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Bitcoin Privacy firm Zerolink Reaches the Testing Phase of its Anonymous Bitcoin Coinjoin Mixer

Dec 20, 2017 Posted /  4141 Views

Bitcoin Privacy firm Zerolink Reaches the Testing Phase of its Anonymous Bitcoin Coinjoin Mixer

Making Bitcoin Transaction Fully Anonymous Once Again

The major issues across many bitcoin forums this year were decentralization, tokenization and scaling, its being observed that 2018 will be comprised of debates on P2P exchanges, atomic swaps and privacy features. With increasing complicated government surveillance being deployed against cryptocurrency the need for improvement on the privacy feature has never been this much. Many projects like Coinjoin are sprouting up to regenerate user anonymity in Bitcoin transactions.

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Zerolink used a coin mixing solution based on the Coinjoin architecture to produce the latest privacy-centric Bitcoin product. The project developed by the company is the soonest to be tested publicly compared to all the other similar projects in meandering in developer’s laboratories.

The founder of the project is calling upon 100 participants to test the limits of the new coinjoin project and a $10 bounty is being offered to the participants as an incentive. The developer of Zerolink believes that by testing to all limits the performance of Zerolink, he can proof that anonymous transaction on the world’s largest blockchain are feasible.

Different Approaches being made Towards Attaining Cryptocurrency Transaction Anonymity

Many cryptocurrency developers are taking on a series different approaches in an attempt to solve the transaction anonymity vice in cryptocurrencies. Zcash for example is using the zk-snarks algorithm which has essentially proven out that certain transactions can be transmitted without specifying who sent the sum and to whom it is sent to.

The method just gives minors enough information required to verify the transaction without disclosing any information regarding the sources or the destination of the funds. Other projects like Zencash are planning to launch their securenodes as early as this month. ZK-Snarks have successfully been tested on the Ethereum network and a plan is underway to introduce in next year 2018.

Another popular approach towards achieving a a totally anonymous transaction is using Coinjoin which has been adopted by Zerolink. The coinjoin major idea is that if two users transact an identical amount within a small-time difference, it is possible to replace once transaction with the other. However, the technology has not yet been foolproof to be 100% effective. Its dependence on a critical transaction mass per second makes it less effective. The Zerolink’s developer highlighted on this issue saying,

“coin mixing does not aquatically make a cryptocurrency transaction untraceable.

Even without the network level tracks, examining transaction chains and other transaction metadata can still be used to build up a recognizable pattern for the transaction”

In response to this ordeal, Zerolink is taking Coinjoin’s technology to another level by introducing an end-to-end privacy algorithm. To test the efficiency of the new upgrade Zerolink is organizing a mixing experiment that will involve up to 100 users. The experiment is scheduled for December 20 at 10pm GMT. Additional information about the event and how users can register is on this Medium post from Zerolink.

As the year 2017 closes cryptocurrency developers seem to want to have a fullstop on the cryptocurrency transaction privacy issues. This is witnessed by the emergence of yet another privacy solution on the same day with the Zerolink solution. The news came after Monero merged a new multisig algorithm on the code on its Github repository. A successful solution to the privacy of cryptocurrency transactions will see cryptocurrency users in 2018 reclaim their once lost efficient privacy features restored.

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Tags: Bitcoin Privacy Bitcoin Coinjoin Zerolink Reaches Coinjoin

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