Blind Account and Blind Transfer
Blind accounts and blind transfers are privacy related features of UPCX.
Because blockchains are usually decentralized structures, information about all transactions on the blockchain are public to all users.
To protect the privacy of account holders, UPCX introduces the concept of Blind Accounts and Blind Transfers.
A blind account is a type of account that provides a higher level of privacy to users. It allows the use of confidential transaction (CT) to hide the sender, recipient, and amount sent, which allows users to maintain their privacy while conducting transactions on UPCX.
A blind transfer is a transaction that takes advantage of the privacy feature of a blind account where the identity of the sender and/or recipient is concealed, providing a higher level of privacy compared to other cryptocurrencies such as BTC. When a blind transfer is executed, transaction details such as the sender’s address, the recipient’s address, and the amount being transferred are obscured from public view.
To distinguish Blind Accounts from general accounts, general accounts are referred to as Public Accounts.
Creating a Blind Account:
Blind Accounts can be created within a Public Account, and one Public Account allows for the generation of multiple Blind Accounts.
Composition of a Blind Account:
A Blind Account consists of only two elements: A public key and an UPCX address.
Types of blind transfers
- Transfers to Blind: Transfers from a Public Account to a Blind Account
- Blind transfer: Transfer from Blind Account to Blind account
- Transfer from Blind: Transfers from Blind Account to Public Account