Bed will use mixed currency technology to create a truly private and free blockchain world
Anonymity is one of the characteristics of bitcoin, but anonymity is not equal to privacy, so researchers in the cryptocurrency industry have made a lot of efforts to enhance the privacy of bitcoin. Coinjoin is one of the technologies in which wallets such as wasabi, samorai and joinmarket are providing mixed currency services, but this technology requires that the currency mixing demanders are online and interactive at the same time.
Can we provide strong protection for user privacy and realize the standard non trust system on the client? For example, the same anonymous layer can be embedded directly in the clients such as electritrum, Android and iPhone. With the protocol scalability, the user can protect the transaction privacy and ensure a good use experience. For this reason, the bed development team proposed the anonymouslysend technology.
Anonymous send is an improved and extended version of coinjoin, the software that provides anonymous technology. In addition to having the core concept of coinjoin, bed has also made a series of improvements, such as decentralization, strong anonymity and currency mixing technology.
The currency mixing technology under anonymous send can make the currency itself have the ability of completely interchangeable. Interchangeability is an important attribute of currency. All participants in currency transactions should keep equal status. When you receive funds in cash, cash should not keep the previous user’s use record, or users can easily separate from the previous use history, so as to achieve equality in all monetary transactions. At the same time, any user ensures that every transaction of public accounts is honest without affecting the privacy of others.
In order to improve the currency interchangeability and keep the honesty of public blockchain, the mixed currency technology service is directly integrated into the bed system. This is easy to use and safe for each user.
So how does the currency mixing technology work under anonymous send?
First, anonymous send combines multiple transactions into one transaction, then sends them to the outside world together, and the merger transaction cannot be split again. Since anonymous transaction is specially set for user payment, this system is highly secure against theft, so it is absolutely safe for users.
Next, in each round of “mixed currency” process, all users should input and output funds in the form of the same face value. Except for the same face value, all transactions will break down small transactions with scattered components, independent and unrelated before and after.
In response to possible DoS attacks, all users submit the transaction to the “mixed currency pool” in the form of deposit. The transaction is finally exported to the user, and a high reward can be paid to the miners. That is, when a user requests a pool, a deposit is provided at the beginning. If the user does not cooperate at any time, such as refusing to sign, the deposit transaction will broadcast automatically across the network. If the continuous attack is carried out on anonymous network, the cost is extremely high.
The mixed currency limit of each round of anonymous currency is 1000bed, and the multi round mixed currency can mix a considerable amount of funds anonymously. In order to make the user experience convenient and attack difficult, anonymous lysend runs in passive mode. At the same time, set the time interval, and the client of the user should connect to other clients through the full node. Once entering the whole node, users require anonymous face value to be queued in the whole network, but no information will expose the identity of users.
Each round of anonymous send process can be regarded as an independent event to enhance the anonymity of users’ funds. However, only 3 participants are restricted in each round. Therefore, the observer has a third chance to track transactions. In order to improve the quality of anonymity, the fund will be sent out successively through multiple master nodes by linking.
Nowadays, the trend of digital in human society is overwhelming. The digital trace in life will always exist, so that any person in power can roll back time and pry into all the details of your life. The only real hope is that cryptocurrency with privacy protection mechanism is popular in the real world. Bed will use mixed currency technology to build a decentralized and privacy encrypted crypto digital currency payment system, and create a truly private and free blockchain world.