๐ STEALTH Transactions on the Bitshares DEX - They're Coming!
The ability to "anonymously" transfer tokens and assets between users on the Bitshares DEX is almost a reality. So, what exactly does that mean?
When you send or receive transactions on the Bitshares DEX (Decentralized Exchange) you will usually have a publicly displayed record on both the sender's and receiver's account showing exactly what asset and how much of it was transferred.
A stealth transfer will allow you to "hide" the details of that transaction from the public view.
In a practical sense, looking at persons account overview, you will "know" that person sent or received a stealth transaction since it shows up in the log, however the details of who, what, and how much changed accounts in the transfer are not shown.
Stealth transactions are a new feature under development that will be added to the Bitshares Platform and User Interface (UI) over the next few months. For those interested in coding and testing, it was announced that its testnet will be made available very soon by Agorise, the team leading its development.
For clarity - Confidential transactions (blinded transfers) that are currently available hide only the amount/value being sent in the transaction. Stealth transactions will hide much more - the account names, amount/value, and the token/asset type.
How will it work?
Making a stealth transaction will require a small fee just like any other. At first I thought STEALTH tokens were required for initiating the transaction itself, but it was pointed out in the comments that is not the case.
If you have them you will receive dividends from anonymous transactions. 60% of the fees go back to the STEALTH token holders.
Thank you @fractalnode for clearing that up for me.
How do I get STEALTH?
STEALTH is a Fee Backed Asset (FBA), a 'token' for us non-technical people, and is currently available on the Bitshares DEX with its value trading against BTS. There is a maximum supply of only 1,000,000 STEALTH, with such a tight supply this should make the demand for them very high once the functionality of stealth transactions is released, not to mention the future price.
KEEP IN MIND - 60% of the fees go back to the STEALTH token holders as a dividend, making this is a long term hold token.
https://cryptofresh.com/a/STEALTH
The price fluctuates a lot in these early days as people position themselves for the upcoming release - knowing there is such a limit supply.
You can buy STEALTH on the Bitshares DEX here:
https://bitshares.openledger.info/market/STEALTH_BTS
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If you don't have a Bitshares account,
CLICK HERE to set up an account for free.
If you want to learn more you can check out the Stealth Tech info here:
https://bitsharestalk.org/index.php/topic,17687.0/all.html
Or you can join in the conversation on Telegram:
http://t.me/Agorise
Let me know what you think, please leave your comments below.
As always, please upvote this post and follow me if you like my work and want to see more.
If you think others will enjoy this Please ReSteem it!
Thanks for reading!
You DON'T need STEALTH tokens to pay fee!!!
If you have them you will receive dividends from anonymous transactions. 60% of the fees go back to the STEALTH token holders
Thank you @fractalnode, I was not clear on that and will edit my post.
Great writeup, although it's not entirely correct. The images that you created look cool too, especially the one where it says:
That is the perfect catch phrase imo. Stealth tokens are not required though. Cool article regardless. Upvoted!
If you haven't already, we discuss Stealth and all of the products and projects we are releasing in our telegram group:
http://t.me/Agorise
Thanx for mentioning Agorise by the way, we are building tons of stuff for Agorist and freedom-minded people. :)
Thank you @kencode for the feedback. I will make the required edits to my post to correct it. I am over on Agorise telegram too. ;-)
MUCH love thanx so much @steempowerpics :)
You're welcome - I'm happy to help spread the word about this awesome addition to Bitshares.
I'm probably wrong, but I don't think you need Stealth tokens to send a stealth transaction. You can already do 'confidential transactions' on the DEX.
It is similar, confidential transactions (blinded transfers) hide the amount/value being sent in the transaction, but not the sender/receiver. Stealth transactions will hide it all - account names, amount, token/asset type.
I know that. But what I don't think is that having to shop for a token on the market to make a transaction. ... But then again maybe this is how it works and that's the beauty of it.
We are hoping they swing by the Bitshares Hangout on Saturday to talk about it, hopefully give us a little more insight. It they do, I will update my post to reflect anything that needs it.
They will be lurking. And we will find them. See you there.
Fractalnode and KenCode did clear this up with me, they are not needed. If you have them you will receive dividends from anonymous transactions. 60% of the fees go back to the STEALTH token holders. Even better :-)
I bet that most people sold their Stealth didn't know this.
True - I'm a holder :-) But I honestly didn't fully understand that 60% part - so I'm happy you and others clarified that for me -- and anyone else learning from this post. Thank you.
very nice contents.
source
This is great news. It's another step forward in the right direction.
Sure is, things like this and Bitspark coming over helps to bring more energy and attention to Bitshares its related UIAs.
@steempowerpics , please allow me to translate your post in order to spread to the Chinese community.
Please upvote me if you like my action
Link here : https://steemit.com/cn/@incrediblesnow/stealth
I made some edits to correct the the fact that you do not need the STEALTH tokens for the transaction and removed that image, be sure to make those edits on yours as well.
Yeah, I have checked it out,thanks for your update.
It's going to be huge! Even LTC is coming with confidental transactions!
Yep, so many great features, projects, and crowdfunds coming to Bitshares - it's going to help get the word out.
Excellent!
I already own some STEALTH, but I learned more about it from this post. Thank you!
I got some feedback and made a few edits - STEALTH is not required for the transaction, you will earn a "dividend" for holding them.
Okay, thanks. I'll have to keep reading. I have been holding some and trading some. I don't understand it all, but STEALTH is very new. I appreciate the update.
:-) It will be nice to see how it progresses. If they give any more insight or feedback I will add to it.