1/ No, it isn’t. Here’s why:

Paynym/Bip47 (reusable payment codes) are a stealth address of sorts, allowing people to publicly share an address without observers being able to trace it’s balance & transaction history on chain.

So you could reasonably draw a (rough) parallel
2/ between this & #Monero’s one-time stealth addresses, which are just one part of Monero privacy.

Let’s examine the difference between Paynyms ( when used in addition to Whirlpool and post mix spending tools) and Monero’s default privacy to understand why they are different;
3/ @SamouraiWallet Whirpool does a good job breaking deterministic links between inputs and outputs, providing a reasonable degree of privacy on a transparent chain; So one could draw another (rough) parallel between their implementation of Chaumian CoinJoin and Ring Signatures.
4/ Arguably Monero’s strongest privacy feature is Confidential Transactions which cryptographically hide tx amounts and (imo) make Monero fungible; By comparison Samourai has a suite of post mix spend tools including collaborative transactions (named cahoots) such as #Stonewall,
5/ #StonewallX2 and #Stowaway. In StonewallX2, two users share their combined UTXO set to pay a third user; And in Stowaway, Alice and Bob combine UTXOs in a payment from Alice to Bob; Stowaway has the added benefit of being indistinguishable from regular BTC txs! These clever
6/ tools obfuscate the ownership of inputs being spent within those txs and in doing so, they break certain heuristics/assumptions made by blockchain analysts which is great! However, privacy guarantees provided by these tools are inferior to completely hidden amounts (Ring CT).
7/ By default, Monero nodes broadcast txs using #Dandelion++ which helps obfuscate IP addresses; many Moneristos also run nodes via Tor/I2p; and Samourai also supports Tor.
8/8 In conclusion, Paynym is not #Monero in #Bitcoin and I feel it’s important to outline the nuance and differences as some may take this statement at face value.

However, it’s great that #Monero is inspiring #Bitcoin users to build stronger privacy tools for users.

• • •

Missing some Tweet in this thread? You can try to force a refresh

Keep Current with maximalist decimus meridius

maximalist decimus meridius Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!


Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!