The Japanese crypto firm Freessets recently announced a technology which would allow a new Bitcoin privacy feature for wallets. The firm wants to enhance the BTC wallet privacy, as the latest Bitcoin news show, and outlined everything in a new announcement.
As we can see from the announcement published on June 8, Freessets has created a system which allows wallets to request the Bitcoin balances of their addresses without revealing it to the servers from which they request the balances or transaction history.
The statement outlined that conventional Bitcoin wallets explicitly ask servers for the balance of their addresses. In this manner, the new Bitcoin privacy feature links the balance, transactions and addresses. However, as the Japanese crypto firm Freessets stressed, “using the technology developed, it is mathematically proven that the servers cannot learn anything from the user’s query.”
According to Adam Fiscor who is the chief technical officer (CTO) at the privacy-enhancing Bitcoin wallet Wasabi, he is enthusiastic about the new development. The firm’s wallet has a similar feature but he believes that the implementation requires less bandwidth and is more suitable for mobile devices.
As he said in the cryptocurrency news:
“Any improvement on making privacy more efficient is significant and needed.”
Fiscor also believes that the Japanese crypto firm’s approach will allow losing transaction history when recovering preexisting wallets – he noted that he is not comfortable with the firm’s decision to develop its technologies in a proprietary fashion.
For all of you who are wondering what does the new Bitcoin privacy feature mean in a world of ever-increasing privacy for crypto, it is basically something that allows users to stay anonymous and not let their data be read by just anyone on the Web.
On another note, this helps Bitcoin (BTC) as a network, preventing any limitations or challenges users would face with their wallets. Knowing that BTC is growing in terms of adoption and price – today it is trading at $9,755 and again near the $10,000 mark – it is definitely something that goes in line with many people’s expectations about the enhanced privacy of the network.
Meanwhile, the total cryptocurrency market cap has been adding some value overnight and is now at $277 billion as it attempts to cross the $280 billion mark.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]