privacy.

What Bullet hides, and what it does not. Stated plainly, because privacy claims you can not check are worthless.

what stays private.

• No on-chain link between deposit and claim. The recipient claims with a zero-knowledge proof that shows a note is theirs without saying which one. Nothing in the claim transaction points back to your deposit.
• Payments to the same person do not link to each other. Each payment lands at its own one-time commitment derived from the recipient's published key, not in a shared per-handle wallet. Ten payments are ten unrelated notes.
• Amounts carry no signal. Every note is exactly 1, 10, 50 or 100 USDC, so an amount can not be used to match a deposit to a claim.

what does not.

• Amounts are standardized, not encrypted. A 50 USDC note is a visible 50 USDC transfer. The privacy comes from everyone using the same sizes, so no single payment stands out.
• The resolver sees lookups. Resolving a handle to keys happens off-chain, so our server knows who looked up whom. It does not learn which on-chain note resulted.
• Email delivery shows the provider your claim link. If a claim link travels by email, the email provider can see it. Copy the link and deliver it yourself to skip that.
• The crowd is still small. Unlinkability hides you among everyone using the same denomination. While volume is low, that crowd is thin, and it strengthens as usage grows.