How LightPayCoin And Apollo Intend On Achieving Obfuscation In And Outside The Masternode World
“Those who can give up essential liberty to obtain little temporary safety deserve neither liberty nor safety” Ben Franklin
The masternode like the crypto world is filled with amazing projects trying to revolutionize the industry and a lot of them have peculiarities and unique features that have real-life applications and solve very critical problems one of such problems is privacy and anonymity when carrying out financial transactions.
There might be a lot of argument on why anonymity is not important but it is.
According to a poll conducted by IBM 70% of Americans worry about their privacy.
The need for privacy has reached a whole new high, due to the controversy of the likes of Facebook, Google and other tech giants this has intensified the call for anonymity and respect for privacy in the world, which make a lot of people believe that cryptocurrency is the solution and that’s why the use case of privacy coins are important .
These coins try to maintain the anonymity of the participants in the transactions giving them the highest level of anonymity while carrying out their business.
(stats on privacy, in transactions, etc) this amongst other reasons makes it almost impossible for anonymity to overemphasized.
Some transactions and business dealings by people sometimes are very sensitive and sometimes very personal to each individual and almost everybody will appreciate that their business remains their business and not just anybody with internet connection can just poke and snoop into the transactions they make.
Bitcoin And Privacy
Bitcoin was seen in a lot of aspects as very anonymous, which made a lot of government worry about their lack of control and regulations over it, but it has some inherent flaws which paved the way for the creation of new generations of cryptocurrencies, in bitcoin every transaction is recorded on the blockchain and visible to the public which is an awesome move at the time since it allows for transparency and accountability nothing is hidden.
Even though this does not necessarily expose the identity of the owner of the wallet address there are other ways the identity can be detected through some slip-ups in the past like sharing the wallet using a social media account or with names and addresses it etc or through KYC on some exchanges and once that identity is detected every transaction ever done with that wallet can be traced and privacy is gone
Such as the case where someone posts their address online while attaching their name which is the most common
Why Anonymity Is Important
Although times have changed and needs differ there are lots of reasons why people need their transactions to be anonymous such as and not limited to
An investor may not want his transaction records to be made public
And it’s of utmost importance some with varying degree of severity Crypto users from countries that are not favorable to Crypto the likes of countries with a debatable track record of freedom like Venezuela, China whose citizens might want to carry out important transaction away from the extremely restrictive government on what they can do with their money
A charitable or religious organization may not want to identify its partners or staff for fear of political backlash or harassment.
It can be said that financial privacy can be likened to human right.
Privacy Is A Means Of Protection For Everybody
To protect from repercussion or persecution while donating to some causes just like it was in the case where the founder of brave browser was forced to resign his position on mozilla board for donation to a foundation. If this were anonymous, he could have been able to separate his professional life from his personal life and not face the consequence that he faced for his support
Protection of corporate bodies from their competitors knowing what they are spending their money on
Due to some form corporate espionage where rival business can monitor what is received by their competition and who is getting paid and how much they are getting this is not really advisable has unnecessary information is made available to rival, which they can in turn use to plan how to beat them, privacy will help eliminate this possibility.
Having transactions will be private which means it will be added for your competitions to know what the company is up to
How Privacy Coins Like And Apollo Use Obfuscation To Protect Their Users
Pivacy coins come to respond to the increasing demand for privacy, and they all made use of various techniques and technologies to ensure the same thing anonymity of transactions,
Privacy coins such as apollo and lightcoinpay have managed to pull it off
the use of various technologies to make transactions etc. to be untraceable, obscure to varying degrees of success,
Lightpay coin which was created in 2018 and has experienced substantial growth regardless of the constraints the bear market poses could be said to have features which allow it to make incredible transactions in incredible speed
- Lightpaycoin and apollo have a lot of difference but some similarities one of which is their use of obfuscation
- While Lightpaycoin uses obfuscation services. In such a way that privacy well protected, in the form of through the Darksend function
- the anonymity of payments is achieved, making transaction more anonymous and private
- The darkened feature mixes sent funds with that of other users making use of the masternode to carry out coordination and verification. Up to 8 rounds of mixing can be achieved in every wallet in time
Apollo coin created also in the year 2018 initially as a fork from the next platform but has since then evolved into one of the fastest and safest ways to make transactions on the internet not only does it have a 2 sec transaction speed which was something that was added by its active Devs to give it an edge over other cryptocurrencies as the space has become the survival of the fittest
Apollo, on the other hand, makes use of Coin shuffling (CS) feature which allows transactions with Apollo coins and in various Apollo wallets to be made anonymous almost immediately.
Coin shuffling works by allowing digital coins to be mixed and randomized with other tokens to obfuscate the original source of funds. Due to this transactions are protected from prying eyes trying to monitor the transactions,
unlike other publicly-viewable blockchain networks, the details of the parties involved in the transactions are protected and well hidden
coin shuffling is said to be one of the main reasons why the Apollo coin is one of the best privacy coins
Anonymity despite the dangers expressed by detractors is a very important part of the cryptocurrency experience, Freedom from government and regulation is one of the most important reasons for it. privacy is a very important component of liberty, they can not be separated
And to a large extent, it can be conveniently said that Apollo and lightpaycoin are able to achieve that through obsfucation.
- Source: First Appeared Here
- Published Time: 2019-05-24 20:40:41
The views and opinions expressed in the article How LightPayCoin and Apollo Intend on Achieving Obfuscation In and Outside the Masternode World do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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