The company is looking forward to adding on the current privacy available in Mycelium and is currently engrossed in testing the implementation of CoinShuffle. CoinShuffle will effectively “mix” all the transactions that are carried out using Bitcoin. This new technology will therefore remove any traces regarding where the funds will be coming from and their intended destination. CoinShuffle will be a version that will be more advanced than the conventional Bitcoin mixing with its complete decentralization.
CoinShuffle will rely on CoinJoin in an effort to prevent the theft of Bitcoins during the process of mixing. It will also be compatible with all the services or company that is involved in the Bitcoin world as it runs to the cryptocurrency protocol top. There will be no additional fees charged for shuffling the coins, a fact that makes it different from the existing mixing services.
CoinShuffle needs less computational power for its service completion. The new feature will rely on easy cryptographic primitives that include public-key encryption that is standard and digital signatures. Most Bitcoin wallet providers including Mycelium have been attracted to CoinShuffle in a bid to add more privacy. Mycelium tweeted on August 15, 2016 that its CoinShuffle implementation was finally working. This will bring more anonymity and privacy to Bitcoin users who rely on Mycelium as the two traits were lacking for some time on cryptocurrency.
Mycelium to Integrate with Dash
Mycelium is also planning to integrate Dash later in October this year in order to allow its users to enjoy the various attributes that Dash has to offer. The attributes include low fee, instant transactions and anonymity. Dash is ranked at position eight among the world’s most valued cryptocurrencies with a $56 million USD market capitalization. Daniel Diaz, the VP of Business Development at Dash stated that Mycelium is the leading bitcoin wallet veteran and the widely used digital wallets. He added that Mycelium has a vision of becoming a crypto financial services hub and his company was excited at the prospect of the partnership. Mycelium is expected to integrate with Dash later in October, a move that will be followed by a novel wallet redesign.
The digital wallet system company is focusing on the implementation of a simpler and modular system to incorporate additional open technology use. Mycelium will also switch from its proprietary BitLib library to BitcoinJ repository too. Mycelium CEO, Alexander Kuzmin, explained that the company would benefit from offering its customers a direct easy access to the more popular cryptocurrencies that come after Bitcoin. It will be in order to make the Mycelium wallet, a factual multi-currency wallet. He added that Dash will benefit from being realized as the world’s most secure, trusted and popular wallet. The CEO added that the partnership is expected to make the two companies a much larger force in the cryptocurrency space.