lilialfahas94 (OP)
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January 25, 2020, 05:52:44 AM |
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Bitcoin, as a special decentralized payment medium, has long been known for its secrecy. Privacy demanders make up a large proportion of Bitcoin users because Bitcoin relies on a unique form of output that does not require participants to input personal info at the time of registration, and it is not possible to locate and confirm the actual identity of the transactionee through Bitcoin’s address alone. So, at the beginning, centralized agency was unable to match the real identity of Bitcoin holder to the address private key or Bitcoin address he had, and Bitcoin was therefore considered as a tool to help take full control of wealth.
However, as more people understand the value of Bitcoin and demands become stronger, an increasing number of exchanges start to provide convenient and fast trading. It is gradually discovered that many exchanges, after the baptism of national policies, received supervision from centralized institutions. Users are required to provide real-name authentication and the payment method tied with autonym, so that centralized institutions can monitor Bitcoin at any time by means of retrieving user information, transaction details and currency flow. Since then, Bitcoin’s anonymity has been shattered and door for Bitcoin holders to hide their wealth and asset movements have been closed.
Bitcoin turns 10 in 2019. Time has proved that Satoshi Nakamoto’s innovation is a success, and cryptocurrency is feasible, but we need a free and private way to protect our information and asset. On February 14 2019, the advent of VDS reliberated Bitcoin and revived the chance of Bitcoin holders to achieve freedom of wealth.
By combining its unique Resonance Trade system with zero knowledge proof to make transactions anonymous, and distributed OTC trading technic, VDS has opened up a decentralized global currency exchange channel. Those monitored Bitcoin can be converted into Vollar through a one-way cross-chain channel, and then be transferred to an anonymous address to complete the concealment of Bitcoin. VDS is a decentralized financial ecosystem. It has set up free funding channels, and each participant can get rid of the shackles from supervision and take full control of his wealth. VDS has also become a “back door” to liberate Bitcoin.
Zero-knowledge proof means that the certifier can convince the verifier that a claim is correct without providing any useful information to the verifier. The well-known Zcash uses zero-knowledge proof to achieve strong privacy protection for both sides of the transaction. Resonance trade, i.e. the one-way conversion of Bitcoin to Vollar， allows the holder to convert Bitcoin into Vollar in a decentralized manner in the wallet of VDS without seeking a counterparty. This technology is unique to VDS.
In VDS wallet, there’re two ways of resonance transaction. The first is to create a VDS wallet private key, switch to the Bitcoin wallet, obtain its public key, transfer Bitcoin to this address and then initiate one-way exchange of Bitcoin to Vollar through resonance trade function. The second is to directly import the private key of Bitcoin into the VDS wallet, generate a VDS address with the same set of private key, and then initiate the one-way resonance transaction from Bitcoin to Vollar through the resonance channel of VDS. Either of these two exchange methods can be used to exchange Bitcoin to Vollar without a counterparty. The Vollar used for the exchange comes from Resonance V-pool (see the VDS whitepaper for resonance concepts)
After converting Bitcoin into Vollar, we can send the Vollar in wallet to an anonymous address, hide the asset through zero-knowledge proof technology, thus the owner has the freedom to spend his property without anyone knowing about it. He may trade this anonymous Vollar directly to anyone or convert Vollar into any property by joining or establishing a decentralized OTC exchange within the VDS ecosystem. After going through this series of decentralized processes, Bitcoin that was once monitored could be secretly stored, turned from bright to dark, and finally regained its freedom.
VDS provides a decentralized, anonymous channel for Bitcoin, opening a “back door” for its owners, believers, and even creators to help them truly hide their assets, get rid of surveillance and control. VDS freed Bitcoin through blockchain technology, offering Bitcoin brand-new possibilities.
Bitcoin delivers a superior solution to our personal privacy demands, but it has been discovered over time that centralized institutions are finding ways to monitor the currency, making it hard to keep as a secret, and the privacy of its owners has been exposed. The advent of VDS opened a “back door” to discretionary asset for Bitcoin, allowing Bitcoin holders to “secondarily anonymize” their chips in a purely decentralized ecology, thus completely liberating Bitcoin.
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