Privacy on the blockchain
LONDON (PRWEB UK) 24 September 2017
The Spectreproject (https://spectreproject.io/) aims to deliver an unrivalled anonymous cryptocurrency and a unique mobile platform for crypto / fiat remittance in a totally decentralised system. The highly innovative project also aims to deliver this to countries that have traditionally banned or blocked cryptocurrencies and privacy technology.
Cryptocurrencies came to prominence with Bitcoin, https://bitcoin.org/en/bitcoin-paper, (launched in 2009) and have in the last few years emerged from relative obscurity to become a global phenomenon attracting billions in capital investments. A cryptocurrency, like Bitcoin, is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of any central authority or bank. In the wake of the popularity of Bitcoin a range of copycat cryptocurrencies have emerged but few have any worthwhile innovation or real use cases and remain in obscurity.
Although Bitcoin can be considered 'pseudo-anonymous' in the sense that no user information is stored or required and there is no clearing house, the underlying blockchain is a public ledger containing details of all the transaction ever made on the network. This has led to a niche market for advanced Bitcoin forensics and surveillance. In addition, Bitcoin has become virtually centralized as huge data centers are required to confirm transactions on the network. This presents serious issues around privacy and data protection and leave users potentially exposed to various future threats.
To counter what they see as the letdown of Bitcoin to live up to its promise as a libertarian decentralized payment network, a small group of innovators and programmers are developing the future of anonymous and decentralized cryptocurrency as part of The Spectreproject. They are developing a new, innovative, anonymous and clever cryptocurrency named ‘Spectrecoin’ utilizing advanced cryptography. Spectrecoin excels where Bitcoin fails and offers true decentralization and truly untraceable and anonymous transactions on the blockchain. In addition, and as the first within the blockchain space, the Spectrecoin network is running under Tor only (The Tor project is a non-profit organisation that conducts research and development into online privacy and anonymity. https://www.torproject.org/) and has incorporated further protocols that will allow the software to be used in countries that do not allow the use of Tor, such as China, Iran, Bahrain and Saudi Arabia.
Spectrecoin utilizes a combination of so called zero-knowledge-proofs, cryptographic ring-signatures and stealth addresses to make transactions untraceable and to make the participants on the network anonymous. This makes it impossible to trace these transaction on the blockchain and to correlate addresses and identify the participants. Spectrecoin therefore offers privacy on the blockchain.