Re: [ANN] [CLOAK] Cloakcoin | No Premine | X13 | Decentralized Market and PoSA
Show me math and code.
Just want to note that was not supposed to be posted here, as its a 'highly simplified' unofficial explanation of how the system works for people just getting in. The white-paper will better explain it once final draft of that is ready.
This sounds a lot like the darksend+ currently being implemented on test net. Making pools of shuffled coins, at random time intervals.
Shuffling/random time intervals are optional features.
Yes I understood that. I only quickly read the chat log but...
"Does Bob need to cloak his money in advance?
Yes, Bob will need to start this process before he can truly send money anonymously, so he will need to decide beforehand how much of his money he wants to be cloaked.
To make things even better for Bob, the PoSA system has some settings allowing Bob to decide to what degree his money is cloaked.
Bob can decide on the total amount of cloaked coins he wishes to generate, the time delay between the cloaking of the coins (even random times if Bob wishes), the rate of coins that will be cloaked each time (ex.: 10 at a time), and even a special optional setting that shuffles the cloaked coins around to the other PoSA wallets Bob possesses."
This cloaking process is very similar to the function of the auto denomination function of the masternodes in darksend being tested currently. The difference being the shuffling is done locally, vs via a chain of nodes.
Unless I misunderstand it.
Sorry wish I could answer that but haven't followed Dark's anonymous system. I also know very little in how this all works, so giving you a proper answer is difficult.
You'll get a better reply from someone that knows how both systems work, I'd recommend joining the IRC and asking the developers or Private message them with your questions. Try checking in a few hours, joe was answering questions in the IRC after posting the rough draft. He'll be back in a few hours I suppose so might want to check that out. You'll get a much more detailed response
FYI
The masternodes produce a chain of shuffled transactions that loop around eventually back to the senders wallet. At each node they are mixed with other users funds, forwarded to the next node, repeats, then eventually back to the sender. This process is automated so the sender doesn't need to mix their coins, they are done before hand. A known concern of the nodes is a ddos attack, or having control of a large number could allow a person to track the coins, if all 8 nodes used to mix were controlled by the same person. Node count is over 800 last time i checked.
This chat log, shows that this mixing process happens all locally between local addresses. My immediate thought was that link between ip and transactions might be established.