Stay Stealthy
Most cryptocurrencies today have transparent blockchains, so that transactions taking place within them are openly verifiable and traceable. However, users want to have the opportunity to transact in a secure and anonymous manner. Moreover, in a business environment a non-disclosure of a commercially sensitive information is a crucial thing, that helps you to avoid showing vulnerabilities to your competitors.
So there is a need for private financial transactions and that’s why we have implemented the Stealth Transactions feature into the Gravity Business Framework.
There is a certain bias in the digital world that stealth transactions are mostly used for illicit activities, but we believe that the ability to transact in stealth mode will facilitate further business adoption of the technology. This makes it a must have feature for a public blockchain in order for it to be adopted by SMEs.
First of all, let’s take a look at the two most popular anonymous cryptocurrencies which provide for stealth transactions.
Monero
As a basis of its stealth transactions Monero uses ring signatures, ring confidential transactions (RingCT), and stealth addresses to provide total transaction privacy, hiding the sender, receiver and the amount transferred. Monero also uses Kovri to hide transactors’ location and IP address.
Zcash
Zcash uses Zero-Knowledge Succinct Non-interactive Argument of Knowledge (ZK-SNARK) to provide privacy for its transactors. It also has a transparent transaction functionality, meaning privacy is not implemented by default (like Monero) but can be used when needed by users. Protocols such as Komodo and ZenCash also use ZK-SNARK as a basis for their stealth transactions.
Within the Gravity Business Framework, Stealth Transactions are conducted in the same way as that of Bitshares’ confidential transactions, utilizing Oleg Andreev’s blind signatures.
Let’s look at an example of how Stealth Transactions are implemented in Gravity and how they can be used by SMEs:
Bob and Mary want to transact with each other, but they don’t want to reveal transaction details, which would reveal commercially sensitive information. In this case, they opt to use Gravity Stealth Transactions.
- Bob holds Public Account #1 and with it creates Stealth Account #1. Mary holds Public Account #2 and with it creates Stealth Account #2.
- Bob transfers an amount of tokens from his public account to his private account.
- Then, using Mary’s stealth public key, Bob transfers a certain amount of tokens from his stealth account to Mary’s stealth account.
- Then Bob just need to copy the checksum and send it to Mary, so she can receive the funds transfer.
- In the history of transactions, this transaction will be recorded as “unknown amount of ZGV transferred from unknown sender to unknown receiver”
This is how the interface looks in practice. Simple and awesome, isn’t it?
Enjoy Gravity!
See the previous articles
Gravity Protocol Intro
A Deeper Look Into Dan Larimer's radio
Adaptive Emission: Making Blockchain Economy Real
Gravity IPFS: Off-chain Data Storage
Gravity: Ecosystem Participants
Gravity: Stablecoin Solutions
Electronic Document Circulation: Gravity Extended Contract
To Kill a Middleman: Why Blockchain is Vitally Important for Small Businesses
Gravity Solutions: On the Way to the Marketplace 3.0
📢 Gravity Launches Public Testnet
Come to our testnet and break our toys!
Gravity Testnet Instructions Set #1
Gravity Testnet Instructions Set #2
Network Reports
Gravity Testnet Report 25.05.2018–08.06.2018
Gravity Testnet Report 10.06.2018–24.06.2018
Gravity Testnet Report 25.06.2018 - 11.07.2018
More articles
How the Gravity Protocol Team Implements a Security Development Lifecycle
Testnet Environment For Attack Modelling: The Methodology
Gravity Mobile Wallet
Follow Us
Website: http://gravity.io
Twitter: https://twitter.com/protocolgravity
Telegram channel: https://t.me/gravityprotocol
Telegram dev chat: https://t.me/gravity_protocol
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Blog: https://medium.com/@gravityprotocol
Linkedin: https://www.linkedin.com/company/gravityprotocol
It's not true and full Stealth, advertising as such could end up as a dangerous mistake for some. It's blinded, not Stealth AFAIK
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Private transactions have numerous uses. I don't want hackers to know my wallet is full, it makes me a target. I wouldn't want a list of my bank or credit card transactions to be public either
Nice. Would like this kind of framwork implemented in bitcoin as well.
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