Bitcoin, Crypto currency, Blockchain

Bitcoin, keep it anonymous: Wasabi-Wallet promises more Privacy

4cc4933df594483a4ab670e1fba034b3 - Bitcoin, keep it anonymous: Wasabi-Wallet promises more Privacy

The company zksnacks on 24. September, the beta version of a long-announced project published: the so-called Wasabi-Wallet. This is the first Bitcoin Desktop Wallet with Privacy Features, its core function is to Encrypt transactions. The company sets itself according to the goal of transactions for outsiders to make just as unapologetic as Bank transfers. By means of an Open-Source Code you want to protect users even “in front of the Wallet itself.”

The Wallet is built in a platform-independent and should run on Windows, Mac, and Linux.

It will not be automatically downloaded over the Tor anonymity network, without which it works. Numerous Tests should be preceded by the publication and it should be on many levels, an improvement of the previous “Hidden Wallet”.

The company is trying to thus, the increasing demand for anonymity of crypto-currencies also satisfy for Bitcoin.

The problems lie in the small print

So far, So good. However, the Wallet also has disadvantages: it only works with a certain SegWit-address-Format called “bech32”, so it can not receive all of the Bitcoin transactions, or to all Wallets Coins to send. In addition, totals only about 0.01 Bitcoin can currently be sent anonymized. This is due to the fact that the Wallet pulls the anonymization process due to a turn-based mixing procedure. Only if a certain transaction volume is reached, start the particular “round” and the transaction takes place. How long this takes, depends on the number of anonymous transactions.

A guarantee of anonymity of the payment – Where it is highest?

In a comparison of different, anonymous means of payment, the Wallet is not so bad. While the cash runs out, of course, completely incognito, and thus the first place in the ranking occupies, are also to settle Bank transactions. This does not take place completely anonymously to third parties, however, to the Bank. Centralized Bitcoin mixers merge various transactions with each other and not the guarantee of a high level of privacy in relation to third parties, compared to the mixers even this, however. Comparing Privacy Coins with the Wasabi-Wallet, the Potential of the Wallet, the transaction shows significantly more mixed together than about Monero. It remains to be seen which Coins are in the race for the highest level of anonymity ahead of the game. Currently, this is not in Bitcoin. It seems clear, however, that this goes also in the competition for the highest privacy of the users can benefit certainly.

Thus, the Wallet is a push in an interesting direction. Privacy-transactions can be an important development for Bitcoin that could unlock the “classic” Privacy Coins, such as Dash, Monero or Zcash.

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