The Wasabi BTC wallet announced a 2.0 version of the wallet with more privacy and design to keep transactions private. The version 2.0 is designed to make the transactions even easier so let’s read more in today’s Bitcoin news.
The Wasabi BTC wallet, a BTC mixed from zkSNACKs is getting another update. The service is changing the approach to CoinJoins with a new protocol called WabiSabi. The protocol should increase the privacy for the transaction type which is already private. Bitcoin privacy company zkSNAKCs announced the major upgrade to its wallet. In a blog post, the company promised that the wallet will improve upon its user interface and design of the original service. The upgrade will boost the security measures with a new anonymous credential scheme named WabiSabi.
Wasabi Wallet 2.0 takes things to the next level by not only making #Bitcoin privacy faster and cheaper, but also as effortless as eating over your calorie limit for the day.https://t.co/wviXcI5xbr
— Wasabi Wallet (@wasabiwallet) November 5, 2020
The original Wasabi Wallet is a type of privacy-focused BTC mixer which is aimed at making individual BTC transactions much more secure with CoinJoins. This is a process that joins multiple coins into one single transaction. By jumping up the outputs and inputs, it can obscure identifying information from curious people. As a non-custodial wallet, Wasabi doesn’t hold any assets but works as a pure coordinator via the security network Tor by connecting the users’ IP addresses.
The wallet 2.0 operates in a similar manner but with a few upgrades. For starters, manual CoinJoins, will “be a thing of the past or for powers users only” implying that the process is now automated. The new CoinJoin algorithm that zkSNACKs is saying “it will facilitate faster, more cost-efficient collaborative transactions without waste, lay the foundation for payments within CoinJoins and open the door for combinations with other technologies.”
What will these technologies involve is not yet known but the WabiSabi white paper noted that the protocol does away with a blind signature which is a cryptographic concept that sacrifices a degree of privacy and flexibility. CoinJoin via the latest release of Wasabi Wallet is limited as they require each peer to contribute a set amount of Bitcoin, which then yields equal payouts. With WabiSabi users can contribute with whatever amount they want despite what their peers are spending.
CoinJoins became popular in its way to ensure privacy on the BTC blockchain. Over the past summer, with the Twitter hack, it relied on CoinJoins via Wasabi to mask the transaction trails as well as with the KuCoin hack.
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