Computer Scientists Strengthen Bitcoin Anonymity with CoinShuffle
Bitcoin has many things going for it, relative to the current fiat currency system, and compared to any other digital currency on the market. Bitcoin is not perfect, though, and there are issues that many critics and users, would like to see improved before it can become a mainstream staple of global economics. One issue that is commonly mentioned is the pseudonymous nature, in that transaction can be traced, but anyone savvy enough, back to their originators. Governments like to be able to trace everything any person does. Many owners would like more privacy to be available, as every....
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In the quest for privacy and fungibility in Bitcoin, two researchers (from Saarland University in Saarbrücken, Germany and Indiana’s Purdue University) presented a promising privacy enhancement proposal last week. ValueShuffle, as the protocol is called, describes a method to mix bitcoins and at the same time hide the amounts involved in the mixing process. It’s a potent combination, as Tim Ruffing, one of the researchers, explained: “The combination of these two privacy-enhancing technologies, while not requiring any trusted third party, is what makes ValueShuffle unique.” CoinJoin and....