The blockchain is the idea upon which the Bitcoin world rests. A cryptocurrency will have a hard time existing without its own blockchain, and there are all sorts of applications for it, including money transfer, voting, smart contracts, digital rights management, and much more.
So why on Earth would anyone want to silence the blockchain?
SilentVault is doing exactly that, with the idea of providing privacy and security.
How Does It Work?
“You can bring bitcoin in and arrange to spend it back out, any time, anywhere,” Justin Turrell of the SilentVault team said in a press release. “Once you have assets in your SilentVault wallet, you can use it to make person-to-person payments to other SilentVault walletsoffer or accept exchanges for other supported types of assets, or redeem your vouchers.”
The basic idea is that when you transfer funds into SilentVault, you can then transfer them between other SilentVault users without having the transactions show up in the blockchain. “We created SilentVault because privacy and anonymity are important aspects of freedom,” said SilentVault’s operations lead, who goes by Paesean.
Users transfer their Bitcoin or Litecoin into SilentVault’s wallet, and receive “Silent Bitcoin” credits. From there, you can transfer them from wallet to wallet without any record of the transfer having taken place.
Bitcoin Misconceptions
While Bitcoin is often called an anonymous payment method, that’s a common misconception.
Bitcoin is, in fact, pseudonymous. Anyone who knows your wallet number can look at the funds you’ve transferred, and the recipients.
That said, your wallet number is the only identifying factor.
Regardless, some careful research can reveal someone’s wallet number and purchase history. And SilentVault can help solve that problem.
“We’re interested in making a better world with more freedom,” said Paesean. ” We hope you’ll join us.”
SilentVault became active as of August 25th. To discover more about SilentVault, visit their official website.
SilentVault: Silencing The Blockchain?
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