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Company Releases Technology to Perform Off Ledger Transactions

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lovebitcoins

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?

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  • silenttyrone

    Thanks for starting this conversation. I thought I would chime in to let people know that I'm following the discussion. I'm Tyrone Johnson from SilentVault.com.

    Our purpose in offering to silence the blockchain is to expand the usefulness of bitcoin for those users who want to swap assets with other users or make payments. In addition to bitcoin, the SilentVault technology currently supports Litecoin and silver. We are working with other asset issuers to expand the set of assets available.

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  • MikeJohnson

    One of our team members received your release this morning @silenttyrone and is working up some questions for you regarding an article but I am certainly curious about your product.

    What differentiates this from trades inside say Coinbase?

    I can move coins currently on Coinbase between users off the blockchain. Granted, that doesn't extend to other platforms.

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  • XIII

    @silenttyrone Thanks for starting this conversation. I thought I would chime in to let people know that I'm following the discussion. I'm Tyrone Johnson from SilentVault.com.

    Our purpose in offering to silence the blockchain is to expand the usefulness of bitcoin for those users who want to swap assets with other users or make payments. In addition to bitcoin, the SilentVault technology currently supports Litecoin and silver. We are working with other asset issuers to expand the set of assets available.

    Do you have any specific assets in mind that you can share that you are looking into?

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  • silenttyrone

    Guten Morgan. Up early, today. "Early to rise and early to bed makes a man healthy, but socially dead." Here are some answers on Coinbase. First, let me say, "Really?!"

    Coinbase is fully know-your-customer and anti-money-laundering compliant, is basically for Americans, holds "Up to 97% of customer funds are stored offline in bank vaults to prevent theft or loss" from any party except the United States government, one of the most notorious thieves on Earth, and that's supposed to be a comfort? C'mon. Really?

    SilentVault allows the user to have possession of the vouchers in the user's wallet, which is legal ownership of the underlying asset. Coinbase is clearly statist, by design, given that one of the original co-founders left to start blockchain.info after a dispute over philosophy if we are understanding the situation there correctly. The "winning" co-founder running Coinbase seems to want to embrace the fedral government of the United States with both arms as if that is a good business move, again if we understand their anti-freedom business policies.

    Our technical team lead comments: Transactions within Coinbase get recorded in Coinbase's database. That means all your spends and receipts are linked to your KYC'd identity. Transactions in Silent Bitcoin (SBC) are voucher exchanges, which involve anonymous digital bearer certificates that provide a level of privacy greater than bitcoin itself (because there's no public ledger), and vastly greater than transactions made within a verified account. It's like comparing transfers between accounts in the same bank with the use of physical cash.

    Coin transfers from the blockchain to Coinbase, or withdrawals of coins from Coinbase to the blockchain, are likewise attached to your account and associated identity. But transfers between BTC on the blockchain and SBC within SilentVault are anonymous in both directions, because no association is created on the blockchain between your BTC wallet and your SilentVault wallet. You can even redeem your SBC vouchers and direct the coins to a third party, effectively making it possible to pay any bitcoin address directly using SBC.

    Because the velocity of SBC is unknown to the blockchain, it works like a "sidechain." This provides a level of uncertainty probably greater than that afforded by the "CoinJoin" algorithm, which associates contemporaneous inputs and outputs, some of which may be owned by the same parties.

    So, as long as you are comfortable with the National Security Agency, Central Intelligence Agency, Defence Intelligence Agency, Federal Bureau of Investigation, and every other police and spy agency in the English-speaking world (outside of India, or specifically, the UK, USA, Canada, Australia, and New Zealand, in particular) doing everything they can to invade your privacy, find your assets, attack your freedom, limit your personal sovereignty, and steal as much of your money as they can get away with in order to slaughter children in every other country in the world, spy on every other government, impose nationalist socialism of all kinds, and finance wars of aggression and military occupation, then, sure, Coinbase sounds like your kind of deal. If you object to any part of any of all that, you might want some privacy, you might want some anonymity, you might want some freedom.

    If you want freedom, you want SilentVault. And, of course, if you want slavery, mass murder, and endless wars, you know where to go for all that. Ich brauche einen Kaffee.

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  • silenttyrone

    @xiii Do you have any specific assets in mind that you can share that you are looking into?

    Yes, in addition to bitcoin, litecoin, and silver, which are currently provided by issuers within the SilentVault system, we are working with several companies interested in providing gold as an asset. Probably these would be in one ounce (troy) coins, such as the gold krugerrand.

    Any asset can be represented digitally using the Voucher-Safe technology. So if you have an asset class in mind, we can look for a voucher issuer who would like to issue those assets.

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  • MikeJohnson

    @silenttyrone Guten Morgan. Up early, today. "Early to rise and early to bed makes a man healthy, but socially dead." Here are some answers on Coinbase. First, let me say, "Really?!"

    Coinbase is fully know-your-customer and anti-money-laundering compliant, is basically for Americans, holds "Up to 97% of customer funds are stored offline in bank vaults to prevent theft or loss" from any party except the United States government, one of the most notorious thieves on Earth, and that's supposed to be a comfort? C'mon. Really?

