09-15-2016, 10:02 PM
TumbleBit Promises Guaranteed Anonymity For Bitcoin
August 30, 2016 13:19 by JP Buntinx
For the longest time, there have been a lot of questions regarding Bitcoin's lack of anonymity and privacy features. This has caused cryptocurrency enthusiasts to look for different solutions, including altcoins. But TumbleBit looks to change all that. The service will act as a Bitcoin-compatible anonymous payment hub.
Unlike what some alternative cryptocurrencies may offer, TumbleBit is designed to create unidirectional unlinkable transactions. Anyone in the world will be able to make quick anonymous payments, none of which will be recorded on the blockchain itself. The Tumbler will act as an untrusted intermediary to provide this feature, with off-blockchain payments in seconds.
What is rather interesting is how not even the Tumbler is able to link transactions from payer to payee. More importantly, the platform is designed in such a way no bitcoin can be stolen, nor can anonymity be violated at any stage during the process. All in all, this sounds like the solution most Bitcoin users have been waiting for over the past few years.