BitFury Fights Anonymity on the Bitcoin Blockchain in the Name of Security
- BitFury reveals breakthrough analysis on tackling Bitcoin mixing, which it says is used by ransomware developers and hackers.
Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that mining giant and transaction processing company BitFury Group has issued a white paper about tackling anonymity on the Bitcoin Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe . It focuses on the popular transaction tangling techniques of 'shared send' and presents an approach to detect usage of 'mixing' schemes.
Acknowledging that these anonymization techniques could be utilized innocuously, nevertheless BitFury explains: "They are frequently used by bad actors, such as ransomware developers and hackers targeting Blockchain services, in an attempt to obfuscate their activity."
Calling the white paper a breakthrough analysis, BitFury's researchers say it demonstrates that a substantial part of shared send transactions could be untangled. They propose a number of practical modifications to this challenge and present the results of computational experiments on shared send untangling. The white paper also establishes a theoretical approach to shared send transaction analysis and describes several modifications to the untangling problem - it is a well-known partition problem.
The researchers write: "Our computational experiments show that detection and analysis of shared send mixers is possible in real time for the majority of Bitcoin transactions. We experimentally determine that about 2.5% of all Bitcoin transactions possess the traits of shared send transactions, and that about half of these transactions could be untangled with moderate computational resources."
The firm's co-founder and CEO Valery Vavilov commented: “The Bitfury Group is proud to be on the forefront of the Blockchain industry. We are on the cutting-edge of Blockchain innovation and we regularly put out white papers that address some of the most important topics of our time. The Bitfury Group is deeply committed to securing the Blockchain and expanding opportunities through the Bitcoin Blockchain for individuals, businesses, governments, organizations, NGOs and other institutions.”
Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that mining giant and transaction processing company BitFury Group has issued a white paper about tackling anonymity on the Bitcoin Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe . It focuses on the popular transaction tangling techniques of 'shared send' and presents an approach to detect usage of 'mixing' schemes.
Acknowledging that these anonymization techniques could be utilized innocuously, nevertheless BitFury explains: "They are frequently used by bad actors, such as ransomware developers and hackers targeting Blockchain services, in an attempt to obfuscate their activity."
Calling the white paper a breakthrough analysis, BitFury's researchers say it demonstrates that a substantial part of shared send transactions could be untangled. They propose a number of practical modifications to this challenge and present the results of computational experiments on shared send untangling. The white paper also establishes a theoretical approach to shared send transaction analysis and describes several modifications to the untangling problem - it is a well-known partition problem.
The researchers write: "Our computational experiments show that detection and analysis of shared send mixers is possible in real time for the majority of Bitcoin transactions. We experimentally determine that about 2.5% of all Bitcoin transactions possess the traits of shared send transactions, and that about half of these transactions could be untangled with moderate computational resources."
The firm's co-founder and CEO Valery Vavilov commented: “The Bitfury Group is proud to be on the forefront of the Blockchain industry. We are on the cutting-edge of Blockchain innovation and we regularly put out white papers that address some of the most important topics of our time. The Bitfury Group is deeply committed to securing the Blockchain and expanding opportunities through the Bitcoin Blockchain for individuals, businesses, governments, organizations, NGOs and other institutions.”