    SilentVault allows the user to have possession of the vouchers in the user's wallet, which is legal ownership of the underlying asset. Coinbase is clearly statist, by design, given that one of the original co-founders left to start blockchain.info after a dispute over philosophy if we are understanding the situation there correctly. The "winning" co-founder running Coinbase seems to want to embrace the fedral government of the United States with both arms as if that is a good business move, again if we understand their anti-freedom business policies.

    Our technical team lead comments: Transactions within Coinbase get recorded in Coinbase's database. That means all your spends and receipts are linked to your KYC'd identity. Transactions in Silent Bitcoin (SBC) are voucher exchanges, which involve anonymous digital bearer certificates that provide a level of privacy greater than bitcoin itself (because there's no public ledger), and vastly greater than transactions made within a verified account. It's like comparing transfers between accounts in the same bank with the use of physical cash.

    Coin transfers from the blockchain to Coinbase, or withdrawals of coins from Coinbase to the blockchain, are likewise attached to your account and associated identity. But transfers between BTC on the blockchain and SBC within SilentVault are anonymous in both directions, because no association is created on the blockchain between your BTC wallet and your SilentVault wallet. You can even redeem your SBC vouchers and direct the coins to a third party, effectively making it possible to pay any bitcoin address directly using SBC.

    Because the velocity of SBC is unknown to the blockchain, it works like a "sidechain." This provides a level of uncertainty probably greater than that afforded by the "CoinJoin" algorithm, which associates contemporaneous inputs and outputs, some of which may be owned by the same parties.

    So, as long as you are comfortable with the National Security Agency, Central Intelligence Agency, Defence Intelligence Agency, Federal Bureau of Investigation, and every other police and spy agency in the English-speaking world (outside of India, or specifically, the UK, USA, Canada, Australia, and New Zealand, in particular) doing everything they can to invade your privacy, find your assets, attack your freedom, limit your personal sovereignty, and steal as much of your money as they can get away with in order to slaughter children in every other country in the world, spy on every other government, impose nationalist socialism of all kinds, and finance wars of aggression and military occupation, then, sure, Coinbase sounds like your kind of deal. If you object to any part of any of all that, you might want some privacy, you might want some anonymity, you might want some freedom.

    If you want freedom, you want SilentVault. And, of course, if you want slavery, mass murder, and endless wars, you know where to go for all that. Ich brauche einen Kaffee.

    Wasn't trying to attack on the Coinbase statement, just our readers are going to ask THAT question.

    While you and I get how it isn't the same the explanation provided regarding the KYC and what not is a really good differentiator. That said, our readers are going to ask.

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  • silenttyrone

    I didn't see it as an attack, but, as a question. So, I answered in some detail. My answer is meant to indicate philosophical reasons behind using bitcoin, other crypto-currencies, and SilentVault.

    We continue to await the list of questions from your associate, Christina. We are very happy to hear from you, from her, and from anyone, and we are always happy to answer questions.

    Coinbase is an attack on the concept of decentralisation that is fundamental to bitcoin. If my vehement condemnation of Coinbase was misunderstood, please forgive the misunderstanding.

    We aren't in the business of supporting the central banks, the finance industry, the giant conglomerates, and the welfare-warfare state. We understand that many people won't share our perspective, and will want to go on using bitcoin as if it were just another way to pay taxes, support the military occupation of foreign countries, and buy consumer products to impress other people.

    This afternoon, I read a very interesting essay explaining some of the "why" behind bitcoin, and I thought I would link it here. It all "goes double" for SilentVault. http://goldsilverbitcoin.liberty.me/2014/07/18/why-im-a-bitcoiner/

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  • XIII

    @silenttyrone Any asset can be represented digitally using the Voucher-Safe technology. So if you have an asset class in mind, we can look for a voucher issuer who would like to issue those assets.

    Nothing in mind at the moment but I'll ask around and see if there is anything that comes up frequently that people are interested in.

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  • lovebitcoins

    @silenttyrone I didn't see it as an attack, but, as a question. So, I answered in some detail. My answer is meant to indicate philosophical reasons behind using bitcoin, other crypto-currencies, and SilentVault.

    We continue to await the list of questions from your associate, Christina. We are very happy to hear from you, from her, and from anyone, and we are always happy to answer questions.

    Coinbase is an attack on the concept of decentralisation that is fundamental to bitcoin. If my vehement condemnation of Coinbase was misunderstood, please forgive the misunderstanding.

    We aren't in the business of supporting the central banks, the finance industry, the giant conglomerates, and the welfare-warfare state. We understand that many people won't share our perspective, and will want to go on using bitcoin as if it were just another way to pay taxes, support the military occupation of foreign countries, and buy consumer products to impress other people.

    This afternoon, I read a very interesting essay explaining some of the "why" behind bitcoin, and I thought I would link it here. It all "goes double" for SilentVault. http://goldsilverbitcoin.liberty.me/2014/07/18/why-im-a-bitcoiner/

    Some interesting thoughts regarding privacy with bitcoin.

    I think many of us initially got excited because of the possibilities of privacy with bitcoin and have seen those slowly stripped away from us. I'm certainly going to be downloading this tonight when I get a chance to give it a whirl.

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  • btc_revel

    For the people that are on this forum and still not understand the issue with privacy that is so much talked about, I propose you this free ebook:

    http://cultureandempire.com/

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