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Privacy-Enhancing BCH Tool Cashfusion Begins Working Behind the Scenes

This week Bitcoin Cash (BCH) proponents have been celebrating the fact that 187,212 BCH ($40 million) has been shuffled since the Cashshuffle platform launched in the last week of March. Moreover, on Saturday, Electron Cash developer Jonald Fyookball announced the highly anticipated Cashfusion protocol has been working behind the scenes using alpha software.

Also read: Developer Creates Interwallet Transfer Plugin to Strengthen Bitcoin Cash Privacy

BCH Privacy Strengthens: Cashfusion Beta Coming Soon

In July, reported on how the protocol extension meant to enhance the Cashshuffle mixing application Cashfusion was getting a “whole lot better” according to Electron Cash (EC) developer Jonald Fyookball and independent software developer Mark Lundeberg. Cashshuffle is a bitcoin cash mixing platform that allows users to obfuscate the relationship between the owner’s old and new BCH addresses. At its inception, Cashshuffle offers a deeper anonymity set, but if a user mixes a bunch of coins and eventually consolidates them into one address, it can still leave behind some traces to the original owner.

“With Cashfusion, the new scheme is not only more secure, but allows basically any number of inputs and outputs of any amounts — This means it can offer high levels of privacy with unlinkable coins,” Fyookball asserted at the time. A few months later on November 23, the EC programmer revealed that the Cashfusion framework has been working behind the scenes using alpha software and the beta software “is coming soon.”

In addition to the announcement about Cashfusion, Fyookball left a transaction that showed the protocol had been used. “Fun fact: with 53 inputs and 38 outputs, there are over 10^82 combinations that would need to be dealt with to check for possible matches,” Fyookball explained on the Reddit forum r/btc. “10^80 is the estimated number of atoms in the observable universe — 10^82 is 100 times larger than that,” one person replied. The same day, software engineer Mark Lundeberg tweeted about another Cashfusion transaction. “This Cashfusion transaction has 78 Schnorr-signed inputs, a situation that’s ripe for doing batched signature validation — Full nodes can decide to adopt batching at their leisure, I’m hoping to see some do it over the next year,” Lundeberg said. The developer added:

It’s worth emphasizing that the speedup from batch validation is modest, only ~2X in this case — That might take the validation time from, say, 4 ms down to 2 ms for this transaction. The bigger gains would be when we see 90%-Schnorr blocks, however, that is only a speedup benefit for new nodes joining the network, since only they will be in a situation where all of a block’s signatures can be batched.

Fusion Fridays

Other cryptocurrency advocates are looking forward to the beta Cashfusion launch. “It’s not enough to just rail against governments and companies spying on us — We need to support the people who are already making tools that help give us back our privacy — Cashfusion will launch soon, and I can’t wait to check it out,” remarked the host, film and TV producer Naomi Brockwell. Another person on Reddit stated: “I love how [Cashfusion] works with just moving small amounts of a few thousand satoshis. 0.0001 BCH, no problem. It’s just a side effect of what you are trying to show, but an important little detail proving why Bitcoin Cash is the fork that is doing it right.” Other BCH proponents noted how Karol Trzeszczkowski’s Interwallet Transfer plugin coupled with Cashfusion will also strengthen Bitcoin Cash privacy.

So far, even before Cashfusion, the Cashshuffle protocol for EC has gained a lot of traction according to Acid Sploit’s stats page. Data shows that 187,212 BCH ($40 million) has been shuffled using the Cashshuffle mixer. Every week BCH participants shuffle together on “Shuffle Saturday” and after the community witnessed the Cashfusion transactions demonstrated by Fyookball and Lundeberg, a few BCH supporters called for a “Fusion Friday.”

What do you think about the Cashfusion progression helping bolster BCH privacy? Let us know what you think about this subject in the comments section below.

Image credits: Shutterstock, Github, Acid Sploit’s Cashshuffle Stats Twitter, and Pixabay.

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Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for about the disruptive protocols emerging today.

Jamie Redman , 2019-11-25 23:00:47 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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