In addition to exposing bad actors in the space and combating malicious attempts to usurp control of Bitcoin's decentralized network, it's important to also look at positive developments working towards Bitcoin's growth. ZeroLink is a solution aimed at creating fungibility in the network, cementing Bitcoin's key value proposition as a censorship resistant store of value.
For over two years now, nopara73 has made it his mission to make Bitcoin both more private and fungible. The culmination of all these efforts has led to ZeroLink’s integration into HiddenWallet. If successful, this will be an end-to-end privacy solution, enabling “fully anonymous usage of the Bitcoin network for the first time”. Furthermore, unlike previous attempts towards this goal, ZeroLink will operate as a trustless mixer. In nopara73's words:
[ZeroLink] is a massive scale CoinJoin implementation, where the coordinator of the mix is trustless, a round runs within seconds, it cannot steal from the user, nor breach its privacy.
In line with industry best practice, ZeroLink is currently undergoing prototyping on a test network before moving to the main network.
Bitcoin wants YOU!
This is where you, the reader, comes in. The prototype version is integrated into HiddenWallet, which you need to download, load some testnet coins up and start mixing! The whole process takes approximately fifteen minutes, largely pending how fast your internet can synchronize with headers. This short process will contribute majorly in taking Bitcoin further out of centralizing reach.
To save a Google search, testnet bitcoins (tbtc) can be sent to your HiddenWallet address from this faucet with ease. At the time of writing, there are 59 concurrent registered users undergoing the mixing process. The full test will launch once this hits 100 concurrent users, or if the user count remains above 21 by December 20th, 10 PM GMT.
Here is a more detailed list of step-by-step instructions issued by nopara73. Take fifteen minutes out of your day - help the Bitcoin network and get mixing. Nopara73’s own call-to-action is worth reading to give you a more full background as well.
If you're unclear on the significance of fungibility and privacy for the Bitcoin network, read this section below. Otherwise, you can just skip to the bottom.
What is fungibility?
Fungibility is a word that gets thrown around a lot, and some new entrants to the space might not know what it means, or its significance for bitcoin.
Bitcoin Core developer David Vorick put it perfectly in the following words:
Fungibility, put simply, is the idea that every item in a set is worth exactly the same amount.
In bitcoin, fungibility means that all bitcoins have the same value, regardless of who owns them or what their history is – and fungibility is extremely important to the success of a decentralized network... In short, the problem can be summed up like this: bitcoins with clean history can be accepted everywhere, while coins with dirty history can only be accepted in places that aren't performing strict background checks.
The two go hand-in-hand; increased privacy leads to increased fungibility. Exchanges like Coinbase will reject bitcoins if, after analyzing the coin's transaction history, they are believed to have a dirty history. As bitcoin-related institutions come under further scrutiny, this is becoming closer and closer to the norm.
As Vorick states, there will come a time where its compulsory for any bitcoin business to consult a blacklisting service in order to determine whether incoming bitcoins are "clean" enough to accept or not. This is called a lack of fungibility. This is also a time where bitcoin could be considered centralized, restricted by the ideologies and rules of the "blacklisting services" as an arbiter for which bitcoins have value and which do not.
Implementations of solutions towards more private transactions such as ZeroLink will be the only way to guarantee fungibility in the Bitcoin ecosystem. This will ensure that there is no way to tell the difference between any two coins, irrespective of what they were used for previously.
If you want to fuel further Bitcoin related developments from nopara73, consider sending some funds to the donation address here:
This can be cross-referenced with the address and QR code specified at the bottom of nopara73's article here. You can buy him some pizza, and help the rest of your bitcoins grow at the same time. Win-win.
Featured image from Pexels
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Editor at Crypto Insider. Likes decentralization, fungibility and BIPs. Dislikes red tape, corporate stuffiness and oxidation