On a blockchain platform, all the participants are free to check the transactions. This transparency level provides the much security to the users. Basically, it is a public verification process, where the cheating percentage is fall to its minimum level or zero. Unfortunately, it is not also good in privacy matters.
To improve the privacy terms, confidential transactions are its potential solution. Whereas, these transactions hide the transacted bitcoin which is using in test environment and academia.
A number of bitcoin core developers discover the confidential assets. These transactions are categorically designed for the bitcoin. Confidential assets carry a level to any blockchain asset such as ownership paper, stock etc.
Blockstream engineer Gregory Sander says, “With Confidential Assets, we can generate multi-asset transactions where both the amount and the asset type itself are encrypted”.
Basically, confidential assets are not a new born concept in the technology world. It is increasing in two ways.
The first part of this puzzle is planted on confidential transactions, which was introduced by the current Blockstream CEO Dr. Adam back. Blockstream developers Gregory Maxwell, Dr. PIETER Wuille and mathematician Andrew Poelstra further work on this and expand it to blockchain’s alpha sidechain.
According to these transactions, only receiver and sender will come to know the transacted amount. A public verification process, that is the rest of the world-where the transactions were created between the sender and the receiver. But the transacted amount is masked.
Whereas, in confidential transactions are masked in a programmed way that public verifier will able to perform a certain type of math on them. If they cancel out the transaction, anyone is capable to add up the committed amount on the sending end. And, add up all amounts on receiving end. In addition, if they don’t cancel, means no amount was created out. In that way, a public verifier will fail to know how much was transacted. They have the idea that system wasn’t cheated.
The second part of the puzzle is quite new, which boost up the masking to assets themselves. Confidential assets include blockchain based assets not only bitcoin.
Sanders says, “While the sender and receiver would know that, say, a gold certificate was transacted, a public verifier would only know that ‘some asset’ was transacted — in ‘some amount”. “And if multiple assets are transacted at once, the public verifier would see that multiple types of ‘some assets’ changed hands, and he can verify that no ‘some assets’ were created out of thin air. But he would still not know what was transacted exactly, or how much of each ‘some asset”.
Confidential assets advanced in two different projects.
For one, it may be associated with the existing sidechain such as a liquid. This is an organize blockchain fix to the bitcoin. Where the blocks confirm by the service provider. which permits the transactions at little cost without troubling the main blockchain. Exchanges use this to let the customers move the bitcoins among different accounts without confirmation from the blockchain. Confidential assets allow to move the fiat currency as well.
In addition, Blockstream start a teamwork with Japanese IT company Digital Garage.
Sanders explains, “Digital Garage is working on a loyalty points blockchain” and “This means that all types of companies can issue their loyalty points, and customers can use them or trade them atomically for other assets using market makers. Privacy is huge here because you do not want to be showing the whole world how many points are outstanding on your books”.
Furthermore, confidential assets sidechain is a private decentralize exchange. This elementary setup can expand to mediators that act. Sanders says, “For the Digital Garage demo we have implemented a trustless, blinded swap of multiple assets through peers already. If we can deploy fiat currency on the blockchain, we can make similar arrangements between Bitcoin and U.S. dollar, euro or yen”. Blockchain use case complexity matrix
Bitcoin and Ethereum’s Gains
It only took a few hours for Bitcoin to shoot back up from $3,894 to $4,264.26 on Wednesday, which caused the total market capitalization of the entire cryptocurrency world to surge above $150 billion.
It’s opposite team mate, Ether, also rose on Wednesday, marking the highest it’s ever been since June. These two unknowingly, drove the market cap of the digital currencies insane.
In particular, at the moment Bitcoin’s market capitalization is around $69.8 billion, which makes it twice as large as Ethereum, its closest rival.
However, Bitcoin has been a tad bit volatile lately, suffering from a 10% drop after it had crossed $4000 earlier. These fluctuations were an after effect of the scaling issue that was recently undertaken by the network. This is intended to increase the transaction sizes in the blockchain network. This new protocol is known as Segregated Witness, which is said to solve the scaling matter.
Related: Bitcoin drops below $4000
On the other hand, Ether rose to $324.07, its highest since June 23. It’s known to have doubled since its last low hit in mid-July. Overall, its performance has been well in 2017, as it is up more than 4000%, which brings its market cap to around $30.1 billion.
These recent increases in Bitcoin and Ether have brought together the total market cap of all digital currencies above $150 billion.
News Credit: marketwatch.com
India coin was established in 2014 and did the service of exchange since. Majority looking to buy bitcoin in an easy and simple way. And they also don’t like the lengthy process of transactions for the exchange. India coin provides complete satisfaction to its users, fulfill the need exactly.
If you want to buy bitcoin, you need to fulfill the payment form and within 4 days you’ll receive a call with pin code to complete your transaction.
The system receives debit or credit card or pays only, so make sure that they are 3d secure.
This process of transaction seems much easier than the other but two things you have to know about;
There is strictly buying limits of bitcoin. The first transaction limited to $100 and after 4 days of confirmation it grows from $100 to $200 and then after a week means after 7 days this limit is $500.
Fees are extremely high for example Bitcoin exchange rate on Bitstamp was $1001.52 and $1507.31 no India coin. Means you are paying 50% more for this process
Its seems that legal bitcoin exchange rate is too high. By using the prepaid debit card for bitcoin, you can have achieved anonymity and temporary skype number in order to complete your buying process.
Once your account will be approved, no need of further verifications until you are going to use the same email. More than 100 countries buy bitcoin through India coin.
India coin states that process of purchasing take 15 min but it takes some extra time .so, doesn’t lose your hope.
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