The Mycelium wallet is the most popular solution for Android users all over the world. Keeping one’s funds safe from potential harm while still being able to spend it conveniently is what makes Mycelium a great solution. But the company is looking to add some more privacy, and they are working on CoinShuffle implementation on the testnet.
CoinShuffle Is An Interesting Option For Privacy
What CoinShuffle does is effectively “mix” Bitcoin transactions. In doing so, the technology will remove any trace as to where funds are coming from or where they are going to. However, CoinShuffle is a more advanced version of traditional Bitcoin mixing, thanks to its complete decentralisation. As a result, there is no trust factor involved.
But there is more, as CoinShuffle relies on CoinJoin to prevent any Bitcoins from being stolen during the mixing process. It is also compatible with any service or company in the Bitcoin world, as CoinShuffle runs on top of the cryptocurrency protocol. More importantly, there are no additional fees required to shuffle coins, which is very different from other mixing services.
Furthermore, CoinShuffle requires far less computational power to complete its service. By using simple cryptographic primitives – including digital signatures and standard public-key encryption – the solution is rather lightweight. This has attracted the attention of Bitcoin wallet providers who are looking to add some more privacy and anonymity into their offering.
Mycelium, the leading Bitcoin wallet provider on Android, has been experimenting with CoinShuffle functionality for quite some time now. After testing multiple implementations on the Bitcoin testnet, the team announced their success late last night.
Our CoinShuffle implementation is finally working! https://t.co/b56FkGMkXc
— Mycelium.com (@MyceliumCom) August 15, 2016
It is positive to see Mycelium developers focus on providing more privacy and anonymity to Bitcoin users. Both of these traits have been lacking in cryptocurrency for quite some time now. Although CoinShuffle might not be the perfect solution to provide these services, this is a major step in the right direction.
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.