Quote from: utilitycoin on October 30, 2014, 03:07:34 AM

Update 10/30/2014

Utility coin has made itself at home with Blocknet members and we have been welcomed with overwhelming support from all members on the project. Were sorry for the prolonged period of silence, we prioritized the completion of one of our primary goals. Today marks a leap forward for Utility coin and a step further toward meeting the implications of its name.

We have recognized the demand for privacy and we have fulfilled the need. Utilities anonymous transaction system is completed and in the process of being released to the public for their use. It is an entirely new system, that incorporates proven techniques in the anonymization of transactions with new methods that gain the end user added security.

This anonymous transaction system update is a mere fraction of what is currently in development with our project as new relationships are formed through our participation with blocknet members. Blocknet has no shortage of brilliance and the desire to share wisdom is strong.

UtilityCoin is proud to be part of the Blocknet team and we are actively working together with the developers of these coins:

We are working together to integrate the following features into Utility via BlockNet:

Decentralized open source exchange
Open source ATM software for low cost do-it-yourself ATMs
Convenient merchant services integration

UtilityCoin Anonymous Transactions with New Wallet

To be released within 24-48 hours on 100% successful testing completion.

Anon Summary Whitepaper

Quote

Privacy is a core value in a free society. It protects our individuality, and allows us to do what we feel is right, regardless of outside factors. Those who rule often ask us to give up some of our privacy, in order to make us safer. While this may in fact give some temporary results, the long term effects can be devastating. It has been well documented that people act differently under observation2, which the media sells us as a good thing34. Consider that money controls many decisions we make in life, how would you feel if you knew every transaction you made was being monitored? Bank notes are a great solution if they are backed by assets, but restrict you to local purchases only. Economic freedom can only be achieved if your transactions are done privately, which will be discussed throughout this document.

Utility Coin proposes anonymous transactions using a series of master nodes connected to a proxy cluster. Each master node will require an investment of 2500 coins to operate. Investors will not only secure the network by staking these coins, additional revenue will be rewarded on a per-transaction basis for being a master node. These nodes will populate a basin fund, which is a collection of end user transactions, which they will use to randomly fulfill requests to send coins. Coins could arrive from multiple addresses, at short random intervals, as multiple nodes will receive instructions over the proxy cluster in the form of encrypted keys. A quick accounting phase will ensure that each master node is reimbursed, again in a random fashion. In order to thwart attempts to trace back transactions, the nodes will partially fulfill bigger orders to look like other smaller transactions, which will make it nearly impossible to find the real destination.

A quick example:

Ali wants to transfer Stephen 100 Utility Coins, he chooses to do this anonymously from his wallet and clicks send.
Coins are sent to one of the basin funds, which then send out an encrypted key telling the master nodes to create a new Utility Coin address, and randomly send small portions of coins to Stephens wallet.
Master nodes are now told to partially fulfill larger orders with 100 coins, making it look like Alis coins are going elsewhere.
While a few orders are fulfilled that look like Alis transaction, his order is fulfilled randomly by a few more master nodes and Stephen receives his coins. This phase may take a few minutes depending on how many orders are circulating at the time. Keep in mind that this order will not be the last one to look like a 100 coin transaction.
The final accounting phase is executed and master nodes are compensated for their work.

Future development into decentralization, and mixing coins with other BlockNET mixing services is being discussed. In order to implement this system into BlockNETs vision of shared resources over multiple blockchains, a layer will be required to sit on top of many coin projects.

In sum, Utility Coin is proud to release this core piece of functionality. Keeping true to the core foundations of Cryptocurrency, we believe this will allow end users to conduct transactions in an anonymous fashion. We plan to bring value to this project by releasing more functionality like this. Please keep in mind the community is our target audience, people who share these core principles, not corporate shareholders. Further development of this anonymous system may take place. If you have any questions, or would like to contribute, please contact us.

Download Whitepaper:

http://utilitycoin.net/UtilAnonWhitepaper1029.pdf

The next planned feature closest to release is the HTTP/VPN proxy, however for further advancement in privacy, this will be a feature superior to current implementations of the tor anonymous system and will be useful to those who desire an additional layer of security. This is about 40% done, and whitepaper and infographics will come soon.

We are more driven to succeed on this project than we have ever been, we have the time, the resources, and the team to meet our goals, and the goals of our community. We have the perfect formula for success.

We look forward to your continued suggestions and we recognize that there are many enlightened individuals in our community. You can all play an incremental part in the thought process that drives the innovation of this market. Utility is a coin built upon the collaboration of others, a coin that strives for unification in a market so divided. We welcome all minds to continue with us as we march toward the future of commerce, the future of freedom, and the future of money.

amazing stuff. All the market is suffering a period of depression right now, but UTIL is gonna increase its value eventually no matter what.