Privacy On Bitcoin Cash With Cashfusion
Bitcoin Cash in its five years of existence after the fork which occurred in August,2017 has beyond doubts performed tremendously although undervalued yet, stretching further to solving quest of Privacy.
The demand for 'privacy coins' in the blockchain technology - cryptocurrencies with the ability to shield transaction details from the reach of the public - is gradually gaining grounds as the industry expands. We could quickly mention privacy coins like Zcash, Litecoin, Monero which has experienced price surge allegedly attributed to its privacy property.
In November, 2019, a group of developers or developer introduced a privacy option for Bitcoin Cash called CashFusion. According to them, CashFusion is an implementation of CoinJoin - an effective idea of combining inputs and outputs from what would otherwise be separate transactions, into one jumbo transaction.- on the Bitcoin Cash protocol.
What Is CashFusion?
Decentralized as it may be, CashFusion is a privacy protocol that shields your spending details, making it difficult for chain-analysis companies to track your coins. In addition it also allows users to create multi-party transactions.
Using a CashFusion enabled wallet, it allows your wallet to communicate with other CashFusion integrated wallets by so doing, it participates in a form of transaction shuffle, sending outputs and receiving inputs alongside other various CashFusion participants. The transaction makes it impossible for chain-analysis to distinguish which input or output belongs to who.
The authencity of cashfusion has been tested following its audition by a cybersecurity company called Kudelski Security. According to the company, the risk of losing funds or having of stolen funds is zero as they did not find any evidence of malicious intent, flawed logic, or potential backdoor in the codebase.
Benefits Of CashFusion On Bitcoin Cash
After a successful launch of the project, the statistics of transaction being fused on Cashfusion has recorded 8,005,463 in BCH as at the time of writing.
Privacy as it may sound is demanded by most, so talking about its effect on bitcoin cash, the blockchain through the innovation of CashFusion may experience a wider request for usage therefore, practically increasing its users.
Also, being able to shield transaction details from the public, huge business transactions trying to sideline the preying eyes of regulators and law-enforcement agencies might choose to adopt the process, therefore increasing adoption.
Getting Started With CashFusion
As simple as you can easily recite a poem, such is applicable to using CashFusion. All you need do is follow the steps below to perform your first fused transaction on Bitcoin Cash.
First and foremost, A wallet called Electron Cash will be required so, all you need is download and install the wallet. (supported on Windows, Linux, Osx)
Once installed, Do well to run the program. On the home interface, a cashfusion icon is located at lower right corner. Click on it to enable it. (To preserve privacy for all transactions, it is encouraged to leave your wallet open until all your coins have been fusioned.)
Once your coins are fully fusioned, Boom! you are ready to spend with privacy, whenever you like.
Conclusion
Bitcoin Cash has been often referred to as the real Bitcoin recently because it has embraced the original vision of Satoshi Nakamoto as a digital currency for peer-to-peer transaction and is rapidly adopted by both users and merchants over its fast transaction ability. Nevertheless, I can boldly state that Privacy on Bitcoin Cash will lead to massive growth within the immediate years to come.
It is usually expected of any investor to make personal research before investing into any asset. This article is not a financial Advise as you are liable to any result you get from your actions.
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