understand Particl’s vision, you have to recognize the difference between
secrecy and privacy.
has negative connotations. It conjures images of people doing negative things
that give them a reason to hide. Privacy, on the other hand, is
about the ability to keep information personal information just that. It’s a
basic right that every human being should enjoy.
has become a platform more associated with secrecy than with privacy in the
about Bitcoin’s use by secretive criminal groups dominate mainstream coverage
of the technology. Ransomware attacks such as WannaCry rely on Bitcoin as a way for
victims to pay attackers while keeping their identities secret. News
organizations like Bloomberg publish stories on Bitcoin’s use for illegal
course, people who actually understand Bitcoin and other blockchain
cryptocurrencies know that perceptions of Bitcoin as a secretive platform used
by criminals are problematic, for two reasons.
Bitcoin is used for many other purposes that are perfectly legal and
non-secretive. Second, Bitcoin is not actually as secret as many people
believe. Although the Bitcoin blockchain provides nominal anonymity (some refer
to it as “pseudonymous”), Bitcoin transactions are relatively easy to trace. Even if you are using Bitcoin
because you have something to hide, you’re unlikely to actually be able to hide
even if the popular notion of Bitcoin as a secret platform does not align with
reality, this is an image that is hard to shake. Just as it was difficult in
the early 1990s for the public to swallow the idea that the nascent World Wide
Web was more than a den of identity thieves and pornographers, it is challenging
today to get the typical consumer to think of Bitcoin, and blockchain in
general, as being about more than secrecy.
Vision: Privacy, Not Secrecy
hopes that by building a Bitcoin-based platform that is actually secret — meaning
that transactions on it cannot be traced — and by providing privacy for
legitimate marketplace transactions, the lingering reputation around
cryptocurrency will change.
leverages two technologies to guarantee privacy for users of its Bitcoin-based
digital token, PART. The first is Confidential Transactions (CTs), a feature
unique to Particl’s platform. CTs defeat linkability analysis on the PART blockchain.
second is RingCT, a technology introduced on
the Monero blockchain that is currently being implemented for PART tokens.
RingCT adds additional protection against linkability tracing while also keeping
information about the amounts of transactions private.
means that, on Particl’s platform, there is no way for a third party to detect
either the identity of a buyer and seller, or the amount of value they exchange
— even though transactions are still recorded on an open source, public
blockchain that is not subject to control by a central authority.
and open blockchain is the foundation for Particl’s marketplace, where
individuals and businesses will be able to buy and sell goods with total
privacy. This won’t be a marketplace for illicit trading in drugs and ransoms.
Particl instead aims to disrupt online retailers like Amazon.
privacy front, Particl certainly has a leg up over traditional online
retailers. When you buy or sell something on a site like Amazon, your identify
and transaction information are only as private as the retailer decides to make
them. The retailer itself knows who you are, what you bought and how much you
paid for it. The retailer can share that information with third parties if it
Particl marketplace, things will work quite differently. No one — not even
Particl — apart from a buyer and seller will know any details about any
transaction. Identities and purchasing histories cannot be traced. User
information cannot be sold by Particl because the privacy features built into
PART tokens mean that Particl can’t collect transaction information, even if it
think of secrecy as something that appeals only to people with something to
hide, and privacy as the fundamental right of every individual, it’s easy to
see how Particl is committed to delivering the latter. The company is working
to both reshape Bitcoin’s image and disrupt online retailing.
Disclaimer: Particl is a client of BTC Media, which owns