Newbies to cryptocurrencies falsely believe that bitcoin transactions are anonymous. But bitcoin isn’t as private as you’d think. Prying eyes can discover who you are if they can trace your bitcoin address to identifiable personal information.
Think know-your-customer (KYC) rules that govern most trading exchanges.
Stratis Platform (CRYPTO: STRAT) is working to improve confidentiality. The blockchain venture has just released a mainnet version of Breeze Wallet with Breeze Privacy Protocol. The tech improves privacy and security for people or organizations that prefer confidential transactions on the bitcoin blockchain.
“The original vision of bitcoin is a secure, peer-to-peer digital currency that allows people to transact directly, without third parties,” says Chris Trew, CEO of Stratis Platform. “It’s achieved this vision but what early supporters didn’t always realize is how public those transactions are.”
Distributed ledgers are inherently public. And consensus protocols grant information access to many validators of transactions. Which creates a compelling obstacle when doing business.
The updated version of the Breeze Wallet provides privacy and security in a decentralized and trustless manner that is also resistant to network disruption. It’s a differentiated approach given that other blockchain projects have often relied on centralized services to achieve confidentiality.
“The Breeze Wallet with Breeze Privacy Protocol remains true to bitcoin’s early spirit and has been specifically designed with business-to-business payments in mind,” says Trew. “This release brings bitcoin up to a level of decentralized privacy that organizations already enjoy today from centralized private banking arrangements.”
‘Centralized banking’ is a dirty phrase for believers of blockchain.
According to a Stratis spokesperson, the Breeze Privacy Protocol makes it possible to obfuscate transactions made on the bitcoin blockchain, and that makes it possible for individuals or organizations to conduct confidential on-chain business.
Here’s an example use-case. A company can make payments to a supplier or receive payments from a customer without giving information access to prying eyes. The process is user-friendly, trustless, and decentralized and it works across the bitcoin network. Moreover, it allows normal transactions in both Stratis and bitcoin.
When given sensitive data, outside parties (and potential bad actors) can snoop around and ask a ton of questions they have no business getting answers to: Where did the transaction take place? Who received what amounts? What are they buying and selling? Why are they selling such and such?
Anonymity accomplishes it all.
This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of NullTX. This is not investment, trading, or gambling advice. Always conduct your own independent research.