Samourai Wallet Reusable Payment Code Aims for Bitcoin User at Safety and Privacy
Samourai Wallet Reusable Payment Code Aims At Safety And Privacy For Bitcoin Users
Samourai, a new cryptocurrency wallet that uses a 2 wallet Samourai Stowaway is offering private transactions and increasing safety for Bitcoin user funds by masking their identity. Bitcoin transactions are pseudo anonymous. While they allow users to transfer funds without having to provide any personally identifying information, records of all transactions are stored permanently on the blockchain and can be tracked and accessed by anyone. This leaves a blockchain fingerprint that can leak user’s private information. The new wallet tackles this challenge by using trusted cooperation established between 2 wallets. With this wallet, information regarding the true amount spent in a transaction is stowed away and is not visible in any of the outputs.
Current Bitcoin transactions require the parties involved to exchange Bitcoin addresses, a requirement that impedes the cryptocurrency from becoming a mainstream currency. However, experts have found that using a Reusable Payment Code can help solve this problem by limiting the sharing of addresses. The payment codes created can be shared publicly and will be associated with a real identity without the same risk of security or privacy lose characteristic in the reuse of traditional P2PKH address. This mechanism will also simplify the payment process much further making the customer experience more desirable. Wallets will be required to create a trusted relationship to create an invisible channel through which they can privately engage in transactions.
The Samourai wallet is the first to implement full BIP 47 to provide enhanced privacy to public payment addresses. The wallet is constantly tweaking its sending algorithm in order to provide users with the most private transactions possible on the blockchain. To date, thousands of valid transactions are flagged, funds frozen and users suspended based on blacklists published publicly by Blockchain spies. Blockchain spies use the history of the coins and coins can be frozen based on past activity even if the coins were not in the owner’s control at the time of the said activity. Samourai is tackling this problem by using Ricochet Send, a feature that adds 4 additional hops to a transaction, on top of the 5 hops blockchain spies use. This makes it less cost effective for them effectively protecting user coins from being flagged.
Other additional features on the Samourai wallet include the Stealth Mode and Remote Commands which allow users to remotely retrieve their wallet seeds for backup or restore. The feature allows a Bitcoin user to send a short message “SW seed” plus their pin to their phones and receive the HEX seed for their wallets via SMS. Users can similarly wipe their wallets from a device by sending an “SW wipe” message accompanied by their pin. The wallet uses Sim Switch defense mechanism to allow users to remotely control their wallets even if their device is stolen. This notifies a user once the sim card has been changed on their stolen device enabling them to send the remote wipe command to the new number. Stealth mode hides the wallet on the user’s phone and it can be accessed instead by dialing a special code. These and much more add a new dimension to user safety and privacy, a major area of focus in the cryptocurrency space.