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Satoshi’s Privacy Legacy Reverberates Through Dogecoin; What happened
Tomiwabold Olajide
Pseudonymous BTC creator Satoshi Nakamoto envisioned privacy in the Bitcoin whitepaper
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In response to a recent remark that raised privacy concerns, I spoke out Dogecoin community Member Mishaboar echoed the principles established by Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
As outlined in the original whitepaper published in 2008, Satoshi envisioned privacy, which ties into the idea of decentralization.
Although the Bitcoin blockchain is transparent, Satoshi recognized the need for privacy, suggesting that users could maintain anonymity by keeping their public keys secret.
Satoshi wrote that the traditional banking model achieves a level of privacy by limiting access to information to involved parties and trusted third parties.
The opposite happens in Bitcoin network, where all transactions are announced publicly; however, Satoshi argues that privacy can still be maintained by interrupting the flow of information elsewhere: by keeping public keys anonymous. The public can see that someone is sending an amount to someone else, but there is no information linking the transaction to anyone.
Satoshi proposes that, as an additional firewall, a new key pair be used for each transaction to prevent them from being linked to a common owner.
What happened
In a recent tweet, Dogecoin community member Mishaboar draws the community’s attention to something obvious but often overlooked: personal custody equals privacy. He said that most blockchains, including Bitcoin and Dogecoin, are completely transparent, with a public ledger open to all, allowing anyone to see and track transactions.
Mishaboar explained that in the original Bitcoin white paper, Satoshi Nakamoto suggested ways to protect privacy, including avoiding address reuse. However, this requires wallet apps developed with this in mind.
The vowel Dogemoneta one community member cited an example: Privacy-oriented wallets discourage users from reusing addresses and incorporate easy-to-use coin control features. However, this does not appear to be the case, as many wallet apps still push users towards using a single address.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analyzes and trading predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.