Post
Topic
Board Service Discussion
Re: Jumblr - decentralized bitcoin mixer with 0.1% fee
by
Jean-Luc
on 16/09/2015, 21:16:35 UTC
Mixer is essentially this
1) You send bitcoins to an address(from the bitcoin mixer service)
2) After the payment is recieved in the address, the service sends you your btc to your 2nd address through a completely random address.

This is how a centralized mixer works. The way coin shuffling will work in Nxt is a bit different:

You announce that you want to shuffle for example 10,000 NXT, or join an existing shuffle that somebody else started. You enter in your wallet the recipient address, known only to you, where those 10,000 NXT should be sent. Those are deducted from your account. Each shuffle participant does the same (shuffling exactly the same amount), and each shuffle when created is set to require a certain number of participants (say 20) and the amount being shuffled. When the shuffle completes, each participant finds that amount in the recipient account he specified, yet none of the other participants, and no external observer, can find out which recipient account belongs to which participant.

Shuffling will be possible not only for the NXT coin itself, but for any asset on the NXT Asset Exchange too.

The jumblr service that James is working on is for BTC and similar coins, but the idea is the same.