- Blockchain has always been an impetus of innovation for storing information, for initiating transactions and so on.
- Blockchain often considered transparent and people can very easily track the transactions and the profit gained from them.
- Bitcoin Mixer is a similar cryptocurrency service which can help to maintain the anonymity of the users during online cryptocurrency transactions.
Blockchain has always been an impetus of innovation for storing information, for initiating transactions and so on. Blockchain Technology, itself is a wide sector that has numerous applications and in the past few years it has gained enormous trust from the investors. This is often considered as a breakthrough innovation because it has a wide range of applications.
Transparency Of The Platforms
Despite the fact that the Blochain and Cryptocurrency market is growing rapidly, there are certain things that hinder the widespread adoption of this technology. And those are the security and privacy offered by blockchain.
Blockchain technology is often considered transparent and people can very easily track the transactions and the profit gained from them. This has become a big privacy issue for the users. On the other hand, the number of scams and malicious activities are increasing. Many innocent investors have ended up losing their assets due to phishing attacks.
How Cryptocurrency Platform Can Provide Better Anonymity?
Most cryptocurrency, for instance the Bitcoin enables the users to anonymously transfer payments. However, Bitcoin is a public platform, and people can very well determine the anonymous user by their usage patterns.
In order to resolve this privacy issue many companies have implemented some skills in which the Bitcoin transactions from various users mixed together.
These schemes include ‘Cojoin’ and ‘Confidential Transactions’ which guarantees better anonymity as well as privacy. However, this meant that it had to depend on a third party, which is not very advisable for the security of the platform.
Bitcoin Mixer, A Potential Service To Maximise Anonymity
Bitcoin Mixer is a similar cryptocurrency service which can help to maintain the anonymity of the users during online cryptocurrency transactions. The risk of hackers and third parties have made the cryptocurrency insecure. Hence, the blender of the Bitcoin Mixer can jumble up the user transactions which can make it tougher for the people who are trying to decipher the user’s identity.
Moreover, the Bitcoin Mixer doesn’t not store the transaction logs which mean that they cannot supply information to any entity or personnel with regards to the user activity. Additionally, it does not provide any information on the Bitcoin received or sent because they do not save any such information during the transactions.
Public And Private Key Theft And Other Vulnerabilities
The term ‘permission less’ associated with Blockchain. This is because of the transparency of the Blockchain technology that disables many participants of the network from interpreting the transactions. From the security perspective, the Blockchain platforms face endpoint vulnerability, private and public key theft which is mainly due to weak standards and regulations. Every transaction mined is always initiated with a particular public and private key. Although this meant to stop the hackers, it is still not impossible for them to crack these codes from the storage devices.
These loopholes point towards the fact that Blockchain in its future will have to ensure the users full security, privacy and reliability.