Ripple Engineers Published New Design For Private Transactions

The Ripple engineers just published a new design for private transactions on the XRP ledger which will allow the users to send private transactions to one another by using the XRP ledger as we are reading in the XRP price news.

In the GitHub submission, the Ripple engineers including Nik Bougalis said that a group worked together to create a private payment system for the XRP ledger to protect the exchange users from other third parties that could turn out to be malicious. Bougalis who is the most responsible for the XRP server software said that a blinded tags system will make the private transactions possible on the ledger. They will present a new set of numbers that will be meaningful only for the intended recipient and will show up as random to everyone else. Bougalis said:

“[I]f blinded tags are in use, an attacker capable of observing every payment transaction will be unable to isolate a pair of transactions that refer to the same unblinded tag.’’

The cryptocurrency exchanges that hold XRP coins in the same wallet addresses are separated into sub-wallets and it will be easy to differentiate the holdings since the sub-wallet uses a 32-bit source and destination tags to reveal the recipient of the transaction. The tags can be seen publicly if they are used frequently and will be associated with the particular user. Some of the exchanges generate new tags for each and every transaction but there are only a set number of tags available.
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This is not an immediate issue but there will come a point where the exchanges will be unable to create new tags.

Bougalis said that the proposal will mean the users will toggle the tags on or off and they would work as one function so the network will not become overburdened. By using blinded tags they will protect the users’ identity but it will also act as an effective playground for preserving the number of source tags available to the exchanges and the number of the destination. The blinded tags leverage the existing infrastructure on the exchanges so it is uncertain whether the users that send XRP between wallets will only be able to do privately.