store and verify user identity information, or attempt to execute the Authentication in an absolutely decentralized way, which, considering today's reality, seems to be part of a cryptophan future.The inability of existing schemes to tackle problems today has prevented them from being widely adopted.Coconut aims to use technical means to solve problems in the service level instead of the network level. "
The open source decision of a cryptographic code follows a trend in the market, which has a history of both proprietary coding and closed code. However, even if it is not a mining company like Bitmain, Square recently opened the cold storage system they use to contain Bitcoin.
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