Heiswap, a cryptocurrency mixer that promises a new level of privacy for the Ethereum ecosystem, has been unveiled by software developer Kendrick Tan. Inspired to build Heiswap upon an earlier suggestion by Ethereum’s figurehead Vitalik Buterin, Tan’s simple mixer promises to provide anonymity for individual transactions on the Ethereum network and is currently live on the Ropsten testnet.
Buterin, although not directly associated with the project, took to social media to acknowledge the progress made by Tan in providing such a privacy solution
Washing Your ETH
According to Tan, “Heiswap is an Ethereum mixer that allows users to ‘wash’ their ETH in a confidential manner.”
This is achieved by a sender of ETH depositing a fixed amount of the cryptocurrency into a Heiswap smart contract, allowing for the Gas fees involved, and providing a withdrawal address of the person intended to receive the ETH.
The deposited amount is pooled with those of other senders funds, effectively mixing the supply, and once a minimum threshold of tokens is reached, the individual receiver can withdraw their funds without any “…way of telling who sent money to whom, only that the swapping of money took place.”
Because of the matching nature of these pools, it is presently only possible to send fixed amounts of ETH – 2, 4, 8, 16 or 32 ETH.
Although 5 people are required to deposit similar amounts for the pools to be automatically triggered, it is possible for end recipients to retrieve their funds with as low as 2 pool participants providing they confirm they are content to accept a lower level of privacy.