Note: This a paid post, and should not be treated as news/advice.
Cryptocurrencies, and indeed the whole idea of the blockchain came riding on the advantage of the anonymity of transactions, defiance to authority, lack of centralization and overseer authority among other advantages.
Over time, however, and with increased government scrutiny and unwanted invasion by phishers, users now realize, rather sadly, that the cryptocurrency world is not as anonymous as most of them were led to believe.
The lack of anonymity notwithstanding, a tech startup called SmartMixer is changing all this and giving back cryptocurrency enthusiasts their security and privacy. The start-up is announcing its cryptocurrency mixing platform that obscures your cryptocurrency transactions, making it hard for anyone to trace your dealings.
Overview of the SmartMixer Platform
Ever since its invention, cryptocurrency has proven to be the easiest and most convenient means of transferring value. It rode to popularity on the back of the assumptions that it is anonymous. Users are realizing, rather sadly, that crypto is not wholly anonymous and only pseudonymous.
The said lack of anonymity means that many cryptocurrency transactions can expose people on either end of the transaction and make them targets of fraud and online phishing.
The brains behind the SmartMixer want to bring back security by allowing users to pay from anonymous cryptocurrency addresses, the kind that cannot be associated with the platform user.
In essence, the platform is a cryptocurrency mixing service, also called a tumbler. It allows cryptocurrency users to undertake their transactions while in complete anonymity. Users pour their coins into reservoirs where they get mixed with other coins. The resulting amount into the address a customer provides are clean untraceable crypto.
SmartMixer ensures that online prowlers cannot connect your old and new wallets to any of your transactions, or to you, for that matter.
The Current Cryptocurrency Transaction Problems that the SmartMixer Seeks to Solve
Sending Money – Users that send money to acquaintances or make payments to online vendors using crypto are all exposed if they make these transactions without exercising precaution. The recipient has information that can connect him or her to the sender’s wallet. Once in, he or she can check the balance, monitor transactions and even check the wallet balance.
Online Goods and Service Purchases – online vendors often prompt their customers to provide an address [if they are to do a doorstep deliveries]. Using such information, a vendor can easily link a customer to his or her transaction and to other essential yet private information.
Holding cryptocurrencies in otherwise restrictive territories – a country like China restricts its nationals from holding or trading in cryptocurrencies. This fact is exceedingly limiting considering the evident potential of Bitcoin and other altcoins. Any Chinese national can now create a new wallet, and use the SmartMixer to send coins to the said account, well away from government snooping and interference.
Features of the SmartMixer Platform
According to the legend on the SmartMixer platform, and in light of the increase transactions that use cryptocurrencies, the catch the platform offers lies within the capabilities of its features, which are:
- No Logs – To enhance anonymity and privacy, the SmartMixer platform keeps the logs of the transaction it undertakes for only as long as is necessary. According to the legend on the service’s site, the longest the logs will remain active is 24 hours and only if the transaction the logs are supporting has not been completed. Otherwise, they will be deleted soon after the transaction goes through. Alternatively, users have the option of deleting the logs just as well.
- Wholly Anonymous – The team behind SmartMixer reiterate that they have created a platform that allows crypto users to remain wholly anonymous while transacting online. Users that mix cryptocurrency on the platform does not even need to input their information. Instead, only the recipient altcoin address is necessary.
- Wholly Customizable – The SmartMixer platform, according to their website, is fully customizable. Meaning, users can set various parameters as they so choose. You, for instance, can choose the amount of cryptocurrency to mix, the commission to pay for the mixing, and the delay period you prefer.
- Easy to Use with Tor Access for Heightened Security – The SmartMixer states on its website that it has developed an interface that is easy to use. This feature stems from the platform’s pursuit for simplicity in an industry already plagued by too much code. Moreover, the platform has Tor connectivity, which is ideal for users that want even more privacy such as cannot be afforded by the conventional browsers.
- A service that improves privacy and security in the crypto industry is long overdue. The prospects that the SmartMixer promises, as such, are exciting. Especially because it reinstates anonymity, which is one of the cornerstones of the developments in crypto.