Today I learned about a new service became available today from http://SilentVault.com.
The company has developed an asset transfer and exchange technology that makes it possible for holders of Bitcoin to "silence the blockchain". The technology may be downloaded as a web-based application or a Spark application.
The company has released the source code for others to review and audit at http://silentvault.com/tiki-index.php?page=ClientSource
To use the service, a bitcoin wallet user transfers a minimum of 0.02 bitcoin to their SilentVault wallet where it appears as "Silent Bitcoin." Thereafter, payments to other SilentVault wallets, exchanges to other asset types, or transfers out to any other bitcoin wallet take place without any further entries to the blockchain for the originating bitcoin.
Within the SilentVault system there is no ledger of transactions. So while you make payments with your Silent Bitcoin and those who receive your payments use their Silent Bitcoin to make further payments, nothing is registered on the block chain. No transaction, including an internal voucher asset to voucher asset exchange, generates an entry on the blockchain.
Only when a bitcoin is exchanged out to a bitcoin wallet destination does any new information show up on the blockchain. This is an interesting concept that when I saw the release come out this morning I decided to check in more because I greatly value my privacy.
SilentVault became available today.
How do you feel about concepts such as this that are removing the ledger aspect of bitcoin to a certain extent?