For educational purposes, Blockchain explorer and search engine, Blockchair, has added a privacy score for each Bitcoin Transaction.
In a bid to educate users on how to maintain proper privacy and anonymity, Blockchair has added a privacy score for every Bitcoin transaction. The ‘privacy-o-meter’ score ranges from 0 – 100. The closer to 100 a score is, the more secure it is.
Part of the integrity that supports crypto transactions is the privacy-transparency mix. While general information about each transaction is publicly available on the blockchain, it can be very difficult to track the movement of funds in full.
Some developers, however, have created tracing tools that threaten that integrity. According to the Blockchair website, the privacy-o-meter “shows whether your transaction is susceptible to some of the heuristics used by numerous transaction tracing tools.”
The privacy-o-meter educates users by providing indicators to explain a privacy score. An example of a low score indicator could be address reuse – when the same address is used for receiving and for change.
Bitcoin privacy technologies have evolved significantly over the years. For example, CoinJoin incorporates Bitcoin transactions from different outlets into one transaction, rendering monitoring the flow of funds extra difficult.
The Bitcoin mixer transferred more than $10 million into Bitcoins in March 2020.
John McAfee also introduced his anonymous token GHOST.
Blockchair uses several basic and advanced heuristics to assign a privacy rating. For example, in a low-privacy transaction, one of the recipient addresses is also the sender, which makes it easier to understand what the change is. If one of the output is a round number, it can also be the receiver of the transaction.
The system also analyzes technical hints, such as the type of multisignal used, the differences in scenarios between inputs and outputs, and their order.
Identification of these factors lies at the heart of blockchain monitoring systems provided by companies such as Chainalysis, Elliptic, CipherTrace, Coinfirm, and others.
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