Bitcoin Privacy Takes Another Step Forward with Wasabi Wallet Launch
Bitcoin users worried about permanently composing their financial history to a public blockchain will soon have access to a new tool to protect their privacy: Wasabi, a desktop wallet developed by Adam Ficzor, the manufacturer of HiddenWallet.
Ficzor unveiled Wasabi at Building on Bitcoin 2018, an industry conference dedicated to technical developments, explaining that it is a new implementation of the project formerly known as HiddenWallet.
But, Wasabi — that Ficzor has launched under a new firm cheekily named zk-SNACKs — is more than only a rebrand of HiddenWallet. As he explained during his Building Bitcoin talk, the wallet was rewritten from scratch to add a variety of new capabilities.
The present implementation is unlikely to win any awards for graphic design, but it offers something a lot more valuable: solitude on a public blockchain.
Technically-proficient users will be pleased to learn that Wasabi is a ZeroLink-compliant wallet that uses Chaumian CoinJoin and enforces a continuous 100 anonymity collection.
In layman’s terms, Wasabi prevents blockchain analytics firms and other prospective snoopers from spying on your bitcoin transactions by automatically”mixing” your coins with different users’ funds once you initiate a trade. This makes it much more difficult for a person to decode the sender and recipient of particular payments. Unlike with some mixing services, Wasabi accomplishes all of this without the support of a centralized planner, ensuring that there is no single point of failure.
Notably, Wasabi is also a mild wallet, so users can run it without a full node. But, unlike many light wallets, it does not flow your data to network analysts.
“This is the only truly light wallet that is already deployed and that does not fail against network analysis, thus protects your privacy against network observers.”
This amount of privacy was achieved via the execution of Bitcoin Improvement Proposals (BIPs) 157 and 158, which summarize a protocol where a lightweight customer can sync into the blockchain without forfeiting privacy.
The wallet also has default aid for Tor, also — in the interest of user solitude — can’t be used with no.
Like most mixing solutions, Wasabi prices a mixing fee, but its 0.3 percentage surcharge is an order of magnitude lower compared to 3 percentage fees billed by some providers.
Wasabi’s beta launch is scheduled for August 1 — the anniversary of this symbolic activation of this user-activated tender fork (UASF) — although tech-savvy users may clone it out of GitHub and start running it instantly.
It’d be great to have the ability to use bitcoin at a totally anonymous manner with Wasabi wallet on such date,” Ficzor stated as he concluded his conversation. “I would like you to combine your coin .”
Wasabi wasn’t the sole bitcoin privacy tool declared at Construction on Bitcoin. In reality, anonymity-enhancing projects took centre stage in the summit.
Since BMI reported, JoinMarket founder Adam Gibson also used Construction on Bitcoin as an chance to unveil his own CoinJoinXT proposal, which attempts to create the CoinJoin mixing process more elastic by incorporating the second-layer Lightning Network (LN) protocol to the transaction chart.