6 security enhancement tools pre-pack Bitcoin cash transactions
On June 24, a post on Reddit had several Bitcoin Cash proponents discussing some privacy enhancements that BCH supporters could take advantage of every time they traded. Bitcoin Cash enthusiast, Zwet's post, r / btc explained how BCH supporters can use tools like Cashfusion, Cashshuffle, Schnorr Signatures, Local.Bitcoin.com, Neutrino Wallet and a few. Electron Cash plugin helps to increase confidential transactions. The following report is a comprehensive view of all BCH user data protection tools and services.
Privacy and flexibility of cryptocurrencies
Not many people are aware of the fact that the Bitcoin Cash ecosystem has some tools and services that enhance one's privacy. Cryptocurrency privacy is important for BCH supporters, as there have been dedicated efforts to make digital assets more focused on privacy. On Wednesday, a well-known BCH fan named Mr. Zwets published a photo and description of a range of security enhancement tools that BCH proponents can take advantage of today.
The first is Cashshuffle, a platform that Zwets calls an unreliable version of coinjoin that can be used today in the Electron Cash wallet to increase privacy. Those who want to use Cashshuffle can do so today, to help tamper with their BCH transactions. So far, since March 27, 2019, there have been 54,202 disturbances so far, and include 253,751 BCH equivalent to $ 59.2 million.
Cashshuffle is heavily used, as the volume of disturbance plus the daily amount suggests that weekends are the most common disturbance time. Cashshuffle was officially launched in March 2019 and the code was also reviewed by Kudelski Security. Bitcoin Cash proponents who want to take advantage of the Cashshuffle app can do so by visiting cashshuffle.com.
Cashfusion is an extension of Cashshuffle and more advanced in terms of privacy. The Cashusion protocol is considered to be much more realistic than other coinjoin protocols by even a few people max BTC. Cashfusion will also undergo a security audit from well-known company Kudelski Security and Zwet Tien's Reddit topic suggests the audit will begin in May 2020.
Since November 28, 2019, there have been 5333 Fusions and 49,106 BCH total combined ($ 11.4 million). The reason for added privacy, as opposed to using Cashshuffle, is because Cashfusion abandoned the idea of equal output. For example, Electron Cash developer Jonald Fyookball has published an article on combinatorial mathematics in Cashfusion.
In Infusion, we chose to abandon the notion of equal amounts completely. Although at first glance no different from the naïve schemes, mathematical analysis shows that it has in fact become very personal by simply increasing the number of inputs and outputs, a quote from the article. Fyookball newspaper of software developer Mark Lundeberg emphasized.
For example, with hundreds of inputs and outputs, not only is it impractical to iterate through all partitions, but even with infinite computational power, one will find a large number of valid partition, the developer has added.
Schnorr Signatures is another privacy enhancement that is currently not used as much for privacy as Cashshuffle and Cashfusion. However, there have been several separate transaction examples created by Mark Lundeberg and other developers, and in the future, Schnorr Signatures will further enhance BCH security.
Mr. Zwets said that Schnorr's signature was added to the BCH more than a year ago and allows for more private transactions as explained by Mark Lundeberg here. After the final Schnorr related upgrade and other future Schnorr enhancements, this program can provide for more complex public signature synthesis and contracting concepts.
Mr. Zwets also mentioned the Neutrino Wallet, a mobile-focused mobile wallet for Bitcoin Cash that doesn't disclose your address list to third parties and allows connecting using Tor. Users can download the wallet at the neutrino.cash website, which links to the Google Play Neutrino download package. Neutrinos built by developers working on the BCHD of the Bitcoin Cash full node project and wallets named after subatomic particles are extremely difficult to detect.
Another privacy-strengthening platform that Mr. Zwets introduced is Local.Bitcoin.com, a BCH peer-to-peer buying and selling service without any middlemen.
Perhaps because a new BCH opcode called Checksigverify allows for more complex smart contracts, he explained his post by Zwets Reddit.
Bitcoin.com launched its OTC market on June 4, 2019, and tens of thousands of traders have signed up since then. Some of the most popular Local.Bitcoin.com trading areas include the United States, China, Venezuela, Russia, Australia, New Zealand and various countries throughout Europe.
Moreover, Local.Bitcoin.com traders can chat in privacy by taking advantage of encrypted messages. Payment methods for Local.Bitcoin.com include cash (direct transactions), other cryptocurrencies, bank transfer, bank deposits, Paypal, Moneygram, international wire, Western Union, gift cards , Payeer, Venmo, Skrill and Transferwise.
Crescent Cash, Cashaccounts and Electron Cash Plugins
In addition to the tools and platforms mentioned above, Mr. Zwets described a number of other examples that can help with security. The Cash Crescent is a BCH wallet that supports SLP tokens for Android, today, Z Zets said. The software is focused on privacy in that it is the first wallet to support the use of a reusable BIP47 payment code as cash. It also creates new addresses each time for both BCH and SLP, and allows for connections using your own Tor, UTXO management and full node connectivity, he added.
Mr. Zwets further stated:
In addition to supporting Cashshuffle, Tor, UTXO and more, it also allows users to install additional plugins. Some of them are security-oriented, like the Interwallet Conversion Plugin, others allow us to build special deals with smart contracts.
What do you think of all the Bitcoin Cash security-oriented tools and platforms available? Let us know in the comments section below.