(This article is part of a series whose other parts can be found here and here.)

In this sequel to our previous post, we discuss mixing, the earliest approach to privacy in cryptocurrencies. Mixing obscures the linkage between the inputs and outputs of individual transactions by combining (or mixing) them with inputs and outputs of other transactions. For this to work, different inputs and outputs must be interchangeable, or fungible, meaning that transactions must represent transfers of a coin or token, each unit of which is considered the same. …


(This article is part of a series whose later parts can be found here and here.)

Cryptocurrencies are often portrayed as anonymous in the media, yet other articles suggest that they can be traced more easily than ordinary fiat currencies like the dollar. To reconcile these two narratives, it is important to understand: What does it mean for a cryptocurrency to be private? The question is harder to answer than it appears, because privacy can mean many different things in blockchains. To be a more informed developer, investor, or participant in cryptocurrencies, it is important to understand what privacy actually…

Yi Sun

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