Improving Bitcoin Privacy With Silent Payments
By sharing a secret between a receiver and sender, then scanning the Bitcoin blockchain for the transaction, users gain more privacy thanks to a new proposal.The below is a direct excerpt of Marty's Bent Issue #1214: "Silent payments." Sign up for the newsletter here. The first silent payment transaction on Signet, a bitcoin testnet via Ruben Somsen Here's an interesting proposal from Ruben Somsen that would help increase the privacy of those receiving bitcoin: Silent Payments. Somsen's proposal builds on concepts like BIP47, which allows individuals to create reusable payment codes that....
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Silent payments improve user privacy and are similar to stealth addresses and reusable payment codes, but actually save space on the Bitcoin blockchain.
The Silent Payments proposal could help users make bitcoin transactions more privately, but how does it work and why do we need it?
One issue with Bitcoin’s privacy, the ability to receive funds without giving up valuable information, is addressed with “silent payments.”
Blackphone 2 the only mobile phone designed for “privacy without compromise” was released by Silent Circle this September 28. As their Youtube video goes viral, their only privacy shortfall is not accepting bitcoin for purchases. Silent Circle, one of the few tech companies to build their whole enterprise on the commitment to privacy, has released Blackphone 2, a mobile phone developed from the ground up. Aiming to seal tight the many information leaks in modern telephony. Android's mobile products are known for many things including ease of use, low prices, being quite Open Source, among....
Currently, the gossip protocol introduces privacy leaks and concerns that could be remedied while condensing the amount of messages sent.