Wasabi Wallet, the community behind the privacy-centric bitcoin app recently brought together 100 people, in what might be the largest events of its kind as they collectively execute a “CoinJoin” transaction on bitcoin.
Though the structure of Bitcoin itself is basically not private as it’s open to users, as users can, via the blockchain, see where coins are being transferred to and fro. by long-time bitcoin idea man and the cryptographer and a man with lots of ideologies in relation to bitcoin by name- Greg Maxwell was the first person that proposed this long standing technology called ‘CoinJoin in 2013 which aims at giving a greater privacy to transactions.
It aimed at jumbling a number of different transactions together and then redistributing them. This makes transactions more private.
Wasabi Wallet’s effort might be the biggest at the introduction of 100 transactions and it’s definitely an advancement for the privacy tech as a whole.
Adam Fiscor, the chief technical officer(CTO)-zkSNACKS launched Wasabi Wallet last year said “No service was created to do such large CoinJoins, to make CoinJoin transactions easier to use.” But he added a caution “it’s “possible” that Blockchain’s SharedCoin has done large one, but not sure of it’s relevance.”
According to Fiscor, the event represents “the largest practical CoinJoin that can be done on the bitcoin network.” it’s aided by some of the built-in restrictions on the bitcoin network, such as the limit on the amount of data that can be included in a single transaction block, also is the ability of getting so many people to transact together at once.
“How to coordinate 100 people over the network is another thing” Fiscor remarked as third caution.
The community made several unsuccessfully attempts for a while to organize a 100 person CoinJoin, getting 94, 97, 92, and even 99 participants before finally reaching their round goal of 100 on the Wasabi Wallet reddit, the transaction actually took some time to pull through.
The privacy and its future.
Looking at the progress so far, Fiscor have hopes that this large CoinJoin transaction offers a showcase of the norm for the futre of bitcoin’s use.
With more users it becomes really harder to untangle all the transactions that initially pull through, Summarily, the more transactions in a CoinJoin, the more privacy you get.
According to the Wasabi Wallet website which explains that: “The more participants there is, the better your privacy and the faster the Coinjoin rounds will be”.
The need of getting 100 people to join together for a transaction might seem like suffocation , but Fiscor sees it as the future because the more transactions in one, the more efficient it is as well.
He believes that, ” the more participants there is in the transaction , the more cost efficient will be achieved, because mixing will either be priced out from the blockchain or improved to be possibly cost efficient.”
These are what we are expected to see especially the case with upcoming technologies that could be added to bitcoin. It has to be agreed upon and then implemented.
For instance, there is this Schnorr, a technology that could build in functionality into bitcoin to mix transaction signatures together.
Speaking further, Fiscor said, “Schnorr input signature aggregation is far more efficient with 100 people than with two and same goes for Bulletproofs or just given a set of inputs by simply tinkering on the optimal mix outputs.”
Credits: Alyssa HertigJOIN OUR COMMUNITY