May 2014

Viewing posts from May , 2014

Development Update

At the moment, we’re working on stealth addresses in Vertcoin. Those of you have been around a while may remember, in the early days of VTC, there was some discussion over zerocoin implementation, and we made clear that anonymous/untraceable payments were not the direction we wanted to go with VTC – we are of the opinion that mainstream adoption won’t come from these features, and that they will actually damage the currencies that go down that route. The fact is, people don’t care about anonymity – if they did, they wouldn’t use social media etc.

However, we do believe in transactional privacy akin to what you expect from your legacy payment/banking systems, such that it’s not trivially easy for anyone to see your entire financial history.

Stealth addresses strike a good balance – all the transactions are still on the blockchain to be seen, but the link between an address and an individual is obfuscated. One thing that not many people seem to consider when talking about anonymity systems in cryptocurrencies is that true anonymous payments make all the blockchain tools you’re used to useless.

Stealth addresses increase privacy for a recipient by allowing you to publish a stealth address, which is like a seed which the sender then uses to generate a unique one-use Vertcoin address for the transaction. All the transactions remain public on the blockchain, but knowing the entire transactional history of your stealth address is now no-longer possible except for you, the holder of the secret key.

We’re targeting the late part of June for release, and will release more updates as more information becomes available.