(BlockBar) Wasabi Wallet, the community behind the privacy-centric bitcoin app has recently brought together 100 people to collectively execute a venture called “CoinJoin” transaction on bitcoin in what might be the biggest event of its kind. The basic idea is to make transactions more private by jumbling a number of different transactions together and then redistributing them. Wasabi Wallet’s effort might be the biggest att 100 transactions but it’s certainly an advancement for the privacy tech as a whole.
zkSNACKS CTO Adam Fiscor said “There wasn’t any service created to do such large CoinJoins.” To be noted, zkSNACKS launched Wasabi Wallet last year to make CoinJoin transactions easier to use. Fiscor further said that Fiscor did add one small caveat that it’s “possible” that Blockchain’s SharedCoin has done one as large, “but I’m not sure if it’s relevant.” Fiscor has explained the event represented “the largest practical CoinJoin that can be done on the bitcoin network.” 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, as well as the human practicalities of getting so many people to transact together at once.
Fiscor further remarked, “The third caveat is that it’s pretty damn hard to coordinate 100 people over the Tor network.” Fiscor is hoping the large CoinJoin transaction will offer a showcase of the norm for bitcoin’s use into the future. The more transactions in a CoinJoin will provide more privacy to the users, because with more users it becomes harder to untangle all the transactions that initially went in. It might seem like overkill, getting 100 people to join together for a transaction, but Fiscor sees it as the future because it gets more efficient with the more transactions in one.
According to Fiscor, “In the long term bitcoin mixing will be either priced out from the blockchain or improve to be as cost efficient as possible. The more participants there are, the more cost efficiency can be gained.” And that’s particularly the case with upcoming technologies that could be added to bitcoin. For instance, there’s “Schnorr”, a technology that could build in functionality into bitcoin to meld transaction signatures altogether.
John Danie is a highly experienced marketing strategist and businessman in the blockchain industry who likes the pace of the development of cryptocurrency, especially in blockchain technology where it can move so fast. Being a fintech writer and crypto reporter with a fascination for tech and a passion for starting interesting conversations, he seeks to create authentic news stories in the industry.