The level of privacy you deserve; Anonymity of EDC transfer

By Petoz | I'm welcome on board! | 29 Aug 2019


   

One of the fundamental basic human rights is the right to privacy, but this right has been compromised all over the world to a certain extent. As a matter of fact, it has almost become impossible to have an absolute privacy with the level of technology that are in place today. This has made almost everything done in any part of the world to be revealed and exposed under the guise of statistical records or security monitoring.

Recently, I was shocked when I just made use of google search on my device and the kind of adverts I was getting on my Facebook page was in line with the key words that I searched on the Google. Meaning that, cookies are been used on websites to monitor individual user's needs, choice and preferences.
Privacy is so important that even among family members, everybody deserves some level of privacy which has become so scarce to come by in our society today.

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The issue of Facebook compromise of user's data privacy is still very fresh in mind and Russian meddling in the United State's last election is still generating discussions. So, privacy compromise is a global phenomenon which needs serious attention.

When it comes to finances, many people don't like to be traced to their transactions. Even when it comes to benevolent giving, some people still enjoy to remain anonymous. I love to give anomously and part of the reasons why I enjoy that is because I love to give pleasant surprises to people and I believe there are people like me who love to give anonymously too.
The truth is that, what we have in our world today in form of technological advancement have made it almost impossible to have full privacy. Almost all the transactions are traceable to the giver and receiver.

There are many reasons that warrant people opting for anonymous transactions. For some people, it is because of security, to some, it is because of personal reasons, and many more. To be honest, lack of privacy can make people become vulnerable to all manners of attacks. It is not impossible for people to have become imprisoned as a result of lack of privacy in their financial transactions.

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The Blockchain

The blockchain technology has played a major role in tackling the issue of anonymity in financial transactions and this feat has offered some helps in enhancing some privacies.
Nevertheless, many Blockchain projects have not been able to offer complete anonymity during transactions, there are still rooms for traceability. For instance, transactions on Bitcoin Blockchain could still be traced to the sender and likewise receiver through the wallet addresses. The Blockchain project that is close to complete anonymity is Z-cash.
The question that comes to mind is; can we have complete anonymity the blockchain?

Anonymity on EDC Blockchain

EDC blockchain is known for scalability and constant improvements to meet growing demands from numerous users all around the world. The new improvement put in place by EDC blockchain is the anonymity of EDC transfers. What it simply means is that, users can transfer EDC coins to other users without the identity of the sender been revealed. That's a big milestone achievement!

The anonymity of EDC transfers will go a long way to proffer solution to the challenges many users face and at the same time bring more people into adoption of the blockchain technology. Any user can now transact on the EDC blockchain without any fear of been traced or attacked.

How it works

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Anonymity is made optional on the EDC coin transfer, users can chose to use the anonymous option or transfer with the identity revealed. There is provision for toggle switch which can either activate anonymity or deactivate it. When the switch is toggled from the initial position, it sets the transfer for anonymity.
Enter the wallet address of the user to receive the coin.
Then enter the amount of EDC coins to be sent and you are set to experience a completely anonymous transaction on the blockchain.

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One of the changes you will notice is that, there is no provision of space for memo. It is not needed when using anonymity transfer.
Another thing you will notice is the change in the transaction fee from 0.001 EDC to 100 EDC. The anonymous transfer option attracts more transaction fee than the usual transaction that has the identity revealed. I believe that part of the reason is to ensure that the anonymity transfer is used on purpose and not abused and it will also serve a means to generate more revenue for the EDC ecosystem.

Cheque Creation

EDC blockchain has made it possible to be able to create cheques which other users can receive. The cheque creation option becomes necessary if you don't know or forget the username or wallet address of the beneficiary.

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The cheque is received by the beneficiary by activating some codes on the wallet and the amount of coin embedded in the cheque reflects on the beneficiary's wallet account.

To use the cheque, the first thing to do is to click the arrow sign at the upper left corner of the Send tab on the wallet. From there, it will dispay the cheque creation page.

You will enter the amount of cheque you want to send in either EDC or USD value. Another thing to specify is the expiration date, the expiration date is the required time frame for the cheque to be claimed before it becomes invalid. When the code expiration date is set, password is required then a code will be generated.

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When a cheque is created, the amount is frozen from the issuer's account until is claimed by the beneficiary then it is credited to the beneficiary and debited on the issuer's account. But in a situation whereby a beneficiary fails to claim a cheque till expiration date, the coin is returned to the wallet of the issuer.

Cheque activation

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When a user receives some codes as cheque, what next is to apply the code and the value of the cheque becomes credited to the user's account.

Worthy of note is the fact that cheque creation and activation does not attract any transaction fee.

Complete anonymity is obtainable on EDC blockchain with very simple and straightforward processes. The processes of anonymity transfer, cheque creation and cheque activation that are supposed to be complex are very simple that even new users can successfully carry them out without any external assistance.

Learn more about EDC blockchain
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Petoz
Petoz

I am passionate educator and public speaker who loves to give hope to the hopeless


I'm welcome on board!
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