The Importance of Anonymity<\/strong><\/h2>\nWith a background in both software development and finance, Duffield was captivated by Bitcoin from its earliest days. Most particularly, he was intrigued by the idea of digital cash: a technology that could replicate the features of physical cash but without the drawbacks inherent in conventional currency. According to Duffield, \u201cI started tinkering with Bitcoin in 2011, really early in it\u2019s development. I decided I wanted to dive into cryptographic currency and like all things, the best way to learn something new is to sink or swim.\u201d As he studied Bitcoin more deeply, however, he discovered a weakness in its design: a lack of true anonymity.
\nWhy is anonymity important? Some might argue anonymity is only essential for those who wish to engage in illegal activities. But this is not the case. Anonymity is necessary for cash for two reasons. First, it gives each transaction privacy, so that no one can pry into the financial transactions of others. Imagine giving public access to everyone\u2019s credit card transactions. Such information, aside from just violating individuals\u2019 privacy, could be used to manipulate people in many ways. Second, anonymity makes the currency \u201cfungible,\u201d meaning every unit of the currency is worth the same as any other unit. Why is this true? If people could track coins to specific people and transactions, efforts could be made to \u201ctaint\u201d coins, for example, if they were involved in illegal activities previously, making them worth less than others.<\/p>\n
Unfortunately, Bitcoin does not supply true anonymity; each transaction is broadcast on a public blockchain for anyone to study. True, those transactions are not publicly linked to specific individuals, but with enough forensic research one can draw connections between transactions and individuals.<\/p>\n
Duffield at first wanted to improve anonymity in Bitcoin itself, but he found that his suggestions were not accepted by the core Bitcoin developers. So, in the grand tradition of open source technology, he decided to fork the project and create his own digital coin. He called it \u201cDarkcoin,\u201d reflecting the anonymity of the currency, and released it on January 18, 2014. Calling Darkcoin a \u201cmore private blockchain,\u201d Duffield marketed it as a \u201cprivacy-centric\u201d currency.<\/p>\n
Thus was a new coin born.<\/p>\n
The initial reception was nothing short of remarkable. People quickly realized that Darkcoin solved a real-world digital currency problem, and the price reflected that realization. Users flocked to the coin, and soon its market capitalization was one of the highest of any digital currency. In its first year Darkcoin overcame a number of technical hurdles \u2013 inventing a whole new way of doing money isn\u2019t for the faint of heart \u2013 and became one of the top digital currencies on the market.<\/p>\n
Please read rest of story @
\nhttp:\/\/bitcoinist.net\/origin-dash-future\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"![\"Anonymous](\"\/assets\/Anonymous-iPhone-300x200.jpg\")
<\/p>\r\n
The introduction of Bitcoin to the world sparked a revolution of finance and economics. Bitcoin set money\u2019s value free from government constraint; now the value could be determined solely by the market. Instead of depending on centralized third parties for every financial transaction, people could exchange value around the world cheaply and in a completely decentralized manner. Bitcoin ushered in the age of truly digital cash.\u00a0But Bitcoin isn\u2019t the whole story. By creating an open-source money, Satoshi Nakomoto, the inventor of Bitcoin, unlocked vast vistas for others to explore. Over the years many developers have taken up the challenge and built upon the foundation that is Bitcoin to solve many real-world problems. One such person is Evan Duffield, and his project:\u00a0Dash<\/a>.<\/strong><\/p>\r\nThe Importance of Anonymity<\/strong><\/h2>\r\nWith a background in both software development and finance, Duffield was captivated by Bitcoin from its earliest days. Most particularly, he was intrigued by the idea of digital cash: a technology that could replicate the features of physical cash but without the drawbacks inherent in conventional currency. According to Duffield, \u201cI started tinkering with Bitcoin in 2011, really early in it\u2019s development. I decided I wanted to dive into cryptographic currency and like all things, the best way to learn something new is to sink or swim.\u201d As he studied Bitcoin more deeply, however, he discovered a weakness in its design: a lack of true anonymity.
