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Bitcoin Developers Build Prototype for 'Dandelion' Privacy Tool

Bitcoin developers build prototype for 'dandelion' privacy tool

Bitcoin Developers Build Prototype for 'Dandelion' Privacy Tool

Bitcoin developers build prototype for 'dandelion' privacy tool

Developers hoping to bring a higher level of transaction anonymity to the bitcoin blockchain have built a prototype for their “Dandelion” privacy project.

The test, according to an email sent to the bitcoin development mailing list on Thursday, comes after the team behind the project added more theoretical analysis in a bid to address concerns that the initial Dandelion proposal may be exposed to a deanonymization attack.

A variety of projects have focused on this question within the bitcoin network, all of which seek to improve privacy for users of the public – and pseudonymous – blockchain. As previously reported by CoinDesk, the Dandelion bitcoin Improvement Proposal (BIP) was first published in June of last year, backed by Zcash advisor and University of Illinois assistant professor Andrew Miller, and several other faculty members and students from the school.

The proposal initially aimed to introduce a two-phase route for bitcoin transactions: “stem,” which is the transaction itself, and “fluff,” which is an obfuscation phase that would eventually obscure the original IP address of a bitcoin sender.

However, following the proposal’s publication, bitcoin Core developer Greg Maxwell pointed out that the tech may run into deanonymization over time, which means attackers will still be able to identify the origin by cross-checking transaction patterns.

Yet in the latest update, the team behind the Dandelion project have suggested a “per-inbound-edge,” which essentially aims to ensure Dandelion transactions sent from one node will be routed in different paths in the network in order to block the identification of traceable data.

Subsequently, the team has built a prototype and moved to test the project on its own small network, finding that so far Dandelion is compatible with existing versions of bitcoin, the team said.

“Dandelion does not conflict with existing versions of bitcoin. A bitcoin node that supports Dandelion appears no differently to bitcoin nodes running older software versions. bitcoin nodes that support Dandelion can identify feature support through a probe message,” the team wrote in an implementation document.

Dandelion image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Published at Thu, 10 May 2018 17:30:56 +0000

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Cardano Lists ADA Futures on BitMEX

Cardano Lists ADA Futures on BitMEX

Starting on Monday, January 8, 2018, at 8:00 a.m. GMT, the ADA token from Cardano began to be listed on the futures exchange at BitMEX.

This makes BitMEX the fifth exchange to list the ADA token since Bittrex did so in October 2017, followed by Upbit, Binance and Coinnest.

Cardano, a project of IOHK, was designed by leading experts in academics and cryptography over the last couple years and draws from various features of existing cryptocurrencies such as bitcoin, Ripple and Ethereum, but uses a proof-of-stake/security model as opposed to proof of work.

Charles Hoskinson, CEO of IOHK, said: “As markets evolve, there is an increasing need for liquidity and more sophisticated trading strategies. I’m glad to see BitMEX list ADA and hope this continues to aid our march towards becoming the financial stack for the developing world.”

Cardano is a full blockchain, built from scratch in the functional programming language Haskell. At the heart of Cardano lies Ouroboros, a proof-of-stake consensus algorithm. Ouroboros comes with a mathematical proof of security that has undergone a rigorous peer review, resulting in its acceptance and presentation at the major cryptography conference Crypto 2017.

News broke last week that GRNET, the national research and education network of Greece, is working on a pilot project to verify student diplomas on Cardano, signifying a first official use case for the Cardano blockchain.

The chairman of the Cardano Foundation, Michael Parsons, said: “This new listing is indicative of Cardano becoming a truly global blockchain platform. We are excited to see Cardano list with BitMEX. Adoption of ADA by new trading platforms is reflective of the bright future that Cardano has as a leading blockchain platform.”

The BitMEX listing of ADA is a form of fixed-date contract that allows traders to speculate on the changing value of the ADA/XBT exchange rate with a leverage of up to 20 times. It is not required for traders to have ADA to trade the contract; it only requires bitcoin as a margin. Full details are available on the BitMEX site here.

The post Cardano Lists ADA Futures on BitMEX appeared first on Bitcoin Magazine.

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