BLOC is private
decentralized, untraceable, secure, fungible
It is based in the Cryptonote protocol. It uses unique one-time addresses for each transaction so that only the receiver knows where the money went. This is good, believe us.
But Why ?
This is why privacy matters :
NO targeted advertisements
NO who shall i rob Today
NO gossip on how you spend your money
NO Look boss i am a part of a trade union
NO unwttingly tainted money (fungibility)
NO contracts, salaries, margins, suppliers...
NO miners can become censors
NOone can see the content of your wallet
But does this mean I have no way to prove a transaction or my funds to someone else?
Glad you asked that, just look on the right column.
BLOC is transparent
(optionnaly and on-demand)
There's this thing called a view key, you know? This is a kind of a read-only access to an address or a given transaction. This way, you may give your account view key to someone so that they may snoop around.
Here’s why :
- A view key is used to reveal all transactions for a BLOCaccount, or just fthe key for a single transaction.
- view keys can be given to selected parties, or can be made public
- Auditors can be given access to accounts without being able to spend thos account funds
- By publisshing their view key, charities can invite easiy public oversight
- Children can be given their own accounts, and parents can monitor their spending
But it's like: Hey! You can look, but you can't touch!