BIP 151: The End-To-End Encryption Bitcoin Never Had – though Soon Will

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Bitcoin right now is not unequivocally anonymous. While Bitcoin addresses aren’t indispensably related to real-world identities, they can be. Monitoring a unencrypted peer-to-peer network, research of a open blockchain, and Know Your Customer (KYC) process or Anti-Money Laundering (AML) law can exhibit a lot about who’s regulating Bitcoin, and for what.

This is not good from a remoteness perspective. Bitcoin users competence not indispensably wish a universe to know where they spend their money, what they acquire or how most they own, while businesses might not wish to trickle transaction sum to competitors – to name some examples.

Additionally, bitcoins being traceable, presumably “tainted,” and potentially value reduction than other bitcoins is during contingency with fungibility. This could even plea Bitcoin’s value tender as money.

But there are intensity solutions to boost privacy, and urge fungibility.

One of these solutions is BIP 151, a Bitcoin Improvement Proposal designed to encrypt information among Bitcoin nodes.

The Problem

Traffic over a Bitcoin network has always been unencrypted. Transactions and blocks are sent from node to node in plain sight, as are Bloom filters, that are mostly used by Simplified Payment Verification (SPV) nodes. All this information can, therefore, be seen by Internet Service Providers (ISPs), open-WiFi

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