Electron Cash, a bitcoin cash wallet, will provide more security and privacy for transactions through its new feature” Reusable Payment Addresses”. The feature in the testing phase will detach public addresses from payment history which will provide more security and privacy of the data.
Most probably you have heard the phrase that” The data is the new oil”. The Organizations like Google, Facebook, and many others are gathering every information of their users. The people are falling into scams because the scammer knows all about them. This is one of the reasons why governments are trying to regulate crypto. A new feature named “Reusable payment addresses” has been introduced by Electron Cash for more secure and private transactions.
Electron Cash Purpose:
When a person provides the address to another one, he is giving away the information like his transaction history and the balance it has at that time. Every time a transaction happens, a company or person is exposing his information. Electron Cash is aiming to solve this problem by giving an alternative address, named “Paycode”. These paycodes are not associated with the user’s transaction history or other information.
Paycodes can also be associated with other usability features like Cash Accounts, which allows users to enjoy both the privacy of Paycodes and the convenience of human-readable account names. With this feature, Bitcoin Cash will be providing Monero-like capabilities to its users. It’s an open-source code and will be available to every wallet after its final testing.
The generalization of this functionality would create an opt-in privacy feature that could be useful for companies like restaurants and any others that don’t want to reveal their payments flow, and for political and freedom activists in several countries around the world.
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