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Before the launch of cryptocurrencies, we had digital currencies in the market and even though conceptually both of them are same, the only big difference between digital and cryptocurrencies is that the later mentioned implements a great deal of encryption measures to ensure transparency as well as user anonymity. This is the very method used by the system to regulate the consistent production of currency while verifying the transfer as well.
Many times, we get to hear that cryptocurrencies are not utterly anonymous due to the presence of blockchain, which maintains ledgers publicly over the network. Well, even though it does happen on our network as well, the general perception is gravely mistaken. Your cryptocurrency wallet has a unique string of characters referred to as the address. Only such a ‘vague’ level of personal information is displayed publicly. There is not any reference to your name or home address anywhere in a given block.
Anonymity in our Wallet
We have a centralized dashboard, where you are not only allowed to keep your funds, but it shows a detailed history of your transactions. Of course, names are not associated with any transaction in order to promote the concept of anonymity, which happens to be the benchmark of crypto World.
Well, if you want to understand this crucial concept, then you must be aware of the traditional bank vaults. The concept is exactly the same with an exception that the environment has changed entirely from physical to digital. Amazing, right?
It works at the core of our structure and allows you to secure your coins so you may spend them at a later instance, just like in a wallet.
Escrow to Prevent Fraud
Fraud prevention is one of the key aspects that must be dealt comprehensively and strictly when it comes to the online World. We have implemented a multi-layer escrow mechanism to facilitate fair transactions between two parties.
Now you never have to undergo a fraud. Our escrow system will keep your money (as a neutral body) until the service provider has completed the order for you. As soon as you both agree to release the payment, escrow funds will be transferred.
Well, you may not be familiar with this futuristic yet traditional technique. See, just assume that you have 10 coins in your hand. They look similar and ten different people placed each coin in your hand. Now if you want to hide the identity of the person who handed over a specific coin, what would you do?
Of course, you will shuffle the coins such that they get mixed and no one is able to distinguish one from another. This is exactly what we aim to achieve in our system in the near future. All of the coins will be shuffled, therefore, even in the case of an unforeseen incident, the hacker won’t be able to predict which coin belongs to whom.