Bitcoin | How Jumblr Can Save Your Privacy

In today’s Orwellian society, privacy has become a rare asset that does not come cheap or easy. From file and message encryption to VPN services, achieving privacy has become either a technical challenge or an expensive venture. And yet, the fact that so many are willing to pay or work in order to protect their right to privacy reveals just how valuable it is.

Financial privacy follows this same trend. From physical to digital, transactions are now easy to track as few centralized payment systems are able to guarantee any kind of privacy. As demonetization continues to sweep the globe, fewer people will be able to access the most private payment system ever invented, paper cash, which leaves one option, cryptocurrencies.

Although there are many coins that focus on privacy, Bitcoin is still the main cryptocurrency out there and certainly the easiest to spend. Although its pseudonymous nature grants an additional layer of privacy, it may not be enough as transactions are out in the open.

Throughout the years, techniques have been created to enhance Bitcoin privacy, culminating in what we now know as Bitcoin mixers, where multiple users come together to obfuscate blockchain analysis by “mixing” their coins together. These, however, have multiple problems like their centralized structure and, at times, lack of privacy.

That is why Jumblr, an advanced mixer created by the SuperNet team, marks a significant milestone in the history of Bitcoin. The first of its kind, Jumblr is a single party tumbler that is completely decentralized, removing counterparty risk from the equation completely. So how does it work?

Jumblr uses the zero-knowledge proof technology found in the KMD cryptocurrency to sever any connection between the sent and received Bitcoin. It goes like this: Bitcoin is sent to the Jumblr where it is automatically exchanged for KMD through an atomic swap. Once the value is in the KMD blockchain, it is sent to another address using the private transaction feature. The KMD is then exchanged back for Bitcoin and sent to the recipient address, ensuring that no ties between the sender and receiver are left on the BTC blockchain. The Jumblr mixer also allows users to send additional private messages.

That’s not all, any Bitcoin-compatible coin can also take advantage of this as long as there are LP (Liquidity Provider) nodes to do the DEX trade for the user. Coin devs only require their cryptocurrency to support the CLTV opcode and the coin community can run their LP nodes to provide liquidity for the exchange (from X to KMD and back to X). The process is even made simpler through the use of novelty smartaddresses, Jl777 explains:

“Smartaddresses are special addresses that iguana monitors on your computer. Then when it sees funds arrive there, it performs its designated action. Currently there are only two actions, “deposit” for jumblr and also a destination address where the jumblr funds end up.”

The Jumblr is also a community-driven project with the funds gathered from fees being allocated to a special fund that will then be divided by members of the community who hold the JUMBLR coin (which will be distributed to KMD holders based on a snapshot in early June), an asset issued on one of Komodo’s asset chains, one of the many technologies that SuperNet is building.

If you want to learn more about Jumblr, Komodo and SuperNet, visit:

https://supernet.org

http://komodoplatform.com