Bringing privacy back to cryptocurrency
Invented to be the most private coin on the market, BitcoiNote sets a new standard in cryptocurrency. It is cryptocurrency in the way it was truly intended.
Cryptocurrency was invented as an alternative to the traditional banking system. It was designed to give users their freedom and independence back. It was designed as the answer against institutional control and manipulation by governments or commercial institutions. It embraced the idea of individuality and complete freedom without interference from a service provider or bank.
The recent financial crisis proved the need for such a system and technological solution. It showed the world that we can not rely on corporate institutions because their interests don’t align with those of their customers. Cryptocurrency has proven to be the answer to this problem, as control is spread over a large group of anonymous individuals in such a way that — at least theoretically — it’s hard to speak of control as such.
However, many coins on the market no longer fit this vision. Transactions are often easily traceable and users are therefore not anonymous, defying a primary value of cryptocurrency. Exchanges trading in FIAT require full verification, which means that we can no longer speak of true privacy and anonymity.
BitcoiNote was invented to solve this problem and answer to market demand, as many cryptocurrency users were questioning the privacy level of most coins on the market. BitcoiNote uses ring signatures to confirm any transaction. Ring signatures ensure complete anonymity and respect the privacy of users. This can be achieved because any transaction is signed by the person making the transaction and by transaction outputs that are taken from the blockchain. This means that the real sender can not be identified.
On the side of the receiver BitcoiNote also guarantees the highest level of privacy. Any transaction on the network is being sent to a unique, one-time, address. It means that neither the sender nor the receiver can be traced and they can enjoy full privacy.
Users can even adjust the anonymity level when making any transfer. that way we give users full control of their privacy level. The higher the anonymity level, the more users will sign a transaction, making it harder to identify the true sender. These other senders are also called mixins. More private transactions do take longer to confirm, but that choice is completely up to the users.