\r\nWhy is anonymity important? Some might argue anonymity is only essential for those who wish to engage in illegal activities. But this is not the case. Anonymity is necessary for cash for two reasons. First, it gives each transaction privacy, so that no one can pry into the financial transactions of others. Imagine giving public access to everyone\u2019s credit card transactions. Such information, aside from just violating individuals\u2019 privacy, could be used to manipulate people in many ways. Second, anonymity makes the currency \u201cfungible,\u201d meaning every unit of the currency is worth the same as any other unit. Why is this true? If people could track coins to specific people and transactions, efforts could be made to \u201ctaint\u201d coins, for example, if they were involved in illegal activities previously, making them worth less than others.<\/p>\r\n
Unfortunately, Bitcoin does not supply true anonymity; each transaction is broadcast on a public blockchain for anyone to study. True, those transactions are not publicly linked to specific individuals, but with enough forensic research one can draw connections between transactions and individuals.<\/p>\r\n
Duffield at first wanted to improve anonymity in Bitcoin itself, but he found that his suggestions were not accepted by the core Bitcoin developers. So, in the grand tradition of open source technology, he decided to fork the project and create his own digital coin. He called it \u201cDarkcoin,\u201d reflecting the anonymity of the currency, and released it on January 18, 2014. Calling Darkcoin a \u201cmore private blockchain,\u201d Duffield marketed it as a \u201cprivacy-centric\u201d currency.<\/p>\r\n
Thus was a new coin born.<\/p>\r\n
The initial reception was nothing short of remarkable. People quickly realized that Darkcoin solved a real-world digital currency problem, and the price reflected that realization. Users flocked to the coin, and soon its market capitalization was one of the highest of any digital currency. In its first year Darkcoin overcame a number of technical hurdles \u2013 inventing a whole new way of doing money isn\u2019t for the faint of heart \u2013 and became one of the top digital currencies on the market.<\/p>\r\n
Please read rest of story @
\r\nhttp:\/\/bitcoinist.net\/origin-dash-future\/<\/a><\/p>\r\n
\nWhy is anonymity important? Some might argue anonymity is only essential for those who wish to engage in illegal activities. But this is not the case. Anonymity is necessary for cash for two reasons. First, it gives each transaction privacy, so that no one can pry into the financial transactions of others. Imagine giving public access to everyone\u2019s credit card transactions. Such information, aside from just violating individuals\u2019 privacy, could be used to manipulate people in many ways. Second, anonymity makes the currency \u201cfungible,\u201d meaning every unit of the currency is worth the same as any other unit. Why is this true? If people could track coins to specific people and transactions, efforts could be made to \u201ctaint\u201d coins, for example, if they were involved in illegal activities previously, making them worth less than others.<\/p>\n
\nhttp:\/\/bitcoinist.net\/origin-dash-future\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
<\/p>\r\n
The introduction of Bitcoin to the world sparked a revolution of finance and economics. Bitcoin set money\u2019s value free from government constraint; now the value could be determined solely by the market. Instead of depending on centralized third parties for every financial transaction, people could exchange value around the world cheaply and in a completely decentralized manner. Bitcoin ushered in the age of truly digital cash.\u00a0But Bitcoin isn\u2019t the whole story. By creating an open-source money, Satoshi Nakomoto, the inventor of Bitcoin, unlocked vast vistas for others to explore. Over the years many developers have taken up the challenge and built upon the foundation that is Bitcoin to solve many real-world problems. One such person is Evan Duffield, and his project:\u00a0Dash<\/a>.<\/strong><\/p>\r\n With a background in both software development and finance, Duffield was captivated by Bitcoin from its earliest days. Most particularly, he was intrigued by the idea of digital cash: a technology that could replicate the features of physical cash but without the drawbacks inherent in conventional currency. According to Duffield, \u201cI started tinkering with Bitcoin in 2011, really early in it\u2019s development. I decided I wanted to dive into cryptographic currency and like all things, the best way to learn something new is to sink or swim.\u201d As he studied Bitcoin more deeply, however, he discovered a weakness in its design: a lack of true anonymity. Unfortunately, Bitcoin does not supply true anonymity; each transaction is broadcast on a public blockchain for anyone to study. True, those transactions are not publicly linked to specific individuals, but with enough forensic research one can draw connections between transactions and individuals.<\/p>\r\n Duffield at first wanted to improve anonymity in Bitcoin itself, but he found that his suggestions were not accepted by the core Bitcoin developers. So, in the grand tradition of open source technology, he decided to fork the project and create his own digital coin. He called it \u201cDarkcoin,\u201d reflecting the anonymity of the currency, and released it on January 18, 2014. Calling Darkcoin a \u201cmore private blockchain,\u201d Duffield marketed it as a \u201cprivacy-centric\u201d currency.<\/p>\r\n Thus was a new coin born.<\/p>\r\n The initial reception was nothing short of remarkable. People quickly realized that Darkcoin solved a real-world digital currency problem, and the price reflected that realization. Users flocked to the coin, and soon its market capitalization was one of the highest of any digital currency. In its first year Darkcoin overcame a number of technical hurdles \u2013 inventing a whole new way of doing money isn\u2019t for the faint of heart \u2013 and became one of the top digital currencies on the market.<\/p>\r\n Please read rest of story @The Importance of Anonymity<\/strong><\/h2>\r\n
\r\nWhy is anonymity important? Some might argue anonymity is only essential for those who wish to engage in illegal activities. But this is not the case. Anonymity is necessary for cash for two reasons. First, it gives each transaction privacy, so that no one can pry into the financial transactions of others. Imagine giving public access to everyone\u2019s credit card transactions. Such information, aside from just violating individuals\u2019 privacy, could be used to manipulate people in many ways. Second, anonymity makes the currency \u201cfungible,\u201d meaning every unit of the currency is worth the same as any other unit. Why is this true? If people could track coins to specific people and transactions, efforts could be made to \u201ctaint\u201d coins, for example, if they were involved in illegal activities previously, making them worth less than others.<\/p>\r\n
\r\nhttp:\/\/bitcoinist.net\/origin-dash-future\/<\/a><\/p>\r\n
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