Satoshi’s Privacy Legacy Reverberates Through Dogecoin; What Happened

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In response to recent observations that have raised privacy concerns, Mishaboar, a vocal member of the Dogecoin community, echoed the principles set out by Bitcoin pseudonym creator Satoshi Nakamoto.

As outlined in the original white paper published in 2008, Satoshi envisioned privacy coupled with the idea of ​​decentralization.

Although Bitcoin’s blockchain is transparent, Satoshi acknowledged the need for privacy and suggested that users can maintain anonymity by keeping their public keys secret.

Satoshi writes that the traditional banking model achieves a certain level of privacy by restricting access to information to interested parties and trusted third parties.

The opposite happens on the Bitcoin network, where all transactions are made public. But Satoshi argues that privacy can be maintained by cutting off the flow of information elsewhere, by keeping the public key anonymous. The public can see someone transferring an amount to someone else, but there is no information linking the transaction to anyone else.

Satoshi suggests using a new key pair for each transaction as an additional firewall to ensure that transactions are not linked to a common owner.

what happened

recently Tweet, Dogecoin community member Mishaboar draws the community’s attention to something obvious but often overlooked: self-custody equates to privacy. He said most blockchains, including Bitcoin and Dogecoin, are completely transparent, with a public ledger open to everyone, allowing anyone to see and track transactions.

Michaboa explained that in the original Bitcoin white paper, Satoshi Nakamoto suggested ways to protect privacy, such as avoiding address reuse. However, you need a wallet app developed with this in mind.

Vocal members of the Dogecoin community gave the following examples: Privacy-oriented wallets prevent users from reusing addresses and incorporate easy-to-use coin management features. However, this does not seem to be the case as many wallet apps still force users to use a single address.

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Tomiwavoldo Olajide

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