Samourai Wallet Reusable payment code points to security and privacy for Bitcoin users
Samourai, a new cryptocurrency portfolio that uses a 2 Samourai Stowaway portfolio offers private transactions and growing security for Bitcoin user funds by disguising their identity. Bitcoin transactions are pseudo-anonymous, while allowing users to transfer funds without having to provide any identification information personal, the records of all transactions are permanently stored on the blockchain and can be tracked and accessed by anyone. leaves a blockchain fingerprint that can leak private user information. The new portfolio addresses this challenge using a trusted cooperation established between 2 portfolios. With this portfolio, information about the true amount spent in a transaction is stowed away and is not visible at any of the exits.
Current Bitcoin transactions require the parties involved to exchange Bitcoin addresses, a requirement that prevents cryptocurrency from becoming a traditional currency. However, experts have found that using a reusable payment code can help solve this problem by restricting address sharing. The payment codes created can be shared publicly and will be associated to a true identity without the same risk of security or privacy losing the feature in the reuse of the traditional P2PKH address. This mechanism will further simplify the payment process, making the customer experience more desirable. Portfolios will be required to create a relationship of trust to create an invisible channel through which they can privately entertain transactions.
The portfolio Samourai is the first to implement the full BIP 47 to provide more privacy to public payment addresses. The portfolio is constantly changing the sending algorithm to provide users with the most private transactions possible on the blockchain. To date, thousands of valid transactions are marked, frozen funds and users suspended on the basis of black lists publicly published by spies Blockchain. The Blockchain spies use the history of coins and coins can be frozen according to past activity even if the coins were not under the control of the owner at the time of the aforementioned activity. Samourai is tackling this problem using Ricochet Send, a function that adds 4 additional hops to a transaction, in addition to the five loose change using blockchain pins. This makes it less convenient for them to effectively protect users' coins from being reported.
Other additional features on the Samourai portfolio include Stealth mode and remote commands that allow users to remotely retrieve the seeds of the portfolio for backup or restore. The feature allows a Bitcoin user to send a short "seed SW" message plus their pin to their phones and receive HEX seeds for their wallets via SMS. Users can delete their wallets in a similar way from a device by sending a "SW wipe" message accompanied by their pin. The wallet uses the Sim Switch defense mechanism to allow users to remotely control their wallets even if their device is stolen. This notifies a user once the SIM card has been changed on his stolen device allowing them to send the remote delete command to the new number. The invisible mode hides the wallet on the user's phone and can be accessed by dialing a special code. These and much more add a new dimension to the security and privacy of users, one of the main areas of interest in the cryptocurrency space.