Anonymity of EDC transfers and review of EDC from the commission’s point of view
Pluses and minuses of anonymous transactions
Anonymity is a fundamental feature of cryptocurrencies. Bitcoin was originally created anonymous. Opening a wallet in Bitcoin does not require a verification, anyone can register a wallet and carry out transactions. However, the payments themselves in Bitcoin and most other cryptocurrencies are not anonymous. Blockchain is transparent and payments are easy to track. Another thing is that while wallets are anonymous it is impossible to bind payments to a specific person.
The state authorities of various countries do not tolerate the anonymity of cryptocurrencies. Under the pretext of combating terrorism and money laundering, regulators of various counties force exchanges to verify their users. And if the trader’s account on the exchange is verified, it is easy to track all transactions from this account and bind a specific wallet with a person. Thus, anonymity in cryptocurrencies gradually begins to disappear.
The tightening of legislation in the sphere of cryptocurrencies, almost everywhere carried out by different countries will lead in the near future to the fact that anonymity in cryptocurrencies will become even less.
Many developers try to solve anonymity problems at different levels and in different ways. In particular, there are fully anonymous cryptocurrencies such as Dash and Monero, whose transactions are untraceable. The inability to track the transactions makes the blockchain of the coin more difficult, and the work with the coin less comfortable. Another way to anonymity is to use mixers that mix all transactions and make impossible to track a specific transaction, and therefore the owner of the wallet with whom the transaction is associated. But the use of mixers has all the disadvantages associated with the use of third-party services and does not guarantee that as a result of mixing transactions, the user will not receive someone else’s transaction with a “dirty” history.
Which approach uses EDC Blockchain to anonymous transactions
EDC Blockchain decided to go its own way that, on the one hand, to ensure the anonymity of transfers, and, on the other, not to load the blockchain excessively with anonymous transactions. It will affect to the convenience of working with the wallet, the complexity and speed of transaction processing.
Anonymous transactions are provided as an option. That is, any user determines for himself whether he needs more complicated and complex anonymous transactions.
How transfers are carried out in EDC Blockchain
You need to enter the EDC Blockchain wallet and click on the “Send” button in the left column. As a result, the following window appears:
Initially, it is provided that your transaction will not be anonymous. The commission for a standard transaction is 0.001 EDC. You must enter a name or address, payment amount (in EDC or USD), and password to complete the transaction.
Under the field “ Enter name or address” is a toggle switch that allows to activate anonymous transactions. The proceedings of anonymous transactions is exactly the same as standard. The commission for anonymous transactions is 100 EDC. The higher cost of commissions for anonymous payments allows not to load the blockchain excessively with the complex anonymous transactions, without affecting the overall work of the blockhain. Users make anonymous transactions only if they really need them.
Work with cheques
EDC Blockchain wallet allows to work with cheques. Working with cheques is necessary if you do not know the name and address of a particular payee. Payment using the cheque is made on demand. Cheque is received by a person who activates a specially generated code in his wallet.
To work with cheques in the upper left corner of the “Send” tab, click on the arrow “Cheques”. As a result, you will go to the “Cheque creation” tab. The commission for the new cheque is 0 EDC.
In addition to the amount of the cheque (in EDC or USD), you must specify the code expiration date and password. After that, a unique cheque code will be generated, and the amount of the cheque will be frozen on the sender’s account until the cheque is activated. Thus, the code generated by the sender is transmitted to the recipient. After the code is activated by the recipient, the cheque amount is credited to his account and debited from the sender’s account. If the recipient is unable to activate the code within the validity period specified in the cheque, the blocked amount of the cheque is returned to the sender of the cheque.
Multiple use of the cheque by several persons is provided.
In addition to the amount of the cheque for one person (in EDC or USD), switching to “Reusable cheque code”, you need to specify the number of users. It will be automatically calculated the total amount of the cheque, which will be blocked on the account of the sender. The code expiration date is also specified. If at least one of the recipients does not activate the cheque within the time specified in it, the unactivated amount of cheque will be returned to the sender’s account. If reusable cheque code, the commission is 0 EDC.
Links:
Website: https://blockchain.mn
Wallet: https://wallet.blockchain.mn
Blockchain: https://explorer.blockchain.mn/
Leasing program (large coin holders): https://explorer.blockchain.mn/rich-list
Bounty: https://bitcointalk.org/index.php?topic=5143869
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