In the latest cryptocurrency news, we are reporting about the community which is behind the privacy-centric Bitcoin app Wasabi Wallet, which recently brought together 100 Bitcoin users to collectively execute a “CoinJoin” transaction. The transaction might be the largest event of its kind, gathering a lot of people to carry it out.
For those of you who don’t know, Bitcoin is far from private – mostly because the users can, via blockchain, see where the coins are being transferred to and from. One of the efforts to afford greater privacy to transactions is CoinJoin, which is a popular technology which exists since 2013. The tech was founded by Greg Maxwell and bases on the idea that transactions can be made more private by jumbling a number of different transactions together – and then redistributing them.
At a hundred transactions made by 100 Bitcoin users, the effort by Wasabi Wallet might be the biggest event of its kind – and is certainly an advancement for the entire privacy tech as a whole. As the zkSNACKS CTO Adam Fiscor (who launched Wasabi Wallet last year) recently noted while being featured by some best cryptocurrency news sites:
“There wasn’t any service created to do such large CoinJoins,” zkSNACKS CTO Adam Fiscor told CoinDesk, which launched Wasabi Wallet last year to make CoinJoin transactions easier to use. The CTO did add one small caveat that it’s “possible” that Blockchain’s SharedCoin has done one as large, but also said that he is “not sure if it’s relevant.”
“The third caveat is that it’s pretty damn hard to coordinate 100 people over the Tor network,” Fiscor said.
Indeed, this transaction took a while to execute. Partially on the Wasabi Wallet reddit, the community around it has been trying to organize a 100 person CoinJoin, getting 94, 92, 97 and even 99 participants – before the 100 Bitcoin users kicked in and reached the goal.
Going further, Fiscor believes that the large CoinJoin transaction offers a showcase of the room for the use of Bitcoin in the future. The more transactions in a CoinJoin, the more privacy you get as with more users, it becomes harder to untangle all of the transactions that went in.
“However, ‘anonymity loves company’ the more participants there are, the better your privacy is, and the faster the CoinJoin rounds are,” the Wasabi Wallet website explains.
One way or another, the 100 Bitcoin users showed a new milestone being reached in the Bitcoin space.
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