6 Privacy-Enhancing Tools That Place Bitcoin Cash Transactions Ahead of the Pack
On June 24, a Reddit post had a few Bitcoin Cash proponents discussing a number of privacy enhancements BCH supporters can leverage every time they transact. The Bitcoin Cash enthusiast, Mr. Zwet’s r/btc post explained how BCH supporters can use tools like Cashfusion, Cashshuffle, Schnorr Signatures, Local.Bitcoin.com, Neutrino Wallet, and a number of Electron Cash plugins that bolster confidential transactions. The following report is a comprehensive look at all of the tools and services that protect a BCH user’s transactional data.
Crypto Privacy and Fungibility
Not that many people are aware of the fact that the Bitcoin Cash ecosystem has a number of tools and services that cushion a person’s privacy. Cryptocurrency privacy is very important to BCH supporters, as there have been many dedicated efforts to making the digital asset even more privacy-centric. On Wednesday, a well known BCH fan called Mr. Zwets published a picture and description of a bunch of privacy-enhancing tools BCH proponents can leverage today.
The first is Cashshuffle, a platform that Mr. Zwets calls “a trustless version of coinjoin usable today in the Electron Cash wallet for increased privacy.” People who want to utilize Cashshuffle can do so today, in order to help obfuscate their BCH transactions. So far, since March 27, 2019, there have been 54,202 shuffles to-date, and that consists of 253,751 BCH or $59.2 million.
Cashshuffle is used a lot, as shuffle volume plus daily counts show that the weekends are the most popular shuffling times. Cashshuffle was officially launched in March 2019 and the code also was reviewed by Kudelski Security. Bitcoin Cash proponents who want to leverage the Cashshuffle application can do so by visiting the website cashshuffle.com.
Cashfusion is an extension of Cashshuffle and is more advanced privacy-wise. The Cashusion protocol has been heralded as “far more practical than other coinjoin protocols” by even few BTC maximalists. Cashfusion will also undergo a security audit from the well known firm Kudelski Security and Mr. Zwet’s Reddit thread shows the audit began in May 2020.
Since November 28, 2019, there have been 5333 Fusions and 49,106 BCH total fused ($11.4 million). The reason for the added privacy, in contrast to using Cashshuffle, is due to the fact that Cashfusion abandoned the idea of equal outputs. For instance, Electron Cash developer Jonald Fyookball published a paper about the combinatoric math in Cashfusion.
“In Cashfusion, we have opted to abandon the equal-amount concept altogether. While this is at first glance no different than the old naive schemes, mathematical analysis shows it in fact becomes highly private by simply increasing the numbers of inputs and outputs,” a quote in Fyookball’s paper from software developer Mark Lundeberg stressed.
“For example, with hundreds of inputs and outputs, it is not just…