Wasabi is a unique desktop friendly wallet which is only compatible with the anonymizing Tor browser. It boasts of being the pioneer mainstream light wallet to offer CoinJoin transactions. These transactions will be dispatched simultaneously effectively hiding their sources. This privacy centric Bitcoin wallet will launch on August 1 according to Adam Fiscor, the founder of Wasabi.
The idea of CoinJoin was originally the idea of Gregory Maxwell back in 2013. Maxwell himself was a prominent figure in the early days of Bitcoin. His idea was novel to say the least and was geared specifically to address the fact that even though Bitcoin addresses were pseudonymous, all transactions are recorded on the public blockchain.
This offered little privacy and many called for improvements and a first working proposal was in fact proposed by a user, Roasbeef who suggested introduction of first layer filters. Theoretically these filters would allow blockchain searches but prevents on-chain mapping of unique Bitcoin addresses.
Wasabi Development Timeline
First proposed in 2013, CoinJoin is one of the most prominent attempts to solve one of Bitcoin's greatest challenges: while addresses are pseudonymous, all transactions are publicly recorded on the blockchain, undermining user privacy.
Developers have been experimenting for years with improved anonymity models. That said, Wasabi offers ease and with CoinJoin integration, it gets even easier.
There is little evidence as to how users respond to privacy tech wallets. However, if we are to go by the Samourai app, the results is exceptional. This leading privacy wallet has garnered about 27,000 downloads since launch in 2015.
Special Wasabi Features
- A filtering solution that obscures the identity of a common wallet holder. This is because Wasabi makes it impossible to figure out which transaction a wallet holder is interested in and can’t therefore predict what someone who wants a block will do with the block.
- Wasabi obscures from nodes how much a Bitcoin address holds
- The CoinJoin feature offers additional transaction obfuscation.
- Wasabi deploys Zerolink which is an open source tool used to find wallet security vulnerabilities.
These projects eschewed raising money through taking venture capital or the popular ICO framework most blockchain projects embrace. Regardless, they accepted Bitcoin donations, pays their independent developers in Bitcoin and their tech start-up zkSNACKs is registered in Gibraltar. Fiscor argues that this method-project self funding- is important for independence and fidelity to the project.
Wasabi Bitcoin Wallet Conclusion
Privacy is a key priority for cryptocurrency holders. Bitcoin has lagged behind in this regard for too long. However, with improvements like Wasabi, this gap is closing. Privacy can be to the extent that one can’t know that a phone contains a Bitcoin wallet. These improvements are timely and welcome.