A two-money wallet Samourai Stowaway offers private transactions by disguising the identity of the user while keeping funds secure.
Transactions with Bitcoin are pseudo-anonymous
Bitcoin (BTC) 0 0 transactions are often described as anonymous because users can exchange cryptocurrency without providing any personally identifiable information .
However, Bitcoin transactions are pseudo-anonymous. The history of each Bitcoin transaction is permanently stored on the blockchain. And anyone can track and view this information.
The abstract of BIP0069 describes the problem of loss of private information, as follows:
There is currently no standard for Bitcoin wallet clients when ordering transaction inputs and outputs. As a result, Wallet customers often have a recognizable fingerprint and may leak private information about their users.
Now, the portfolio of 2 Samourai Stowaway promises to protect the privacy of users with a mechanism based on the cooperation of trust established between two portfolios.
Here is a Samourai Stowaway shopping bag with 2 wallets. Nor does the output show the amount of actual expense that is, in effect, "hidden" through a trusted cooperation between 2 wallets.https: //t.co/3VgGvnelgE Based on an idea of G Maxwell w / algo guidelines from @ LaurentMT
– TDevD aka "Crud", [No BC.i][No KYC] (@ SamouraiDev) September 15, 2018
In a separate tweet, the user @SamouraiDev said,
on the side of caution and privacy. Only two (or more) portfolios that have engaged in a "trustworthy" relationship will be able to collaborate on a cahoots expense.
Wallet users can establish private transaction channels
Currently, every time users make a payment transaction, they must exchange the Bitcoin address. This handicap prevents Bitcoin from becoming a traditional currency. For some experts, the implementation of reusable payment codes could help solve this problem.
BIP47, "Reusable payment codes for hierarchical deterministic portfolios", proposes a technique that can help simplify the payment process by improving the level of user privacy.
BIP47 allows the creation of an invisible channel between two users. As defined by Justus Ranvier, author of the BIP:
This BIP defines a technique for creating a payment code that can be publicly advertised and associated with a real identity without creating the loss of security or privacy inherent in reuse of the P2PKH address.
The 2-wallet Samourai Stowaway may allow users to establish private payment channels among themselves, without revealing their Bitcoin addresses.
In this regard, SamouraiDev indicates that we have taken "an undefined byte in the payload BIP47 and we are using it as a byte 'feature' so other wallets can detect functionality."
Do you think that hiding the Bitcoin address can improve the privacy of Bitcoin Transactions? Let us know in the comments below.
Images courtesy of Pexels, Samourai, Shutterstock, Twitter / @ SamouraiDev.