Today I have a few announcements and some surprises!
The closed beta of the new BurnerCoin wallet begins today. I want to thank everyone who sent me a pm requesting to be part of the beta! I have selected 10 beta testers and they will received the new wallets shortly after this announcement.
http://i61.tinypic.com/b63p6q.png
In my announcement on Monday I wrote we have been working on new technologies and today I would like to announce our new feature BurnerConnect will be enabled in the beta. BurnerConnect is a separate feature than Tor and we are considering it an advanced option.
BurnerConnect is a new anonymity feature that allows a sender to send BurnerCoins to a receiver via a direct tcp/ip connection! This method bypasses the blockchain and sends a specially created wallet to the receiver. The connections are established directly and no central server is needed.
How BurnerConnect will work...
1. The receiver gives the sender his/hers special BurnerConnect address. This address is a specially formatted version of the receivers IP address. Example: 102.32.91.42 = cxy-sy-mt-ry
2. The sender enters the receiver's BurnerConnect address into the new wallet.
3. The sender enters the amount he/she is sending and clicks send.
4. A new Burner wallet is created and the BurnerCoins are transfered to the new wallet.
5. A secured connection is then established with the receiver. The sender does not have access to the receiver BurnerCoins.
6. The new wallet is then sent to the receiver via the BurnerConnect connection. The blockchain is bypassed completely!
7. The receiver's client opens the wallet automatically and the BurnerCoins are now added.
8. The connection is immediately disconnected once the wallet is received.
We felt sending wallets/coins in this manner have numerous benefits for both the sender and the receiver. There are no central servers and exchanges needed for this technology. It is as simple as sending an email, and there is no record of the transfer in the blockchain.
BurnerConnect is up and running, and the beta testers will be able to use BurnerConnect along with Tor today!
I may be a bit new to Crypt coins / currencies but it does not seem like a good idea to break a transaction outside of the blockchain. How is the transaction validated? If the coins are truly outside of the block chain and the owner goes to sell them on an exchange, how does the exchange validate them?
If they are outside of the block chain, how do you tell if they are counterfeit or not. It also begs the question if a coin can be moved in and out of the block chain does that call into question the validity of the block chain itself.
Seems to me that moving coins in and out of the block chain opens the block chain to all sorts of potential shenanigans.
I don't see the anonymity in this. IP traffic is super easy to trace. So, I dont see where the anonymity comes in here. Matter of fact this seems less anonymous than if the transaction was simply left in the block chain.
But what do I know. I'm a noob. But, sure would like to understand better.
Thanks
