Digital cryptocurrencies such as Bitcoin, Dash, Monero and ZCash have all achieved incredible innovations in online financial privacy - Spectre is hoping to comprise the next major advancement in cryptographic transactional privacy.

Spectre is a new cryptocurrency project that seeks to offer users unparalleled security and privacy

Bitcoin, the world’s first and most famed digital cryptocurrency, offers its users financial pseudonymity - with near-anonymity being attained the assistance of third party services by more savvy users.

All transactions between Bitcoin users are publicly available via the blockchain, with each wallet being associated with a wallet address comprised of random alphanumerical characters. This address functions as a digital pseudonym, however does not afford users full online anonymity. If a wallet is verified as being connected to a specific individual, then key information such as time, date and value pertaining to all transactions made using that wallet will be publicly available to anybody with knowledge of their wallet address.

Full anonymity for cryptocurrency transactions

Full anonymity for cryptocurrency transactions was developed in the form of ‘Zero-Knowledge Proof’ Protocol, which was first launched in the form of the ZCash project. The Protocol allows a blockchain to verify a cryptocurrency transaction without making the wallet addresses and value of the transaction publicly available on the blockchain’s ledger. Said information is only accessible to the individual holding the private keys for one of the wallet addresses involved in the transaction, making Zero-Knowledge Proof Protocol a critical innovation within the sphere of online privacy.

Spectre plans on implementing Zero-Knowledge Proof Protocol

Spectre plans on implementing Zero-Knowledge Proof Protocol alongside ‘Ring Signatures’ and is hosted within The Onion Router. Spectre will be also employing Ring Signature technology, which is central to the anonymization protocol of the popular altcoin, Monero. Ring Signatures cluster many different wallets and transactions together within a ‘ring’, making it impossible to identify the origin or destination of a transaction beyond that of the ‘ring’.

Spectre will also be hosted entirely within The Onion Router (Tor), making it the first cryptocurrency to utilize a native Tor implementation to hide users’ IP addresses.

Don't miss our page on Facebook!
Click to read more