Author: Chris Belcher 2022-02-28 14:30:12
Published on: 2022-02-28T14:30:12+00:00
The development of a new software called Teleport is aiming to improve the privacy of bitcoin transactions. The software uses a technique called CoinSwap, where a user's coins appear to go from one address to another, but actually end up in a third unconnected address. This makes it difficult for anyone analyzing the blockchain to determine where the coins have gone. Even users who don't use the software will benefit from improved privacy because their transactions will look the same as CoinSwap transactions. In a world where data collection is becoming increasingly prevalent, the value of privacy is high. The uncertainty added to every transaction by the possibility of a CoinSwap would greatly boost the fungibility of bitcoin and make it a better form of money. The Teleport project is decentralized and available for free but is currently only usable by developers and power-users. It is possible to run it on mainnet, but only with small amounts, and the next big task is to make the multisig addresses look like regular single-sig addresses to provide an enormous anonymity set. The goal is for the Teleport project to develop into a practical and secure project on the bitcoin mainnet, usable either as a standalone bitcoin mixing app or as a library that existing wallets will implement. The support of donors has been crucial to the development of the project, and further donations are welcome.
Updated on: 2023-05-22T17:46:17.970860+00:00