What are PayNyms?
PayNyms are a secure and private way of sending and receiving bitcoin using BIP47 Reusable Payment Codes. PayNyms allow you to add your friends to your wallet contact list for regular sending and receiving, without revealing your balance or transaction history. PayNyms are currently supported natively by Samourai Wallet.
BIP47 compatible wallets produce a special 'payment code' (beginning with 'PM8T') that never changes. This code can be shared publicly, and when scanned or added by a compatible wallet will generate unique unused bitcoin addreses between one another without revealing prior transaction or balance history.
A PayNym is created by taking a valid BIP47 code and applying a special hashing algorithm that produces a unique fingerprint used to create the PayNym Bot image and ID. A PayNym Bot is a visual representation of a valid BIP47 Reusable Payment Code.
Every PayNym Bot is unique.
Your PayNym is stealthy.
Gone are the days of revealing your balance and transaction history to the entire world. Transactions are always valid bitcoin transaction that are sent and confirmed on the blockchain. A unique bitcoin address is automatically generated behind the scenes in your wallet, for every new transaction your PayNym handles. Addresses are never reused and are only known by the sender and receiver of the transaction.
Your PayNym is yours.
PayNyms are controlled and managed using client side wallet software. Only the provable owner of the private keys can interact with their PayNym. Your PayNym isn't an intermediary, or third party service. Only your wallet posseses the private keys needed to control them.