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How does it sound to have access to an uncensored and decentralized messaging tool?
You guessed it right. A messaging tool using bitcoin blockchain is not a concept anymore. Whastsat, the text messaging app, is a third layer application of bitcoin blockchain. It uses the existing lightning network protocol to transmit messages between recipients. Actually, instead of the transaction data, it sends message data. The App works on a peer-to-peer basis and ensures the messages remain uncensored, unlike Telegram and WhatsApp.
Bitcoin turns out to be more functional for the enterprises only when it allows the usage of smart contracts. In the current smart contract set up, a lot of contract arrangement detail is not private.
For example, the business that wishes to keep the details confidential cannot do so. That is because when the entity tries to do any transaction all the details like conditional logic, bitcoin owner’s public key, public keys of beneficiaries and time-out all need to add up to successfully. This jeopardizes the privacy details. Not only that, but it also makes the smart contract size large and bulk.
To circumvent this challenge, layer MAST is being developed on top of the bitcoin blockchain. This ensures higher privacy of smart contract arrangement details and quicker execution.
When you ask Google “How to secure my bitcoins?”, it comes up with all kinds of suggestions. It tells you to keep them in the most secure wallets on an air-gapped dedicated laptop. So, effectively it asks you to make the assets less available.
Well, what if the bitcoin protocol suite allowed you to create your own vault? A vault that comes with an owner and a recovery key. In case the hacker somehow gets into your vault, s/he does not even get a dime. That’s because the recovery key can automatically burn the funds in case of such an event. So, the point is that why would a hacker try to steal the funds if s/he knows he can never lay hands upon?
From a technical perspective, Bitcoin Covenants are being explored. These are scripts that effectively create a highly secure Bitcoin vault for the asset owner.
Sufficient privacy and anonymity are critical parameters of bitcoin. In the past, some blockchain analysis companies helped lawmakers with deanonymization. A lot of work is going on to stop this kind of intrusion.
The protocols like Dandelion hide the IP address of the node that broadcasted the transaction. This ensures anonymity protection.
Bitcoin is not a static technology
This is just a gist of what is happening to ignite the mass adoption of the bitcoin blockchain. While maintaining the fundamental rules of bitcoin, the developers are pouring in hours to unfold further innovation.
