In free World, every one want not to be followed. When we talk about crypto currencies where government regulations are not in tact, One may fear getting traced and for this, many developers have came up with solutions.
A Crypto Currency Named Monero Coin is designed specially in a way so that the identity of the Sender, amount sent and the destination are never accessible. In short Monero Coin is designed to anonymously use the crypto and never get traced.
In this Article I will be sharing how Being Anonymous is now quite simple and easy in BCH Blocks and how it went through this journey.
Coin Join
Back in 2013 Greg Maxwell proposed a solution named CoinJoin here, for being anonymous but it was a weak algorithm and researchers have showed it not to be sufficiently powerful to protect the identity of the users. It was traceable.
CoinJoin was based on 'Pooling', it means that several small transactions are joined together to make a big transaction with multiple input and outputs. However by puzzling back the inputs and outputs and comparing mathematically via able solution, CoinJoin could be cracked. Detail of how CoinJoin Work is explained very well here.
Coin Shuffle:
Coin Shuffle is improved and enhanced algorithm to improve the privacy of Bitcoin users. Coin Shuffle as it is evident from its name, basically shuffles the coin with other users coins to hide identity of the owner. It is a fully decentralized coin mixing protocol. It works in the back ground and make coins readily available for transactions without the fear of being followed. Cash Shuffle is offering their own Wallet as well as list of wallets that are supported.
As per stats provided above from the image source, a total of 65870 Shuffles are executed since 27th of March 2019, the start of this feature. It is worth mentioning here that a total of 1.1 $ Billion worth BCH at todays rate are Shuffled or either Changed by using this algorithm however they all are not shuffled only on the current exchange rate.
Cash Fusion:
Cash Fusion is an advanced version of Cash Shuffle. It was successfully launched in November 2019, after passing audit by KUDELSKI Security, a well known auditor. Audit Report of the firm can be accessed here.
Since the inception of Cash Fusion protocol, a total of 4.9Million BCH equal to 7.3 Billion$ worth at todays exchange rate are fused till today at the time of writing this article. Fresh stats at any time can be accessed from the image source here.
James Waugh in his review has proved the efficiency of Cash Fusion protocol to hide from the prey eye by comparing it with CoinJoin protocol.
Coin Fusion is designed in such fashion that different transactions will be joined together alike CoinJoin but with multiple solutions to a puzzle, as more and more inout and outputs are used more potential of getting multiple solution will be formed. Consequently a block chain analyst will have multiple solutions and it will very difficult to reach the original configuration providing privacy to users.
Final Word:
To use the anonymity feature of Bitcoin, BCH is the best coin to have it due to low fees as compared to fees of BTC or ETH. Fee comparison for today can be checked here. It will be very much costly to Shuffle the BTC or ETH as compared with the BCH. So on this avenue as well BCH is way ahead in facilitating the users as compared to BTC.
It can be concluded from the above mentioned stats that with increasing price of BCH, trend of Shuffling and Fusing the coins is also in the move as more and more users are enjoying enhanced Privacy with BCH.
If you find interesting here are some more
https://read.cash/@engr.utman/digital-gold-vs-digital-currency-03218b4c
https://read.cash/@engr.utman/dinosaur-of-digital-currency-6ff4461c
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Privacy is really something when it comes to transactions....it is also why traditional methods of payment and currency are less preferred than crypto in case of privacy..nice info